Marker Therapeutics, Inc 10-Q for FY2021 Q2

Marker Therapeutics, Inc. (MRKR)

10-Q 2021-08-10 For: 2021-06-30

Added on April 08, 2026

About this 10-Q

Marker Therapeutics, Inc filed this 10-Q on August 10, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $10.91M; compared with a net loss of $6.34M a year earlier

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DELAWARE		45-4497941
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


3200 Southwest Freeway, Suite 2500 Houston, Texas		77027
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	MRKR	The Nasdaq Stock Market LLC

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	⌧
		Emerging growth company	☐


		Page

PART I – FINANCIAL INFORMATION		1

Item 1.	Financial Statements (Unaudited)	1

	Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020	1

	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020	2

	Condensed Consolidated Statement of Stockholders' Equity for the three and six months ended June 30, 2021 and 2020	3

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	22

Item 4.	Controls and Procedures.	22

PART II – OTHER INFORMATION		23

Item 1.	Legal Proceedings.	23

Item 1A.	Risk Factors.	23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	23

Item 3.	Defaults Upon Senior Securities.	23

Item 4.	Mine Safety Disclosure.	23

Item 5.	Other Information.	23

Item 6.	Exhibits.	24

Signatures		25


	June 30,		December 31,
	2021		2020
ASSETS
Current assets:
Cash and cash equivalents	$	57,221,434	$	21,352,382
Prepaid expenses and deposits		2,801,800		2,057,924
Other receivables		286		1,000,559
Total current assets		60,023,520		24,410,865
Non-current assets:
Property, plant and equipment, net		10,107,579		3,570,736
Construction in progress		—		6,789,098
Right-of-use assets, net		10,339,884		10,844,116
Total non-current assets		20,447,463		21,203,950

Total assets	$	80,470,983	$	45,614,815

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	5,100,943	$	6,013,010
Lease liability		558,657		388,792
Total current liabilities		5,659,600		6,401,802
Non-current liabilities:
Lease liability, net of current portion		11,568,072		11,868,440
Total non-current liabilities		11,568,072		11,868,440

Total liabilities		17,227,672		18,270,242

Commitments and contingencies (see Note 10)		—		—

Stockholders' equity:
Preferred stock - $0.001 par value, 5 million shares authorized and 0 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		—		—
Common stock, $0.001 par value, 150 million shares authorized, 83.1 million and 50.7 million shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		83,079		50,731
Additional paid-in capital		439,085,948		383,533,326
Accumulated deficit		(375,925,716)		(356,239,484)
Total stockholders' equity		63,243,311		27,344,573

Total liabilities and stockholders' equity	$	80,470,983	$	45,614,815


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Grant income	$	—	$	466,785	$	—	$	466,785
Total revenues		—		466,785		—		466,785
Operating expenses:
Research and development		7,350,035		4,277,052		12,993,064		8,093,670
General and administrative		3,559,150		2,547,289		6,697,108		5,374,284
Total operating expenses		10,909,185		6,824,341		19,690,172		13,467,954
Loss from operations		(10,909,185)		(6,357,556)		(19,690,172)		(13,001,169)
Other income:
Change in fair value of warrant liabilities		—		-		-		31,000
Interest income		2,403		15,857		3,940		142,826
Net loss	$	(10,906,782)	$	(6,341,699)	$	(19,686,232)	$	(12,827,343)

Net loss per share, basic and diluted	$	(0.13)	$	(0.14)	$	(0.28)	$	(0.28)
Weighted average number of common shares outstanding, basic and diluted		83,030,470		46,572,739		69,823,729		46,328,561


	For the Three Months Ended June 30, 2021
								Total
	Common Stock			Additional Paid-		Accumulated		Stockholders’
	Shares	Par value		in Capital		Deficit		Equity
Balance at April 1, 2021	83,013,929	$	83,014	$	437,430,839	$	(365,018,934)	$	72,494,919
Stock options exercised for cash	1,456		2		3,085		—		3,087
Stock-based compensation	63,290		63		1,652,024		—		1,652,087
Net loss	—		—		—		(10,906,782)		(10,906,782)
Balance at June 30, 2021	83,078,675	$	83,079	$	439,085,948	$	(375,925,716)	$	63,243,311


	For the Six Months Ended June 30, 2021
								Total
	Common Stock			Additional Paid-		Accumulated		Stockholders’
	Shares	Par value		in Capital		Deficit		Equity
Balance at January 1, 2021	50,731,072	$	50,731	$	383,533,326	$	(356,239,484)	$	27,344,573
Issuance of common stock for cash (net of offering costs of $3.9 million)	32,282,857		32,283		52,520,475		—		52,552,758
Stock options exercised for cash	1,456		2		3,085		—		3,087
Stock-based compensation	63,290		63		3,029,062		—		3,029,125
Net loss	—		—		—		(19,686,232)		(19,686,232)
Balance at June 30, 2021	83,078,675	$	83,079	$	439,085,948	$	(375,925,716)	$	63,243,311


	For the Six Months Ended June 30, 2020
								Total
	Common Stock			Additional Paid-		Accumulated		Stockholders’
	Shares	Par value		in Capital		Deficit		Equity
Balance at January 1, 2020	45,728,831	$	45,728	$	371,573,909	$	(327,533,414)	$	44,086,223
Warrants exercised for cash	458,334		459		549,541		—		550,000
Issuance of common stock as commitment fee for future financing	345,357		345		(345)		—		—
Stock-based compensation	85,110		85		2,705,280		—		2,705,365
Net loss	—		—		—		(12,827,343)		(12,827,343)
Balance at June 30, 2020	46,617,632	$	46,617	$	374,828,385	$	(340,360,757)	$	34,514,245


		June 30,		December 31,
	Estimated Useful Lives	2021		2020
Lab and manufacturing equipment	5 Years	$	6,840,000	$	2,360,000
Computers, equipment and software	3-5 Years		909,000		835,000
Office furniture	5 Years		820,000		678,000
Leasehold improvements	Lesser of lease term or estimated useful life		3,163,000		289,000
Total			11,732,000		4,162,000
Less: accumulated depreciation			(1,624,000)		(591,000)
Construction in progress			—		6,789,000
Total fixed assets, net		$	10,108,000	$	10,360,000


	For the Three Months Ended				For the Six Months Ended
	June 30				June 30
	2021		2020		2021		2020
Operating lease expense summary:
Operating lease expense	$	425,000	$	103,000	$	850,000	$	158,000
Short-term lease expense		—		3,000		—		22,000
Variable lease expense		129,000		5,000		262,000		16,000
Total	$	554,000	$	111,000	$	1,112,000	$	196,000


Six months ended December 31, 2021	$	600,000
Year ended December 31, 2022		1,278,000
Year ended December 31, 2023		1,542,000
Year ended December 31, 2024		1,826,000
Year ended December 31, 2025		1,874,000
Thereafter		8,772,000
Total		15,892,000
Less present value discount		(3,765,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at June 30, 2021	$	12,127,000


				Weighted Average
	Number of	Weighted Average		Remaining Contractual	Total Intrinsic
	Warrants	Exercise Price		Life (in years)	Value
Balance - January 1, 2021	20,830,000	$	4.47	2.60	$	—
Balance - June 30, 2021	20,830,000	$	4.47	2.11		—


						Weighted Average
						Remaining
		Weighted Average		Total Intrinsic		Contractual
	Number of Shares	Exercise Price		Value		Life (in years)
Outstanding as of January 1, 2021	6,001,814	$	6.22	$	—	8.3
Granted	1,620,000		3.06		—	9.3
Exercised	(1,456)		2.12		—	—
Canceled/Expired	(159,581)		3.42		—	—
Outstanding as of June 30, 2021	7,460,777	$	5.59	$	1,178,000	8.1
Options vested and exercisable	3,396,723	$	6.91	$	299,000	7.5

(713) 400-6400
(Issuer’s telephone number)


	June 30,		December 31,
	2021		2020
Accounts payable	$	2,042,000	$	2,935,000
Compensation and benefits		1,105,000		1,694,000
Process development expenses		777,000		277,000
Professional fees		445,000		875,000
Technology license fees		300,000		105,000
Other		432,000		127,000
Total accounts payable and accrued liabilities	$	5,101,000	$	6,013,000


	For the Six Months Ended
	June 30, 2021
Exercise price	$	3.06
Expected term (years)		6.0
Expected stock price volatility		95	%
Risk-free rate of interest		1	%
Expected dividend rate		0	%


/s/ Peter L. Hoang
Peter L. Hoang
President, Chief Executive Officer and Principal Executive Officer
/s/ Anthony Kim
Anthony Kim
Chief Financial Officer and Principal Financial and Accounting Officer