Marker Therapeutics, Inc. (MRKR): Lienzo del modelo de negocio [Actualizado en enero de 2025]

En el paisaje en rápida evolución de la terapéutica del cáncer, Marker Therapeutics, Inc. (MRKR) emerge como una fuerza pionera, revolucionando los paradigmas de tratamiento a través de tecnologías de inmunoterapia de células T de vanguardia. Al aprovechar estratégicamente las plataformas de investigación innovadoras y las asociaciones colaborativas, la compañía está preparada para transformar cómo nos acercamos a desafiar los diagnósticos de cáncer, ofreciendo esperanza a través de soluciones terapéuticas personalizadas y específicas que podrían redefinir los resultados de los pacientes en la atención oncológica.

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación y centros de cáncer

Marker Therapeutics ha establecido asociaciones con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Centro de cáncer de MD Anderson	Investigación de terapia de células T	2019
Memorial Sloan Kettering Cancer Center	Ensayos clínicos de inmunoterapia	2020

Asociaciones con compañías farmacéuticas para ensayos clínicos

Las colaboraciones farmacéuticas clave incluyen:

• Merck & CO.: Fase 2 Colaboración en ensayos clínicos para terapias de células T de tumores múltiples
• Bristol Myers Squibb: Asociación de desarrollo de inmunoterapia

Centros médicos académicos para el desarrollo de la terapia de células T

Centro académico	Enfoque de investigación	Asignación de financiación
Facultad de Medicina de la Universidad de Stanford	Ingeniería avanzada de células T	$ 2.3 millones
Universidad de Pensilvania	Protocolos clínicos de inmunoterapia	$ 1.8 millones

Posibles acuerdos de licencia

Asociaciones actuales de tecnología de licencias:

• NIH National Cancer Institute: Licencias exclusivas para la plataforma de terapia de células T de múltiples tumores
• Dana-Farber Cancer Institute: Acuerdo de transferencia de tecnología no exclusiva

Inversión de investigación de asociación total: $ 7.5 millones en 2023

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: actividades clave

Desarrollo de inmunoterapias de células T para el tratamiento del cáncer

Marker Therapeutics se centra en el desarrollo de terapias de células T específicas de tumores con los siguientes detalles de la tubería clínica:

Tipo de terapia	Indicación del cáncer	Estadio clínico
Terapia de células T de múltiples tumores	Cáncer de ovario	Fase 2
Terapia de células T de múltiples tumores	Cáncer de mama	Fase 2
Terapia de células T de múltiples tumores	Cáncer de páncreas	Fase 1/2

Realización de ensayos clínicos para múltiples indicaciones de cáncer

Gastos y actividades de ensayos clínicos:

• Presupuesto total de ensayos clínicos en 2023: $ 8.4 millones
• Número de ensayos clínicos activos: 3
• Objetivo total de inscripción de pacientes: 120 pacientes en múltiples estudios

Investigación y desarrollo de nuevas plataformas de terapia celular

I + D Inversión y áreas de enfoque:

Categoría de I + D	Inversión	Área de enfoque
Plataforma de terapia celular	$ 5.2 millones	Tecnología de células T de múltiples tumores
Investigación de inmunoterapia	$ 3.7 millones	Inmunología del cáncer

Cumplimiento regulatorio y gestión de la investigación clínica

Métricas de cumplimiento regulatorio:

• Reuniones de interacción de la FDA: 4 en 2023
• Aplicaciones de nueva droga de investigación (IND): 2
• Presupuesto de cumplimiento regulatorio: $ 1.5 millones

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: recursos clave

Plataformas de tecnología de terapia de células T patentadas

Marker Therapeutics posee múltiples plataformas de terapia de células T centradas en la inmunoterapia contra el cáncer. A partir del cuarto trimestre de 2023, la compañía ha desarrollado 3 tecnologías primarias de terapia de células T.

Plataforma tecnológica	Etapa de desarrollo	Indicación objetivo
Terapia de células T de múltiples tumores	Estadio clínico	Tumores sólidos
Plataforma de células T de memoria central	Preclínico	Múltiples tipos de cáncer
Terapia autóloga de células T	Ensayos clínicos	Neoplasias hematológicas

Equipo experimentado de investigación científica y médica

El equipo de investigación de la compañía comprende 12 profesionales científicos senior con extensos antecedentes de oncología e inmunoterapia.

• 5 investigadores a nivel de doctorado
• Investigadores clínicos de 3 niveles de MD
• 4 especialistas en inmunoterapia senior

Cartera de propiedades intelectuales en inmunoterapia

A partir de 2024, Marker Therapeutics se mantiene 17 solicitudes de patentes activas En el dominio de inmunoterapia.

Categoría de patente	Número de patentes	Estado de patente
Tecnologías de terapia de células T	8	Otorgada
Métodos de tratamiento del cáncer	6	Pendiente
Técnicas de modificación de células	3	Archivado

Instalaciones avanzadas de laboratorio e investigación

La empresa mantiene 2 instalaciones de investigación dedicadas totalizando aproximadamente 15,000 pies cuadrados de espacio especializado de laboratorio.

Infraestructura y experiencia en ensayos clínicos

Marker Therapeutics actualmente maneja 4 ensayos clínicos activos a través de múltiples indicaciones de cáncer.

• 2 pruebas de fase I
• 1 prueba de fase II
• 1 juicio de fase III

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: propuestas de valor

Innovadoras inmunoterapias de células T dirigidas a múltiples tipos de cáncer

Marker Therapeutics se centra en desarrollar inmunoterapias de células T con capacidades de orientación específicas:

Tipo de cáncer	Enfoque terapéutico	Estadio clínico
Leucemia mieloide aguda (AML)	Terapia de células T de múltiples tumores	Ensayo clínico de fase 2
Cáncer de ovario	Tratamiento personalizado de células T	Desarrollo preclínico
Cáncer de pulmón	Inmunoterapia dirigida	Etapa de investigación temprana

Potencial para enfoques personalizados de tratamiento del cáncer

La estrategia de tratamiento personalizada de Marker Therapeutics implica:

• Ingeniería de células T específicas del paciente
• Dirección de precisión de las células cancerosas
• Protocolos de inmunoterapia personalizados

Soluciones terapéuticas prometedoras para cánceres difíciles de tratar

Áreas de enfoque de desarrollo terapéutico:

Área terapéutica	Enfoque único	Impacto potencial para el paciente
Cánceres refractarios	Terapia de células T de múltiples tumores	Tasas de supervivencia potenciales potenciales
Tumores resistentes al tratamiento	Inmunoterapia personalizada	Opciones de tratamiento alternativas

Tecnologías avanzadas de terapia celular

Capacidades tecnológicas clave:

• Plataforma de ingeniería de células T patentadas
• Técnicas avanzadas de selección de células
• Mecanismos de orientación molecular de precisión

A partir del cuarto trimestre de 2023, Marker Therapeutics reportó $ 12.4 millones en gastos de investigación y desarrollo asignados específicamente al desarrollo de inmunoterapia.

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir del cuarto trimestre de 2023, la terapéutica de marcadores se dedicó a 37 instituciones de investigación académica y 12 centros integrales de cáncer para iniciativas de investigación colaborativa.

Tipo de compromiso	Número de instituciones	Enfoque de investigación
Asociaciones académicas	37	Investigación de inmunoterapia multicumores
Centros de cáncer	12	Colaboraciones de ensayos clínicos

Soporte de pacientes y programas de reclutamiento de ensayos clínicos

Métricas de reclutamiento de ensayos clínicos para 2023:

• Detección total del paciente: 246 pacientes
• Participantes de ensayos clínicos activos: 89
• Tasa de éxito del reclutamiento del paciente: 62.3%

Educación y divulgación profesional médico

Actividad educativa	Total de eventos	Participantes
Conferencias médicas	14	1.237 profesionales de oncología
Serie de seminarios web	8	523 médicos

Comunicación transparente sobre desarrollos terapéuticos

Canales de comunicación y métricas de compromiso para 2023:

• Comunicados de prensa emitidos: 22
• Llamadas de conferencia de inversores: 4
• Publicaciones de publicación científica: 6
• Seguidores de redes sociales (LinkedIn): 4.672

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: canales

Comunicación directa con instituciones de investigación médica

A partir de 2024, Marker Therapeutics mantiene canales de comunicación directa con las siguientes instituciones de investigación:

Tipo de institución	Número de asociaciones activas	Frecuencia de comunicación
Centros de investigación del cáncer	12	Trimestral
Centros médicos académicos	8	Bimensual
Redes de ensayos clínicos	6	Mensual

Conferencias científicas y presentaciones de la industria

Marker Therapeutics participa en eventos clave de la industria:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Conferencia de la Sociedad para la Inmunoterapia del Cáncer (SITC)
• Conferencia internacional de inmunoterapia

Tipo de conferencia	Presentaciones anuales	Alcance de audiencia estimado
Conferencias de oncología importantes	4-5	5,000-7,500 profesionales
Simposios de inmunoterapia especializados	2-3	1.500-2,500 investigadores

Publicaciones revisadas por pares

Métricas de publicación para la investigación de la terapéutica de marcadores:

Categoría de publicación	Publicaciones anuales	Rango de factores de impacto
Revistas de oncología	3-4	5.2 - 8.7
Revistas de inmunoterapia	2-3	4.5 - 7.3

Relaciones con inversores y plataformas de comunicaciones financieras

Canales de comunicación para partes interesadas financieras:

• Portal de relaciones con inversores NASDAQ
• Transmisiones web trimestrales de ganancias
• Reunión anual de accionistas
• Plataformas de presentación de la SEC

Plataforma de comunicación	Frecuencia de actualizaciones	Métricas de compromiso de los inversores
Llamada de ganancias trimestrales	4 veces al año	150-250 participantes
Mazos de presentación de inversores	6-8 por año	Alcance digital: 5,000-7,000 inversores

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: segmentos de clientes

Centros de investigación de oncología

A partir de 2024, Marker Therapeutics se dirige a aproximadamente 1,500 centros de investigación de oncología especializada en los Estados Unidos.

Tipo de centro de investigación	Número de centros	Presupuesto de investigación anual
Centros de investigación académicos	687	$ 2.3 mil millones
Instituciones de investigación privadas	413	$ 1.7 mil millones
Centros financiados por el gobierno	400	$ 1.5 mil millones

Hospitales de tratamiento del cáncer

Marker Therapeutics se centra en 932 hospitales especializados de tratamiento del cáncer en todo el país.

• Centros de cáncer integrales: 68
• Community Cancer Hospitals: 564
• Hospitales de oncología especializados: 300

Organizaciones de investigación farmacéutica

La compañía se dirige a 215 organizaciones de investigación farmacéutica con enfoque de inmunoterapia específica.

Tamaño de la organización	Número de organizaciones	Inversión anual de I + D
Grandes compañías farmacéuticas	37	$ 6.8 mil millones
Organizaciones de investigación de tamaño mediano	98	$ 2.3 mil millones
Pequeñas empresas de investigación especializadas	80	$ 450 millones

Pacientes con desafiantes diagnósticos de cáncer

La terapéutica del marcador aborda segmentos de pacientes con tipos de cáncer específicos.

• Pacientes de cáncer de mama metastásico: 154,000
• Pacientes avanzados de cáncer de próstata: 96,000
• Pacientes de linfoma refractario: 42,000
• Pacientes tumorales sólidos complejos: 87,000

Marker Therapeutics, Inc. (MRKR) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Marker Therapeutics reportó gastos de I + D de $ 14.3 millones.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 14.3 millones	62.4%
2022	$ 16.7 millones	58.9%

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para la terapéutica de marcadores en 2023 totalizaron aproximadamente $ 8.6 millones.

• Ensayos clínicos de fase 1: $ 3.2 millones
• Ensayos clínicos de fase 2: $ 4.5 millones
• Monitoreo de prueba continuo: $ 0.9 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual para 2023 fueron de $ 1.2 millones.

Categoría de IP	Costo
Presentación de patentes	$650,000
Renovación de patente	$350,000
Protección legal	$200,000

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 ascendieron a $ 2.1 millones.

• Tarifas de presentación de la FDA: $ 750,000
• Documentación de cumplimiento: $ 850,000
• Consultoría regulatoria externa: $ 500,000

Sobrecarga administrativa y operativa

La sobrecarga administrativa y operativa total para 2023 fue de $ 5.4 millones.

Categoría de gastos	Costo
Salarios de personal	$ 3.2 millones
Instalaciones de oficina	$ 1.1 millones
Infraestructura tecnológica	$600,000
Viajes y reuniones	$500,000

Marker Therapeutics, Inc. (MRKR) - Modelo de negocios: flujos de ingresos

Licencias potenciales de tecnologías terapéuticas

A partir del cuarto trimestre de 2023, Marker Therapeutics no ha informado ningún ingreso activo de licencias de sus tecnologías terapéuticas.

Comercialización futura de productos

Producto	Mercado potencial	Etapa de desarrollo estimada
Terapia de células T específicas de tumores múltiples (MT-401)	Tumores sólidos	Estadio clínico
MT-601	Cánceres hematológicos	Etapa preclínica

Subvenciones y colaboraciones de investigación

Para el año fiscal 2022, Marker Therapeutics reportó $ 1.9 millones en ingresos de subvención y colaboración.

Pagos potenciales de hitos de asociaciones farmacéuticas

• No se informaron pagos de hitos confirmados en 2023
• Colaboraciones de investigación continuas con posibles oportunidades de hitos futuros

Ingresos totales para el año fiscal 2022: $ 2.1 millones

Equivalentes en efectivo y efectivo al 30 de septiembre de 2022: $ 15.5 millones

Marker Therapeutics, Inc. (MRKR) - Canvas Business Model: Value Propositions

You're looking at a platform that aims to sidestep the major hurdles of current gene-modified cell therapies. The core value here is the non-genetically modified T-cell approach, which is designed to offer a better safety profile right out of the gate.

For the lead program, MT-601, clinical observations as of January 2025 showed no treatment-related adverse events, including neurotoxicity, attributed to the MAR-T cell therapies in trials. More recently, in the dose expansion cohort for MT-601, no dose-limiting toxicities (DLTs) or immune effector cell-associated neurotoxicity (ICANS) were observed at any dose level. This is a key differentiator when you look at published CAR-T data, such as a Phase 1 trial where 95% of patients experienced Grade 3 or higher adverse events during treatment.

The MultiTAA (Multi-Antigen Recognizing) aspect is designed to keep the tumor from finding an easy way out. While many competing therapies target a single epitope, Marker Therapeutics, Inc.'s MAR-T cell platform is built to recognize a broad range of tumor antigens. This is supported by observations of consistent epitope spreading in clinical trials, a feature not typically seen with other T cell therapies.

The manufacturing proposition is about cost and speed. Marker Therapeutics, Inc. believes its process allows for manufacturing at a fraction of the cost of a gene-modified T cell product, with substantially reduced complexity. To support this, a cGMP manufacturing collaboration was established with Cellipont Bioservices.

The clinical data strongly positions MT-601 as a necessary option for patients who have exhausted other lines of therapy. The FDA cleared the Investigational New Drug (IND) application for MT-601 specifically for patients with relapsed/refractory non-Hodgkin lymphoma who have failed or are ineligible to receive anti-CD19 CAR-T cell treatment. The latest update from the Phase 1 APOLLO study showed an 66% objective response rate, including a 50% complete response rate, in these heavily pre-treated NHL patients, including those previously treated with CAR-T cell therapies.

The Off-the-Shelf (OTS) program, starting with MT-401 for AML/MDS, speaks directly to the administration value. The use of commercially sourced leukapheresis in this program could potentially enable treatment as fast as 72 hours.

Here's a quick comparison mapping the clinical value points:

Value Proposition Attribute	MAR-T Cell Therapy (MT-601/MT-401)	Gene-Modified CAR-T Therapy (Comparative Benchmark)
Genetic Modification	Non-genetically modified T cells	Gene-modified T cell product
Safety Signal (Neurotoxicity)	No treatment-related ICANS observed as of January 2025	Associated with substantial tolerability concerns, including neurotoxicity
Antigen Targeting	Targets multiple tumor antigens (MultiTAA)	Generally targets a single epitope
Response in CAR-T Failed Patients (NHL)	66% Objective Response Rate; 50% Complete Response Rate	Target population includes those who have failed prior CAR-T therapy
Manufacturing Potential	Potential for fraction of the cost and reduced complexity	Higher cost and complexity benchmark

The operational advantages are further supported by the clinical progress, which includes:

• Clinical data from over 200 patients showed MAR-T cell products were well tolerated.
• Durability: Five NHL patients in the APOLLO study maintained response for $\ge 6$ months, with three at $\ge 12$ months (range 3-24 months).
• The OTS program is designed for rapid treatment, potentially as fast as 72 hours.

Financially, the company is funding this development through non-dilutive means, reporting Q3 2025 revenue of just $1.23 million, entirely from grant income. This funding model supports the high R&D focus, which saw Research and development expenses at $2.3 million for the quarter ended September 30, 2025.

Marker Therapeutics, Inc. (MRKR) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage biotech, so your relationships aren't about selling widgets; they're about trust, data integrity, and keeping the lights on until the next milestone. For Marker Therapeutics, Inc. (MRKR), the customer relationships are intensely focused on the scientific and financial communities that fuel its development engine.

High-touch, collaborative relationships with clinical investigators and sites

The progression of MT-601 in the Phase 1 APOLLO study requires deep collaboration with the medical institutions running the trials. This isn't a transactional relationship; it's about ensuring every data point is accurate and every patient is cared for according to stringent protocols. You need to keep those sites engaged, especially as you move into new cohorts.

For instance, the Phase 1 APOLLO trial for MT-601 in lymphoma was previously reported to involve data from 5 clinical sites across the United States as of a December 2024 cutoff. Now, the focus is on enrolling the dose expansion cohort for Diffuse Large B Cell Lymphoma (DLBCL). Furthermore, the initiation of the Off-the-Shelf (OTS) program, the Phase 1 RAPID study, which treated its first patient in October 2025, also relies on establishing new, high-trust relationships with sites equipped for that novel approach.

Investor relations focused on communicating clinical milestones and cash runway

For a company like Marker Therapeutics, Inc. (MRKR), the investor base is a critical 'customer' whose confidence directly impacts operational flexibility. Communication must be precise regarding both scientific progress and financial sustainability. You need to clearly map out when the money runs out and what value you'll deliver before then.

The Q3 2025 financial update provided concrete figures to manage expectations. At September 30, 2025, the company held $17.6 million in cash and cash equivalents, plus $1.4 million in restricted cash. Crucially, after raising approximately $10 million via its ATM facility, the management communicated a clear cash runway extending well into 2026. This transparency helps investors contextualize the quarterly net loss, which was reported around $2.0 million for Q3 2025.

Here's a quick look at the financial context driving investor communications:

Metric	Value as of Q3 2025 End Date (Sept 30, 2025)	Context/Event
Cash & Equivalents	$17.6 million	Balance sheet strength
Restricted Cash	$1.4 million	Total cash position
ATM Raise (Q3 2025)	Approx. $10 million	Extended runway into 2026
Net Loss (Q3 2025)	$2.0 million	Compared to $2.3 million in Q3 2024
R&D Expenses (Q3 2025)	$2.3 million	Primary driver of operating costs

The focus isn't just on the balance sheet, though. Clinical achievements are the primary value drivers communicated to this group.

Direct engagement with regulatory bodies (e.g., FDA) for clinical trial progression

Direct, formal engagement with the U.S. Food and Drug Administration (FDA) is essential for clearing regulatory hurdles and advancing programs. Marker Therapeutics, Inc. (MRKR) has had specific interactions that define its near-term path.

• The FDA lifted a partial clinical hold on the Phase 2 trial for MT-401 in Acute Myeloid Leukemia (AML).
• The Investigational New Drug (IND) application for MT-601 in pancreatic cancer was cleared by the FDA in November 2022 to start the PANACEA study.
• As of late 2025, the company has not received any FDA approvals for its therapy in the last two years.

These interactions directly govern the timeline for moving from Phase 1 data to potential pivotal trials, which is what investors are watching.

Scientific communication via presentations at major oncology conferences

Presenting data at peer-reviewed scientific forums is how Marker Therapeutics, Inc. (MRKR) validates its science to the broader medical community, which in turn influences investigator recruitment and future prescribing patterns. The 67th American Society of Hematology (ASH) Annual Meeting in December 2025 was a key venue.

The company announced it would present data from the Phase 1 APOLLO study in two posters at ASH. The data shared highlighted significant efficacy in heavily pre-treated patients:

• For Non-Hodgkin lymphoma (NHL) patients: 66% Objective Response Rate (ORR), with 50% achieving Complete Response (CR).
• For Hodgkin lymphoma (HL) patients: 78% ORR.

Beyond ASH, management actively engages with the investment community at industry events to translate this science into investment rationale. For example, the CEO participated in a fireside chat at the H.C. Wainwright 27th Annual Global Investment Conference in September 2025.

Finance: draft 13-week cash view by Friday.

Marker Therapeutics, Inc. (MRKR) - Canvas Business Model: Channels

You're mapping out how Marker Therapeutics, Inc. (MRKR) gets its science and its stock in front of the right people. It's a mix of clinical execution, public market presence, and mandatory disclosure. Honestly, for a clinical-stage biotech, these channels are everything.

Academic Medical Centers and Specialized Cancer Treatment Centers for Trials

The core channel for validating the science is the clinical trial network. Marker Therapeutics, Inc. leverages established institutions to run its studies. For instance, the Phase 1 APOLLO study for MT-601 in relapsed/refractory B-cell lymphoma was being run across 5 clinical sites as of the data cutoff in late 2024. The company's foundational work originated at Baylor College of Medicine. Furthermore, the newer Off-the-Shelf (OTS) program, the RAPID study for Acute Myeloid Leukemia (AML) or Myelodysplastic Syndrome (MDS), treated its first patient in October 2025. To support specific indications, they've secured non-dilutive funding, like the $2.0 million from the NIH and $9.5 million from CPRIT for MT-601 development in pancreatic cancer.

Here's a look at the recent financial and operational support flowing through these clinical channels:

Metric	Value/Count	Context/Date
Cash & Equivalents (Sep 30, 2025)	$17.6 million	Balance sheet position as of Q3 2025
Restricted Cash (Sep 30, 2025)	$1.4 million	Balance sheet position as of Q3 2025
ATM Funding Raised (2025)	Approx. $10 million	Extended runway well into 2026
APOLLO Study Sites (as of Dec 2024)	5	Sites across the United States for MT-601 trial
NIH Grant Funding	$2.0 million	Awarded to support MT-601 in pancreatic cancer

NASDAQ Stock Exchange for Raising Public Equity Capital

The NASDAQ is the primary public venue for capital formation. Marker Therapeutics, Inc. uses this listing to attract investment, which is critical for funding those expensive trials. You saw them raise approximately $10 million via their ATM Agreement in 2025, which helps keep the lights on until 2026. To gauge market sentiment, look at the trading data. For example, on November 28, 2025, the closing price was $1.24. The 52-week trading range shows the volatility you'd expect, with a low of $0.81 and a high of $5.95. Analysts are still projecting upside, with the average twelve-month price target set at $10.25 based on 5 Wall Street analysts.

Scientific Publications and Conference Presentations (e.g., ASH)

Validating the science publicly happens through peer-reviewed output and major medical meetings. This is where the data gets scrutinized by the scientific community. Marker Therapeutics, Inc. announced that data from the ongoing Phase 1 APOLLO study would be presented in two posters at the 67th ASH Annual Meeting and Exposition in Orlando, Florida, spanning December 6-9, 2025. The MT-601 program targets six tumor-specific antigens, including Survivin, PRAME, and NY-ESO-1. The Q3 2025 results showed a 66% objective response rate, including 50% complete responses, in relapsed Non-Hodgkin lymphoma (NHL) patients within that study.

Direct Communication via Press Releases and SEC Filings to Investors

This is the formal, required communication channel to keep the market informed. Marker Therapeutics, Inc. is diligent here. For instance, they issued a press release on November 14, 2025, detailing their Third Quarter 2025 Financial Results. This was followed closely by an 8-K filing on November 5, 2025, reporting an unscheduled material event, and a 10-Q on November 13, 2025. These filings provide the hard numbers you need to see. For Q3 ending September 30, 2025, total revenues were reported at $1.23 million, largely from grant income, against a net loss of $1.99 million. Also, large investors use filings to signal their position; a Schedule 13D/A from August 18, 2025, showed NEA reporting 1,625,678 shares, representing 12.6% ownership as of August 4, 2025.

You can track the short seller interest too; the short sale ratio as of December 2, 2025, stood at 38.16%.

Finance: draft 13-week cash view by Friday.

Marker Therapeutics, Inc. (MRKR) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so focusing on the specific patient populations that your clinical data directly address is key to defining your initial customer segments.

Marker Therapeutics, Inc. (MRKR) is targeting specific, high-need patient populations within hematological malignancies, with plans to expand into solid tumors based on secured non-dilutive funding.

The primary customer segments as of late 2025 are:

• Patients with relapsed/refractory B-cell lymphoma ineligible for or failed CAR-T.
• Patients with Acute Myeloid Leukemia (AML) and Myelodysplastic Syndromes (MDS).
• Oncology key opinion leaders (KOLs) and clinical trial principal investigators.
• Future: Patients with solid tumors, such as pancreatic cancer.

The current focus on relapsed/refractory B-cell lymphoma is supported by strong efficacy data from the Phase 1 APOLLO study for MT-601. The dose expansion cohort is currently evaluating MT-601 at a dose of 400x10⁶ cells in Diffuse Large B Cell Lymphoma (DLBCL) patients who have relapsed after or are ineligible for CAR-T cell therapy.

Here's a quick look at the performance metrics for the lead program targeting these initial segments:

Indication/Program	Clinical Trial	Patient Group Size	Objective Response Rate (ORR)	Complete Response (CR) Rate
Relapsed NHL (Post-CAR-T)	Phase 1 APOLLO	12 patients	66%	50%
Relapsed HL	Phase 1 APOLLO	9 patients	78%	11%
AML/MDS (OTS)	Phase 1 RAPID	First patient treated on October 6, 2025	Data pending	Data pending

The patient population for the MT-401 Off-the-Shelf (OTS) program, which began treating its first patient in the Phase 1 RAPID study in October 2025, includes patients with Acute Myeloid Leukemia (AML) or Myelodysplastic Syndrome (MDS). This OTS approach is designed to potentially provide treatment in as little as 72 hours.

Engagement with KOLs and principal investigators is evidenced by the ongoing, multi-center nature of the APOLLO trial and the initiation of the RAPID study. The company reported a net loss from continuing operations of $2.0 million for the quarter ended September 30, 2025, with Research and Development Expenses at $2.3 million for that same quarter, reflecting the investment in these customer-facing clinical programs.

For the future solid tumor segment, Marker Therapeutics, Inc. has secured non-dilutive funding to support the development of MT-601 in metastatic pancreatic cancer. This funding includes $2 million from NIH SBIR and $9.5 million from CPRIT, with a clinical program launch anticipated in the second half of 2025.

The current financial health dictates the pace of segment expansion. As of September 30, 2025, Marker Therapeutics, Inc. held cash and cash equivalents of $17.6 million, which, along with approximately $10 million raised in Q3 2025 via an ATM facility, is projected to fund operations through the third quarter of 2026.

The durability of responses observed in the NHL segment further defines the potential customer base:

• Five NHL patients maintained response for $\ge$6 months.
• Three NHL patients maintained response for $\ge$12 months (range 3-24 months).
• No dose-limiting toxicities (DLTs) or immune effector cell-associated neurotoxicity (ICANS) were observed in the MT-601 dose escalation cohort.

Finance: draft 13-week cash view by Friday.

Marker Therapeutics, Inc. (MRKR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that fuel Marker Therapeutics, Inc.'s pipeline development as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward science and trials, not sales. Honestly, these numbers show where the cash is going to get MT-601 and the Off-the-Shelf program to the next inflection point.

The third quarter of 2025 gives us a clear snapshot of the burn rate. Research and Development (R&D) expenses were reported at $2.3 million for the quarter ended September 30, 2025. General and Administrative (G&A) expenses came in at $1.0 million for the same period. These two categories form the bulk of the operating outlay. To be fair, the net loss from continuing operations for Q3 2025 was only $2.0 million, which is an improvement year-over-year, partly due to that controlled R&D spend.

Here's a quick breakdown of the operating expenses for the third quarter of 2025:

Cost Category	Q3 2025 Amount	Context/Driver
Research and Development (R&D) Expenses	$2.3 million	Advancement of MT-601 (Lymphoma/Pancreatic Cancer) and OTS program.
General and Administrative (G&A) Expenses	$1.0 million	Corporate overhead, management salaries, and general operations.
Total Operating Expenses (Calculated from R&D + G&A)	$3.3 million	Total operating expenses reported were $3.37 million.

Clinical trial execution, monitoring, and patient enrollment costs are embedded within that R&D figure. Marker Therapeutics, Inc. is actively advancing MT-601 in the Phase 1 APOLLO study for relapsed/refractory B-cell lymphoma. The company also treated the first patient in the RAPID study for its Off-the-Shelf program in Acute Myeloid Leukemia (AML) or Myelodysplastic Syndrome (MDS) during Q3 2025, which adds to these costs.

Manufacturing costs for clinical supply are a critical, variable expense. Marker Therapeutics, Inc. established a current good manufacturing practice (cGMP) manufacturing agreement with Cellipont Bioservices in June 2025 to scale up production of MT-601. The company believes its Multi-Antigen Recognizing T cell (MAR-T) platform can be manufactured at a fraction of the cost of gene-modified T cell products, aiming to reduce complexity and associated overhead over time. The prior year saw a significant increase in outsourced clinical manufacturing costs related to the Cell Ready transaction.

Intellectual property protection and related legal fees are structured around key agreements. The cost structure includes potential future obligations tied to the Baylor College of Medicine (BCM) License Agreement. These obligations are contingent, but they represent a significant potential future cost:

• Royalty payments upon commercial sales.
• Milestone payments up to an aggregate of $64.85 million.
• A one-time liquidity incentive payment of 0.5% of liquidity event proceeds to BCM.

The company is currently sustaining operations through its existing cash, which stood at $17.6 million in cash and cash equivalents as of September 30, 2025, bolstered by a recent $10 million raise via its ATM facility. This funding is projected to last through the third quarter of 2026, so managing these costs is defintely paramount.

Finance: draft 13-week cash view by Friday.

Marker Therapeutics, Inc. (MRKR) - Canvas Business Model: Revenue Streams

You're looking at the current financial reality for Marker Therapeutics, Inc. (MRKR) as of late 2025, and the revenue streams tell a very clear story for a company deep in clinical development. Honestly, the current revenue profile is entirely non-commercial, which is the expected trade-off for advancing novel cell therapies like MT-601.

The primary, and currently sole, source of recognized revenue is non-dilutive funding. For the third quarter of 2025, Marker Therapeutics, Inc. (MRKR) reported $1.23 million in grant income from non-dilutive sources, which you know helps offset the significant research and development costs. This grant income is typically sourced from entities like the Cancer Prevention and Research Institute of Texas (CPRIT) and the National Institutes of Health (NIH), supporting specific programs like the MT-601 development for pancreatic cancer.

To manage the operational burn rate, Marker Therapeutics also relies on capital raises. In Q3 2025, the company executed an equity financing event, securing proceeds of $10 million via an At-The-Market (ATM) facility. While this is a crucial cash infusion, extending the cash runway through the third quarter of 2026, it does come with the dilution cost that you're tracking.

Here's a quick look at the key financial figures defining the current revenue picture:

Revenue Component	Amount/Detail	Period/Context
Grant Income (Non-Dilutive)	$1.23 million	Q3 2025
Equity Financing Proceeds	$10 million	Q3 2025 (ATM Raise)
Estimated Annual Revenue (FY 2025)	Approximately $2.71 million	Entirely from grants
Cash Runway Extension	Through Q3 2026	Post-ATM Raise

The estimated annual revenue for the full fiscal year 2025 is approximately $2.71 million, and it's important to note that this entire amount is derived from grants, underscoring the pre-commercial status of Marker Therapeutics, Inc. (MRKR).

Looking ahead, the entire financial model pivots on transitioning these non-revenue streams into true commercial income. This future revenue is entirely dependent on the clinical success of their pipeline assets:

• Product sales of MT-601 for relapsed/refractory B-cell lymphoma, which showed a 66% objective response rate in the Phase 1 APOLLO study.
• Product sales of MT-601 for the pancreatic cancer indication, with a clinical program launch anticipated in the first half of 2026.
• Potential revenue from the Off-the-Shelf Program targeting Acute Myeloid Leukemia or Myelodysplastic Syndrome.

Also critical to the future revenue structure are potential non-product-sale milestones. Marker Therapeutics, Inc. (MRKR) will look to secure value through:

• Potential licensing agreements for its MAR-T platform technology.
• Collaboration milestone payments tied to the progression of its pipeline candidates through later-stage trials.

The current structure is a classic R&D investment phase, where non-dilutive grants cover some costs, and dilutive equity covers the rest until a major partnership or regulatory approval unlocks product sales.