Marker Therapeutics Inc

markertherapeutics.com

What Do They Do?

Develops T-cell treatments for patients with blood cancers and solid tumors, using cells from patients or donors to target multiple cancer markers.

How Do They Make Money?

Government agencies and nonprofit foundations fund qualifying research and development work; Marker earns grant funding as it incurs eligible costs, and advance payments count as revenue as those costs are incurred.

revenue

Segment	Share	Revenue
CPRIT AML	25%
SBIR AML	13%
National Institutes of Health National - Cancer Institute Grant	11%
SBIR lymphoma grant	19%
SBIR pancreatic cancer grant	12%
CPRIT Pancreatic Grant1	16%
Grant income	100% FY2022: 100%

Who Are Their Customers?

Government agencies and nonprofit foundations fund qualifying research and development activities through grants.

Do Revenues Turn Into Profits?

No. It lost $12.2M in FY2025.

Operating income, FY2025

−363% of revenue

▲ +16% (Loss) vs FY2024 (−$11.1M, −169%)

Net income, FY2025

−343% of revenue

▲ +13% (Loss) vs FY2024 (−$10.7M, −163%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Net income: ▼ −55% (Loss); vs −$4M in Q2 FY2025

Program priorities The older report centered its company-sponsored program on treating post-transplant AML. The latest report describes a lead program for lymphoma and pancreatic cancer, plus an off-the-shelf program for AML or MDS.

Revenue over time

CPRIT AML SBIR AML National Institutes of Health National - Cancer Institute Grant SBIR lymphoma grant SBIR pancreatic cancer grant CPRIT Pancreatic Grant1 Grant income FDA grant CPRIT grant

$10M$5M$0