Marker Therapeutics 2025 Q3 Earnings Narrows Loss by 13.4% as MT-601 Shows 66% Response Rate in NHL

Marker Therapeutics (MRKR) reported fiscal 2025 Q3 earnings on Nov 14, 2025, with a net loss of $0.12 per share, beating estimates by $0.33, and revenue of $1.23M, exceeding expectations by $0.51M. The company narrowed its net loss by 13.4% year-over-year to $2 million and extended its cash runway into Q3 2026.

Revenue

Grant income accounted for the entirety of Marker’s $1.23 million total revenue in Q3 2025, a 36% decline from $1.93 million in the prior-year period. The drop reflects reduced non-dilutive funding, though the company remains focused on cost discipline.

Earnings/Net Income

The company narrowed its loss per share to $0.12 from $0.26 and reduced net loss by 13.4% to $2 million. Despite sustained losses over four years, operational efficiency improvements and reduced R&D expenses ($2.3M vs. $3.5M in Q3 2024) signaled progress.

Post-Earnings Price Action Review

A strategy of buying MRKR shares on quarterly report dates and holding for 30 days yielded a -25.56% return over three years, underscoring challenges in translating positive earnings into stock price gains. While the market initially reacted favorably to the beats, broader sector volatility and company-specific developments, such as cash burn and clinical timelines, dampened long-term momentum. This backtested analysis highlights the biotech sector’s inherent risks and the need for investors to weigh fundamentals against market sentiment.

CEO Commentary

CEO Juan Vera emphasized clinical progress, including a 66% objective response rate for MT-601 in relapsed NHL patients and the launch of an Off-the-Shelf RAPID study for AML/MDS. A $10M ATM raise extended cash runway to Q3 2026, supporting dose expansion and data sharing in H1 2026.

Guidance

Marker anticipates $17.6M in cash and equivalents to fund operations through Q3 2026. R&D expenses are expected to remain disciplined, with key milestones including ASH 2025 presentations and pancreatic cancer program launches in H1 2026.

Additional News

Marker initiated its Off-the-Shelf RAPID study for AML/MDS, marking a strategic shift toward scalable therapies. The company also secured a cGMP manufacturing partnership with Cellipont to scale MT-601 production, critical for future trials. Additionally, a $10M ATM raise bolstered financial flexibility, though analysts caution about enrollment risks and non-dilutive funding uncertainties.

Key Financials

• Q3 2025 Revenue: $1.23M (-36% Y/Y)

• Net Loss: $2M (-13.4% Y/Y)

• Cash Runway: Extended to Q3 2026

• R&D Expenses: $2.3M (-31% Y/Y)

• G&A Expenses: $1M (-11% Y/Y)

Clinical Milestones

• MT-601: 66% ORR in NHL, dose expansion underway

• RAPID Study: First patient dosed in AML/MDS

• ASH 2025: Data presentations planned for Dec 6–9

Financial Strategy

• ATM Raise: $10M to extend cash runway

• Cost Discipline: R&D and G&A reductions

• Grant Dependency: $17.6M in cash, $1.4M restricted

Market Outlook

• Analyst Rating: “Buy” with $8.00 price target (+88.9%)

• Price Action: +2.56% daily, +6.72% weekly, -12.10% MTD

• Volatility Risks: Sector trends, enrollment delays, funding shifts

Risks and Opportunities

• Clinical Readouts: H1 2026 data critical for valuation

• Cash Burn: $2.3M quarterly losses require continued efficiency

• Competition: CAR-T and bispecific antibody landscape

Investor Takeaways

• Short-Term: Focus on cash runway and APOLLO data

• Long-Term: Diversification into pancreatic cancer and OTS programs

• Catalysts: ASH 2025, H1 2026 updates, partnership milestones

Final Analysis

Marker’s Q3 results reflect cautious optimism: narrowing losses and strong clinical data offset revenue declines. While the stock’s post-earnings performance remains challenging, the company’s operational focus and clinical pipeline position it for potential turnaround. Investors should monitor H1 2026 data and cash management as key inflection points.