Marker Therapeutics, Inc 10-Q for FY2022 Q2

Marker Therapeutics, Inc. (MRKR)

10-Q 2022-08-11 For: 2022-06-30

Added on April 08, 2026

About this 10-Q

Marker Therapeutics, Inc filed this 10-Q on August 11, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

Quarter ended June 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $790.51K
Net loss: $9.24M; compared with a net loss of $10.91M a year earlier
Diluted EPS: -$0.11; compared with -$0.13 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, 2022 and December 31, 2021	1

	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021	2

	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021	3

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	25

Item 4.	Controls and Procedures.	25

PART II – OTHER INFORMATION		26

Item 1.	Legal Proceedings.	26

Item 1A.	Risk Factors.	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	26

Item 3.	Defaults Upon Senior Securities.	26

Item 4.	Mine Safety Disclosure.	26

Item 5.	Other Information.	26

Item 6.	Exhibits.	28

Signatures		29


	June 30,		December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	25,821,708	$	42,351,145
Restricted cash		—		1,146,186
Prepaid expenses and deposits		2,826,699		2,484,634
Other receivables		627,629		237
Total current assets		29,276,036		45,982,202
Non-current assets:
Property, plant and equipment, net		13,740,158		10,096,861
Construction in progress		—		2,225,610
Right-of-use assets, net		9,303,544		9,830,461
Total non-current assets		23,043,702		22,152,932

Total assets	$	52,319,738	$	68,135,134

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	4,735,251	$	11,134,913
Related party deferred revenue		8,000,000		—
Lease liability		738,389		620,490
Deferred revenue		—		1,146,186
Total current liabilities		13,473,640		12,901,589
Non-current liabilities:
Lease liability, net of current portion		10,819,825		11,247,950
Total non-current liabilities		10,819,825		11,247,950

Total liabilities		24,293,465		24,149,539

Stockholders' equity:
Preferred stock - $0.001 par value, 5 million shares authorized and 0 shares issued and outstanding at June 30, 2022 and December 31,2021, respectively		—		—
Common stock, $0.001 par value, 300 million and 150 million shares authorized, 83.6 million and 83.1 million shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		83,599		83,079
Additional paid-in capital		445,215,725		442,020,871
Accumulated deficit		(417,273,051)		(398,118,355)
Total stockholders' equity		28,026,273		43,985,595

Total liabilities and stockholders' equity	$	52,319,738	$	68,135,134


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Revenues:
Grant income	$	790,508	$	—	$	1,754,830	$	—
Total revenues		790,508		—		1,754,830		—
Operating expenses:
Research and development	$	6,555,299	$	7,350,035		13,581,365		12,993,064
General and administrative		3,515,183		3,559,150		7,248,184		6,697,108
Total operating expenses		10,070,482		10,909,185		20,829,549		19,690,172
Loss from operations		(9,279,974)		(10,909,185)		(19,074,719)		(19,690,172)
Other income (expenses):
Arbitration settlement		—		—		(118,880)		—
Interest income		35,786		2,403		38,903		3,940
Net loss	$	(9,244,188)	$	(10,906,782)	$	(19,154,696)	$	(19,686,232)

Net loss per share, basic and diluted	$	(0.11)	$	(0.13)	$	(0.23)	$	(0.28)
Weighted average number of common shares outstanding, basic and diluted		83,592,043		83,030,470		83,351,184		69,823,729


	For the Three Months Ended June 30, 2022
								Total
	Common Stock			Additional Paid-		Accumulated		Stockholders’
	Shares	Par value		in Capital		Deficit		Equity
Balance at April 1, 2022	83,451,187	$	83,451	$	443,651,176	$	(408,028,863)	$	35,705,764
Issuance common shares for cash, net	148,000		148		63,425		—		63,573
Stock-based compensation	—		—		1,501,124		—		1,501,124
Net loss	—		—		—		(9,244,188)		(9,244,188)
Balance at June 30, 2022	83,599,187	$	83,599	$	445,215,725	$	(417,273,051)	$	28,026,273


	For the Six Months Ended June 30, 2022
								Total
	Common Stock			Additional Paid-		Accumulated		Stockholders’
	Shares	Par value		in Capital		Deficit		Equity
Balance at January 1, 2022	83,078,675	$	83,079	$	442,020,871	$	(398,118,355)	$	43,985,595
Issuance common shares for cash, net	148,000		148		63,425		—		63,573
Stock-based compensation	372,512		372		3,131,429		—		3,131,801
Net loss	—		—		—		(19,154,696)		(19,154,696)
Balance at June 30, 2022	83,599,187	$	83,599	$	445,215,725	$	(417,273,051)	$	28,026,273


	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


		June 30,		December 31,
	Estimated Useful Lives	2022		2021
Lab and manufacturing equipment	5 Years	$	11,712,000	$	7,851,000
Computers, equipment and software	3-5 Years		1,108,000		1,020,000
Office furniture	5 Years		919,000		793,000
Leasehold improvements	Lesser of lease term or estimated useful life		3,897,000		3,173,000
Total			17,636,000		12,837,000
Less: accumulated depreciation			(3,896,000)		(2,740,000)
Construction in progress			—		2,226,000
Total fixed assets, net		$	13,740,000	$	12,323,000


Six months ending December 31, 2022	$	634,000
Year ended December 31, 2023		1,542,000
Year ended December 31, 2024		1,826,000
Year ended December 31, 2025		1,874,000
Year ended December 31, 2026		1,775,000
Thereafter		6,997,000
Total		14,648,000
Less present value discount		(3,090,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at June 30, 2022	$	11,558,000


				Weighted Average
	Number of	Weighted Average		Remaining Contractual	Total Intrinsic
	Warrants	Exercise Price		Life (in years)	Value
Balance - January 1, 2022	19,830,000	$	4.42	1.70	$	—
Warrants granted	—		—	—		—
Expired or cancelled	(1,348,000)		3.97	—		—
Balance - June 30, 2022	18,482,000	$	4.45	1.30	$	—


						Weighted Average
						Remaining
		Weighted Average				Contractual
	Number of Shares	Exercise Price		Total Intrinsic Value		Life (in years)
Outstanding as of January 1, 2022	7,686,233	$	5.47	$	—	7.7
Granted	2,430,000		0.48		—	9.6
Canceled/Expired	(156,772)		2.62		—	—
Outstanding as of June 30, 2022	9,959,461	$	4.30	$	—	7.8
Options vested and exercisable	5,342,679	$	6.27	$	—	6.9


	For the Six Months Ended
	June 30, 2022
Exercise price	$	0.48
Expected term (years)		5.9
Expected stock price volatility		85	%
Risk-free rate of interest		2	%
Expected dividend rate		0	%

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


	June 30,		December 31,
	2022		2021
Accounts payable	$	1,767,000	$	5,144,000
Compensation and benefits		1,565,000		2,055,000
Process development expenses		357,000		385,000
Professional fees		491,000		644,000
Technology license fees		250,000		250,000
Arbitration settlement fees		—		2,407,000
Other		305,000		250,000
Total accounts payable and accrued liabilities	$	4,735,000	$	11,135,000

	/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


		Page
1.	GENERAL.	1
2.	SHARES SUBJECT TO THE PLAN.	1
3.	ELIGIBILITY AND LIMITATIONS.	3
4.	OPTIONS AND STOCK APPRECIATION RIGHTS.	4
5.	AWARDS OTHER THAN OPTIONS AND STOCK APPRECIATION RIGHTS.	8
6.	ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS.	9
7.	ADMINISTRATION.	12
8.	TAX WITHHOLDING	14
9.	MISCELLANEOUS.	15
10.	COVENANTS OF THE COMPANY.	18
11.	SEVERABILITY.	19
12.	TERMINATION OF THE PLAN.	19
13.	DEFINITIONS.	20


Date:	August 11, 2022

/s/ Peter L. Hoang
By:	Peter L. Hoang
Title:	Chief Executive Officer (Principal Executive Officer)


Date:	August 11, 2022

/s/ Anthony Kim
By:	Anthony Kim
Title:	Chief Financial Officer (Principal Financial and Accounting Officer)