Marker Therapeutics (NASDAQ: MRKR) is a clinical-stage biopharmaceutical company developing non-genetically engineered T cell therapies for cancer. The company generates no product revenue as of FY2025, funding operations through grant income from government agencies and non-profit foundations under cost-reimbursement arrangements, along with equity offerings via an at-the-market (ATM) agreement. Its lead product, MT-601, is a multiTAA-specific T cell therapy being developed for lymphoma, with a pivotal trial (APOLLO study) anticipated to commence in 2026. Manufacturing of MT-601 is conducted through third-party CDMOs, including Baylor College of Medicine (BCM) for ongoing clinical supply and Cellipont Bioservices under a Statement of Work entered June 16, 2025 for scale-up and cGMP production. The company has incurred recurring losses, pays no dividends, and lists common stock on the Nasdaq Capital Market under the symbol MRKR. As of March 16, 2026, the stock traded at $1.41 per share with 39 stockholders of record.

Revenue model

Grant income recognized on a cost-reimbursement basis from government agencies and non-profit foundations as qualifying research and development expenses are incurred. No product revenue was generated during the two years ended December 31, 2025. Additional funding comes from equity issuances under an ATM agreement.

Products and services

MT-601: a non-genetically engineered, multiTAA-specific T cell (MAR-T cell) therapy in clinical development for lymphoma. No products are approved or commercialized as of the FY2025 10-K filing.

Customers and end markets

No commercial customers as of FY2025. End market is oncology, specifically lymphoma patients. Funding counterparties are government agencies and non-profit foundations providing research grants.

Value-chain role

Clinical-stage drug developer. Relies on third-party CDMOs for manufacturing: BCM supplies clinical trial material; Cellipont Bioservices engaged via Statement of Work (June 16, 2025) for technology transfer and cGMP manufacturing to support the APOLLO pivotal study.

Source: SEC 10-K, filed 2026-03-18

Industry: Pharmaceutical Preparations Peers: ABVC Biopharma Inc Spyre Therapeutics Inc Aptinyx Inc. Neurogene Inc Aravive, Inc. Avalo Therapeutics Inc Comera Life Sciences Holdings, Inc. Maia Biotechnology Inc Oragenics Inc