Marker Therapeutics Inc (MRKR)

[Phantom Lord]

I have no idea what the warrant holders will do. It would obviously be better for the company if warrant holders exercised them as the company would then have cash and not need to further dilute. Though if I was holding warrants at $5 that don't expire for 4 years I would not be in any hurry to exercise them. No reason to do so anywhere near $5. I personally don't think any of the institutions holding them are in any hurry either. I think Marker would have to do some convincing of certain institutions to get them to exercise the warrants which would most likely come with a repricing. I'm not about that.

I personally would rather see them partner up on the pancreatic trials. This is their best opportunity to add a partner and I would hope they could get some up front cash as to not have to dilute a whole lot more. Either way based on the timeline I was given we are at least three years out from a potential approval in AML and I would take that as the best case scenario so long as the phase II trial initiated later this year is a pivotal trial. Even if we are able to get some up front cash in a partnership or get some of the warrants exercised we will still see another raise before then.

All this being said the company has no intention to raise at current levels. As has been discussed they have cash to the end of 2020 so no raise is needed right now. In my correspondence with the company I have expressed my concern for how the next capital raise will be handled given the recent price action. They are aware that something needs to happen before they are forced into a position where the have no leverage. I can only hope they currently have something in the works that will remedy this situation. I believe Q2 would be the latest we see a raise provided the company can't get some sort of non dilute funding by then. Of course if we see a SP increase over $10 at any point I wouldn't be surprised to see that raise earlier. At this rate I don't anticipate being over $10 by the end of the year anyways without some surprise news but who really knows.