Marker Therapeutics, Inc. (MRKR) is a clinical-stage immuno-oncology company with no commercial revenues, operating exclusively on grant income and equity capital. Under a liquidation lens as of March 31, 2026, the MFFAIS-computed cash liquidation value (CLV) is approximately $13.8 million and liquid liquidation value (LLV) is approximately $15.2 million. These figures are broadly consistent with the filing's disclosed working capital of $13.8 million (down from $16.8 million at December 31, 2025) and cash, cash equivalents, and restricted cash of $15.6 million (down from $17.0 million). The quarter consumed approximately $1.4 million in operating cash, a significant improvement from the $5.5 million consumed in Q1 2025, primarily because the prior period included a $453,000 termination payment to Cell Ready and elevated stock compensation expense from option modifications. The asset side of the balance sheet is dominated by near-liquid items: unrestricted cash and equivalents invested in U.S. Treasury notes and government agency securities (recoverable at or near par), $0.7 million in restricted cash (grant-related, recoverable contingent on grant compliance), and a $1.4 million other receivable balance composed primarily of grant income receivable from CPRIT, NIH SBIR, and other federal/state agencies (high-quality obligors, collectibility supported by cost-incurrence basis, warranting a near-full recovery haircut of 90-95%). There are no inventory, goodwill, or significant capitalized intangible assets on the balance sheet. PP&E is not separately called out as a material balance sheet line in the XBRL tag context. The liability side is anchored by accounts payable and accrued liabilities, including approximately $1.0 million owed to Baylor College of Medicine (a related party), with zero invoices paid to BCM during Q1 2026 against $1.1 million of new charges, indicating accrued payables are accumulating. No long-term debt is present. The BCM License Agreement contains a contingent 0.5% liquidity event incentive payment and milestone obligations up to $64.85 million, none of which would be triggered in a simple wind-down absent commercialization. The CPRIT grant agreements carry revenue-sharing obligations (low-to-mid single-digit percentage of net sales up to 400% of grant proceeds received, then 0.5% in perpetuity) that are commercially contingent and would not crystallize as fixed liabilities in liquidation absent product commercialization. Management has disclosed a going concern qualification, projecting runway into Q1 2027 absent additional capital. Post-period, the company increased authorized shares from 30 million to 130 million on May 4, 2026, signaling intent to raise equity capital. The XBRL TAG_CONTEXT for this filing returned an empty array, indicating no filer-emitted XBRL tags were provided for analysis. All quantitative values cited are drawn from the filing narrative, MD&A, and footnote disclosures. Recovery to equity in a stop-and-liquidate scenario is marginally positive at the CLV level ($13.8 million) but is subject to wind-down costs, professional fees, and any residual payables not fully captured in the working capital calculation. The BCM related-party payable accumulation (zero cash paid in Q1 2026 on $1.1 million of charges) represents a near-term cash demand that will compress liquidity if not settled promptly.
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