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 reported in Q3 2024. Revenue for the period was $1.23 million, down 36% year‑over‑year from $1.93 million in Q3 2024, reflecting a decline in grant income that fell 37% to $1.2 million. Research and development expenses were $2.3 million, a 34% reduction from $3.5 million in the prior year, while general and administrative costs rose modestly to $1.0 million from $0.9 million. Cash and cash equivalents stood at $17.6 million, with an additional $1.4 million in restricted cash, giving the company a combined balance of $19.0 million that is projected to fund operations through the third quarter of 2026.
The company’s Phase 1 APOLLO study of MT‑601 in relapsed B‑cell lymphoma delivered a 66% objective response rate, including 50% complete responses, in heavily pre‑treated non‑Hodgkin lymphoma patients. This early‑stage efficacy is a key de‑risking milestone for a clinical‑stage biotech and supports the company’s strategy of developing a non‑genetically modified, off‑the‑shelf CAR‑T platform. In addition, Marker treated its first patient in the Off‑the‑Shelf (OTS) program for acute myeloid leukemia or myelodysplastic syndrome and entered a cGMP manufacturing collaboration with Cellipont Bioservices in Houston, positioning the company to scale production for future trials. Data from the APOLLO study will be presented at the 67th ASH Annual Meeting in December 2025, and a pancreatic cancer program launch is anticipated in the first half of 2026.
Marker raised approximately $10 million through an at‑the‑market equity offering, issuing about 1.5 million shares at an average price of $6.67. The capital raise, combined with the new manufacturing partnership, extends the company’s cash runway to Q3 2026 and reduces the need for immediate additional financing. CEO Juan Vera emphasized that the funding “strengthens our balance sheet and gives us the flexibility to continue advancing MT‑601 and other programs without the pressure of a short‑term liquidity crunch.”
The company’s financial trajectory reflects a trade‑off between aggressive clinical investment and limited grant income. While the net loss narrowed and R&D spending fell, revenue and grant income declined, underscoring the company’s ongoing reliance on external funding. The “going‑concern” note in the filing highlights the importance of continued financing, but the strong clinical data and expanded manufacturing capacity provide a compelling narrative that the company is moving toward a potential first‑in‑class product. Management’s focus on cost discipline, coupled with the cash infusion, signals confidence that the company can sustain its development pipeline through 2026.
Overall, Marker Therapeutics’ Q3 2025 results demonstrate a modest improvement in profitability, a robust cash position, and significant clinical progress. The company’s strategy of building an off‑the‑shelf CAR‑T platform, supported by a new manufacturing partnership and a fresh equity raise, positions it to advance MT‑601 toward pivotal trials while maintaining financial flexibility for the next 12 months.
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