Detailed financial statements for Marker Therapeutics, Inc. (MRKR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Marker Therapeutics, Inc. is a clinical-stage immuno-oncology company focused on discovering and bringing to market a variety of T cell-based immunotherapies and peptide-based vaccines. These cutting-edge treatments are engineered to address both blood cancers (hematological malignancies) and solid tumor conditions across the United States. A cornerstone of their approach is the proprietary MultiTAA-specific T cell technology.
Analysis Summary
Trailing-twelve-month margins: gross margin -320.8%, operating margin -8.7%, net margin -7.1%.
At the current price of $1.14, MRKR has negative trailing earnings (P/E not meaningful) and an ROE of -72.42%. Market capitalisation stands at $19M.
Balance sheet quality for MRKR: current ratio of 8.4. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $183064 | $205994 | $213194 | $466785 | $1.2M | $3.5M | $3.3M | $6.6M | 0 |
| Cost of Revenue | 0 | $5.3M | $124.0M | $12.8M | $18.9M | $3.2M | $12.0M | $10.4M | $13.5M | 0 |
| Gross Profit | 0 | -$5.1M | -$123.8M | -$12.6M | -$18.4M | -$1.9M | -$8.5M | -$7.1M | -$6.9M | 0 |
| Research & Development | $3.8M | $5.3M | $124.0M | $12.8M | $18.9M | $27.8M | $12.0M | $10.4M | $13.5M | $11.8M |
| Selling, General & Admin | $4.7M | $6.4M | $24.4M | $10.0M | $10.5M | $9.8M | $11.3M | $7.5M | $4.2M | $4.2M |
| Operating Expenses | $8.3M | $6.4M | $148.4M | $10.0M | $10.5M | $37.6M | $11.3M | $7.5M | $4.2M | $12.9M |
| Operating Income | -$8.5M | -$11.5M | -$148.2M | -$22.5M | -$28.9M | -$39.5M | -$19.8M | -$14.6M | -$11.1M | -$12.9M |
| EBITDA | $6.0M | -$11.3M | -$148.0M | -$22.4M | -$27.6M | -$38.7M | -$17.0M | -$11.3M | -$10.7M | -$12.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$2.5M | -$11.0M | -$148.0M | -$21.4M | -$28.7M | -$41.9M | -$19.8M | -$14.0M | -$10.7M | -$12.2M |
| Income Tax | 0 | 0 | -$214000 | 0 | 0 | 0 | 0 | $3675 | $49953 | -$15156 |
| Net Income | -$2.5M | -$11.0M | -$148.0M | -$21.4M | -$28.7M | -$41.9M | -$29.9M | -$8.2M | -$10.7M | -$12.2M |
| EPS | $-3.56 | $-11.62 | $-77.50 | $-4.70 | $-6.10 | $-5.47 | $-3.58 | $-1.93 | $-1.19 | $-0.79 |
| EPS (Diluted) | $-3.31 | $-11.62 | $-77.50 | $-4.70 | $-6.10 | $-5.47 | $-3.58 | $-1.93 | $-1.19 | $-0.79 |
| Shares Outstanding (Diluted) | $7.4M | $945348 | $1.9M | $4.6M | $4.7M | $7.7M | $8.4M | $8.8M | $9.0M | $15.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.2M | 0 | 0 | 0 |
| Gross Profit | -$1.1M | 0 | -$2.8M | 0 |
| Operating Income | -$2.1M | -$1.9M | -$4.1M | -$2.6M |
| EBITDA | -$2.0M | -$1.7M | -$3.2M | -$1.8M |
| Net Income | -$2.0M | -$1.7M | -$3.2M | -$1.8M |
| EPS | $-0.12 | $-0.10 | $-0.16 | $-0.10 |
| EPS (Diluted) | $-0.12 | $-0.10 | $-0.16 | $-0.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.9M | $5.1M | $61.7M | $43.9M | $21.4M | $42.4M | $11.8M | $15.1M | $19.2M | $16.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $108177 | $56189 | $1.0M | $237 | $2.4M | $1.0M | $2.3M | $1.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$988126 | 0 | 0 |
| Total Current Assets | $7.9M | $5.2M | $62.0M | $45.5M | $24.4M | $46.0M | $16.6M | $17.1M | $22.0M | $19.1M |
| Property, Plant & Equipment | 0 | 0 | $148000 | $872702 | $21.2M | $22.2M | $17.8M | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $7.9M | $5.2M | $62.1M | $46.4M | $45.6M | $68.1M | $34.4M | $17.1M | $22.0M | $19.1M |
| Accounts Payable | $680000 | $1.0M | $1.6M | $993000 | $2.9M | $5.1M | $1.1M | $961000 | $1.1M | $793727 |
| Short-term Debt | $5000 | $5000 | 0 | $204132 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.7M | $1.5M | $2.8M | $2.0M | $6.4M | $12.9M | $7.8M | $3.1M | $3.5M | $2.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.7M | $1.5M | $2.8M | $2.3M | $18.3M | $24.1M | $14.8M | $3.1M | $3.5M | $2.3M |
| Retained Earnings | -$145.8M | -$157.4M | -$306.1M | -$327.5M | -$356.2M | -$398.1M | -$428.0M | -$436.3M | -$447.0M | -$459.2M |
| Total Equity | $6.2M | $3.7M | $59.3M | $44.1M | $27.3M | $44.0M | $19.6M | $14.1M | $18.6M | $16.8M |
| Total Debt | $5000 | $5000 | 0 | $484379 | $12.3M | $11.9M | $7.6M | 0 | 0 | 0 |
| Net Debt | -$7.8M | -$5.1M | -$61.7M | -$43.4M | -$9.1M | -$30.5M | -$4.2M | -$15.1M | -$19.2M | -$16.1M |
| Working Capital | $6.2M | $3.7M | $59.2M | $43.5M | $18.0M | $33.1M | $8.8M | $14.1M | $18.6M | $16.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $17.6M | $16.1M | $14.9M | $11.3M |
| Total Assets | $21.7M | $19.1M | $17.4M | $14.6M |
| Total Liabilities | $3.3M | $2.3M | $3.6M | $2.4M |
| Total Equity | $18.4M | $16.8M | $13.8M | $12.2M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.5M | -$11.0M | -$148.0M | -$21.4M | -$28.7M | -$41.9M | -$19.8M | -$14.0M | -$10.7M | -$12.2M |
| Depreciation & Amortization | 0 | 0 | 0 | $286582 | $1.1M | $3.2M | $3.7M | 0 | 0 | 0 |
| Stock-based Compensation | $1.6M | $2.7M | $16.4M | $5.4M | $5.2M | 0 | $3.3M | $858269 | $245864 | $537540 |
| Change in Working Capital | $256236 | $302371 | $1.0M | -$2.5M | $2.4M | $5.5M | -$4.8M | $2.8M | -$424873 | -$388000 |
| Operating Cash Flow | -$6.5M | -$8.4M | -$14.5M | -$18.3M | -$20.0M | -$27.3M | -$27.0M | -$16.4M | -$10.9M | -$12.0M |
| Capital Expenditure | 0 | 0 | -$147668 | -$374987 | -$9.3M | -$3.1M | $3 | $1 | $4 | $1 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$310493 | -$71710 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.5M | -$8.4M | -$14.6M | -$18.7M | -$29.3M | -$30.4M | -$27.0M | -$16.4M | -$10.9M | -$12.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.7M | -$1.9M | -$1.4M | -$3.7M |
| Capital Expenditure | -$4 | -$4 | 0 | 0 |
| Free Cash Flow | -$2.7M | -$1.9M | -$1.4M | -$3.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $33279 | $111131 | 0 | $195735 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +12.5% | +3.5% | +118.9% | +166.0% | +183.0% | -5.8% | +99.1% | -100.0% |
| Net Income Growth (YoY) | | -347.3% | -1247.3% | +85.5% | -34.0% | -45.9% | +28.5% | +72.5% | -30.3% | -13.3% |
| EPS Growth (YoY) | | -226.4% | -567.0% | +93.9% | -29.8% | +10.3% | +34.6% | +46.1% | +38.3% | +33.6% |
| Shares Change (YoY) | | -87.3% | +101.9% | +138.8% | +3.2% | +62.6% | +9.1% | +5.5% | +1.9% | +70.5% |
| FCF Growth (YoY) | | -29.6% | -73.3% | -27.6% | -57.0% | -3.8% | +11.3% | +39.0% | +33.6% | -10.1% |
| Gross Margin | | -2768.4% | -60095.0% | -5887.4% | -3944.9% | -154.7% | -240.6% | -214.6% | -104.3% | |
| Operating Margin | | -6271.0% | -71930.3% | -10567.3% | -6188.3% | -3179.3% | -563.3% | -440.4% | -168.7% | |
| EBITDA Margin | | -6171.1% | -71830.2% | -10518.0% | -5919.2% | -3118.0% | -483.5% | -339.9% | -162.1% | |
| Net Margin | | -5999.0% | -71826.4% | -10050.9% | -6149.7% | -3372.7% | -851.9% | -248.8% | -162.8% | |
| FCF Margin | | -4610.1% | -7101.0% | -8752.3% | -6274.3% | -2449.1% | -767.7% | -496.5% | -165.5% | |
| Effective Tax Rate | -0.0% | -0.0% | 0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.5% | 0.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.88 | $-8.93 | $-7.66 | $-4.09 | $-6.23 | $-3.97 | $-3.23 | $-1.87 | $-1.21 | $-0.78 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.9M | $945348 | $1.9M | $4.6M | $4.7M | $7.7M | $8.4M | $8.8M | $9.0M | $15.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -72.42% |
| Return on Invested Capital | -76.65% |
| Return on Assets | -63.78% |
| Gross Margin | -320.83% |
| Operating Margin | -868.95% |
| Net Margin | -706.23% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 6.03 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -32.65 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -10.90 | -3.37 | -0.72 | -6.13 | -2.38 | -1.74 | -0.74 | -2.85 | -2.61 | -1.89 |
| P/B | 43.23 | 10.13 | 1.79 | 2.98 | 2.49 | 1.65 | 1.13 | 3.45 | 1.50 | 1.36 |
| P/S | 0.00 | 202.43 | 514.33 | 615.87 | 146.12 | 58.55 | 6.32 | 14.63 | 4.24 | 0.00 |
| Gross Margin | 0.0% | -2768.4% | -60095.0% | -5887.4% | -3944.9% | -154.7% | -240.6% | -214.6% | -104.3% | 0.0% |
| Operating Margin | 0.0% | -6271.0% | -71930.3% | -10567.3% | -6188.3% | -3179.3% | -563.3% | -440.4% | -168.7% | 0.0% |
| Net Margin | 0.0% | -5999.0% | -71826.4% | -10050.9% | -6149.7% | -3372.7% | -851.9% | -248.8% | -162.8% | 0.0% |