Marker Therapeutics reported a net loss of $2.0 million for the quarter ended September 30, 2025, a 13% improvement from the $2.3 million loss in the same period a year earlier. Revenue for the quarter was $1.23 million, driven entirely by grant income that fell 36% from $1.93 million in Q3 2024. Research and development expense declined 34.3% to $2.3 million, reflecting a shift in the company’s clinical development focus and a reduction in early‑stage trial costs. General and administrative costs rose 11% to $1.0 million. Cash and cash equivalents stood at $17.6 million, with an additional $1.4 million in restricted cash, giving the company a runway that extends through the third quarter of 2026 assuming no new grant funding.
The company’s revenue beat analyst consensus of $723,000 by $507,000, a 70% over‑performance, while the net loss translated to a loss per share of $0.12, beating the expected -$0.45 by $0.33. The revenue beat was largely due to the company’s ability to maintain grant income levels despite a broader decline in federal funding, while the loss beat was driven by the sharp reduction in R&D spend and modest increase in G&A, which helped offset the revenue decline.
Cash runway calculations show that with current burn rates, Marker’s $19 million in liquid assets will support operations through Q3 2026. The company’s recent $10 million ATM facility raise has provided additional liquidity, but the firm remains reliant on future grant or equity financing to sustain its clinical pipeline beyond that horizon.
Clinical highlights for the quarter were significant. The Phase 1 APOLLO study of MT‑601 in relapsed B‑cell lymphoma reported a 66% objective response rate, including 50% complete responses, confirming the therapy’s potency in heavily pre‑treated patients. Marker also treated its first patient in the Off‑the‑Shelf (OTS) program for acute myeloid leukemia or myelodysplastic syndrome, and announced a manufacturing partnership with Cellipont Bioservices to scale production of MT‑601, positioning the company for dose‑expansion and future commercialization.
CEO Juan Vera emphasized the company’s “strong clinical momentum” and the importance of the new manufacturing collaboration. He noted that the ATM raise “strengthened our balance sheet and extended our cash runway well into 2026,” while expressing confidence that MT‑601’s safety and efficacy profile will support continued progress in the dose‑expansion phase.
Market reaction to the earnings was mixed. Investors welcomed the revenue and loss beats, but concerns about the company’s cash burn, the need for additional funding, and the timelines for clinical milestones tempered enthusiasm. The positive clinical data, however, provided a counterbalance, suggesting that the company’s therapeutic strategy remains compelling despite financial headwinds.
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