Full Press Release Details
Marker Therapeutics Reports Year-End 2024 Corporate
and Financial Results
Lead program investigating MT-601 in patients
with refractory lymphomas, including anti-CD19 CAR-T cell therapy, demonstrated safety and efficacy in 9 patients with 78% having objective
responses, including durable complete responses
Secured over $13 million in non-dilutive funding
from the Cancer Prevention & Research Institute of Texas (CPRIT) and the National Institute of Health (NIH) Small Business Innovation
Research (SBIR) to support pancreatic and lymphoma clinical programs
Approval from United States Adopted Name (USAN)
council and International Nonproprietary Names (INN) expert committee for "neldaleucel" as nonproprietary name for MT-601
Strategic financing to support clinical advancements
to investigate MT-601 in patients with lymphoma
Houston, TX - March 31, 2025 -
Marker Therapeutics, Inc. (Nasdaq: MRKR), a clinical-stage immuno-oncology
company focusing on developing next-generation T cell-based immunotherapies for the treatment of hematological malignancies and solid
tumors, today announced corporate updates and financial results for the year ended December 31, 2024.
"In 2024, we made substantial progress advancing
MT-601, our lead multi antigen recognizing (MAR)-T cell therapy, and laid the groundwork for continued momentum in 2025," said Juan
Vera, M.D., President and Chief Executive Officer of Marker Therapeutics. "Preliminary data from our Phase 1 APOLLO study showed
encouraging safety and efficacy results in lymphoma patients who relapsed after anti-CD19 CAR-T cell therapy. With a 78% objective response
rate and favorable safety profile, we believe MT-601 has the potential to provide a transformative treatment option for this patient population.
We look forward to sharing additional insights during a webinar in the second quarter of 2025."
"We also strengthened our financial position
through a strategic private placement and additional non-dilutive funding from the NIH and CPRIT. As we move further into 2025, our focus
remains on cash preservation and disciplined execution to maximize the impact of our clinical programs," concluded Dr. Vera.
2024 PROGRAM UPDATES & OPERATIONAL
MT-401-OTS (Acute Myeloid Leukemia or Myelodysplastic
2024 CORPORATE HIGHLIGHTS
FISCAL YEAR 2024 FINANCIAL HIGHLIGHTS
Cash Position and Guidance: At December 31,
2024, Marker had cash and cash equivalents of $19.2 million. The Company believes that its existing cash and cash equivalents will fund
its operating expenses into the first quarter of 2026, assuming no additional grant funds are received. We anticipate receiving additional
grant funding, which we expect could extend our runway beyond Q1 2026.
R&D Expenses: Research and development
expenses were $13.5 million for the year ended December 31, 2024, compared to $10.4 million for the year ended December 31,
G&A Expenses: General and administrative
expenses were $4.2 million for the year ended December 31, 2024, compared to $7.5 million for the year ended December 31, 2023.
Net Loss: Marker reported a net loss of
$10.7 million for the year ended December 31, 2024, compared to a net loss of $8.2 million for the year ended December 31, 2023.
The multi-antigen recognizing (MAR) T cell platform
(formerly known as multiTAA-specific T cells) is a novel, non-genetically modified cell therapy approach that selectively expands tumor-specific
T cells from a patient's/donor's blood capable of recognizing a broad range of tumor antigens. Unlike other T cell therapies, MAR-T
cells allow the recognition of hundreds of different epitopes within up to six tumor-specific antigens, thereby reducing the possibility
of tumor escape. Since MAR-T cells are not genetically engineered, Marker believes that its product candidates will be easier and less
expensive to manufacture, with an improved safety profile compared to current engineered T cell approaches, and may provide patients with
meaningful clinical benefits.
About Marker Therapeutics, Inc.
Marker Therapeutics, Inc. is a Houston, TX-based
clinical-stage immuno-oncology company specializing in the development of next-generation T cell-based immunotherapies for the treatment
of hematological malignancies and solid tumors. The Company was founded at Baylor College of Medicine, and clinical trials that enrolled
more than 200 patients across various hematological and solid tumor indications showed that the Company's autologous and allogeneic
MAR-T cell products were well tolerated and demonstrated durable clinical responses. Marker's goal is to introduce novel T cell
therapies to the market and improve patient outcomes. To achieve these objectives, the Company prioritizes the preservation of financial
resources and focuses on operational excellence. Marker's unique T cell platform is strengthened by non-dilutive funding from U.S.
state and federal agencies supporting cancer research.
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Forward-Looking Statements
This release contains forward-looking statements
for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release concerning
the Company's expectations, plans, business outlook or future performance, and any other statements concerning assumptions made
or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements." Forward-looking
statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among
other things: our research, development and regulatory activities and expectations relating to our non-engineered multi-tumor antigen
specific T cell therapies; the effectiveness of these programs or the possible range of application and potential curative effects and
safety in the treatment of diseases; the timing, conduct, interim results announcements and outcomes of our clinical trials of our product
candidates, including MT 601 for the treatment of patients with lymphoma. Forward-looking statements are by their nature subject to risks,
uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks,
uncertainties and factors include, but are not limited to the risks set forth in the Company's most recent Form 10-K, 10-Q
and other SEC filings which are available through EDGAR at WWW.SEC.GOV. The Company assumes no obligation to update its forward-looking
statements whether as a result of new information, future events or otherwise, after the date of this press release except as may be required
Marker Therapeutics, Inc.
Consolidated Balance Sheets
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 19,192,440 | $ | 15,111,450 | ||||
| Prepaid expenses and deposits | 483,717 | 988,126 | ||||||
| Other receivables | 2,346,703 | 1,027,815 | ||||||
| Total current assets | 22,022,860 | 17,127,391 | ||||||
| Total assets | $ | 22,022,860 | $ | 17,127,391 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 1,753,954 | $ | 1,745,193 | ||||
| Related party payable | 1,710,500 | 1,329,655 | ||||||
| Total current liabilities | 3,464,454 | 3,074,848 | ||||||
| Total liabilities | 3,464,454 | 3,074,848 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.001 par value, 5 million shares authorized, 0 shares issued and outstanding at December 31, 2024 and 2023, respectively | - | - | ||||||
| Common stock, $0.001 par value, 30 million shares authorized, 10.7 million and 8.9 million shares issued and outstanding as of December 31, 2024 and 2023, respectively (see Note 8) | 10,708 | 8,891 | ||||||
| Additional paid-in capital | 465,564,876 | 450,329,515 | ||||||
| Accumulated deficit | (447,017,178 | ) | (436,285,863 | ) | ||||
| Total stockholders' equity | 18,558,406 | 14,052,543 | ||||||
| Total liabilities and stockholders' equity | $ | 22,022,860 | $ | 17,127,391 |
Marker Therapeutics, Inc.
Consolidated Statements of Operations
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenues: | ||||||||
| Grant income | $ | 6,591,080 | $ | 3,311,133 | ||||
| Total revenues | 6,591,080 | 3,311,133 | ||||||
| Operating expenses: | ||||||||
| Research and development | 13,467,845 | 10,416,789 | ||||||
| General and administrative | 4,241,607 | 7,475,722 | ||||||
| Total operating expenses | 17,709,452 | 17,892,511 | ||||||
| Loss from operations | (11,118,372 | ) | (14,581,378 | ) | ||||
| Other income (expenses): | ||||||||
| Interest income | 437,010 | 539,158 | ||||||
| Loss from continuing operations before income taxes | (10,681,362 | ) | (14,042,220 | ) | ||||
| Income tax expense | 49,953 | 3,675 | ||||||
| Net loss from continuing operations | (10,731,315 | ) | (14,045,895 | ) | ||||
| Discontinued operations: | ||||||||
| Loss from discontinued operations, net of tax | - | (2,922,406 | ) | |||||
| Gain on disposal of discontinued operations | - | 8,731,487 | ||||||
| Income from discontinued operations | - | 5,809,081 | ||||||
| Net loss | $ | (10,731,315 | ) | $ | (8,236,814 | ) | ||
| Net loss per share: | ||||||||
| Loss from continuing operations, basic and diluted | $ | (1.19 | ) | $ | (1.59 | ) | ||
| Income from discontinued operations, basic and diluted | $ | - | $ | 0.66 | ||||
| Net loss per share, basic and diluted | $ | (1.19 | ) | $ | (0.94 | ) | ||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 8,980,207 | 8,809,382 | ||||||
| Diluted | 8,980,207 | 8,809,382 |
Marker Therapeutics, Inc.
Consolidated Statements of Cash Flows
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net loss | $ | (10,731,315 | ) | $ | (8,236,814 | ) | ||
| Less: gain from discontinued operations, net of tax | - | 5,809,081 | ||||||
| Net loss from continuing operations | (10,731,315 | ) | (14,045,895 | ) | ||||
| Reconciliation of net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 245,864 | 858,269 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and deposits | 504,409 | 861,113 | ||||||
| Other receivables | (1,318,888 | ) | 1,374,189 | |||||
| Related party payable | 380,845 | 1,329,655 | ||||||
| Accounts payable and accrued expenses | 8,761 | (718,393 | ) | |||||
| Net cash used in operating activities - continuing operations | (10,910,324 | ) | (10,341,062 | ) | ||||
| Net cash used in operating activities - discontinued operations | - | (6,098,899 | ) | |||||
| Net cash used in operating activities | (10,910,324 | ) | (16,439,961 | ) | ||||
| Cash Flows from Investing Activities: | ||||||||
| Net cash provided by investing activities - discontinued operations | - | 18,664,122 | ||||||
| Net cash provided by investing activities | - | 18,664,122 | ||||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from issuance of common stock, net | 14,929,155 | 1,014,640 | ||||||
| Proceeds from stock options exercise | 62,159 | 90,477 | ||||||
| Net cash provided by financing activities | 14,991,314 | 1,105,117 | ||||||
| Net increase in cash and cash equivalents | 4,080,990 | 3,329,278 | ||||||
| Cash and cash equivalents at beginning of the period | 15,111,450 | 11,782,172 | ||||||
| Cash and cash equivalents at end of the period | $ | 19,192,440 | $ | 15,111,450 |
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Marker Therapeutics, Inc.