Marker Therapeutics, Inc. (MRKR): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da terapêutica do câncer, a Marker Therapeutics, Inc. (MRKR) surge como uma força pioneira, revolucionando os paradigmas de tratamento por meio de tecnologias de imunoterapia de células T de ponta. Ao alavancar estrategicamente plataformas inovadoras de pesquisa e parcerias colaborativas, a empresa está pronta para transformar a maneira como abordamos diagnósticos desafiadores de câncer, oferecendo esperança por meio de soluções terapêuticas personalizadas e direcionadas que podem potencialmente redefinir os resultados dos pacientes em cuidados oncológicos.

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa e centros de câncer

Marker Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano estabelecido
MD Anderson Cancer Center	Pesquisa de terapia de células T.	2019
Memorial Sloan Kettering Cancer Center	Ensaios clínicos de imunoterapia	2020

Parcerias com empresas farmacêuticas para ensaios clínicos

As principais colaborações farmacêuticas incluem:

• Merck & CO.: Colaboração de ensaios clínicos da Fase 2 para terapias de células T multi-tumores
• Bristol Myers Squibb: Parceria de Desenvolvimento de Imunoterapia

Centros médicos acadêmicos para desenvolvimento de terapia de células T

Centro Acadêmico	Foco na pesquisa	Alocação de financiamento
Escola de Medicina da Universidade de Stanford	Engenharia avançada de células T.	US $ 2,3 milhões
Universidade da Pensilvânia	Protocolos clínicos de imunoterapia	US $ 1,8 milhão

Acordos de licenciamento em potencial

Parcerias de tecnologia de licenciamento atuais:

• Instituto Nacional do Câncer do NIH: Licenciamento exclusivo para plataforma de terapia de células T multi-tumoral
• Instituto de Câncer Dana-Farber: Contrato de Transferência de Tecnologia Não Exclusiva

Investimento total de pesquisa de parceria: US $ 7,5 milhões em 2023

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: Atividades -chave

Desenvolvimento de imunoterapias de células T para tratamento de câncer

O Marker Therapeutics se concentra no desenvolvimento de terapias de células T de várias tumores com os seguintes detalhes do oleoduto clínico:

Tipo de terapia	Indicação do câncer	Estágio clínico
Terapia com células T multi-tumoral específica	Câncer de ovário	Fase 2
Terapia com células T multi-tumoral específica	Câncer de mama	Fase 2
Terapia com células T multi-tumoral específica	Câncer de pâncreas	Fase 1/2

Realização de ensaios clínicos para múltiplas indicações de câncer

Despesas e atividades de ensaios clínicos:

• Orçamento total do ensaio clínico em 2023: US $ 8,4 milhões
• Número de ensaios clínicos ativos: 3
• Alvo total de inscrição do paciente: 120 pacientes em vários estudos

Pesquisa e desenvolvimento de novas plataformas de terapia celular

Áreas de investimento e foco de P&D:

Categoria de P&D	Investimento	Área de foco
Plataforma de terapia celular	US $ 5,2 milhões	Tecnologia de células T multi-tumoral específica
Pesquisa de imunoterapia	US $ 3,7 milhões	Imunologia do câncer

Conformidade regulatória e gerenciamento de pesquisa clínica

Métricas de conformidade regulatória:

• Reuniões de interação da FDA: 4 em 2023
• APLICAÇÕES NOVAS DOMENTOS DE INVESTIGATIVA (IND): 2
• Orçamento de conformidade regulatória: US $ 1,5 milhão

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia de terapia de células T proprietárias

A Marker Therapeutics possui várias plataformas de terapia de células T focadas na imunoterapia contra o câncer. A partir do quarto trimestre 2023, a empresa desenvolveu 3 Tecnologias primárias de terapia de células T.

Plataforma de tecnologia	Estágio de desenvolvimento	Indicação alvo
Terapia com células T multi-tumoral específica	Estágio clínico	Tumores sólidos
Plataforma de células T de memória central	Pré -clínico	Vários tipos de câncer
Terapia autóloga de células T.	Ensaios clínicos	Neoplasias hematológicas

Equipe de pesquisa científica e médica experiente

A equipe de pesquisa da empresa compreende 12 profissionais científicos seniores com extensos antecedentes de oncologia e imunoterapia.

• 5 pesquisadores em nível de doutorado
• 3 pesquisadores clínicos de nível MD
• 4 especialistas em imunoterapia seniores

Portfólio de propriedade intelectual em imunoterapia

A partir de 2024, a terapêutica marcadora possui 17 pedidos de patente ativos no domínio da imunoterapia.

Categoria de patentes	Número de patentes	Status de patente
Tecnologias de terapia de células T.	8	Garantido
Métodos de tratamento do câncer	6	Pendente
Técnicas de modificação de células	3	Arquivado

Instalações avançadas de laboratório e pesquisa

A empresa mantém 2 instalações de pesquisa dedicadas totalizando aproximadamente 15.000 pés quadrados de espaço de laboratório especializado.

Infraestrutura e experiência em ensaios clínicos

Marcador Therapeutics atualmente gerencia 4 ensaios clínicos ativos em várias indicações de câncer.

• 2 ensaios de fase I
• 1 estudo de fase II
• 1 estudo de fase III

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: proposições de valor

Immoterapias inovadoras de células T direcionadas a vários tipos de câncer

O marcador Therapeutics se concentra no desenvolvimento de imunoterapias de células T com recursos de direcionamento específicos:

Tipo de câncer	Foco na terapia	Estágio clínico
Leucemia mielóide aguda (AML)	Terapia com células T multi-tumoral específica	Ensaio clínico de fase 2
Câncer de ovário	Tratamento personalizado de células T.	Desenvolvimento pré -clínico
Câncer de pulmão	Imunoterapia direcionada	Estágio inicial de pesquisa

Potencial para abordagens personalizadas de tratamento de câncer

A estratégia de tratamento personalizada da Therapeutics Marker envolve:

• Engenharia de células T específicas do paciente
• Direcionamento de precisão de células cancerígenas
• Protocolos de imunoterapia personalizados

Soluções terapêuticas promissoras para cânceres difíceis de tratar

Áreas de foco em desenvolvimento terapêutico:

Área terapêutica	Abordagem única	Impacto potencial do paciente
Cânceres refratários	Terapia com células T multi-tumoral específica	Potenciais taxas de sobrevivência aprimoradas
Tumores resistentes ao tratamento	Imunoterapia personalizada	Opções de tratamento alternativas

Tecnologias avançadas de terapia celular

Capacidades tecnológicas -chave:

• Plataforma de engenharia de células T proprietária
• Técnicas avançadas de seleção de células
• Mecanismos de direcionamento molecular de precisão

A partir do quarto trimestre de 2023, a Marker Therapeutics registrou US $ 12,4 milhões em despesas de pesquisa e desenvolvimento, alocadas especificamente ao desenvolvimento de imunoterapia.

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir do quarto trimestre 2023, a terapêutica marcadora se envolveu com 37 instituições de pesquisa acadêmica e 12 centros de câncer abrangentes para iniciativas de pesquisa colaborativa.

Tipo de engajamento	Número de instituições	Foco na pesquisa
Parcerias acadêmicas	37	Pesquisa de imunoterapia com vários tumores
Centros de câncer	12	Colaborações de ensaios clínicos

Programas de apoio ao paciente e de recrutamento de ensaios clínicos

Métricas de recrutamento de ensaios clínicos para 2023:

• Triagem total do paciente: 246 pacientes
• Participantes de ensaios clínicos ativos: 89
• Taxa de sucesso de recrutamento de pacientes: 62,3%

Educação e Extensão Profissional Médica

Atividade educacional	Total de eventos	Participantes
Conferências médicas	14	1.237 profissionais de oncologia
Série de webinar	8	523 médicos

Comunicação transparente sobre desenvolvimentos terapêuticos

Canais de comunicação e métricas de engajamento para 2023:

• Comunicamentos de imprensa emitidos: 22
• Chamadas de conferência de investidores: 4
• Submissões de publicação científica: 6
• Seguidores de mídia social (LinkedIn): 4.672

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: canais

Comunicação direta com instituições de pesquisa médica

A partir de 2024, a Marker Therapeutics mantém canais de comunicação direta com as seguintes instituições de pesquisa:

Tipo de instituição	Número de parcerias ativas	Frequência de comunicação
Centros de pesquisa do câncer	12	Trimestral
Centros Médicos Acadêmicos	8	Bimensal
Redes de ensaios clínicos	6	Mensal

Conferências científicas e apresentações da indústria

Marker Therapeutics participa de eventos importantes da indústria:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Conferência da Sociedade de Imunoterapia do Câncer (SITC)
• Conferência Internacional de Imunoterapia

Tipo de conferência	Apresentações anuais	Alcance estimado do público
Principais conferências de oncologia	4-5	5.000-7.500 profissionais
Simpósios de imunoterapia especializados	2-3	1.500-2.500 pesquisadores

Publicações revisadas por pares

Métricas de publicação para pesquisa de terapêutica de marcadores:

Categoria de publicação	Publicações anuais	Faixa de fatores de impacto
Revistas oncológicas	3-4	5.2 - 8.7
Revistas de imunoterapia	2-3	4.5 - 7.3

Plataformas de relações com investidores e comunicações financeiras

Canais de comunicação para partes interessadas financeiras:

• Portal de Relações com Investidores da NASDAQ
• Webcasts trimestrais de ganhos
• Reunião Anual dos Acionistas
• Plataformas de arquivamento da SEC

Plataforma de comunicação	Frequência de atualizações	Métricas de engajamento do investidor
Ligados trimestrais	4 vezes por ano	150-250 participantes
Decks de apresentação do investidor	6-8 por ano	Alcance digital: 5.000-7.000 investidores

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

Centros de Pesquisa Oncológica

A partir de 2024, a terapêutica de marcadores tem como alvo aproximadamente 1.500 centros de pesquisa de oncologia especializados nos Estados Unidos.

Tipo de centro de pesquisa	Número de centros	Orçamento de pesquisa anual
Centros de pesquisa acadêmica	687	US $ 2,3 bilhões
Instituições de Pesquisa Privada	413	US $ 1,7 bilhão
Centros financiados pelo governo	400	US $ 1,5 bilhão

Hospitais de tratamento de câncer

A Marker Therapeutics se concentra em 932 hospitais especializados em tratamento de câncer em todo o país.

• Centros abrangentes de câncer: 68
• Hospitais de Câncer Comunitário: 564
• Hospitais Oncológicos Especializados: 300

Organizações de pesquisa farmacêutica

A empresa tem como alvo 215 organizações de pesquisa farmacêutica com foco específico de imunoterapia.

Tamanho da organização	Número de organizações	Investimento anual de P&D
Grandes empresas farmacêuticas	37	US $ 6,8 bilhões
Organizações de pesquisa de tamanho médio	98	US $ 2,3 bilhões
Pequenas empresas de pesquisa especializadas	80	US $ 450 milhões

Pacientes com diagnósticos desafiadores de câncer

A terapêutica marcadora aborda segmentos de pacientes com tipos específicos de câncer.

• Pacientes metastáticos de câncer de mama: 154.000
• Pacientes avançados para câncer de próstata: 96.000
• Pacientes de linfoma refratário: 42.000
• Pacientes de tumores sólidos complexos: 87.000

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Marker Therapeutics registrou despesas de P&D de US $ 14,3 milhões.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 14,3 milhões	62.4%
2022	US $ 16,7 milhões	58.9%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para terapêutica marcadora em 2023 totalizaram aproximadamente US $ 8,6 milhões.

• Ensaios clínicos de fase 1: US $ 3,2 milhões
• Ensaios clínicos de fase 2: US $ 4,5 milhões
• Monitoramento de estudo em andamento: US $ 0,9 milhão

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual para 2023 foram de US $ 1,2 milhão.

Categoria IP	Custo
Registro de patentes	$650,000
Renovação de patentes	$350,000
Proteção legal	$200,000

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 totalizaram US $ 2,1 milhões.

• Taxas de envio da FDA: US $ 750.000
• Documentação de conformidade: US $ 850.000
• Consultoria regulatória externa: US $ 500.000

Overhead administrativo e operacional

A sobrecarga administrativa e operacional total para 2023 foi de US $ 5,4 milhões.

Categoria de despesa	Custo
Salários de pessoal	US $ 3,2 milhões
Instalações de escritório	US $ 1,1 milhão
Infraestrutura de tecnologia	$600,000
Viagens e reuniões	$500,000

Marker Therapeutics, Inc. (MRKR) - Modelo de negócios: fluxos de receita

Licenciamento potencial de tecnologias terapêuticas

A partir do quarto trimestre 2023, a Marker Therapeutics não relatou nenhuma receita ativa de licenciamento de suas tecnologias terapêuticas.

Comercialização futura do produto

Produto	Mercado potencial	Estágio de desenvolvimento estimado
Terapia de células T específicas para tumores (MT-401)	Tumores sólidos	Estágio clínico
MT-601	Cânceres hematológicos	Estágio pré -clínico

Subsídios de pesquisa e colaborações

Para o ano fiscal de 2022, a Marker Therapeutics registrou US $ 1,9 milhão em receita de concessão e colaboração.

Potenciais pagamentos marcantes de parcerias farmacêuticas

• Nenhum pagamento de marco confirmado relatado em 2023
• Colaborações de pesquisa em andamento com possíveis oportunidades futuras de marco

Receita total para o ano fiscal de 2022: US $ 2,1 milhões

Caixa e equivalentes em dinheiro em 30 de setembro de 2022: US $ 15,5 milhões

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.