Revenue has contracted to zero as of 2026Q1, reflecting a strategic shift that leaves the firm entirely reliant on R&D-heavy operations with quarterly losses of $3.2 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 2.09M | 0 | 6.59M | 3.31M | 3.51M | 1.24M | 466.79K | 213.19K | 205.99K | 183.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.81K | 120.72K |
| Revenue Growth % | -63.24% | -100% | 99.06% | -5.76% | 182.96% | 166.01% | 118.95% | 3.5% | 12.53% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | -73.65% | - |
| Cost of Goods Sold | 4.18M | 0 | 13.47M | 10.42M | 11.97M | 3.16M | 18.88M | 12.76M | 124M | 5.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.74K | 7.48K | 5.97K | 6.37K | 30.71K | 37.45K | 0 | 0 | 0 | 2.47K | 38.6K |
| COGS % of Revenue | - | - | 204.33% | 314.6% | 340.64% | 254.7% | 4044.9% | 5987.41% | 60194.96% | 2868.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.76% | 31.97% |
| Gross Profit | -2.08M | 0 | -6.88M | -7.11M | -8.45M | -1.92M | -18.41M | -12.55M | -123.79M | -5.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.42K | 82.12K |
| Gross Margin % | -99.47% | - | -104.33% | -214.6% | -240.64% | -154.7% | -3944.86% | -5887.41% | -60094.95% | -2768.43% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 70.48% | 68.03% |
| Gross Profit Growth % | - | 100% | 3.22% | 15.96% | -340.15% | 89.57% | -46.71% | 89.86% | -2342.62% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | -72.7% | - |
| Operating Expenses | 10.27M | 12.89M | 4.24M | 7.48M | 11.34M | 37.56M | 10.47M | 9.98M | 148.38M | 6.41M | 8.26M | 6.16M | 3.37M | 2.66M | 5.48M | 2.64M | 3.94M | 4.19M | 1.5M | 2.51M | 888.25K | 989.56K | 2.65M | 5.78M | 2.29M | 379.86K | 1.49M | 1.15M |
| OpEx % of Revenue | - | - | 64.35% | 225.78% | 322.64% | 3024.62% | 2243.43% | 4679.87% | 72030.25% | 3502.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4683.33% | 950.17% |
| Selling, General & Admin | 4.05M | 4.18M | 4.24M | 7.48M | 11.34M | 9.76M | 10.47M | 9.98M | 24.38M | 6.41M | 4.69M | 4.45M | 3.18M | 2M | 4.42M | 2.43M | 3.65M | 4.1M | 1.31M | 2.08M | 708.71K | 593.67K | 1.61M | 4.01M | 1.41M | 379.86K | 1.13M | 834.02K |
| SG&A % of Revenue | - | - | 64.35% | 225.78% | 322.64% | 786.19% | 2243.43% | 4679.87% | 11835.3% | 3502.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3545.92% | 690.9% |
| Research & Development | 11.51M | 11.8M | 13.47M | 10.42M | 11.97M | 27.79M | 18.88M | 12.76M | 124M | 5.25M | 3.8M | 1.71M | 189K | 661.63K | 1.06M | 203.72K | 290.05K | 93.04K | 182.34K | 425.57K | 173.17K | 248.36K | 1.04M | 1.73M | 833.59K | 0 | 5K | 294.92K |
| R&D % of Revenue | - | - | 204.33% | 314.6% | 340.64% | 2238.44% | 4044.9% | 5987.41% | 60194.96% | 2868.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.72% | 244.31% |
| Other Operating Expenses | -2M | -3.09M | -13.47M | -10.42M | -11.97M | 0 | -18.88M | -12.76M | 116.05M | -183K | 1.83K | 0 | 0 | 0 | 0 | 0 | 0 | 3.74K | 7.48K | 5.97K | 6.37K | 147.53K | 0 | 42.37K | 40.77K | 0 | 3.31K | 17.7K |
| Operating Income | -12.35M | -12.89M | -11.12M | -14.58M | -19.79M | -39.48M | -28.89M | -22.53M | -148.17M | -11.48M | -8.49M | -6.16M | -3.37M | -2.66M | -6.22M | -2.64M | -3.94M | -4.19M | -1.5M | -2.51M | -888K | -1.01M | -2.68M | -5.78M | -2.29M | -380K | -1.47M | -1.06M |
| Operating Margin % | -589.95% | - | -168.69% | -440.37% | -563.28% | -3179.32% | -6188.29% | -10567.28% | -71930.25% | -6271.03% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -4612.85% | -882.24% |
| Operating Income Growth % | - | -15.94% | 23.75% | 26.32% | 49.87% | -36.67% | -28.22% | 84.8% | -1190.7% | -35.19% | -37.88% | -82.71% | -26.54% | 57.19% | -135.99% | 33.11% | 6% | -179.56% | 40.26% | -182.77% | 12.51% | 62.17% | 53.57% | -152.91% | -501.32% | 74.1% | -37.78% | - |
| EBITDA | -12.35M | -12.44M | -11.12M | -11.79M | -17M | -36.32M | -27.81M | -22.42M | 0 | 0 | 0 | -34.06M | -30.31M | -3.13M | -5.11M | -1.35M | -3.85M | -4.19M | -1.49M | -2.51M | -881.63K | -984.29K | -2.65M | -5.74M | -2.24M | -384.68K | -1.46M | -1.05M |
| EBITDA Margin % | -589.95% | - | -168.69% | -356.14% | -483.9% | -2924.62% | -5957.78% | -10517.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -4602.46% | -867.58% |
| EBITDA Growth % | -83.99% | -11.86% | 5.71% | 30.64% | 53.18% | -30.58% | -24.02% | - | - | - | 100% | -12.37% | -868.31% | 38.78% | -278.74% | 64.92% | 8.15% | -180.71% | 40.42% | -184.14% | 10.43% | 62.79% | 53.88% | -155.63% | -483.38% | 73.73% | -39.8% | - |
| D&A (Non-Cash Add-back) | -1 | 0 | 2 | 2.79M | 2.79M | 3.16M | 1.08M | 105.12K | 148.17M | 11.48M | 8.49M | -27.9M | -26.94M | -466K | 1.11M | 1.29M | 93.84K | 3.74K | 7.48K | 5.97K | 6.37K | 30.71K | 37.45K | 42.37K | 40.89K | -4.68K | 3.31K | 17.7K |
| EBIT | -12.22M | -12.44M | -11.12M | -14.58M | -19.79M | -41.88M | -28.71M | -22.53M | -147.97M | -11.3M | -2.46M | -34.05M | -30.31M | -3.78M | -5.43M | -1.35M | -3.85M | -3.27M | -1.42M | -2.51M | -858K | -869K | -2.68M | -5.78M | -2.29M | -764K | -460.51K | -1.06M |
| Net Interest Income | 564.61K | 594.21K | 437.01K | 539.16K | 248.06K | 5.7K | 148.74K | 1.08M | 253.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.19M | 0 | 0 | 0 | -113K | 0 | 0 | 2.29M | 0 | 0 | 0 |
| Interest Income | 564.61K | 594.21K | 437.01K | 539.16K | 248.06K | 5.7K | 148.74K | 1.08M | 253.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.81K | 0 | 0 | 0 | 0 | 0 | 0 | 125 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.93K | 575.54K | 1.76M | 745.07K | 679.33K | 1.24M | 1.19M | 778.18K | 1.38M | 446.6K | 116.82K | 0 | -5.78M | -2.29M | -380K | 0 | 0 |
| Other Income/Expense | 1.44M | 711.65K | 437.01K | 539.16K | 15.09K | -2.4M | 179.74K | 1.1M | 213.72K | 497.87K | 6.04M | -27.91M | -27.51M | -2.87M | -374K | 607.92K | -1.15M | -268.53K | -696K | -1.38M | -416K | 29.69K | 0 | 0 | 0 | -4.68K | 460.51K | -62.8K |
| Pretax Income | -10.91M | -12.18M | -10.68M | -14.04M | -19.78M | -41.88M | -28.71M | -21.43M | -147.96M | -10.98M | -2.46M | -34.07M | -30.88M | -5.53M | -6.17M | -2.03M | -5.09M | -4.46M | -2.2M | -3.89M | -1.3M | -990K | -2.68M | -5.78M | -2.29M | -385K | 0 | 0 |
| Pretax Margin % | -521.07% | - | -162.06% | -424.09% | -562.85% | -3372.68% | -6149.73% | -10050.92% | -71826.36% | -5998.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -15.16K | -15.16K | 49.95K | 3.67K | 0 | 0 | 0 | 0 | -214K | 0 | 0 | 0 | 0 | 0 | -1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 989.56K | 0 | 0 | 0 | 0 | 1.29M | 1.13M |
| Effective Tax Rate % | 0.14% | 0.12% | -0.47% | -0.03% | 0% | 0% | 0% | 0% | 0.14% | 0% | 0% | 0% | 0% | 0% | 17.98% | 0% | 0% | 0% | 0% | 0% | 0% | -99.96% | 0% | 0% | 0% | 0% | - | - |
| Net Income | -10.9M | -12.16M | -10.73M | -8.24M | -29.93M | -41.88M | -28.71M | -21.43M | -147.96M | -10.98M | -2.46M | -34.07M | -30.88M | -5.53M | -5.86M | -2.03M | -5.09M | -4.46M | -2.2M | -3.89M | -1.3M | -990K | -2.68M | -5.78M | -2.29M | -385K | -1.29M | -1.13M |
| Net Margin % | -520.35% | - | -162.82% | -248.76% | -851.87% | -3372.68% | -6149.73% | -10050.92% | -71826.36% | -5998.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -4060.96% | -933.6% |
| Net Income Growth % | 14.77% | -13.35% | -30.28% | 72.48% | 28.53% | -45.89% | -33.97% | 85.52% | -1247.28% | -347.33% | 92.79% | -10.31% | -458.16% | 5.55% | -188.71% | 60.15% | -14.1% | -103.19% | 43.56% | -198.39% | -31.72% | 63.1% | 53.57% | -152.91% | -493.51% | 70.2% | -14.63% | - |
| Net Income (Continuing) | -10.9M | -12.16M | -10.73M | -14.05M | -19.78M | -41.88M | -28.71M | -21.43M | -147.96M | -10.98M | -2.46M | -34.07M | -30.88M | -5.53M | -6.17M | -2.03M | -5.09M | -4.46M | -2.2M | -3.89M | -1.3M | -986K | -2.68M | -5.78M | -2.29M | -385K | -460.51K | -1.13M |
| Discontinued Operations | 0 | 0 | 0 | 5.81M | -10.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.56 | -0.79 | -1.19 | -1.93 | -3.58 | -5.47 | -6.10 | -4.70 | -77.50 | -11.62 | -3.31 | -93.02 | -239.63 | -584.40 | -1072.88 | -529.47 | -1535.18 | -1396.11 | -1124.39 | -2244.18 | -999999.00 | -989558.00 | -999999.00 | -999999.00 | -999999.00 | -384540.00 | -999999.00 | -999999.00 |
| EPS Growth % | 49.62% | 33.61% | 38.34% | 46.09% | 34.55% | 10.33% | -29.79% | 93.94% | -566.95% | -251.06% | 96.44% | 61.18% | 59% | 45.53% | -102.63% | 65.51% | -9.96% | -24.17% | 49.9% | 99.83% | -31.82% | 63.12% | 53.57% | -152.94% | -494.14% | 70.23% | -14.59% | - |
| EPS (Basic) | - | -0.79 | -1.19 | -1.93 | -3.58 | -5.47 | -6.10 | -4.70 | -77.50 | -11.62 | -3.56 | -93.02 | -239.63 | -584.40 | -1072.88 | -529.47 | -1535.18 | -1396.11 | -1124.39 | -2244.18 | -999999.00 | -989558.00 | -999999.00 | -999999.00 | -999999.00 | -384540.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 19.31M | 15.31M | 8.98M | 8.81M | 8.35M | 7.65M | 4.7M | 4.56M | 1.91M | 945.35K | 7.42M | 366.23K | 128.88K | 9.47K | 5.46K | 3.83K | 3.32K | 1.64K | 1.95K | 173 | 97 | 94 | 19.99M | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 19.31M | 15.31M | 8.98M | 8.81M | 8.35M | 7.65M | 4.7M | 4.56M | 1.91M | 945.35K | 6.89M | 366.23K | 128.88K | 9.47K | 5.46K | 3.83K | 3.32K | 1.64K | 1.95K | 173 | 97 | 94 | 19.99M | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Dependency
As reported in recent financial filings, Marker Therapeutics has seen revenue decline to zero in the most recent quarter, marking a complete transition away from legacy research activities toward the development of its proprietary MultiTAA cell therapy platform, which currently lacks any commercialized product revenue streams.
The total cessation of revenue highlights the company's status as a pure-play clinical development entity. Investors should note that the previous revenue figures were likely tied to legacy peptide vaccine programs, and the current lack of top-line growth underscores the high-risk nature of the company's transition to a clinical-stage biotech.
Based on the company's reported income statements, R&D expenses remain the primary driver of the firm's cost structure, consistently exceeding $2 million per quarter as the organization prioritizes the advancement of its MT-601 and MT-401 clinical programs over all other operational expenditures.
The concentration of capital in R&D is typical for a pre-commercial biotech, yet it leaves little room for error in trial execution. The persistent burn rate suggests that management's expense discipline is entirely focused on maintaining clinical momentum, which may necessitate further equity dilution to sustain operations.
According to historical income statements, Marker Therapeutics has consistently reported negative net income, with quarterly losses fluctuating significantly as the company manages the high costs associated with specialized laboratory personnel and the complex logistics required for its non-engineered T cell therapy manufacturing processes.
The quality of earnings is currently non-existent, as the company relies on external financing rather than operational cash flow. Analysts should monitor the impact of stock-based compensation, which, while currently modest, could become a more significant factor in diluting shareholder value as the company attempts to retain scientific talent.
As indicated by the company's financial history, the reliance on equity markets to fund ongoing clinical trials presents a significant risk, particularly as the firm lacks a commercial product to offset the high cash burn associated with its current pipeline development and manufacturing requirements.
Short-term observers may point to the lack of a clear path to profitability as a primary concern, especially given the competitive landscape of cell therapy. The company's ability to reach a value-inflection point before exhausting its liquidity remains the most critical factor for long-term viability.
Quick answers to the most common questions about buying MRKR stock.
For fiscal year 2025, Marker Therapeutics, Inc. (MRKR) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 1999.
Marker Therapeutics, Inc. (MRKR) reported a net loss of $12.2M for the fiscal year ending 2025.