$MRKR
Marker Therapeutics, Inc.

2022 Q1 Form 10-Q Financial Statement

#000141057822001389 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $964.3K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.733M $3.140M
YoY Change 18.89% 10.95%
% of Gross Profit
Research & Development $7.026M $5.643M
YoY Change 24.51% 47.85%
% of Gross Profit
Depreciation & Amortization $576.3K $502.7K
YoY Change 14.64% 1325.61%
% of Gross Profit
Operating Expenses $10.76M $8.781M
YoY Change 22.53% 32.17%
Operating Profit -$9.795M -$8.781M
YoY Change 11.54% 32.17%
Interest Expense $3.120K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.911M -$8.780M
YoY Change 12.88% 35.29%
Income Tax
% Of Pretax Income
Net Earnings -$9.911M -$8.779M
YoY Change 12.88% 35.37%
Net Earnings / Revenue -1027.72%
Basic Earnings Per Share -$0.12 -$0.16
Diluted Earnings Per Share -$0.12 -$0.16
COMMON SHARES
Basic Shares Outstanding 83.11M 56.47M
Diluted Shares Outstanding 83.11M 56.47M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.64M $64.51M
YoY Change -55.61% 60.23%
Cash & Equivalents $28.64M $64.50M
Short-Term Investments
Other Short-Term Assets $2.378M $1.960M
YoY Change 21.33% 13.95%
Inventory
Prepaid Expenses $2.196M $1.963M
Receivables
Other Receivables $2.185K $1.000M
Total Short-Term Assets $31.02M $67.47M
YoY Change -54.03% 60.65%
LONG-TERM ASSETS
Property, Plant & Equipment $14.37M $10.30M
YoY Change 39.5% 1057.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $23.94M $20.89M
YoY Change 14.59% 2247.27%
TOTAL ASSETS
Total Short-Term Assets $31.02M $67.47M
Total Long-Term Assets $23.94M $20.89M
Total Assets $54.96M $88.36M
YoY Change -37.81% 106.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.016M $1.888M
YoY Change 165.68% 13.73%
Accrued Expenses $2.276M $1.860M
YoY Change 22.36% 46.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.215M $4.147M
YoY Change 98.07% 31.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.04M $11.72M
YoY Change -5.84% 4995.65%
Total Long-Term Liabilities $11.04M $11.72M
YoY Change -5.84% 4995.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.215M $4.147M
Total Long-Term Liabilities $11.04M $11.72M
Total Liabilities $19.25M $15.87M
YoY Change 21.32% 368.06%
SHAREHOLDERS EQUITY
Retained Earnings -$408.0M -$365.0M
YoY Change 11.78%
Common Stock $83.45K $83.01K
YoY Change 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.71M $72.49M
YoY Change
Total Liabilities & Shareholders Equity $54.96M $88.36M
YoY Change -37.81% 106.02%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$9.911M -$8.779M
YoY Change 12.88% 35.37%
Depreciation, Depletion And Amortization $576.3K $502.7K
YoY Change 14.64% 1325.61%
Cash From Operating Activities -$12.23M -$8.100M
YoY Change 50.94% 97.61%
INVESTING ACTIVITIES
Capital Expenditures -$2.452M -$440.0K
YoY Change 457.32% 340.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.452M -$1.401M
YoY Change 75.0% 1303.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $52.66M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 52.66M
YoY Change -100.0% 9473.93%
NET CHANGE
Cash From Operating Activities -12.23M -8.100M
Cash From Investing Activities -2.452M -1.401M
Cash From Financing Activities 0.000 52.66M
Net Change In Cash 28.80M 43.16M
YoY Change -33.26% -1282.69%
FREE CASH FLOW
Cash From Operating Activities -$12.23M -$8.100M
Capital Expenditures -$2.452M -$440.0K
Free Cash Flow -$9.774M -$7.660M
YoY Change 27.59% 91.55%

Facts In Submission

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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>
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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 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, 2022 or for any future interim period. The condensed consolidated balance sheet at March 31, 2022 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, 2021 and notes thereto included in the Company’s annual report on Form 10-K filed on March 17, 2022.</p>
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30
CY2022Q1 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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">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 condensed 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 condensed 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 three months ended March 31, 2021, this immaterial adjustment had the effect of decreasing net cash used in operating activities and increasing net cash used in investing activities by $1.0 million from what was previously reported.</p>
CY2021Q1 mrkr Adjustments To Net Cash Provided By Used In Operating Activities And Investing Activities
AdjustmentsToNetCashProvidedByUsedInOperatingActivitiesAndInvestingActivities
1000000.0
CY2021Q3 mrkr Receipt Of Product Development Research Award
ReceiptOfProductDevelopmentResearchAward
13100000
CY2022Q1 mrkr Revenue From Grant Related To Cprit
RevenueFromGrantRelatedToCprit
1000000.0
CY2022Q1 mrkr Restricted Cash And Investment
RestrictedCashAndInvestment
200000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-9910508
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-8779450
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83107649
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56470247
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29219000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28320000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13593000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12837000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3316000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2740000
CY2022Q1 mrkr Construction In Progress
ConstructionInProgress
4089000
CY2021Q4 mrkr Construction In Progress
ConstructionInProgress
2226000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14366000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12323000
CY2022Q1 us-gaap Depreciation
Depreciation
600000
CY2021Q1 us-gaap Depreciation
Depreciation
500000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11700000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9600000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
425000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
425000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
179000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
133000
CY2022Q1 us-gaap Lease Cost
LeaseCost
607000
CY2021Q1 us-gaap Lease Cost
LeaseCost
558000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
316000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
238000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y4M24D
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
961000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1542000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1826000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1874000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1775000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6997000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14975000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3255000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11720000
CY2022Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
5016000
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
5144000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
747000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2055000
CY2022Q1 mrkr Accrued Process Development Expenses Current
AccruedProcessDevelopmentExpensesCurrent
500000
CY2021Q4 mrkr Accrued Process Development Expenses Current
AccruedProcessDevelopmentExpensesCurrent
385000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
595000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
644000
CY2022Q1 mrkr Accrued Technology License Fees
AccruedTechnologyLicenseFees
250000
CY2021Q4 mrkr Accrued Technology License Fees
AccruedTechnologyLicenseFees
250000
CY2021Q4 mrkr Arbitration Settlement Liabilities Current
ArbitrationSettlementLiabilitiesCurrent
2407000
CY2021 mrkr Class Of Warrant Or Rights Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightsOutstandingWeightedAverageRemainingContractualLife
P1Y8M12D
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19830000
CY2022Q1 mrkr Class Of Warrant Or Rights Outstanding Weighted Average Exercise Price
ClassOfWarrantOrRightsOutstandingWeightedAverageExercisePrice
4.42
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
241000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
250000
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
7349000
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
11135000
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19830000
CY2021Q4 mrkr Class Of Warrant Or Rights Outstanding Weighted Average Exercise Price
ClassOfWarrantOrRightsOutstandingWeightedAverageExercisePrice
4.42
CY2022Q1 mrkr Class Of Warrant Or Rights Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightsOutstandingWeightedAverageRemainingContractualLife
P1Y5M15D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.51
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.84
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.02
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1631000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1377000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
7600000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M24D
CY2021Q3 mrkr Receipt Of Product Development Research Award
ReceiptOfProductDevelopmentResearchAward
13100000
CY2021Q4 mrkr Funds Received From Grant
FundsReceivedFromGrant
2400000
CY2022Q1 mrkr Revenue From Grant Related To Cprit
RevenueFromGrantRelatedToCprit
1000000.0
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
200000
CY2022Q1 mrkr Compensation Interest And Attorney Fees
CompensationInterestAndAttorneyFees
2400000
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2400000
CY2021 us-gaap Other Expenses
OtherExpenses
2400000
CY2022Q1 mrkr Legal Proceedings Broker Awarded Additional Interest Amount
LegalProceedingsBrokerAwardedAdditionalInterestAmount
100000
CY2022Q1 mrkr Percentage Of Accrual Of Post Judgment Interest
PercentageOfAccrualOfPostJudgmentInterest
0.0102
CY2022Q1 mrkr Amount Of Accrual Of Post Judgement
AmountOfAccrualOfPostJudgement
2500000
CY2022Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1012000
CY2021Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
502000
CY2021Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
900000

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