MRKR

MKT CAP:$15M

Marker Therapeutics, Inc.

Market Cap

$15M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.45-$0.09 (-5.84%)

Apr 23, 2026

Company Details

Marker Therapeutics, Inc., a clinical-stage immuno-oncology company, engages in the development and commercialization of various T cell-based immunotherapies and peptide-based vaccines for the treatment of hematological malignancies and sol...

CEO

Elizabeth Donnelly

IPO Date

Jul 16, 2002

Website

www.markertherapeutics.com

Key Metrics TTM

Revenue

$5M

+2.1% YoY

Net Income

-$14M

EPS (Diluted)

-$1.23

Free Cash Flow

-$15M

Revenue / Share

$0.28

Gross Margin

-164.1%

Operating Margin

-316.7%

Net Margin

-304.5%

FCF Margin

-315.6%

P/S

3.3x

P/E

—

Earnings Reports

Q3 2025

Nov 13, 2025

$1M-36.0%EPS -$0.12

Q2 2025

Aug 14, 2025

$861.2K-26.3%EPS -$0.29

Q1 2025

May 15, 2025

$349.1K-71.9%EPS -$0.40

FY 2024

Mar 31, 2025

$7MEPS -$1.19

Q4 2024

Mar 31, 2025

$2MEPS -$0.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$0	-$465.4K	-$9M
Q1 21	$0	-$754.4K	-$9M
Q2 21	$0	-$782.8K	-$11M
Q3 21	$0	-$805.3K	-$10M
Q4 21	$1M	$421.5K	-$10M
Q1 22	$964.3K	$130.1K	-$10M
Q2 22	$790.5K	-$2M	-$5M
Q4 22	$759.1K	-$1M	-$3M
Q3 23	$257.6K	-$2M	-$3M
Q1 24	$1M	-$1M	-$3M
Q2 24	$1M	-$1M	-$2M
Q3 24	$2M	-$2M	-$2M
Q4 24	$2M	-$3M	-$4M
Q1 25	$349.1K	-$3M	-$5M
Q2 25	$861.2K	-$3M	-$4M
Q3 25	$1M	$1M	-$2M

Valuation

Quarter	P/S	P/E
Q4 20	128.8x	—
Q1 21	191.1x	—
Q2 21	—	—
Q3 21	—	—
Q4 21	34.7x	—
Q1 22	14.2x	—
Q2 22	12.4x	—
Q4 22	17.6x	—
Q3 23	36.2x	—
Q1 24	32.2x	—
Q2 24	32.5x	—
Q3 24	12.3x	—
Q4 24	9.8x	—
Q1 25	4.0x	—
Q2 25	5.1x	—
Q3 25	3.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$6M	-$10M
Q1 21	-$9M	-$9M
Q2 21	-$7M	-$7M
Q3 21	-$7M	-$9M
Q4 21	-$5M	-$5M
Q1 22	-$12M	-$15M
Q2 22	-$794.7K	-$3M
Q4 22	-$6M	-$6M
Q3 23	-$1M	-$1M
Q1 24	-$4M	-$4M
Q2 24	-$4M	-$4M
Q3 24	$1M	$1M
Q4 24	-$5M	-$5M
Q1 25	-$5M	-$5M
Q2 25	-$2M	-$2M
Q3 25	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q4 20	$3M
Q1 21	$441.1K
Q2 21	$339.6K
Q3 21	$2M
Q4 21	$349.8K
Q1 22	$2M
Q2 22	$2M
Q4 22	$127.3K
Q3 23	$0
Q1 24	$2
Q2 24	$0
Q3 24	$1
Q4 24	$5
Q1 25	$3
Q2 25	$0
Q3 25	$4

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-100.0%	+52.6%
Q1 21	—	+32.2%
Q2 21	-100.0%	+59.9%
Q3 21	—	+35.9%
Q4 21	—	+29.4%
Q1 22	—	+22.5%
Q2 22	—	-44.5%
Q4 22	—	-62.1%
Q3 23	-79.3%	-68.6%
Q1 24	+29.0%	-64.7%
Q2 24	+47.9%	-42.6%
Q3 24	+153.7%	+13.9%
Q4 24	+774.1%	+76.8%
Q1 25	-71.9%	+30.7%
Q2 25	-26.3%	+47.3%
Q3 25	-36.0%	-22.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$1M	—
Q1 21	$1M	—
Q2 21	$2M	—
Q3 21	$1M	—
Q4 21	$1M	118.1%
Q1 22	$2M	169.1%
Q2 22	$0	0.0%
Q4 22	$717.2K	94.5%
Q3 23	$175.0K	67.9%
Q1 24	$79.4K	6.4%
Q2 24	$62.6K	5.4%
Q3 24	$53.3K	2.8%
Q4 24	$50.5K	2.2%
Q1 25	$379.1K	108.6%
Q2 25	$14.0K	1.6%
Q3 25	$33.3K	2.7%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 20	$6M	—	$2M
Q1 21	$6M	—	$2M
Q2 21	$7M	—	$3M
Q3 21	$7M	—	$2M
Q4 21	$8M	—	$2M
Q1 22	$7M	—	$3M
Q2 22	$3M	$3M	—
Q4 22	$2M	$2M	—
Q3 23	$2M	$1M	—
Q1 24	$3M	$1M	—
Q2 24	$2M	$1M	—
Q3 24	$3M	$854.7K	—
Q4 24	$5M	$1M	—
Q1 25	$3M	$1M	—
Q2 25	$4M	$945.2K	—
Q3 25	$2M	$1M	—

Revenue Segments

Quarter	Grant income	Grant
Q1 22	$964.3K	—
Q2 22	$790.5K	—
Q1 24	—	$1M
Q2 24	—	$1M
Q3 24	—	$2M
Q4 24	—	$2M
Q1 25	—	$349.1K
Q2 25	—	$861.2K
Q3 25	—	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$42M	$0	$42M
Q1 22	$29M	$0	$29M
Q2 22	$26M	$0	$26M
Q3 22	$18M	$0	$18M
Q4 22	$12M	$0	$12M
Q1 23	$6M	$0	$6M
Q2 23	$18M	$0	$18M
Q3 23	$17M	$0	$17M
Q4 23	$15M	$0	$15M
Q1 24	$11M	$0	$11M
Q2 24	$8M	$0	$8M
Q3 24	$9M	$0	$9M
Q4 24	$19M	$0	$19M
Q1 25	$14M	$0	$14M
Q2 25	$10M	$0	$10M
Q3 25	$18M	$0	$18M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	5M	+3.8%	+6.3%
Q1 21	6M	+16.1%	+22.5%
Q2 21	8M	+47.0%	+78.3%
Q3 21	8M	+0.1%	+77.3%
Q4 21	8M	+0.1%	+71.0%
Q1 22	8M	-0.0%	+47.2%
Q2 22	8M	+0.6%	+0.7%
Q4 22	8M	+0.5%	+1.1%
Q3 23	9M	+5.1%	+6.1%
Q1 24	9M	+0.9%	+7.1%
Q2 24	9M	+0.2%	+6.7%
Q3 24	9M	+0.1%	+6.2%
Q4 24	9M	+2.0%	+3.1%
Q1 25	11M	+22.0%	+24.8%
Q2 25	14M	+25.7%	+56.5%
Q3 25	17M	+20.1%	+87.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$0	44
Q1 21	$0	44
Q2 21	$0	44
Q3 21	$0	44
Q4 21	$22.2K	56
Q1 22	$17.2K	56
Q2 22	$14.1K	56
Q4 22	$11.3K	67
Q3 23	$3.8K	67
Q1 24	$155.5K	8
Q2 24	$146.2K	8
Q3 24	$240.8K	8
Q4 24	$450.4K	5
Q1 25	$69.8K	5
Q2 25	$172.2K	5
Q3 25	$246.6K	5

Revenue / Employee