Marker Therapeutics Inc (MRKR)

[Phantom Lord]

I don't think there is a whole lot to really discuss at this point in time. That's why the board has sort of dropped off. If you're looking to trade or want to find a good short term entry point then there has been some decent discussion. If your loaded up and/or not wanting to trade then we are really just waiting for updates. The only things we know about between now and the end of the year are the announcement of the initiation of the PII in AML and the interim results of the PII of TPIV200 in ovarian cancer. There is the possibility of a presentation at ASH as well as updates on any of the currently active trials but outside of a positive pancreatic update I don't see much moving the SP by the end of the year. The only other thing I'm looking for is the AlloVir IPO. While not announced I expect them to be taken public in the near future most likely at a valuation higher than Marker. No way AlloVir should be valued higher than Marker but this will serve as validation of Marker's technology. This probably won't have much of an effect on the SP but will be interesting to see how it plays out.

I think most will agree that the company should be valued a lot higher than we currently are. It's frustrating to to see but ultimately they still have a lot to show. While most of their data is very mature it is still PI data. We could be priced a lot higher if Marker went the traditional IPO route but then we all would have been buying in a lot higher than where we are now. Hopefully we see some more PII trials initiated next year in other indications as that would help our valuation. My only concern is that we approach Q2 of next year still sitting in this price range and the company is forced to raise cash. I don't see them going further out than Q2 2020 for the next capital raise. I know their intention is to not raise at these levels but at some point they won't have a choice. I also know that they are aware of this and have been told they are planning out their next steps so I can only hope the next raise won't be too harsh on current shareholders.

We'll get a conference call next quarter and while I expect them to focus on the PII in AML and this years results I do hope to hear about what they have planned for next year if anything. If we can have the PII trial up and running one year after the merger I will take that as a pretty big win but obviously still want to see more progress moving forward.