Monitor upcoming APOLLO study data in Q2 2026 and the initiation of the company-sponsored pancreatic cancer program, which could serve as key catalysts. The reduced R&D spend despite advancing multiple programs suggests improved efficiency, but the increasing net loss warrants attention to future funding needs.
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Executive Summary
Marker Therapeutics reported its 2025 financial results and provided clinical updates, highlighting a 66% objective response rate in relapsed non-Hodgkin lymphoma from its APOLLO study and promising pancreatic cancer research published in Nature Medicine. The company ended 2025 with $17 million in cash, sufficient to fund operations through Q4 2026, while R&D expenses decreased to $11.8 million. The stock has a market cap of $22 million.
Key Financial Metrics
Key Facts
- 66% objective response rate (8/12 patients) in relapsed non-Hodgkin lymphoma with MT-601 therapy, including 50% complete responses
- 78% objective response rate (7/9 patients) in Hodgkin lymphoma
- Nature Medicine publication showed up to 84.6% disease control rate in pancreatic cancer when combined with chemotherapy
- Cash position of $17 million at year-end 2025, expected to fund operations through Q4 2026
- R&D expenses decreased to $11.8 million in 2025 from $13.5 million in 2024
- Net loss increased to $12.2 million in 2025 from $10.7 million in 2024
Financial Impact
Net loss increased by $1.5 million year-over-year while R&D spending decreased by $1.7 million, with cash burn of $12.0 million from operations
Risk Factors
- Clinical trial results are from small patient cohorts (8-12 patients) and may not be reproducible in larger studies
- Company has limited cash runway with funding expected only through Q4 2026, raising potential dilution risk
- Increased net loss despite lower R&D expenses indicates ongoing financial pressure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-031309 |
| Document: tm268941d1_8k.htm | 0001104659-26-031309 |
| Document: 0001104659-26-031309-index-headers.html | 0001104659-26-031309 |
| Document: 0001104659-26-031309-index.html | 0001104659-26-031309 |
| Document: 0001104659-26-031309.txt | 0001104659-26-031309 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Mar 20, 2026 27w ago | DEFA14A | $1.31 $1.35 | ▲ +3.05% | ▼ −10.00% | $1.05 (−19.85%) |
Mar 19, 2026 28w ago | 8-K | $1.32 $1.38 | ▲ +4.55% | ▼ −9.80% | $1.05 (−20.45%) |
Mar 18, 2026 28w ago | Press Release | $1.32 $1.38 | ▲ +4.55% | ▼ −9.80% | $1.05 (−20.45%) |
US Market Status
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