Marker Therapeutics, Inc. (MRKR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide des thérapies contre le cancer, Marker Therapeutics, Inc. (MRKR) émerge comme une force pionnière, révolutionnant les paradigmes de traitement par le biais de technologies d'immunothérapie de cellules T de pointe. En tirant stratégiquement des plateformes de recherche innovantes et des partenariats collaboratifs, l'entreprise est prête à transformer la façon dont nous abordons les diagnostics de cancer difficile, offrant de l'espoir à travers des solutions thérapeutiques personnalisées et ciblées qui pourraient potentiellement redéfinir les résultats des patients dans les soins oncologiques.

Marker Therapeutics, Inc. (MRKR) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les institutions de recherche et les centres de cancer

Marker Therapeutics a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
MD Anderson Cancer Center	Recherche thérapeutique des cellules T	2019
Memorial Sloan Kettering Cancer Center	Essais cliniques d'immunothérapie	2020

Partenariats avec des sociétés pharmaceutiques pour les essais cliniques

Les collaborations pharmaceutiques clés comprennent:

• Miserrer & CO.: Phase 2 Collaboration d'essais cliniques pour les thérapies multi-tumorales T.
• Bristol Myers Squibb: partenariat de développement d'immunothérapie

Centres médicaux académiques pour le développement de la thérapie des cellules T

Centre universitaire	Focus de recherche	Allocation de financement
École de médecine de l'Université de Stanford	Ingénierie avancée des cellules T	2,3 millions de dollars
Université de Pennsylvanie	Protocoles cliniques d'immunothérapie	1,8 million de dollars

Accords de licence potentiels

Partenariats en technologie de l'octroi de licences actuels:

• Institut national du Cancer du NIH: Licence exclusive pour la plate-forme de thérapie multi-tumorales T-Cell
• Dana-Farber Cancer Institute: Contrat de transfert de technologie non exclusif

Investissement total de recherche sur le partenariat: 7,5 millions de dollars en 2023

Marker Therapeutics, Inc. (MRKR) - Modèle commercial: activités clés

Développement d'immunothérapies de cellules T pour le traitement du cancer

Marker Therapeutics se concentre sur le développement de thérapies à cellules T multimor-tumoraux avec les détails du pipeline clinique suivant:

Type de thérapie	Indication du cancer	Étape clinique
Thérapie à cellules T multi-tumoraux	Cancer de l'ovaire	Phase 2
Thérapie à cellules T multi-tumoraux	Cancer du sein	Phase 2
Thérapie à cellules T multi-tumoraux	Cancer du pancréas	Phase 1/2

Effectuer des essais cliniques pour plusieurs indications de cancer

Dépenses et activités des essais cliniques:

• Budget total des essais cliniques en 2023: 8,4 millions de dollars
• Nombre d'essais cliniques actifs: 3
• Cobile total d'inscription des patients: 120 patients dans plusieurs études

Recherche et développement de nouvelles plateformes de thérapie cellulaire

Investissement en R&D et zones de mise au point:

Catégorie de R&D	Investissement	Domaine de mise au point
Plateforme de thérapie cellulaire	5,2 millions de dollars	Technologie des cellules T spécifiques à plusieurs tumoraux
Recherche d'immunothérapie	3,7 millions de dollars	Immunologie du cancer

Compliance réglementaire et gestion de la recherche clinique

Métriques de la conformité réglementaire:

• Réunions d'interaction de la FDA: 4 en 2023
• Investigation de nouveaux médicaments (IND) Applications: 2
• Budget de conformité réglementaire: 1,5 million de dollars

Marker Therapeutics, Inc. (MRKR) - Modèle commercial: Ressources clés

Plateformes de technologie de thérapie de cellules T propriétaires

Marker Therapeutics possède plusieurs plateformes de thérapie de cellules T axées sur l'immunothérapie contre le cancer. Au quatrième trimestre 2023, la société a développé 3 technologies de thérapie des cellules T primaires.

Plate-forme technologique	Étape de développement	Indication cible
Thérapie à cellules T multi-tumoraux	Étape clinique	Tumeurs solides
Plate-forme centrale de lymphocytes T à mémoire	Préclinique	Plusieurs types de cancer
Thérapie autologue des cellules T	Essais cliniques	Tumeurs malignes hématologiques

Équipe de recherche scientifique et médicale expérimentée

L'équipe de recherche de l'entreprise comprend 12 professionnels scientifiques supérieurs avec des antécédents d'oncologie et d'immunothérapie étendus.

• 5 chercheurs au niveau du doctorat
• 3 chercheurs cliniques de niveau MD
• 4 spécialistes d'immunothérapie seniors

Portfolio de propriété intellectuelle en immunothérapie

Depuis 2024, Marker Therapeutics tient 17 demandes de brevet actives Dans le domaine d'immunothérapie.

Catégorie de brevet	Nombre de brevets	Statut de brevet
Technologies de thérapie des cellules T	8	Accordé
Méthodes de traitement du cancer	6	En attente
Techniques de modification des cellules	3	Déposé

Installations avancées de laboratoire et de recherche

La société maintient 2 installations de recherche dédiées totalisant environ 15 000 pieds carrés d'espace de laboratoire spécialisé.

Infrastructure et expertise des essais cliniques

Marker Therapeutics gère actuellement 4 essais cliniques actifs à travers plusieurs indications de cancer.

• 2 essais de phase I
• 1 essai de phase II
• 1 essai de phase III

Marker Therapeutics, Inc. (MRKR) - Modèle d'entreprise: propositions de valeur

Immunothérapies innovantes à cellules T ciblant plusieurs types de cancer

Marker Therapeutics se concentre sur le développement d'immunothérapies à cellules T avec des capacités de ciblage spécifiques:

Type de cancer	Focus de la thérapie	Étape clinique
Leucémie myéloïde aiguë (AML)	Thérapie à cellules T multi-tumoraux	Essai clinique de phase 2
Cancer de l'ovaire	Traitement des cellules T personnalisés	Développement préclinique
Cancer du poumon	Immunothérapie ciblée	ÉTAT DE RECHERCHE PROBLÈME

Potentiel d'approches de traitement du cancer personnalisées

La stratégie de traitement personnalisée de Marker Therapeutics implique:

• Ingénierie des cellules T spécifiques au patient
• Ciblage de précision des cellules cancéreuses
• Protocoles d'immunothérapie personnalisés

Solutions thérapeutiques prometteuses pour les cancers difficiles à traiter

Domaines d'intervention en développement thérapeutique:

Zone thérapeutique	Approche unique	Impact potentiel du patient
Cancers réfractaires	Thérapie à cellules T multi-tumoraux	Taux de survie améliorés potentiels
Tumeurs résistantes au traitement	Immunothérapie personnalisée	Options de traitement alternatives

Technologies de thérapie cellulaire avancée

Capacités technologiques clés:

• Plate-forme d'ingénierie de cellules T propriétaire
• Techniques de sélection de cellules avancées
• Mécanismes de ciblage moléculaire de précision

Depuis le quatrième trimestre 2023, Marker Therapeutics a rapporté 12,4 millions de dollars en dépenses de recherche et développement spécifiquement alloués au développement d'immunothérapie.

Marker Therapeutics, Inc. (MRKR) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Depuis le quatrième trimestre 2023, Marker Therapeutics s'est engagé dans 37 établissements de recherche universitaire et 12 centres de cancer complets pour des initiatives de recherche collaborative.

Type d'engagement	Nombre d'institutions	Focus de recherche
Partenariats académiques	37	Recherche d'immunothérapie multi-tumoral
Centres de cancer	12	Collaborations d'essais cliniques

Programmes de recrutement de soutien aux patients et d'essais cliniques

Métriques de recrutement des essais cliniques pour 2023:

• Dépistage total des patients: 246 patients
• Participants à l'essai clinique actif: 89
• Taux de réussite du recrutement des patients: 62,3%

Éducation et sensibilisation professionnelle de la santé

Activité éducative	Événements totaux	Participants
Conférences médicales	14	1 237 professionnels en oncologie
Webinaire Series	8	523 médecins

Communication transparente sur les développements thérapeutiques

Canaux de communication et mesures d'engagement pour 2023:

• Communiqués de presse émis: 22
• Conférence téléphonique des investisseurs: 4
• Souvances de publication scientifique: 6
• Abonnés des médias sociaux (LinkedIn): 4 672

Marker Therapeutics, Inc. (MRKR) - Modèle d'entreprise: canaux

Communication directe avec les institutions de recherche médicale

En 2024, Marker Therapeutics maintient des canaux de communication directs avec les institutions de recherche suivantes:

Type d'institution	Nombre de partenariats actifs	Fréquence de communication
Centres de recherche sur le cancer	12	Trimestriel
Centres médicaux académiques	8	Bimensuel
Réseaux d'essais cliniques	6	Mensuel

Conférences scientifiques et présentations de l'industrie

Marker Therapeutics participe à des événements clés de l'industrie:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de la Society for Immunotherapy of Cancer (SITC)
• Conférence internationale d'immunothérapie

Type de conférence	Présentations annuelles	Reach du public estimé
Conférences d'oncologie majeures	4-5	5 000 à 7 500 professionnels
Symposiums d'immunothérapie spécialisés	2-3	1 500-2 500 chercheurs

Publications évaluées par des pairs

Métriques de la publication pour la recherche sur la thérapie des marqueurs:

Catégorie de publication	Publications annuelles	Plage du facteur d'impact
Revues en oncologie	3-4	5.2 - 8.7
Revues d'immunothérapie	2-3	4.5 - 7.3

Relations des investisseurs et plateformes de communication financière

Canaux de communication pour les parties prenantes financières:

• NASDAQ Investisseurs Relations Portal
• Webdiffusions sur les résultats trimestriels
• Réunion des actionnaires annuelle
• Plateformes de classement SEC

Plate-forme de communication	Fréquence des mises à jour	Métriques d'engagement des investisseurs
Appel de résultats trimestriel	4 fois par an	150-250 participants
Disques de présentation des investisseurs	6-8 par an	Reach numérique: 5 000 à 7 000 investisseurs

Marker Therapeutics, Inc. (MRKR) - Modèle d'entreprise: segments de clientèle

Centres de recherche en oncologie

En 2024, Marker Therapeutics cible environ 1 500 centres de recherche en oncologie spécialisés aux États-Unis.

Type de centre de recherche	Nombre de centres	Budget de recherche annuel
Centres de recherche universitaires	687	2,3 milliards de dollars
Institutions de recherche privées	413	1,7 milliard de dollars
Centres financés par le gouvernement	400	1,5 milliard de dollars

Hôpitaux de traitement du cancer

Marker Therapeutics se concentre sur 932 hôpitaux spécialisés de traitement du cancer du pays.

• Centres de cancer complets: 68
• Hôpitaux du cancer communautaire: 564
• Hôpitaux d'oncologie spécialisés: 300

Organisations de recherche pharmaceutique

La société cible 215 organisations de recherche pharmaceutique avec un objectif d'immunothérapie spécifique.

Taille de l'organisation	Nombre d'organisations	Investissement annuel de R&D
Grandes sociétés pharmaceutiques	37	6,8 milliards de dollars
Organisations de recherche de taille moyenne	98	2,3 milliards de dollars
Petites sociétés de recherche spécialisées	80	450 millions de dollars

Patients avec des diagnostics de cancer difficile

Marker Therapeutics aborde les segments de patients avec des types de cancer spécifiques.

• Patientes de cancer du sein métastatique: 154 000
• Patients de cancer de la prostate avancés: 96 000
• Patients atteints de lymphome réfractaire: 42 000
• Patients de tumeurs solides complexes: 87 000

Marker Therapeutics, Inc. (MRKR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Marker Therapeutics a déclaré des dépenses de R&D de 14,3 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	14,3 millions de dollars	62.4%
2022	16,7 millions de dollars	58.9%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour Marker Therapeutics en 2023 ont totalisé environ 8,6 millions de dollars.

• Essais cliniques de phase 1: 3,2 millions de dollars
• Essais cliniques de phase 2: 4,5 millions de dollars
• Surveillance en cours d'essai: 0,9 million de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle pour 2023 étaient de 1,2 million de dollars.

Catégorie IP	Coût
Dépôt de brevet	$650,000
Renouvellement des brevets	$350,000
Protection juridique	$200,000

Dépenses de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 s'élevaient à 2,1 millions de dollars.

• Frais de soumission de la FDA: 750 000 $
• Documentation de la conformité: 850 000 $
• Conseil réglementaire externe: 500 000 $

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels totaux pour 2023 étaient de 5,4 millions de dollars.

Catégorie de dépenses	Coût
Salaires du personnel	3,2 millions de dollars
Installations de bureau	1,1 million de dollars
Infrastructure technologique	$600,000
Voyages et réunions	$500,000

Marker Therapeutics, Inc. (MRKR) - Modèle d'entreprise: Strots de revenus

Licence potentielle des technologies thérapeutiques

Depuis le quatrième trimestre 2023, Marker Therapeutics n'a signalé aucun revenu de licence actif de ses technologies thérapeutiques.

Future commercialisation des produits

Produit	Marché potentiel	Étape de développement estimé
Thérapie des cellules T multimorales (MT-401)	Tumeurs solides	Étape clinique
MT-601	Cancers hématologiques	Étape préclinique

Grants de recherches et collaborations

Pour l'exercice 2022, Marker Therapeutics a déclaré 1,9 million de dollars de revenus de subventions et de collaboration.

Paiements de jalons potentiels provenant de partenariats pharmaceutiques

• Aucun paiement de jalon confirmé signalé en 2023
• Collaborations de recherche en cours avec des opportunités potentielles de jalons futurs

Revenu total pour l'exercice 2022: 2,1 millions de dollars

Equivalents en espèces et en espèces au 30 septembre 2022: 15,5 millions de dollars

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.