Marker Therapeutics Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
MRKR$0.89-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001410578-24-001454
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0001410578-24-001978
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 111 previous paragraphs and 124 current paragraphs.
73 unchanged; 25 reworded; 24 added; 12 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 35 previous and 33 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Cell Ready MSA
Current report
In August 2024, the Company received another $2.0 million grant from the National Institutes of Health SBIR Program to support the advancement of MT-601 in patients with pancreatic cancer. Through the date of this filing, the Company has received an immaterial amount of funds from this grant.
Current report
In August 2024, the Company received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research Program to support the clinical investigation of MT-601 in patients with non-Hodgkin’s lymphoma (NHL) who have relapsed
Current report
following anti-CD19 chimeric antigen receptor (CAR) T cell therapy. Through the date of this filing, the Company has received $0.7 million of funds from this grant.
Current report
In August 2024, the Company received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research Program to support the clinical investigation of MT-601 in patients with non-Hodgkin’s lymphoma (NHL) who have relapsed following anti-CD19 chimeric antigen receptor (CAR) T cell therapy. The Company recorded $0.7 million of grant income related to this grant as revenue for the three months ended September 30, 2024.
Current report
Operating expenses incurred during the three months ended September 30, 2024 were $4.3 million compared to $3.5 million during the same period ended September 30, 2023.
Current report
Research and development expenses increased by 70% to $3.5 million for the three months ended September 30, 2024, compared to $2.0 million for the three months ended September 30, 2023.
Current report
The increase of $1.5 million in 2024 was primarily attributable to the following:
Current report
General and administrative expenses decreased by 39% to $0.9 million for the three months ended September 30, 2024, compared to $1.4 million during the same period ended September 30, 2023.
Current report
The decrease of $0.5 million in 2024 was primarily attributable to the following:
Current report
Comparison of the Nine months Ended September 30, 2024 and 2023
Current report
In August 2024, the Company received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research Program to support the clinical investigation of MT-601 in patients with non-Hodgkin’s lymphoma (NHL) who have relapsed following anti-CD19 chimeric antigen receptor (CAR) T cell therapy. The Company recorded $0.7 million of grant income related to this grant as revenue for the nine months ended September 30, 2024.
Current report
Operating expenses incurred during the nine months ended September 30, 2024 were $11.6 million compared to $13.9 million during the same period ended September 30, 2023.
Current report
Research and development expenses increased by 7% to $8.4 million for the nine months ended September 30, 2024, compared to $7.8 million for the nine months ended September 30, 2023.
Current report
The increase of $0.6 million in 2024 was primarily attributable to the following:
Current report
General and administrative expenses decreased by 47% to $3.2 million for the nine months ended September 30, 2024, compared to $6.1 million during the same period ended September 30, 2023.
Current report
The decrease of $2.9 million in 2024 was primarily attributable to the following:
Current report
fund our operating expenses and capital expenditure requirements into October 2025. This estimate is subject to our ability to effectively manage our costs, raise additional capital, and utilize drawdowns of anticipated grant funds.
Current report
Net cash used in operating activities from discontinued operations during the nine months ended September 30, 2023 was $6.0 million, which primarily related to our gain from discontinued operations of $5.9 million and stock-based compensation expense in discontinued operations of $0.7 million, offset by $12.6 million of changes in assets and liabilities in discontinued operations.
Current report
In August 2024, the Company received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research Program to support the clinical investigation of MT-601 in patients with non-Hodgkin’s lymphoma (NHL) who have relapsed following anti-CD19 chimeric antigen receptor (CAR) T cell therapy. Through the date of this filing, the Company has received $0.7 million of funds from this grant. The Company recorded $0.7 million of grant income related to this grant as revenue for the three and nine months ended September 30, 2024. As of September 30, 2024, the Company recorded $0.3 million of grant income receivable.
Current report
In August 2024, the Company received another $2.0 million grant from the National Institutes of Health SBIR Program to support the advancement of MT-601 in patients with pancreatic cancer. Through the date of this filing, the Company has not received any funds from this grant.
Current report
Going Concern
Current report
We have no sources of revenue, other than grant and related party services income, to provide incoming cash flows to sustain our future operations. As outlined above, our ability to pursue our long-term planned business activities is dependent upon our successful efforts to raise additional capital.
Current report
These factors raise substantial doubt regarding our ability to continue as a going concern. Our condensed consolidated financial statements have been prepared on a going concern basis, which implies that we will continue to realize our assets and discharge our liabilities in the normal course of business. Our financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.
Removed paragraphs (12)
Previous report
Operating expenses incurred during the three months ended June 30, 2024 were $3.5 million compared to $4.9 million during the same period ended June 30, 2023.
Previous report
Research and development expenses decreased by 2% to $2.3 million for the three months ended June 30, 2024, compared to $2.4 million for the three months ended June 30, 2023.
Previous report
The decrease of $0.1 million in 2024 was primarily attributable to the following:
Previous report
General and administrative expenses decreased by 55% to $1.1 million for the three months ended June 30, 2024, compared to $2.5 million during the same period ended June 30, 2023.
Previous report
The decrease of $1.4 million in 2024 was primarily attributable to the following:
Previous report
Comparison of the Six months Ended June 30, 2024 and 2023
Previous report
Operating expenses incurred during the six months ended June 30, 2024 were $7.3 million compared to $10.4 million during the same period ended June 30, 2023.
Previous report
Research and development expenses decreased by 15% to $4.9 million for the six months ended June 30, 2024, compared to $5.7 million for the six months ended June 30, 2023.
Previous report
The decrease of $0.8 million in 2024 was primarily attributable to the following:
Previous report
General and administrative expenses decreased by 50% to $2.4 million for the six months ended June 30, 2024, compared to $4.7 million during the same period ended June 30, 2023.
Previous report
The decrease of $2.3 million in 2024 was primarily attributable to the following:
Previous report
Net cash used in operating activities from discontinued operations during the six months ended June 30, 2023 was $5.8 million, which represents the reclassification of operating activities of the discontinued operations from continuing operations.
Reworded paragraphs (25)
Previous wording
During the three and six months ended June 30, 2024, the Company incurred $0.7 million and $1.8 million in expenses related to the services and manufacturing costs, and paid $0.7 million and $2.9 million related to invoices received, respectively. Additional Work Orders are expected to be generated for the remainder of 2024.
Current wording
During the three and nine months ended September 30, 2024, the Company incurred $1.2 million and $3.1 million in expenses related to the services and manufacturing costs, and paid $0.5 million and $3.4 million related to invoices received, respectively. Additional Work Orders are expected to be generated for the remainder of 2024.
Previous wording
In August 2021, we received notice of a Product Development Research award totaling approximately $13.1 million from the Cancer Prevention and Research Institute of Texas (“CPRIT”) to support the clinical investigation of MT-401. During the three months ended June 30, 2024 and 2023, we recognized $0.7 million and $0.7 million of revenue, respectively, associated with the CPRIT grant.
Current wording
In August 2021, we received notice of a Product Development Research award totaling approximately $13.1 million from the Cancer Prevention and Research Institute of Texas (“CPRIT”) to support the clinical investigation of MT-401. During the three months ended September 30, 2024 and 2023, we recognized $0.9 million and $0.2 million of revenue, respectively, associated with the CPRIT grant.
Previous wording
In September 2022, we received notice from the FDA that it had awarded us a $2.0 million grant from the FDA’s Orphan Products Grant program to support the clinical investigation of MT-401 for the treatment of post-transplant AML. During the three months ended June 30, 2024 and 2023, we recognized $0.2 million and $0.1 million of revenue, respectively associated with the FDA grant.
Current wording
In September 2022, we received notice from the FDA that it had awarded us a $2.0 million grant from the FDA’s Orphan Products Grant program to support the clinical investigation of MT-401 for the treatment of post-transplant AML. During the three months ended September 30, 2024 and 2023, we recognized $0.02 million and $0.02 million of revenue, respectively associated with the FDA grant.
Previous wording
In May 2023, we received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research (“SBIR”) program to support the development and investigation of MT-401 for the treatment of AML patients following standard-of-care therapy with hypomethylating agents. During the three months ended June 30, 2024, we recognized $0.2 million of revenue associated with the SBIR grant. During the three months ended June 30, 2023, no revenue was recognized associated with the SBIR grant.
Current wording
In May 2023, we received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research (“SBIR”) program to support the development and investigation of MT-401 for the treatment of AML patients following standard-of-care therapy with hypomethylating agents. During the three months ended September 30, 2024, we recognized $0.3 million of revenue associated with the SBIR grant. During the three months ended September 30, 2023, no revenue was recognized associated with the SBIR grant.
Previous wording
Interest income was $0.1 million and $35,000 for the three months ended June 30, 2024 and 2023, respectively, and was attributable to interest income relating to funds that are held in U.S. Treasury notes and U.S. government agency-backed securities.
Current wording
Interest income was $0.1 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and was attributable to interest income relating to funds that are held in U.S. Treasury notes and U.S. government agency-backed securities.
Previous wording
The following table summarizes the results of our continuing operations for the six months ended June 30, 2024 and 2023:
Current wording
The following table summarizes the results of our continuing operations for the nine months ended September 30, 2024 and 2023:
Previous wording
We did not generate any revenue during the six months ended June 30, 2024 and 2023, respectively, from the sales or licensing of our product candidates.
Current wording
We did not generate any revenue during the nine months ended September 30, 2024 and 2023, respectively, from the sales or licensing of our product candidates.
Previous wording
In August 2021, we received notice of a Product Development Research award totaling approximately $13.1 million from the Cancer Prevention and Research Institute of Texas (“CPRIT”) to support the clinical investigation of MT-401. During the six months ended June 30, 2024 and 2023, we recognized $1.5 million and $1.8 million of revenue, respectively, associated with the CPRIT grant.
Current wording
In August 2021, we received notice of a Product Development Research award totaling approximately $13.1 million from the Cancer Prevention and Research Institute of Texas (“CPRIT”) to support the clinical investigation of MT-401. During the nine months ended September 30, 2024 and 2023, we recognized $2.4 million and $2.1 million of revenue, respectively, associated with the CPRIT grant.
Previous wording
In September 2022, we received notice from the FDA that it had awarded us a $2.0 million grant from the FDA’s Orphan Products Grant program to support the clinical investigation of MT-401 for the treatment of post-transplant AML. During the six months ended June 30, 2024 and 2023, we recognized $0.5 million and $0.2 million of revenue, respectively associated with the FDA grant.
Current wording
In September 2022, we received notice from the FDA that it had awarded us a $2.0 million grant from the FDA’s Orphan Products Grant program to support the clinical investigation of MT-401 for the treatment of post-transplant AML. During the nine months ended September 30, 2024 and 2023, we recognized $0.5 million and $0.2 million of revenue, respectively associated with the FDA grant.
Previous wording
In May 2023, we received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research (“SBIR”) program to support the development and investigation of MT-401 for the treatment of AML patients following standard-of-care therapy with hypomethylating agents. During the six months ended June 30, 2024, we recognized $0.4 million of revenue associated with the SBIR grant. During the six months ended June 30, 2023, there was no revenue recognized associated with the SBIR grant.
Current wording
In May 2023, we received notice of a $2.0 million grant from the National Institutes of Health Small Business Innovation Research (“SBIR”) program to support the development and investigation of MT-401 for the treatment of AML patients following standard-of-care therapy with hypomethylating agents. During the nine months ended September 30, 2024, we recognized $0.7 million of revenue associated with the SBIR grant. During the nine months ended September 30, 2023, there was no revenue recognized associated with the SBIR grant.
Previous wording
Interest income was $0.3 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively, and was attributable to interest income relating to funds that are held in U.S. Treasury notes and U.S. government agency-backed securities.
Current wording
Interest income was $0.3 million and $0.3 million for the nine months ended September 30, 2024 and 2023, respectively, and was attributable to interest income relating to funds that are held in U.S. Treasury notes and U.S. government agency-backed securities.
Previous wording
The decrease in our net loss from continuing operations during the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily due to cost reductions in our general and administrative expenses, cost reductions in our research and development activities, and higher grant income. We anticipate that we will continue to incur net losses in the future as we continue to invest in research and development activities, including clinical development of our multiTAA T cell product candidates.
Current wording
The decrease in our net loss from continuing operations during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to cost reductions in our general and administrative expenses, and higher grant income. We anticipate that we will continue to incur net losses in the future as we continue to invest in research and development activities, including clinical development of our multiTAA T cell product candidates.
Previous wording
Based on the Company’s clinical and research and development plans and its timing expectations related to the progress of its programs, the Company expects that its cash and cash equivalents as of June 30, 2024, including drawdowns of available grant funds, will enable the Company to fund its operating expenses and capital expenditure requirements into the fourth quarter of 2025.
Current wording
Based on our clinical and research and development plans and our timing expectations related to the progress of our programs, we anticipate that our cash and cash equivalents as of September 30, 2024, including drawdowns of available grant funds, will enable us to
Previous wording
The following table summarizes our cash flows for the six months ended June 30, 2024 and 2023:
Current wording
The following table summarizes our cash flows for the nine months ended September 30, 2024 and 2023:
Previous wording
Net cash used in operating activities from continuing operations during the six months ended June 30, 2024 was $7.4 million. The use of cash primarily related to our net loss from continuing operations of $4.5 million and a $3.0 million decrease from changes in assets and liabilities, offset by $0.1 million of stock-based compensation.
Current wording
Net cash used in operating activities from continuing operations during the nine months ended September 30, 2024 was $6.2 million. The use of cash primarily related to our net loss from continuing operations of $6.9 million offset by a $0.5 million increase from changes in assets and liabilities and a $0.2 million increase from stock-based compensation.
Previous wording
Net cash used in operating activities from continuing operations during the six months ended June 30, 2023 was $7.2 million. The changes in cash flow from operating activities during the six months ended June 30, 2023 were due to $8.3 million of net losses from continuing operations, offset by a $0.6 million increase from changes in operating assets and liabilities and a $0.5 million increase from stock-based compensation.
Current wording
Net cash used in operating activities from continuing operations during the nine months ended September 30, 2023 was $8.0 million. The changes in cash flow from operating activities during the nine months ended September 30, 2023 were due to $11.3 million of net losses from continuing operations, offset by a $2.6 million increase from changes in operating assets and liabilities and a $0.7 million increase from stock-based compensation.
Previous wording
Net cash provided by financing activities was $0.1 million and $0.6 million during the six months ended June 30, 2024 and 2023, respectively, due to the net proceeds from sale of common stock as well as the exercise of stock options.
Current wording
Net cash provided by financing activities was $0.1 million and $1.1 million during the nine months ended September 30, 2024 and 2023, respectively, due to the net proceeds from sale of common stock as well as the exercise of stock options.
Previous wording
Net cash provided by investing activities from discontinued operations during the six months ended June 30, 2023 was $18.7 million, which related to the sale of assets in discontinued operations.
Current wording
Net cash provided by investing activities from discontinued operations during the nine months ended September 30, 2023 was $18.7 million, which related to the sale of assets in discontinued operations.
Previous wording
In August 2021, the Company received notice of a Product Development Research award totaling approximately $13.1 million from the CPRIT to support the Company’s clinical investigation of MT-401. Through the date of this filing, the Company has received $9.7 million of funds from the CPRIT grant. The Company recorded $0.7 million and $1.5 million of grant income related to the CPRIT grant as revenue during the three and six months ended June 30, 2024, respectively. At June 30, 2024, the Company recorded $1.9 million of grant income receivable.
Current wording
In August 2021, the Company received notice of a Product Development Research award totaling approximately $13.1 million from the CPRIT to support the Company’s clinical investigation of MT-401. Through the date of this filing, the Company has received $9.7 million of funds from the CPRIT grant. The Company recorded $0.9 million and $2.4 million of grant income related to the CPRIT grant as revenue during the three and nine months ended September 30, 2024, respectively. At September 30, 2024, the Company recorded $0.1 million of grant income receivable.
Previous wording
On September 13, 2022, the Company received notice from the FDA that it had awarded the Company a $2.0 million grant from the FDA’s Orphan Products Grant program to support the clinical investigation of MT-401 for the treatment of post-transplant AML. Through the date of this filing, the Company has received $1.0 million from the FDA grant. The Company recorded $0.2 million and $0.5 million of grant income related to the FDA grant as revenue during the three and six months ended June 30, 2024. At June 30, 2024, the Company recorded $0.2 million of grant income receivable.
Current wording
On September 13, 2022, the Company received notice from the FDA that it had awarded the Company a $2.0 million grant from the FDA’s Orphan Products Grant program to support the clinical investigation of MT-401 for the treatment of post-transplant AML. Through the date of this filing, the Company has received $1.0 million from the FDA grant. The Company recorded $0.02 million and $0.5 million of grant income related to the FDA grant as revenue during the three and nine months ended September 30, 2024. At September 30, 2024, the Company recorded $0.02 million of grant income receivable.
Previous wording
In May 2023, the Company announced that it had received a $2.0 million grant from the National Institutes of Health Small Business Innovation Research (“SBIR”) program to support the development and investigation of MT-401 for the treatment of AML patients following standard-of-care therapy with hypomethylating agents. Through the date of this filing, the Company has received $0.6 million from SBIR. The Company recorded $0.2 million and $0.4 million of grant income related to the SBIR grant as revenue during the three and six months ended June 30, 2024. At June 30, 2024, the Company recorded $0.2 million of grant income receivable.
Current wording
In May 2023, the Company announced that it had received a $2.0 million grant from the National Institutes of Health Small Business Innovation Research (“SBIR”) program to support the development and investigation of MT-401 for the treatment of AML patients following standard-of-care therapy with hypomethylating agents. Through the date of this filing, the Company has received $0.9 million from SBIR. The Company recorded $0.3 million and $0.7 million of grant income related to the SBIR grant as revenue during the three and nine months ended September 30, 2024. At September 30, 2024, the Company recorded $0.3 million of grant income receivable.
Previous wording
In June 2024, the Company received notice of a $2.0 million grant over a 2-year period from the National Institutes of Health – National Cancer Institute to support control over tumor immune escape in pancreatic cancer using a dual T cell product strategy. Through the date of this filing, the Company has nor received any funds from this grant.
Current wording
In June 2024, the Company received notice of a $2.0 million grant over a 2-year period from the National Institutes of Health – National Cancer Institute to support control over tumor immune escape in pancreatic cancer using a dual T cell product strategy. Through the date of this filing, the Company has received immaterial funds from this grant.
Previous wording
As of June 30, 2024, we had working capital of $9.7 million, compared to working capital of $14.1 million as of December 31, 2023. Operating expenses incurred during the three and six months ended June 30, 2024 were $3.4 million and $7.2 million, respectively, compared to $4.9 million and $10.4 million during the equivalent prior year periods. Based on our clinical plans and our timing expectations related to the progress of our programs, we expect that, together with drawdowns of available grant funds, our cash and cash equivalents as of June 30, 2024 will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2025. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect. Furthermore, our operating plan may change, and we may need additional funds sooner than planned in order to meet operational needs and capital requirements for product development and commercialization. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates and the extent to which we may enter into additional collaborations with third parties to participate in their development and commercialization, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated clinical trials. Our future funding requirements will depend on many factors, as we:
Current wording
respectively, compared to $3.5 million and $13.9 million during the equivalent prior year periods. Based on our clinical plans and our timing expectations related to the progress of our programs, we anticipate that, together with drawdowns of available grant funds, our cash and cash equivalents as of September 30, 2024 will enable us to fund our operating expenses and capital expenditure requirements into October 2025. This estimate is subject to our ability to effectively manage our costs, raise additional capital, and utilize drawdowns of anticipated grant funds. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect. Furthermore, our operating plan may change, and we may need additional funds sooner than planned in order to meet operational needs and capital requirements for product development and commercialization. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates and the extent to which we may enter into additional collaborations with third parties to participate in their development and commercialization, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated clinical trials. Our future funding requirements will depend on many factors, as we:
Previous wording
We plan to continue to fund our operations and capital funding needs through equity and/or debt financing. We may also consider new collaborations or selectively partner our technology. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our existing stockholders’ common stock. The incurrence of indebtedness would result in increased fixed payment obligations and could involve certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. If we raise additional funds through strategic partnerships and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies or product candidates or grant licenses on terms
Current wording
We plan to continue to fund our operations and capital funding needs through equity and/or debt financing. We may also consider new collaborations or selectively partner our technology. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our existing stockholders’ common stock. The incurrence of indebtedness would result in increased fixed payment obligations and could involve certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. If we raise additional funds through strategic partnerships and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies or product candidates or grant licenses on terms unfavorable to us. We may also be required to pay damages or have liabilities associated with litigation or other legal proceedings involving our company.
Previous wording
In August 2021, we entered into a Controlled Equity Offering SM Sales Agreement, or the ATM Agreement, with Cantor Fitzgerald & Co. and RBC Capital Markets, LLC, or the Sales Agents, pursuant to which we can offer and sell, from time to time at our sole discretion through the Sales Agents, shares of our common stock having an aggregate offering price of up to $75.0 million. Any shares of our common stock sold will be issued pursuant to our shelf registration statement on Form S-3 (File No. 333-258687), which the SEC declared effective on August 19, 2021. However, our use of the shelf registration statement on Form S-3 will be limited for so long as we are subject to General Instruction I.B.6 of Form S-3, which limits the amounts that we may sell under the registration statement and in accordance with the ATM agreement. The Sales Agents will be entitled to compensation under the Sales Agreement at a commission rate equal to 3.0% of the gross sales price per share sold under the ATM Agreement, and we have provided each of the Sales Agents with indemnification and contribution rights. During the six months ended June 30, 2024, the Company sold 8,178 shares of its common stock under the ATM Agreement resulting in net proceeds of approximately $37,000, after deducting agent commissions. On June 10, 2024, the Company provided notice of its termination of the ATM Agreement with Cantor Fitzgerald & Co. and RBC Capital Markets, LLC. The Company is not subject to any termination penalties related to the termination of the ATM Agreement. The Company is currently considering more effective ways to improve market access to its equity.
Current wording
declared effective on August 19, 2021. However, our use of the shelf registration statement on Form S-3 will be limited for so long as we are subject to General Instruction I.B.6 of Form S-3, which limits the amounts that we may sell under the registration statement and in accordance with the ATM agreement. The Sales Agents will be entitled to compensation under the Sales Agreement at a commission rate equal to 3.0% of the gross sales price per share sold under the ATM Agreement, and we have provided each of the Sales Agents with indemnification and contribution rights. During the nine months ended September 30, 2024, the Company sold 8,178 shares of its common stock under the ATM Agreement resulting in net proceeds of approximately $37,000, after deducting agent commissions. On June 10, 2024, the Company provided notice of its termination of the ATM Agreement with Cantor Fitzgerald & Co. and RBC Capital Markets, LLC. The Company is not subject to any termination penalties related to the termination of the ATM Agreement. The Company is currently considering more effective ways to improve market access to its equity.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
As of September 30, 2024, we had working capital of $7.4 million, compared to working capital of $14.1 million as of December 31, 2023. Operating expenses incurred during the three and nine months ended September 30, 2024 were $4.3 million and $11.6 million,
Current report — wording carried from elsewhere
In August 2021, we entered into a Controlled Equity Offering SM Sales Agreement, or the ATM Agreement, with Cantor Fitzgerald & Co. and RBC Capital Markets, LLC, or the Sales Agents, pursuant to which we can offer and sell, from time to time at our sole discretion through the Sales Agents, shares of our common stock having an aggregate offering price of up to $75.0 million. Any shares of our common stock sold will be issued pursuant to our shelf registration statement on Form S-3 (File No. 333-258687), which the SEC
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
unfavorable to us. We may also be required to pay damages or have liabilities associated with litigation or other legal proceedings involving our company.