MeritValue

Marker Therapeutics, Inc.

MRKRdata completeness 75%26 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Marker Therapeutics, Inc. earns about -87% on equity, but has diluted owners by 100% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.24M1$3.51M2$3.31M3$6.59M4$3.55M4
Net income−$41.9M5−$29.9M6−$8.24M7−$10.7M8−$12.2M8
Operating cash flow−$27.3M9−$27M10−$16.4M11−$10.9M12−$12M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$42.4M13$11.8M14$15.1M15$19.2M16$16.1M16
Diluted shares7.7M8.4M8.8M9.0M15.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.97
your share of equity
Profit it earned you last year
−$7.94
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $10.97 of net worth that earned you −$7.94 last year.

iii. Is this a good business?
Moat signal · return on equity
-87% avg · 5y
FY21 -95%FY22 -153%FY23 -59%FY24 -58%FY25 -72%

It earned an average -87% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+100% shares · 5y

Share count is up 100% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001410578-23-000324 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000297 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000549 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-031274 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000324 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000297 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000549 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-031274 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000324 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000297 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000549 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-031274 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000324 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001410578-24-000297 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000549 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-031274 (CashAndCashEquivalentsAtCarryingValue)