$MRKR
Marker Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000141057821000089 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $1.242M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.989M $3.239M $2.570M
YoY Change 18.13% 26.04% 1.18%
% of Gross Profit
Research & Development $8.017M $6.784M $4.804M
YoY Change 34.07% 41.24% 54.03%
% of Gross Profit
Depreciation & Amortization $564.5K $600.0K $100.0K
YoY Change 156.58% 500.0% 233.33%
% of Gross Profit
Operating Expenses $11.01M $10.02M $7.376M
YoY Change 29.33% 35.89% 30.44%
Operating Profit -$10.02M -$7.376M
YoY Change 35.89% 30.44%
Interest Expense $970.00 $790.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $2.400M
YoY Change
Pretax Income -$9.763M -$12.43M -$7.370M
YoY Change 14.73% 68.65% 34.98%
Income Tax
% Of Pretax Income
Net Earnings -$9.763M -$12.43M -$7.372M
YoY Change 14.73% 68.61% 35.02%
Net Earnings / Revenue -786.28%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$117.4K -$149.6K -$157.2K
COMMON SHARES
Basic Shares Outstanding 83.08M 83.08M 46.87M
Diluted Shares Outstanding 83.08M 46.87M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.35M $48.71M $26.96M
YoY Change 98.37% 80.66% -44.39%
Cash & Equivalents $42.35M $48.70M $27.00M
Short-Term Investments
Other Short-Term Assets $3.631M $2.701M $2.370M
YoY Change 76.25% 13.98% 24.08%
Inventory
Prepaid Expenses $2.485M $2.701M $2.367M
Receivables
Other Receivables $237.00 $243.00 $1.000M
Total Short-Term Assets $45.98M $51.41M $30.32M
YoY Change 88.37% 69.53% -39.9%
LONG-TERM ASSETS
Property, Plant & Equipment $12.32M $10.45M $7.187M
YoY Change 18.95% 45.36% 664.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $22.15M $20.53M $18.25M
YoY Change 4.48% 12.53% 1841.19%
TOTAL ASSETS
Total Short-Term Assets $45.98M $51.41M $30.32M
Total Long-Term Assets $22.15M $20.53M $18.25M
Total Assets $68.14M $71.94M $48.57M
YoY Change 49.37% 48.11% -5.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.144M $2.326M $3.696M
YoY Change 75.26% -37.07% 169.78%
Accrued Expenses $3.569M $2.674M $1.920M
YoY Change 16.65% 39.25% 52.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.90M $8.227M $6.024M
YoY Change 101.53% 36.56% 88.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.25M $11.43M $11.95M
YoY Change -5.24% -4.34% 3521.21%
Total Long-Term Liabilities $11.25M $11.43M $11.95M
YoY Change -5.23% -4.33% 3520.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.90M $8.227M $6.024M
Total Long-Term Liabilities $11.25M $11.43M $11.95M
Total Liabilities $24.15M $19.66M $17.97M
YoY Change 32.18% 9.37% 410.6%
SHAREHOLDERS EQUITY
Retained Earnings -$398.1M -$388.4M -$347.7M
YoY Change 11.76% 11.68%
Common Stock $83.08K $83.08K $48.03K
YoY Change 63.76% 72.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.99M $52.28M $30.60M
YoY Change
Total Liabilities & Shareholders Equity $68.14M $71.94M $48.57M
YoY Change 49.37% 48.11% -5.5%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$9.763M -$12.43M -$7.372M
YoY Change 14.73% 68.61% 35.02%
Depreciation, Depletion And Amortization $564.5K $600.0K $100.0K
YoY Change 156.58% 500.0% 233.33%
Cash From Operating Activities -$4.858M -$7.536M -$4.240M
YoY Change -21.9% 77.73% -25.09%
INVESTING ACTIVITIES
Capital Expenditures -$349.8K -$980.3K -$3.110M
YoY Change -89.68% -68.48% 6120.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$349.8K -$980.3K -$3.110M
YoY Change -89.68% -68.48% 6120.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 2.190M
YoY Change -100.0% -100.0% 188.16%
NET CHANGE
Cash From Operating Activities -4.858M -7.536M -4.240M
Cash From Investing Activities -349.8K -980.3K -3.110M
Cash From Financing Activities 0.000 0.000 2.190M
Net Change In Cash -5.208M -8.516M -5.160M
YoY Change -7.17% 65.04% 4.24%
FREE CASH FLOW
Cash From Operating Activities -$4.858M -$7.536M -$4.240M
Capital Expenditures -$349.8K -$980.3K -$3.110M
Free Cash Flow -$4.508M -$6.556M -$1.130M
YoY Change 59.3% 480.14% -79.86%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">NOTE 1: NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Marker Therapeutics, Inc., a Delaware corporation (the “Company” or “we”), is a clinical-stage immuno-oncology company specializing in the development and commercialization of novel T cell-based immunotherapies and innovative peptide-based vaccines for the treatment of hematological malignancies and solid tumor indications. The Company’s MultiTAA T cell technology is based on the selective expansion of non-engineered, tumor-specific T cells that recognize tumor associated antigens, which are tumor targets, and kill tumor cells expressing those targets. These T cells are designed to recognize multiple tumor targets to produce broad spectrum anti-tumor activity. </p>
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">NOTE 2: BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The results for the condensed consolidated statement of operations are not necessarily indicative of results to be expected for the year ending December 31, 2021 or for any future interim period. The condensed consolidated balance sheet at September 30, 2021 has been derived from unaudited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2020 and notes thereto included in the Company’s annual report on Form 10-K filed on March 9, 2021.</p>
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48700000
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
32282857
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
52600000
CY2021Q3 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
13100000
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Prior Period Reclassification</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain reclassifications have been made to reclass certain non-cash capital expenditures on the consolidated statements of cash flows from a cash outflow from investing activity to a non-cash investing activity. The Company has evaluated the materiality of this adjustment and concluded it was not material to the previously issued consolidated financial statements and had no impact to the reported consolidated balance sheets, consolidated statements of operations or net loss per share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the year ended December 31, 2020, this immaterial adjustment had the effect of increasing net cash used in operating activities and decreasing net cash used in investing activities by $1.2 million from what was previously reported. For the nine months ended September 30, 2020, this immaterial adjustment had the effect of increasing net cash used in operating activities and decreasing net cash used in investing activities by $1.9 million from was previously reported.</p>
CY2020 mrkr Adjustments To Net Cash Provided By Used In Operating Activities And Investing Activities
AdjustmentsToNetCashProvidedByUsedInOperatingActivitiesAndInvestingActivities
1200000
mrkr Adjustments To Net Cash Provided By Used In Operating Activities And Investing Activities
AdjustmentsToNetCashProvidedByUsedInOperatingActivitiesAndInvestingActivities
1900000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-12429323
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-7371500
us-gaap Net Income Loss
NetIncomeLoss
-32115555
us-gaap Net Income Loss
NetIncomeLoss
-20198843
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83078675
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46867119
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74290598
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46509391
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27374000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26846000
CY2021Q3 us-gaap Tenant Improvements
TenantImprovements
1000000.0
CY2020Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1000000.0
CY2021Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1000000.0
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12022000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4162000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2175000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
591000
CY2021Q3 mrkr Construction In Progress
ConstructionInProgress
600000
CY2020Q4 mrkr Construction In Progress
ConstructionInProgress
6789000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10447000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10360000
CY2020Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
6800000
CY2021Q3 us-gaap Depreciation
Depreciation
600000
CY2020Q3 us-gaap Depreciation
Depreciation
100000
us-gaap Depreciation
Depreciation
1600000
us-gaap Depreciation
Depreciation
300000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12000000.0
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10100000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
425000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
375000
us-gaap Operating Lease Cost
OperatingLeaseCost
1275000
us-gaap Operating Lease Cost
OperatingLeaseCost
533000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
22000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
168000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
69000
us-gaap Variable Lease Cost
VariableLeaseCost
430000
us-gaap Variable Lease Cost
VariableLeaseCost
85000
CY2021Q3 us-gaap Lease Cost
LeaseCost
593000
CY2020Q3 us-gaap Lease Cost
LeaseCost
444000
us-gaap Lease Cost
LeaseCost
1705000
us-gaap Lease Cost
LeaseCost
640000
us-gaap Operating Lease Payments
OperatingLeasePayments
763000
us-gaap Operating Lease Payments
OperatingLeasePayments
362000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M12D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y3M18D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
314000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1278000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1542000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1826000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1874000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
8772000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15606000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3594000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12012000
mrkr Loss Contingency Damages Sought Compensation Interest And Attorney Fees
LossContingencyDamagesSoughtCompensationInterestAndAttorneyFees
2400000
CY2021Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
2400000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1694000
CY2021Q3 mrkr Accrued Process Development Expenses Current
AccruedProcessDevelopmentExpensesCurrent
461000
CY2020Q4 mrkr Accrued Process Development Expenses Current
AccruedProcessDevelopmentExpensesCurrent
277000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
374000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
875000
CY2021Q3 mrkr Accrued Technology License Fees
AccruedTechnologyLicenseFees
250000
CY2020Q4 mrkr Accrued Technology License Fees
AccruedTechnologyLicenseFees
105000
CY2021Q3 mrkr Arbitration Settlement Liabilities Current
ArbitrationSettlementLiabilitiesCurrent
2407000
CY2021Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
2326000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2935000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1468000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
359000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
127000
CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
7645000
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
6013000
mrkr Loss Contingency Damages Sought Number Of Transactions
LossContingencyDamagesSoughtNumberOfTransactions
2
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
20830000
CY2020Q4 mrkr Class Of Warrant Or Rights Outstanding Weighted Average Exercise Price
ClassOfWarrantOrRightsOutstandingWeightedAverageExercisePrice
4.47
CY2020 mrkr Class Of Warrant Or Rights Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightsOutstandingWeightedAverageRemainingContractualLife
P2Y7M6D
mrkr Number Of Warrant Expired Or Cancelled
NumberOfWarrantExpiredOrCancelled
1000000
mrkr Class Of Warrant Or Rights Outstanding Expired Or Cancelled Weighted Average Exercise Price
ClassOfWarrantOrRightsOutstandingExpiredOrCancelledWeightedAverageExercisePrice
5.50
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19830000
CY2021Q3 mrkr Class Of Warrant Or Rights Outstanding Weighted Average Exercise Price
ClassOfWarrantOrRightsOutstandingWeightedAverageExercisePrice
4.42
mrkr Class Of Warrant Or Rights Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightsOutstandingWeightedAverageRemainingContractualLife
P1Y11M12D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1456
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
3.05
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1468000
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1270000
us-gaap Share Based Compensation
ShareBasedCompensation
4497000
us-gaap Share Based Compensation
ShareBasedCompensation
3975000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
9900000
CY2021Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
843000
CY2020Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
405000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2267000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
864000

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