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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 11:    RELATED PARTY TRANSACTIONS

The following table sets forth related party transaction expenses recorded for the years ended December 31, 2025 and 2024, respectively.

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For the Years Ended

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December 31, 

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  ​ ​ ​

2025

  ​ ​ ​

2024

Baylor College of Medicine

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$

3,218,138

  ​ ​ ​

$

6,723

Cell Ready

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1,266,804

 

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5,846,456

Wilson Wolf Manufacturing Corporation

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83,543

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—

Total Research and development

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$

4,568,485

 

$

5,853,179

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As of December 31, 2025 and 2024, nil and $1.7 million, respectively, of related party transactions are included in accounts payable and accrued liabilities. See Note 6 for additional information.

Agreements with The Baylor College of Medicine (“BCM”).

In November  2018, January 2020 and February 2020, the Company entered in Sponsored Research Agreements with BCM, which provided for the conduct of research for the Company by credentialed personnel at BCM’s Center for Cell and Gene Therapy. On April 1, 2025, the Company sighed Amendment #1 to the Sponsored Research and Product Development Agreement with BCM to perform research on “Controlling Tumor Immune Escape in Pancreatic Cancer using a Dual T-Cell Product Strategy.”

In September 2019, May 2020 and July 2021, the Company entered into Clinical Supply Agreements with BCM, which provided for BCM to provide to the Company multi tumor antigen specific products.

In October 2019, the Company entered in a Workforce Grant Agreement with BCM, which provided for BCM to provide to the Company manpower costs of projects for manufacturing, quality control testing and validation run activities.

In August 2020, the Company entered in a Clinical Trial Agreement with BCM, which provided for BCM to provide to the Company investigator-initiated research studies.

The Company has also entered into a Clinical Site Agreement and Laboratory Service Agreement with BCM, pursuant to which BCM conducts clinical trials for the Company and testing of Marker’s product candidates to develop an optimized potency assay.

BCM is also a shareholder of the Company’s common stock.

During the years ended December 31, 2025 and 2024, the Company incurred $3.2 million and $7,000 in expenses related to services and manufacturing costs and paid BCM approximately $3.0 million and $0.1 million for invoices received, respectively.

Purchases from Wilson Wolf.

In 2025, the Company utilized Wilson Wolf for the purchases of cell culture devices. Mr. John Wilson is a former director of the Company and is serving as the CEO of Wilson Wolf Manufacturing Corporation.

During the years ended December 31, 2025 and 2024, the Company incurred approximately $0.1 million and nil, respectively, in expenses related to cell culture devices and paid Wilson Wolf approximately $0.1 million and nil respectively, for invoices received.

Purchases from Cell Ready, LLC.

The Company has utilized Cell Ready, LLC for clinical manufacturing supply and product development. Cell Ready, which is owned by a former director, Mr. John Wilson, is a contract development and manufacturing organization (“CDMO”). On February 22, 2024, the Company entered into a 3-year Master Services Agreement for Product Supply (the “MSA”) with Cell Ready. During the years ended December 31, 2025 and 2024, the Company incurred $0.8 million and $5.8 million in expenses related to services and manufacturing costs, respectively, and paid $2.6 million and $5.5 million for invoices received, respectively.

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On March 27, 2025, the Company mutually agreed with Cell Ready to terminate the MSA. In connection therewith, the Company entered into a settlement and release agreement with Cell Ready pursuant to which the Company paid Cell Ready approximately $453,000 and the parties provided one another with mutual releases of all claims associated with any and all agreements between the Company and Cell Ready.