Wed, Aug 14, 8:45 PM (153 days ago)
Marker Therapeutics, Inc. reported a significant decline in financial performance for the quarter ending June 30, 2024, compared to the same period in 2023. Total revenues increased by 53% to $1,169,000, primarily due to grant income, yet the company incurred a net loss of $2,193,000, a 46% improvement from the previous year's loss of $4,099,000. Operating expenses decreased by 29% to $3.5 million, driven by reductions in general and administrative costs. Cash and cash equivalents decreased to $7.8 million from $15.1 million at year-end 2023, reflecting ongoing operational cash flow challenges, with net cash used in operations totaling $7.4 million. The company anticipates sufficient liquidity to fund operations into Q4 2025, contingent on grant funding and operational adjustments. The strategic divestment of manufacturing assets to Cell Ready LLC has shifted operational focus and may impact future revenue generation. Despite these challenges, the company remains focused on advancing its clinical programs, although uncertainties regarding market conditions and capital access persist.