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Marker Therapeutics, Inc. (MRKR)·Q3 2024 Earnings Summary

Executive Summary

  • Q3 2024 showed stronger grant revenue and improved YoY loss metrics, offset by higher R&D tied to APOLLO trial activity; cash increased sequentially to $9.0M and runway now expected into October 2025, a modest tightening versus Q2’s “into Q4 2025” .
  • No Wall Street consensus estimates were available via S&P Global for MRKR this quarter; comparisons to estimates are therefore unavailable (S&P Global data retrieval was attempted but unavailable).
  • Operationally, management highlighted continued enrollment in the Phase 1 APOLLO study (MT‑601 for post‑CD19 CAR‑T lymphoma) and expects preliminary safety/efficacy data by year‑end; two NIH SBIR grants ($2M each) further strengthen non‑dilutive funding and support lymphoma and pancreatic programs .
  • Near‑term stock reaction catalysts: year‑end APOLLO data update and ongoing grant drawdowns supporting clinical execution; runway sufficiency and clarity on timelines should drive narrative and liquidity focus .

What Went Well and What Went Wrong

What Went Well

  • Non‑dilutive funding momentum: NIH SBIR grants totaling $4M ($2M lymphoma; $2M pancreatic) bolster clinical funding and reduce dilution risk .
  • APOLLO (MT‑601) execution: continued enrollment with encouraging preliminary responses and no ICANS reported; update targeted by end of 2024 .
  • Quote: “We continue to build momentum…we have been encouraged by the promising activity shown in this platform and look forward to continuing assessments from the trial.” — Juan Vera, M.D., CEO .

What Went Wrong

  • Cash runway guidance tightened slightly to “into October 2025,” lower than Q2’s “into the fourth quarter of 2025,” reflecting updated spending and grant timing assumptions .
  • R&D up materially YoY to support trial activity, increasing quarterly burn (R&D $3.47M vs $2.04M YoY; sequentially up from $2.34M) .
  • No Q3 earnings call transcript available, limiting insight into detailed timelines, protocol nuances, and Q&A clarifications.

Financial Results

Income Statement and EPS vs Prior Periods (USD)

MetricQ1 2024Q2 2024Q3 2024
Revenues (Grant income) ($USD)$1,244,061 $1,169,236 $1,926,020
Research & Development ($USD)$2,575,015 $2,335,430 $3,471,216
General & Administrative ($USD)$1,218,063 $1,141,871 $854,677
Total Operating Expenses ($USD)$3,793,078 $3,477,301 $4,325,893
Loss from Operations ($USD)$(2,549,017) $(2,308,065) $(2,399,873)
Interest Income ($USD)$156,195 $115,388 $91,681
Loss from Continuing Operations ($USD)$(2,392,822) $(2,192,677) $(2,308,192)
Net (Loss) Income ($USD)$(2,392,822) $(2,192,677) $(2,308,192)
Diluted EPS - Continuing Operations ($)$(0.27) $(0.25) $(0.26)

Notes:

  • Q3 revenue rose sequentially and sharply YoY due to higher grant income; R&D ramp reflects increased clinical activity in APOLLO, while G&A continues to benefit from late‑2023 reorganization savings .

Liquidity

MetricQ1 2024Q2 2024Q3 2024
Cash & Cash Equivalents ($USD)$11,323,428 $7,800,464 $8,999,664
Cash Runway GuidanceInto Q4 2025 Into Q4 2025 Into October 2025

KPIs (Clinical Execution Snapshot)

KPIQ1 2024Q2 2024Q3 2024
APOLLO preliminary efficacy (City of Hope)3/3 objective responses, including 1 CR at 9 months; well tolerated, no CRS/ICANS 3/3 objective responses reiterated; well tolerated, no significant adverse events Enrollment ongoing; prelim safety/efficacy update expected by year‑end; no ICANS noted
NIH/Non‑dilutive grants$2M NIH SBIR for MT‑401‑OTS (prior disclosures) $2M NIH SBIR for MT‑601 (NHL) announced post‑Q2 Additional $2M NIH SBIR for MT‑601 pancreatic; total two grants highlighted

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayOperating period coverageInto Q4 2025 (Q2 PR/8‑K) Into October 2025 (Q3 PR/8‑K) Lowered (slightly tightened)
APOLLO Update TimingClinical data disclosure“Provide update during Q3 2024” (Q2 PR) “Preliminary safety/efficacy by end of 2024 (Q4)” Pushed back (timing slip)
MT‑601 PancreaticProgram startIND cleared; advancement pending funding (Q2) Start clinical program in 2025 Formalized start year (2025)
MT‑401‑OTS (AML/MDS)Program initiation2H 2024 expected (Q2) 1H 2025 anticipated Pushed back

Earnings Call Themes & Trends

No Q3 2024 earnings call transcript was available; themes below reflect press releases and 8‑K disclosures.

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q1 2024)Current Period (Q3 2024)Trend
R&D execution (APOLLO MT‑601)3/3 responses; Q3 update planned Early CR durability; continued responses; plan for 2H update Enrollment ongoing; year‑end prelim data; durability observation continues Ongoing execution; timeline modestly extended
Safety profileNo CRS/ICANS reported No significant treatment‑related AEs; no CRS No ICANS noted; continued monitoring Stable favorable safety
Non‑dilutive funding$2M NIH SBIR (NHL) announced post‑Q2 NIH support for MT‑401‑OTS Two NIH SBIR grants ($4M total) including pancreatic Strengthening funding base
Cash runwayInto Q4 2025 Into Q4 2025 Into Oct 2025 Slight tightening
Pipeline: Pancreatic MT‑601IND cleared; pending funding IND cleared Start in 2025 Advancement timeline clarified
Pipeline: MT‑401‑OTSInitiation 4Q24 2H 2024 anticipated 1H 2025 anticipated Timeline slip

Management Commentary

  • “During the third quarter, we made significant progress in our ongoing Phase 1 APOLLO study…Enrollment is ongoing and we expect to be able to report preliminary safety and efficacy data by the end of this year.” — Juan Vera, M.D., President & CEO .
  • “We…recently strengthened our financial position with the receipt of two, $2 million SBIR grants…to support further development of MT‑601 in NHL…as well as assist in funding the clinical investigation of MT‑601 in pancreatic cancer.” — Juan Vera, M.D. .
  • Financial discipline: “G&A expenses were $0.9M…reflecting the savings from the reorganization completed in late 2023.” .
  • Operational focus: “We continue to make meaningful progress and remain focused on execution as we move our programs through the clinical trials.” — Juan Vera, M.D. .

Q&A Highlights

  • No Q3 2024 earnings call transcript was available; management’s commentary and guidance updates are derived from the 8‑K and press releases .
  • Key clarifications embedded in PR: APOLLO update timing (by year‑end 2024), runway into October 2025, and formalized start of pancreatic program in 2025 .

Estimates Context

  • S&P Global consensus estimates for MRKR’s Q3 2024 EPS and revenue were attempted but unavailable due to data access limits; as a result, comparisons vs consensus are not provided. Values from S&P Global could not be retrieved this period.

Key Takeaways for Investors

  • Near‑term catalyst: preliminary APOLLO safety/efficacy readout by year‑end; successful signals (durable responses, clean safety) could be a stock driver and de‑risk next steps .
  • Funding runway is adequate into October 2025, with non‑dilutive grants meaningfully supporting MT‑601 (NHL and pancreatic); monitor grant drawdowns and cash utilization .
  • Execution intensity rising: R&D up sequentially and YoY reflecting trial costs; trade‑off is acceptable if APOLLO data continue to validate efficacy and safety .
  • Pipeline timing adjusted: MT‑401‑OTS initiation moved to 1H 2025; pancreatic MT‑601 start set for 2025—adjust expectations and timelines accordingly .
  • With no consensus estimates accessible, trading may hinge more on clinical milestones and liquidity signals than earnings “beats/misses”; set positions ahead of APOLLO update window .
  • G&A savings from 2023 restructuring continue to benefit opex profile, improving operating leverage in a pre‑revenue context .