Executive Summary

Marker delivered a cleaner quarter: grant revenue rose sequentially to $1.23M and EPS improved to ($0.12), both beating S&P Global consensus on revenue ($0.72M) and EPS (($0.45)) as R&D spending normalized post Q2 trial ramp-up . Estimates from S&P Global marked with * below.
Clinical momentum remains the core driver: MT-601 in APOLLO shows 66% ORR and 50% CR in heavily pre-treated NHL; safety remains favorable with no DLTs or ICANS. Dose expansion at 400×10^6 cells is underway; additional data expected 1H26 .
Balance sheet extended: cash and equivalents of $17.6M plus $1.35M restricted at 9/30; ~$10M raised through the ATM in Q3 extends runway through Q3’26 (vs Q2’26 previously) .
Near-term catalysts: ASH 2025 posters (Dec 6–9) with APOLLO updates, continued dose expansion enrollment, and OTS (MT‑401‑OTS) early safety read-in after first patient dosing in RAPID (AML/MDS) .

What Went Well and What Went Wrong

What Went Well

Efficacy and safety durability: “66% objective response rate including 50% complete responses” in heavily pretreated NHL; “durability… with five NHL patients ≥6 months, including three ≥12 months,” and “no DLTs or ICANS” at any dose level in dose escalation .
Operational progress toward scalability: cGMP collaboration with Cellipont to scale MT‑601 and support possible pivotal and commercial readiness; dose expansion cleared at 400×10^6 cells .
Cash runway extended: “raising approximately $10 million through our ATM facility… extending our cash runway well into 2026”; company now guides cash, equivalents and restricted cash to fund operations “through the third quarter of 2026” .

What Went Wrong

Continued cash burn and y/y operating loss pressure YTD: net cash used in operations for the first nine months rose to $10.1M vs $6.2M prior year, reflecting increased R&D as APOLLO scaled .
Ongoing equity dilution: weighted average shares nearly doubled y/y (16.76M in Q3’25 vs 8.92M in Q3’24) due to financing activity, a headline risk for small-cap biotech investors .
No earnings call transcript filed: limits visibility into management Q&A and near-term milestones beyond prepared remarks; investors must rely on press releases and the August APOLLO webcast .

Financial Results

Income statement trend (oldest → newest)

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($)	$1,926,020	$349,104	$861,184	$1,232,938
Diluted EPS ($)	($0.26)	($0.40)	($0.29)	($0.12)
R&D Expense ($)	$3,471,216	$3,135,427	$4,177,054	$2,345,843
G&A Expense ($)	$854,677	$1,369,215	$945,163	$1,023,821
Loss from Operations ($)	($2,399,873)	($4,608,673)	($4,261,033)	($2,136,726)
Net Loss ($)	($2,308,192)	($4,446,184)	($4,015,564)	($1,998,662)

Actual vs S&P Global consensus (Q3 2025)

Metric	Consensus*	Actual	Surprise
Revenue ($)	$723,000*	$1,232,938	+$509,938 (Beat)
EPS ($)	($0.45)*	($0.12)	+$0.33 (Beat)

Values with * are from S&P Global.

Liquidity and operating KPIs (quarter-end)

KPI	Q1 2025	Q2 2025	Q3 2025
Cash & Equivalents ($)	$13,693,208	$10,461,971	$17,589,978
Restricted Cash ($)	—	$1,352,975	$1,352,975
Net Cash Used in Ops (YTD) ($)	$(5,499,737)	$(7,378,099)	$(10,113,975)
Weighted Avg Shares (Basic)	11,106,027	13,956,562	16,757,678

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Operating runway	“Into the second quarter of 2026” (as of Q2’25)	“Through the third quarter of 2026” (as of Q3’25)	Raised
Data Milestone	APOLLO update	Next update after Aug’25 dataset	Additional MT‑601 clinical update expected 1H 2026	Timed update clarified
Clinical Supply	Manufacturing	Initiated tech transfer to Cellipont (June 16, 2025 SOW)	cGMP agreement affirmed to support dose expansion and potential pivotal readiness	Execution progressing

Earnings Call Themes & Trends

Note: No Q3’25 earnings call transcript was filed; themes below reflect Q1–Q3 disclosures and the APOLLO webcast update.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
MT-601 efficacy & safety in lymphoma	Q1: 7/9 ORR (44% CR in first cohort) and well tolerated . Q2: 66% ORR/50% CR in NHL; no DLTs/ICANS; dose expansion cleared .	Reiterated 66% ORR/50% CR in NHL; durable responses up to 24 months; safety profile unchanged .	Improving
Dose expansion & pivotal path	Dose expansion at 400×10^6 cells cleared (SRC June 17); expansion to DLBCL .	Focus on enrolling dose expansion; framing groundwork for potential pivotal trial .	Advancing
Manufacturing readiness	SOW signed with Cellipont for cGMP MT‑601 manufacturing .	Cellipont partnership affirmed to support clinical supply and commercial readiness .	Strengthening
OTS (MT‑401‑OTS)	Q1: IND granted; program redirection to OTS; non-dilutive funds secured .	First patient dosed with MT‑401‑OTS; initial safety clean at 100×10^6; AML/MDS expansion planned .	Initiated
Non-dilutive funding & runway	Multiple NIH/FDA/CPRIT grants; cash into Q1–Q2’26 .	~$10M ATM raised; runway extended through Q3’26 .	Improving
Scientific visibility	Q2: Corporate deck and webcast on APOLLO data .	Two APOLLO posters accepted at ASH 2025 .	Increasing

Management Commentary

“Marker entered the second half of 2025 with strong clinical momentum as we continue to advance our lead program, MT-601… 66% objective response rate including 50% complete responses… with a favorable safety profile.” — Juan Vera, M.D., President & CEO .
“We… treated the first patient in our Off-the-Shelf program and [entered] a strategic manufacturing collaboration with Cellipont… [and] raised approximately $10 million through our ATM… extending our cash runway well into 2026.” — Juan Vera, M.D. .
“Data from the Phase 1 APOLLO study will be presented in two posters at the 67th ASH Annual Meeting…” .

Q&A Highlights

No Q3 2025 earnings call transcript was filed; the company furnished its results via an 8‑K with press release. The August 26 APOLLO webcast included a Q&A feature, but no transcript was posted to filings for Q3’25 .

Estimates Context

Q3 2025 vs consensus: Revenue $1.23M vs $0.72M*; EPS ($0.12) vs ($0.45)* — both beats, driven by higher grant income and tighter opex control versus expectations .
Prior quarters: Q2 2025 revenue $0.86M vs $0.72M* and EPS ($0.29) vs ($0.41)* — also beats .
Street lens: FY2025 EPS est. ($0.94); FY2026 ($1.68); Target price consensus $6.00 (2 estimates)*.
Values with * retrieved from S&P Global.

Key Takeaways for Investors

Clinical signal remains compelling and de‑risking: 66% ORR/50% CR with durable responses and clean safety improves probability of success into dose expansion and potential pivotal step-up .
Balance sheet extends into key catalysts: ATM proceeds and grant backing push runway through Q3’26, covering dose expansion data in 1H26 and potential pivotal preparations .
Manufacturing scalability is in motion: Cellipont cGMP collaboration is a required bridge from Phase 1 to pivotal/commercial readiness — a frequent diligence point in cell therapy .
OTS optionality: early clean safety in first MT‑401‑OTS patient provides a second shot on goal in AML/MDS with non-dilutive funding buffers .
Estimate revisions: Two straight quarterly beats on revenue and EPS versus S&P Global consensus suggest near-term upward adjustments to quarterly grant revenue assumptions and operating expense cadence (albeit small absolute dollars) .
Watch ASH 2025 and 1H26: Poster presentations (Dec) and next APOLLO update (1H26) are likely stock catalysts; continued enrollment and any durability updates will drive sentiment .

Supporting Documents Cited

Q3 2025 8-K and Press Release (financials, program updates, runway): .
APOLLO clinical update 8-K (Aug 26, 2025): .
OTS first patient dosed 8-K (Oct 6, 2025): .
ASH 2025 poster announcement press release (Nov 3, 2025): .
Q2 2025 10-Q (three-month results, liquidity): .
Q1 2025 10-Q (three-month results): .

Notes:
- All quantitative figures from company filings and press releases are cited in-line.
- Consensus figures marked with * sourced from S&P Global (GetEstimates).

Marker Therapeutics, Inc. (MRKR)·Q3 2025 Earnings Summary