Marker Therapeutics, Inc.
MRKRHealthcare|Biotechnology|US
$0.89
-0.00 (-0.30%)
DCF Value
$1.08
Tangible Book / Share
$0.63
Cash / Share
$0.59
Financials
Financial Snapshot
Market Cap
$14.9M
Enterprise Value
$3.6M
Revenue (TTM)
$1.2M
Net Income (TTM)
-$8.7M
Cash & Investments
$11.3M
Net Cash
$11.3M
Free Cash Flow (TTM)
-$9.8M
Operating CF (TTM)
-$9.8M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$11.3M
Quarterly Burn
$2.4M
Monthly Burn
$813.0K
Est. Runway
~4.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.9M | $5.1M | $61.7M | $43.9M | $21.4M | $42.4M | $11.8M | $15.1M | $19.2M | $16.1M | $11.3M | |
| Operating Cash Flow | -$6.5M | -$8.4M | -$14.5M | -$18.3M | -$20.0M | -$27.3M | -$27.0M | -$16.4M | -$10.9M | -$12.0M | -$9.8M | |
| Free Cash Flow | -$6.5M | -$8.4M | -$14.6M | -$18.7M | -$29.3M | -$30.4M | -$27.0M | -$16.4M | -$10.9M | -$12.0M | -$9.8M | |
| Capital Expenditure | $0.00 | $0.00 | -$147.7K | -$375.0K | -$9.3M | -$3.1M | $3.00 | $1.00 | $4.00 | $1.00 | -$8.00 | |
| Financing Cash Flow | $7.8M | $5.7M | $71.2M | $816.5K | $6.7M | $52.6M | $202.1K | $1.1M | $15.0M | $9.9M | $9.9M |
R&D Spending
R&D (TTM)
$8.8M
R&D Intensity
714.2%
R&D Growth vs Prior
-25.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $183.1K | $206.0K | $213.2K | $466.8K | $1.2M | $3.5M | $3.3M | $6.6M | $0.00 | $1.2M | |
| R&D Expense | $3.8M | $5.3M | $124.0M | $12.8M | $18.9M | $27.8M | $12.0M | $10.4M | $13.5M | $11.8M | $8.8M | |
| R&D % of Revenue | — | 2868.4% | 60195.0% | 5987.4% | 4044.9% | 2238.4% | 340.6% | 314.6% | 204.3% | — | 714.2% | |
| SG&A | $4.7M | $6.4M | $24.4M | $10.0M | $10.5M | $9.8M | $11.3M | $7.5M | $4.2M | $4.2M | $4.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $183.1K | $206.0K | $213.2K | $466.8K | $1.2M | $3.5M | $3.3M | $6.6M | $0.00 | $1.2M | |
| Cost of Revenue | $0.00 | $5.3M | $124.0M | $12.8M | $18.9M | $3.2M | $12.0M | $10.4M | $13.5M | $0.00 | $5.2M | |
| Gross Profit | $0.00 | -$5.1M | -$123.8M | -$12.6M | -$18.4M | -$1.9M | -$8.5M | -$7.1M | -$6.9M | $0.00 | -$4.0M | |
| R&D | $3.8M | $5.3M | $124.0M | $12.8M | $18.9M | $27.8M | $12.0M | $10.4M | $13.5M | $11.8M | $8.8M | |
| SG&A | $4.7M | $6.4M | $24.4M | $10.0M | $10.5M | $9.8M | $11.3M | $7.5M | $4.2M | $4.2M | $4.2M | |
| Operating Income | -$8.5M | -$11.5M | -$148.2M | -$22.5M | -$28.9M | -$39.5M | -$19.8M | -$14.6M | -$11.1M | -$12.9M | -$10.7M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$2.5M | -$11.0M | -$148.0M | -$21.4M | -$28.7M | -$41.9M | -$19.8M | -$14.0M | -$10.7M | -$12.2M | -$8.7M | |
| Net Income | -$2.5M | -$11.0M | -$148.0M | -$21.4M | -$28.7M | -$41.9M | -$29.9M | -$8.2M | -$10.7M | -$12.2M | -$8.7M | |
| EPS (Diluted) | -3.31 | -11.62 | -77.50 | -4.70 | -6.10 | -5.47 | -3.58 | -1.93 | -1.19 | -0.79 | -0.48 | |
| EBITDA | $6.0M | $183.0K | $205.6K | -$22.2M | -$27.6M | -$38.7M | -$16.1M | -$11.3M | -$10.7M | -$12.4M | -$8.7M | |
| Shares Out. (M) | 7.42 | 0.95 | 1.91 | 4.56 | 4.70 | 7.65 | 8.35 | 8.81 | 8.98 | 15.31 | 19.31 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.9M | $5.1M | $61.7M | $43.9M | $21.4M | $42.4M | $11.8M | $15.1M | $19.2M | $16.1M | $11.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $7.9M | $5.2M | $62.0M | $45.5M | $24.4M | $46.0M | $16.6M | $17.1M | $22.0M | $19.1M | $14.6M | |
| Total Assets | $7.9M | $5.2M | $62.1M | $46.4M | $45.6M | $68.1M | $34.4M | $17.1M | $22.0M | $19.1M | $14.6M | |
| Total Current Liabilities | $1.7M | $1.5M | $2.8M | $2.0M | $6.4M | $12.9M | $7.8M | $3.1M | $3.5M | $2.3M | $2.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.7M | $1.5M | $2.8M | $2.3M | $18.3M | $24.1M | $14.8M | $3.1M | $3.5M | $2.3M | $2.4M | |
| Stockholders' Equity | $6.2M | $3.7M | $59.3M | $44.1M | $27.3M | $44.0M | $19.6M | $14.1M | $18.6M | $16.8M | $12.2M | |
| Retained Earnings | -$145.8M | -$157.4M | -$306.1M | -$327.5M | -$356.2M | -$398.1M | -$428.0M | -$436.3M | -$447.0M | -$459.2M | -$464.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.5M | -$8.4M | -$14.5M | -$18.3M | -$20.0M | -$27.3M | -$27.0M | -$16.4M | -$10.9M | -$12.0M | -$9.8M | |
| Capital Expenditure | $0.00 | $0.00 | -$147.7K | -$375.0K | -$9.3M | -$3.1M | $3.00 | $1.00 | $4.00 | $1.00 | -$8.00 | |
| Free Cash Flow | -$6.5M | -$8.4M | -$14.6M | -$18.7M | -$29.3M | -$30.4M | -$27.0M | -$16.4M | -$10.9M | -$12.0M | -$9.8M | |
| Investing Cash Flow | $0.00 | $0.00 | -$147.7K | -$375.0K | -$9.3M | -$3.1M | -$4.9M | $18.7M | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $7.8M | $5.7M | $71.2M | $816.5K | $6.7M | $52.6M | $202.1K | $1.1M | $15.0M | $9.9M | $9.9M | |
| Issuance of Stock | $2.3M | $5.4M | $66.9M | $816.5K | $6.2M | $52.6M | $202.1K | $1.0M | $14.9M | $9.9M | $9.9M | |
| Repurchase of Stock | $0.00 | -$310.5K | -$71.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$48.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.6M | $2.7M | $16.4M | $5.4M | $5.2M | $0.00 | $3.3M | $858.3K | $245.9K | $537.5K | $340.1K | |
| Net Change in Cash | $1.3M | -$2.7M | $56.6M | -$17.8M | -$22.6M | $22.1M | -$31.7M | $3.3M | $4.1M | -$2.1M | $107.4K |
Dilution Tracker
Shares outstanding grew 225.5% over 5 years — significant dilution
Shares Outstanding
17M
5-Year Share Growth
+225.5%
Stock Issuance (TTM)
$9.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 7.42 | 0.95 | 1.91 | 4.56 | 4.70 | 7.65 | 8.35 | 8.81 | 8.98 | 15.31 | 19.31 | |
| Change vs Prior % | — | -87.3% | 101.9% | 138.8% | 3.2% | 62.6% | 9.1% | 5.5% | 1.9% | 70.5% | 26.2% | |
| Stock Issuance | $2.3M | $5.4M | $66.9M | $816.5K | $6.2M | $52.6M | $202.1K | $1.0M | $14.9M | $9.9M | $9.9M | |
| Stock Repurchase | $0.00 | -$310.5K | -$71.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.6M | $2.7M | $16.4M | $5.4M | $5.2M | $0.00 | $3.3M | $858.3K | $245.9K | $537.5K | $340.1K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | -2768.4% | -60095.0% | -5887.4% | -3944.9% | -154.7% | -240.6% | -214.6% | -104.3% | — | -320.8% | |
| Operating Margin % | — | -6271.0% | -71930.3% | -10567.3% | -6188.3% | -3179.3% | -563.3% | -440.4% | -168.7% | — | -869.0% | |
| Net Margin % | — | -5999.0% | -71826.4% | -10050.9% | -6149.7% | -3372.7% | -851.9% | -248.8% | -162.8% | — | -706.2% | |
| EBITDA Margin % | — | 100.0% | 99.8% | -10432.9% | -5919.3% | -3118.0% | -458.1% | -339.9% | -162.1% | — | -707.5% | |
| FCF Margin % | — | -4610.1% | -7101.0% | -8752.3% | -6274.3% | -2449.1% | -767.7% | -496.5% | -165.5% | — | -791.3% | |
| ROE % | -39.7% | -300.2% | -249.3% | -48.6% | -105.0% | -95.2% | -152.7% | -58.6% | -57.8% | -72.4% | -57.0% | |
| ROA % | -31.0% | -212.0% | -238.1% | -46.2% | -62.9% | -61.5% | -87.0% | -48.1% | -48.7% | -63.8% | -59.7% | |
| ROIC % | -137.2% | -313.4% | -249.3% | -50.5% | -72.9% | -70.7% | -72.7% | -103.8% | -59.9% | -76.6% | -87.9% | |
| R&D / Revenue % | — | 2868.4% | 60195.0% | 5987.4% | 4044.9% | 2238.4% | 340.6% | 314.6% | 204.3% | — | 714.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 12.5% | 3.5% | 118.9% | 166.0% | 183.0% | -5.8% | 99.1% | -100.0% | |
| Gross Profit | 0.0% | 0.0% | -2342.6% | 89.9% | -46.7% | 89.6% | -340.1% | 16.0% | 3.2% | 100.0% | |
| Operating Income | -37.9% | -35.2% | -1190.7% | 84.8% | -28.2% | -36.7% | 49.9% | 26.3% | 23.7% | -15.9% | |
| Net Income | 92.8% | -347.3% | -1247.3% | 85.5% | -34.0% | -45.9% | 28.5% | 72.5% | -30.3% | -13.3% | |
| EPS (Diluted) | 96.4% | -251.1% | -567.0% | 93.9% | -29.8% | 10.3% | 34.6% | 46.1% | 38.3% | 33.6% | |
| Operating Cash Flow | -49.9% | -29.6% | -71.6% | -26.3% | -9.6% | -36.2% | 1.1% | 39.0% | 33.6% | -10.1% | |
| Free Cash Flow | -49.9% | -29.6% | -73.3% | -27.6% | -57.0% | -3.8% | 11.3% | 39.0% | 33.6% | -10.1% | |
| R&D Expense | 122.1% | 38.2% | 2261.4% | -89.7% | 47.9% | 47.2% | -56.9% | -13.0% | 29.3% | -12.4% | |
| SG&A Expense | 5.5% | 36.7% | 280.2% | -59.1% | 5.0% | -6.8% | 16.1% | -34.1% | -43.3% | -1.3% | |
| Total Assets | 19.2% | -34.6% | 1099.6% | -25.4% | -1.6% | 49.4% | -49.5% | -50.2% | 28.6% | -13.4% | |
| Book Value / Share | 101.5% | 331.1% | 703.3% | -68.9% | -39.9% | -1.1% | -59.2% | -32.0% | 29.5% | -46.9% | |
| Debt | -90.6% | 0.0% | -100.0% | 0.0% | 2430.5% | -3.2% | -35.8% | -100.0% | 0.0% | 0.0% | |
| Diluted Shares | 1926.3% | -87.3% | 101.9% | 138.8% | 3.2% | 62.6% | 9.1% | 5.5% | 1.9% | 70.5% |
Valuation
P/E (TTM)At Loss
P/S12.07
10Y Low / Med / High4.24 / 146.12 / 615.87
P/B1.42
10Y Low / Med / High1.13 / 2.49 / 43.23
EV/EBITDAAt Loss
10Y Low / Med / High42.98 / 174.46 / 214.96
EV/Revenue2.88
10Y Low / Med / High1.33 / 126.64 / 412.20
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.08
Tangible Book / Share
$0.63
Net Current Assets / Share
$0.73
Graham Net-Net
$0.52
Cash / Share
$0.59
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -10.90 | -3.37 | -0.72 | -6.13 | -2.38 | -1.74 | -0.74 | -2.85 | -2.61 | -1.89 | -1.86 | |
| P/S Ratio | 0.00 | 202.43 | 514.33 | 615.87 | 146.12 | 58.55 | 6.32 | 14.63 | 4.24 | 0.00 | 12.07 | |
| P/B Ratio | 43.23 | 10.13 | 1.79 | 2.98 | 2.49 | 1.65 | 1.13 | 3.45 | 1.50 | 1.36 | 1.42 | |
| EV/EBITDA | 42.98 | 174.46 | 214.96 | -3.95 | -2.14 | -1.09 | -1.12 | -2.96 | -0.82 | -0.54 | -0.41 | |
| EV/Revenue | 0.00 | 174.44 | 214.58 | 412.20 | 126.64 | 34.00 | 5.13 | 10.07 | 1.33 | 0.00 | 2.88 |
Analyst Estimates & Quality
Altman Z-Score
-41.75
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $4.2M | $20.2M | $84.0M |
| Net Income | -$9.1M | -$11.9M | $9.9M |
| EPS | $-0.59 | $-0.88 | $0.52 |
| # Analysts (EPS) | 2 | 2 | 3 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Grant | $466.8K | — | $3.5M | — | $6.6M | $3.5M |
| Grant income | — | $1.2M | — | — | — | — |
| Service | — | — | $5.5M | $816.6K | — | — |
| Related Party Service | — | — | — | $3.5M | — | — |