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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Cover
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	MARKER THERAPEUTICS, INC.
Trading Symbol	MRKR
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,532,522
Entity Central Index Key	0001094038
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 40,255,062	$ 43,903,949
Prepaid expenses and deposits	1,716,092	1,526,442
Interest receivable	24,605	56,189
Total current assets	41,995,759	45,486,580
Non-current assets:
Property, plant and equipment, net	482,084	417,528
Right-of-use assets, net	407,813	455,174
Total non-current assets	889,897	872,702
Total assets	42,885,656	46,359,282
Current liabilities:
Accounts payable and accrued liabilities	2,955,293	1,757,680
Lease liability	209,081	204,132
Warrant liability	0	31,000
Total current liabilities	3,164,374	1,992,812
Non-current liabilities:
Lease liability, net of current portion	226,111	280,247
Total non-current liabilities	226,111	280,247
Total liabilities	3,390,485	2,273,059
Commitments and contingencies (see Note 9)
Stockholders' equity:
Preferred stock - $0.001 par value, 5 million shares authorized and 0 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
Common stock, $0.001 par value, 150 million shares authorized, 46.5 million and 45.7 million shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	46,532	45,728
Additional paid-in capital	373,467,697	371,573,909
Accumulated deficit	(334,019,058)	(327,533,414)
Total stockholders' equity	39,495,171	44,086,223
Total liabilities and stockholders' equity	$ 42,885,656	$ 46,359,282

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized/designated	5,000,000	5,000,000
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Common stock shares par value	$ 0.001	$ 0.001
Common stock shares authorized	150,000,000	150,000,000
Common stock shares issued	46,500,000	45,700,000
Common stock shares outstanding	46,500,000	45,700,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating expenses:
Research and development	$ 3,816,618	$ 2,832,695
General and administrative	2,826,995	2,805,775
Total operating expenses	6,643,613	5,638,470
Loss from operations	(6,643,613)	(5,638,470)
Other income (expense):
Change in fair value of warrant liabilities	31,000	(9,000)
Interest income	126,969	328,545
Net loss	$ (6,485,644)	$ (5,318,925)
Net loss per share, basic and diluted	$ (0.14)	$ (0.12)
Weighted average number of common shares outstanding	46,084,383	45,465,754

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock	Additional Paid- in Capital	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2018	$ 45,440	$ 365,400,748	$ (306,105,450)	$ 59,340,738
Beginning Balance (in shares) at Dec. 31, 2018	45,440,704
Stock options exercised for cash	$ 12	57,732	0	57,744
Stock options exercised for cash (in shares)	11,980
Warrants exercised for cash	$ 2	5,377	0	5,379
Warrants exercised for cash (in shares)	1,799
Stock-based compensation	$ 30	1,525,946	0	1,525,976
Stock-based compensation (in shares)	30,000
Net loss	$ 0	0	(5,318,925)	(5,318,925)
Ending Balance at Mar. 31, 2019	$ 45,484	366,989,803	(311,424,375)	55,610,912
Ending Balance (in shares) at Mar. 31, 2019	45,484,483
Beginning Balance at Dec. 31, 2019	$ 45,728	371,573,909	(327,533,414)	44,086,223
Beginning Balance (in shares) at Dec. 31, 2019	45,728,831
Warrants exercised for cash	$ 459	549,541	0	550,000
Warrants exercised for cash (in shares)	458,334
Issuance of common stock as commitment fee for future financing	$ 345	(345)	0	0
Issuance of common stock as commitment fee for future financing (Shares)	345,357
Stock-based compensation	$ 0	1,344,592	0	1,344,592
Stock-based compensation (in shares)	0
Net loss	$ 0	0	(6,485,644)	(6,485,644)
Ending Balance at Mar. 31, 2020	$ 46,532	$ 373,467,697	$ (334,019,058)	$ 39,495,171
Ending Balance (in shares) at Mar. 31, 2020	46,532,522

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (6,485,644)	$ (5,318,925)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	35,265	10,514
Changes in fair value of warrant liabilities	(31,000)	9,000
Stock-based compensation	1,344,592	1,525,976
Amortization on right-of-use assets	47,361	44,211
Changes in operating assets and liabilities:
Prepaid expenses and deposits	(189,650)	(74,716)
Interest receivable	31,584	(4,023)
Accounts payable and accrued expenses	1,197,613	(27,628)
Lease liability	(49,187)	(44,575)
Net cash used in operating activities	(4,099,066)	(3,880,166)
Cash Flows from Investing Activities:
Purchase of property and equipment	(99,821)	(223,126)
Net cash used in investing activities	(99,821)	(223,126)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options		57,744
Proceeds from exercise of warrants	550,000	5,379
Net cash provided by financing activities	550,000	63,123
Net decrease in cash	(3,648,887)	(4,040,169)
Cash and cash equivalents at beginning of the period	43,903,949	61,746,748
Cash and cash equivalents at end of the period	40,255,062	57,706,579
Supplemental schedule of non-cash financing activities:
Issuance of common stock as commitment fee for future financing	$ 345	$ 0

NATURE OF OPERATIONS	3 Months Ended
NATURE OF OPERATIONS	Mar. 31, 2020
NATURE OF OPERATIONS
NATURE OF OPERATIONS	NOTE 1: NATURE OF OPERATIONS Marker Therapeutics, Inc., a Delaware corporation (the “Company” or “we”), is a clinical-stage immuno-oncology company specializing in the development and commercialization of novel T cell-based immunotherapies and innovative peptide-based vaccines for the treatment of hematological malignancies and solid tumor indications. The Company’s MultiTAA T cell technology is based on the selective expansion of non-engineered, tumor-specific T cells that recognize tumor associated antigens, which are tumor targets, and kill tumor cells expressing those targets. These T cells are designed to recognize multiple tumor targets to produce broad spectrum anti-tumor activity.

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 2: BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10‑Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results. The results for the condensed consolidated statement of operations are not necessarily indicative of results to be expected for the year ending December 31, 2020 or for any future interim period. The condensed consolidated balance sheet at March 31, 2020 has been derived from unaudited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2019 and notes thereto included in the Company’s annual report on Form 10‑K filed on March 12, 2020.

LIQUIDITY AND FINANCIAL CONDITION

3 Months Ended

Mar. 31, 2020

LIQUIDITY AND FINANCIAL CONDITION

LIQUIDITY AND FINANCIAL CONDITION

NOTE 3: LIQUIDITY AND FINANCIAL CONDITION

As of March 31, 2020, the Company had cash and cash equivalents of approximately $40.3 million. The Company’s activities since inception have consisted principally of acquiring product and technology rights, raising capital, and performing research and development. Successful completion of the Company’s development programs and, ultimately, the attainment of profitable operations are dependent on future events, including, among other things, its ability to access potential markets; secure financing; successfully progress its product candidates through preclinical and clinical development; obtain regulatory approval of one or more of its product candidates; maintain and enforce intellectual property rights; develop a customer base; attract, retain and motivate qualified personnel; and develop strategic alliances and collaborations. From inception, the Company has been funded by a combination of equity and debt financings.

The Company expects to continue to incur substantial losses over the next several years during its development phase. To fully execute its business plan, the Company will need to complete certain research and development activities and clinical trials. Further, the Company’s product candidates will require regulatory approval prior to commercialization. These activities will span many years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could adversely impact the Company. The Company plans to meet its capital requirements primarily through issuances of debt and equity securities and, in the longer term, revenue from sales of its product candidates, if approved.

Based on the Company’s revised clinical and research and development plans and its revised timing expectations related to the progress of its programs, and buildout of manufacturing and research facilities, and expansion of the Company’s corporate headquarters, discussed in Footnotes #6, #9 and #13 below, the Company expects that its cash and cash equivalents as of March 31, 2020 will enable the Company to fund its operating expenses and capital expenditure requirements into the latter half of the second quarter of 2021. The Company has based this estimate on assumptions that may prove to be wrong, and the Company could utilize its available capital resources sooner than it currently expects. Furthermore, the Company's operating plan may change, and it 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 the Company's product candidates and the extent to which the Company may enter into additional collaborations with third parties to participate in their development and commercialization, the Company is unable to estimate the amounts of increased capital outlays and operating expenditures associated with its current and anticipated clinical trials. The Company's future funding requirements will depend on many factors, as it:

initiates or continues clinical trials of its product candidates;

continues the research and development of its product candidates and seeks to discover additional product candidates;

seeks regulatory approvals for any product candidates that successfully complete clinical trials;

maintains and enforces intellectual property rights;

establishes sales, marketing and distribution infrastructure and scale-up manufacturing capabilities to commercialize any product candidates that may receive regulatory approval;

evaluates strategic transactions the Company may undertake; and

enhances operational, financial and information management systems and hires additional personnel, including personnel to support development of product candidates and, if a product candidate is approved, commercialization efforts.

In addition to the foregoing, based on the Company’s current assessment, the Company does not expect any material impact on its long-term liquidity due to the COVID-19 pandemic. However, the Company will continue to assess the effect of the pandemic on its operations, including its clinical programs. The extent to which the COVID-19 pandemic will impact the Company’s business and operations will depend on future developments that are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak, the duration and effect of business disruptions and the short-term effects and ultimate effectiveness of the travel restrictions, quarantines, social distancing requirements and business closures in the United States and other countries to contain and treat the disease. While the potential economic impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, a widespread pandemic could result in significant disruption of global financial markets, reducing the Company’s ability to access capital, which could in the future negatively affect the Company’s liquidity. In addition, a recession or market correction resulting from the spread of COVID-19 could materially affect the Company’s business and the value of its common stock.

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 4: SIGNIFICANT ACCOUNTING POLICIES New Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on its financial position or results of operations upon adoption. Recent Accounting Standards Not Yet Adopted Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements and related disclosures

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2020

NET LOSS PER SHARE

NET LOSS PER SHARE

NOTE 5: NET LOSS PER SHARE

Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted loss per common share is computed similarly to basic loss per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

The following table sets forth the computation of net loss per share:


	For the Three Months Ended
	March 31,
	2020		2019
Numerator:
Net loss	$	(6,485,644)	$	(5,318,925)

Denominator:
Weighted average common shares outstanding		46,084,383		45,465,754

Net loss per share data:
Basic and diluted	$	(0.14)	$	(0.12)

The following securities, rounded to the nearest thousand, were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the periods presented:


	For the Three Months Ended
	March 31,
	2020	2019
Common stock options	6,291,000	4,538,000
Common stock purchase warrants	21,381,000	22,979,000
Common stock warrants - liability treatment	—	27,000
Potentially dilutive securities	27,672,000	27,544,000

LEASES

3 Months Ended

Mar. 31, 2020

LEASES

LEASES

NOTE 6: LEASES

The Company leases office space under agreements classified as operating leases that expire on various dates through 2022. All of the Company’s lease liabilities result from the lease of its corporate headquarters in Houston, Texas, which expires in 2021, and its Jacksonville, Florida office space, which expires in 2022. Such leases do not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses; renewal options have not been included in the calculation of the lease liabilities and right of use assets as the Company is not reasonably certain to exercise the options. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. The Company does not act as a lessor or have any leases classified as financing leases.

The Company excludes short-term leases having initial terms of 12 months or less from the new accounting guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. The Company has two lease agreements, an office at the Florida Atlantic Research and Development Authority and laboratory space located at the Texas Medical Center in Houston, which are included in short-term lease expense below.

At March 31, 2020, the Company had operating lease liabilities of approximately $0.4 million and right of use assets of approximately $0.4 million, which were included in the condensed consolidated balance sheet.

The following summarizes quantitative information about the Company’s operating leases:


	For the Three Months Ended
	March 31,
	2020		2019
Operating lease expense summary:
Operating lease expense	$	55,000	$	55,000
Short-term lease expense		19,000		22,000
Variable lease expense		15,000		15,000
Total	$	89,000	$	92,000

Other information:


Right of use assets exchanged for new operating lease liabilities as of adoption date	$	670,000
Weighted-average remaining lease term as of March 31, 2020 – operating leases		1.5
Weighted-average discount rate as of adoption date – operating leases		6.8	%

Maturities of the Company's operating leases, excluding short-term leases, are as follows:


Nine months ended December 31, 2020	$	174,000
Year ended December 31, 2021		226,000
Year ended December 31, 2022		68,000
Total	$	468,000
Less present value discount		(33,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at March 31, 2020	$	435,000

On March 23, 2020, the Company entered into an agreement to expand its corporate headquarters in Houston, Texas, which is expected to commence in the third quarter of 2020. The initial lease term is ten years with two five-year renewal options. Fixed rent payments under the initial term are approximately $5.6 million. Additionally, the Company is also responsible for its share of operating expenses.

On March 30, 2020, the Company entered into a lease for a manufacturing facility in Houston, Texas. The lease is contingent upon the landlord’s successful acquisition of the property and is expected to commence in the second or third quarter of 2020. The initial lease term is ten years with two five-year renewal options. Fixed rent payments under the initial term are approximately $11.1 million. Additionally, the Company is also responsible for its share of operating expenses.

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2020

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

NOTE 7: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consist of the following as of March 31, 2020 and December 31, 2019, respectively:


	March 31,		December 31,
	2020		2019
Accounts payable	$	1,659,000	$	993,000
Compensation and benefits		616,000		323,000
Professional fees		363,000		94,000
Technology license fees		80,000		105,000
Other		237,000		243,000
Total accounts payable and accrued liabilities	$	2,955,000	$	1,758,000

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2020

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS

NOTE 8: WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS

During the three months ended March 31, 2020, all of the Company's common stock purchase warrants previously treated as a liability expired.

A summary of quantitative information with respect to valuation methodology and significant unobservable inputs used for the Company’s common stock purchase warrants that are categorized within Level 3 of the fair value hierarchy for the three months ended March 31, 2020 and 2019 is as follows:


	Weighted Average Inputs
	For the Three Months Ended
	March 31,
	2020		2019
Exercise price	$	—	$	9.72
Contractual term (years)		—		0.83
Volatility (annual)		—		97	%
Risk-free rate		—		2	%
Dividend yield (per share)		—		0	%

Financial Liabilities Measured at Fair Value on a Recurring Basis

Financial liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheet under Warrant liability:

Fair value measured at March 31, 2020

Quoted prices in active

Significant other

Significant

markets

observable inputs

unobservable inputs

Fair value at

(Level 1)

(Level 2)

(Level 3)

March 31, 2020

Warrant liability

—

Fair value measured at December 31, 2019

Quoted prices in active

Significant other

Significant

markets

observable inputs

unobservable inputs

Fair value at

(Level 1)

(Level 2)

(Level 3)

December 31, 2019

Warrant liability

—

31,000

The fair value accounting standards define fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is determined based upon assumptions that market participants would use in pricing an asset or liability. Fair value measurements are rated on a three-tier hierarchy as follows:

Level 1 inputs: Quoted prices (unadjusted) for identical assets or liabilities in active markets;

Level 2 inputs: Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly; and

Level 3 inputs: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

There were no transfers between Level 1, 2 or 3 during the three months ended March 31, 2020.

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2020:


	Warrant
	Liability
Balance - January 1, 2020	$	31,000
Change in fair value of warrant liability		(31,000)
Balance - March 31, 2020	$	—

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 9: COMMITMENTS AND CONTINGENCIES An arbitration proceeding was brought against the Company before the Financial Industry Regulatory Authority, Inc. by a broker seeking to be paid approximately $1 million as compensation for two 2018 transactions, a warrant conversion and a private placement brokered by another broker. The broker’s claims are based on a placement agent agreement for a private placement it brokered in 2017, under which it alleges it is entitled to compensation for the 2018 transactions. The Company believes it has defenses to all of the allegations and intends to vigorously defend itself in this matter. On March 26, 2020 the Company entered into an agreement with a vendor to design, engineer, build and eventually install modular cleanrooms in a manufacturing facility, which the Company expects to lease with a commencement date in the second or third quarter of 2020. The total fees for this project to be substantially completed by December 31, 2020 are estimated to be $6.0 million.

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2020

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 10: STOCKHOLDERS’ EQUITY

Common Stock Transactions

Exercise of Stock Warrants

During the three months ended March 31, 2020, certain outstanding warrants were exercised for 458,334 shares of common stock providing aggregate proceeds to the Company of approximately $0.6 million.

Aspire Capital

On February 28, 2020, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Aspire Capital Fund, LLC (“Aspire Capital”) which provides that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $30.0 million of shares of the Company’s common stock over the 30-month term of the purchase agreement. In consideration for entering into the purchase agreement, the Company issued to Aspire Capital 345,357 shares of the Company’s common stock as a commitment fee. The Company recorded the commitment fee to additional paid in capital. As of March 31, 2020, Aspire Capital had not purchased any shares under the Purchase Agreement.

The Company may request daily up to 0.1 million shares to be purchased with a maximum purchase commitment of 9.2 million shares over the term of the arrangement. The purchase price will generally be 97% of the stock price on the date of purchase.

Share Purchase Warrants

A summary of the Company’s share purchase warrants as of March 31, 2020 and changes during the period is presented below:


				Weighted Average
	Number of	Weighted Average		Remaining Contractual	Total Intrinsic
	Warrants	Exercise Price		Life (in years)	Value
Balance - January 1, 2020	22,664,000	$	4.71	3.33	$	954,000
Exercised for cash	(458,000)		1.20	—		—
Expired or cancelled	(825,000)		7.10	—		—
Balance - March 31, 2020	21,381,000	$	4.69	3.28	$	—

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 11: STOCK-BASED COMPENSATION

Stock Options

Award of 2019 Performance Bonuses and 2020 Equity Incentive Awards

On March 10, 2020, upon the recommendation of the compensation committee and pursuant to the Company’s 2014 Omnibus Stock Ownership Plan, the Company’s board of directors approved a total of 1,170,000 options to purchase the Company’s common stock as (i) performance bonuses for 2019 performance and (ii) equity-based incentive awards to the Company’s executive officers. Each option award was granted with an exercise price of $2.12 per share, the closing price of the Company’s common stock on the Nasdaq Global Market on March 10, 2020, with the option award vesting in 48 equal monthly installments over a four-year period, subject to such executive officer’s continued service on the applicable vesting date. Additionally, on March 10, 2020, the Company issued 111,000 options to purchase the Company’s common stock to other employees of the Company as equity-based incentive awards. Each option award was granted with an exercise price of $2.12 per share, the closing price of the Company’s common stock on the Nasdaq Global Market on March 10, 2020, with the option award vesting in 48 equal monthly installments over a four-year period, subject to such executive officer’s continued service on the applicable vesting date.

The above awards were in addition to stock option awards issued during the three months ended March 31, 2020 to new employees upon their commencement of employment with the Company.

A summary of the Company’s stock option activity is as follows:


						Weighted
						Average
		Weighted				Remaining
	Number of	Average		Total Intrinsic		Contractual
	Shares	Exercise Price		Value		Life (in years)
Outstanding as of January 1, 2020	4,983,000	$	7.79	$	18,000	8.9
Granted	1,321,000		2.14		—	9.9
Cancelled	(13,000)		7.26		—	—
Outstanding as of March 31, 2020	6,291,000	$	6.60	$	—	8.9
Options vested and exercisable	1,610,000	$	8.17	$	—	8.4

The Black-Scholes option pricing model is used to estimate the fair value of stock options granted under the Company’s share-based compensation plans. The weighted average assumptions used in calculating the fair values of stock options that were granted during the three months ended March 31, 2020 was as follows:


	For the Three Months Ended
	March 31, 2020
Exercise price	$	2.14
Expected term (years)		6.0
Expected stock price volatility		109	%
Risk-free rate of interest		1	%
Expected dividend rate		0	%

The following table sets forth stock-based compensation expenses recorded during the respective periods:


	For the Three Months Ended
	March 31,
	2020		2019
Stock Compensation expenses:
Research and development	$	781,000	$	687,000
General and administrative		564,000		839,000
Total stock compensation expenses	$	1,345,000	$	1,526,000

At March 31, 2020, the total stock-based compensation cost related to unvested awards not yet recognized was $15.9 million. The expected weighted average period compensation costs to be recognized was approximately 3.0 years. Future option grants will impact the compensation expense recognized.

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2020

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 12: RELATED PARTY TRANSACTIONS

The following table sets forth related party transaction expenses recorded during the respective periods:


	For the Three Months Ended
	March 31,
	2020		2019
Research and development	$	235,000	$	88,500
Total	$	235,000	$	88,500

Sponsored Research Agreements with The Baylor College of Medicine (“BCM”). On November 16, 2018 and February 1, 2020, in furtherance of the BCM License Agreement and as contemplated by the terms thereof, the Company entered in Sponsored Research Agreements (“SRAs”) with BCM, which provided for the conduct of research for the Company by credentialed personnel at BCM’s Center for Cell and Gene Therapy.

During the quarters ended March 31, 2020 and 2019, the Company incurred approximately $35,000 and $7,500, respectively, of expenses to BCM under the two SRAs.

Clinical Supply Agreement with BCM. On September 9, 2019, in furtherance of the BCM License Agreement and as contemplated by the terms thereof, the Company entered in a Clinical Supply Agreement ("CSA") with BCM, which provided for BCM to provide to the Company multi tumor antigen specific products.

During the quarter ended March 31, 2020, the Company incurred approximately $200,000 of expenses to BCM under the CSA.

Consulting Agreement with Dr. Juan Vera. On October 19, 2018, after the closing of the Company’s merger, the Company entered into a consulting agreement with Dr. Juan Vera, a member of the Company’s board of directors, to serve as the Company’s Chief Development Officer. On September 1, 2019, Dr. Vera became an employee of the Company and his consulting agreement was terminated.

During the quarter ended March 31, 2019, the Company incurred approximately $81,000 of expenses under Dr. Vera’s consulting agreement.

SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Mar. 31, 2020
SUBSEQUENT EVENT
SUBSEQUENT EVENT	NOTE 13: SUBSEQUENT EVENT On April 30, 2020, the Company entered into a lease for a research facility in Houston, Texas. The lease term is 71 months. Fixed rent payments under the initial term are approximately $1.1 million. Additionally, the Company is also responsible for its share of operating expenses.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
New Accounting Standards	New Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on its financial position or results of operations upon adoption. Recent Accounting Standards Not Yet Adopted Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements and related disclosures

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2020

NET LOSS PER SHARE

Schedule of computation of loss per share


	For the Three Months Ended
	March 31,
	2020		2019
Numerator:
Net loss	$	(6,485,644)	$	(5,318,925)

Denominator:
Weighted average common shares outstanding		46,084,383		45,465,754

Net loss per share data:
Basic and diluted	$	(0.14)	$	(0.12)

Schedule of anti-dilutive securities


	For the Three Months Ended
	March 31,
	2020	2019
Common stock options	6,291,000	4,538,000
Common stock purchase warrants	21,381,000	22,979,000
Common stock warrants - liability treatment	—	27,000
Potentially dilutive securities	27,672,000	27,544,000

LEASES (Tables)

3 Months Ended

Mar. 31, 2020

LEASES

Schedule of quantitative information about operating leases


	For the Three Months Ended
	March 31,
	2020		2019
Operating lease expense summary:
Operating lease expense	$	55,000	$	55,000
Short-term lease expense		19,000		22,000
Variable lease expense		15,000		15,000
Total	$	89,000	$	92,000

Other information:


Right of use assets exchanged for new operating lease liabilities as of adoption date	$	670,000
Weighted-average remaining lease term as of March 31, 2020 – operating leases		1.5
Weighted-average discount rate as of adoption date – operating leases		6.8	%

Schedule of maturities of operating leases


Nine months ended December 31, 2020	$	174,000
Year ended December 31, 2021		226,000
Year ended December 31, 2022		68,000
Total	$	468,000
Less present value discount		(33,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at March 31, 2020	$	435,000

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2020

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Schedule of accounts payable and accrued liabilities


	March 31,		December 31,
	2020		2019
Accounts payable	$	1,659,000	$	993,000
Compensation and benefits		616,000		323,000
Professional fees		363,000		94,000
Technology license fees		80,000		105,000
Other		237,000		243,000
Total accounts payable and accrued liabilities	$	2,955,000	$	1,758,000

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS

Schedule of valuation methodology


	Weighted Average Inputs
	For the Three Months Ended
	March 31,
	2020		2019
Exercise price	$	—	$	9.72
Contractual term (years)		—		0.83
Volatility (annual)		—		97	%
Risk-free rate		—		2	%
Dividend yield (per share)		—		0	%

Schedule of financial liabilities measured at fair value on a recurring basis

Fair value measured at March 31, 2020

Quoted prices in active

Significant other

Significant

markets

observable inputs

unobservable inputs

Fair value at

(Level 1)

(Level 2)

(Level 3)

March 31, 2020

Warrant liability

—

Fair value measured at December 31, 2019

Quoted prices in active

Significant other

Significant

markets

observable inputs

unobservable inputs

Fair value at

(Level 1)

(Level 2)

(Level 3)

December 31, 2019

Warrant liability

—

31,000

Schedule of Changes in Level 3 Liabilities Measured at Fair Value


	Warrant
	Liability
Balance - January 1, 2020	$	31,000
Change in fair value of warrant liability		(31,000)
Balance - March 31, 2020	$	—

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2020

STOCKHOLDERS' EQUITY

Schedule of share purchase warrants


				Weighted Average
	Number of	Weighted Average		Remaining Contractual	Total Intrinsic
	Warrants	Exercise Price		Life (in years)	Value
Balance - January 1, 2020	22,664,000	$	4.71	3.33	$	954,000
Exercised for cash	(458,000)		1.20	—		—
Expired or cancelled	(825,000)		7.10	—		—
Balance - March 31, 2020	21,381,000	$	4.69	3.28	$	—

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

STOCK-BASED COMPENSATION

Summary of the Company's stock option activity


						Weighted
						Average
		Weighted				Remaining
	Number of	Average		Total Intrinsic		Contractual
	Shares	Exercise Price		Value		Life (in years)
Outstanding as of January 1, 2020	4,983,000	$	7.79	$	18,000	8.9
Granted	1,321,000		2.14		—	9.9
Cancelled	(13,000)		7.26		—	—
Outstanding as of March 31, 2020	6,291,000	$	6.60	$	—	8.9
Options vested and exercisable	1,610,000	$	8.17	$	—	8.4

Schedule or Description of Weighted Average Discount Rate


	For the Three Months Ended
	March 31, 2020
Exercise price	$	2.14
Expected term (years)		6.0
Expected stock price volatility		109	%
Risk-free rate of interest		1	%
Expected dividend rate		0	%

Schedule of stock-based compensation expenses


	For the Three Months Ended
	March 31,
	2020		2019
Stock Compensation expenses:
Research and development	$	781,000	$	687,000
General and administrative		564,000		839,000
Total stock compensation expenses	$	1,345,000	$	1,526,000

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2020

RELATED PARTY TRANSACTIONS


	For the Three Months Ended
	March 31,
	2020		2019
Research and development	$	235,000	$	88,500
Total	$	235,000	$	88,500

LIQUIDITY AND FINANCIAL CONDITION (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
LIQUIDITY AND FINANCIAL CONDITION
Cash and cash equivalents	$ 40,255,062	$ 43,903,949

NET LOSS PER SHARE - Computation of loss per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss	$ (6,485,644)	$ (5,318,925)
Denominator:
Weighted average common shares outstanding	46,084,383	45,465,754
Net loss per share data:
Basic and diluted	$ (0.14)	$ (0.12)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

NET LOSS PER SHARE - Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Potentially dilutive securities	27,672,000	27,544,000
Common stock options
Common stock purchase warrants	6,291,000	4,538,000
Common stock purchase warrants
Common stock purchase warrants	21,381,000	22,979,000
Common stock warrants - liability treatment
Common stock purchase warrants	0	27,000

LEASES - Quantitative Information About Operating Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating lease expense summary:
Operating lease expense	$ 55,000	$ 55,000
Short-term lease expense	19,000	22,000
Variable lease expense	15,000	15,000
Total	89,000	$ 92,000
Other information
Right of use assets exchanged for new operating lease liabilities as of adoption date	$ 670,000
Weighted-average remaining lease term as of March 31, 2020 - operating leases	1 year 6 months
Weighted-average discount rate as of adoption date - operating leases	6.80%

LEASES - Maturities of Operating Leases (Details)	Mar. 31, 2020 USD ($)
LEASES
Nine months ended December 31, 2020	$ 174,000
Year ended December 31, 2021	226,000
Year ended December 31, 2022	68,000
Total	468,000
Less present value discount	(33,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at March 31, 2020	$ 435,000

LEASES - Additional Information (Details)			3 Months Ended
LEASES - Additional Information (Details)	Mar. 30, 2020 USD ($) Options	Mar. 23, 2020 USD ($) Options	Mar. 31, 2020 USD ($) agreement	Dec. 31, 2019 USD ($)
LEASES
Number of lease agreements \| agreement			2
Operating lease, liability			$ 435,000
Operating lease, right-of-use asset			$ 407,813	$ 455,174
Initial lease term	10 years	10 years
Number of renewal options \| Options	2	2
Renewal term	5 years	5 years
Fixed lease rent payment	$ 11,100,000	$ 5,600,000

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 1,659,000	$ 993,000
Compensation and benefits	616,000	323,000
Professional fees	363,000	94,000
Technology license fees	80,000	105,000
Other	237,000	243,000
Total accounts payable and accrued liabilities	$ 2,955,293	$ 1,757,680

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS - Valuation Methodology (Details) - Share Purchase Warrants - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exercise price	$ 0.00	$ 9.72
Contractual term (years)	0 years	9 months 29 days
Volatility (annual)	0.00%	97.00%
Risk-free rate	0.00%	2.00%
Dividend yield (per share)	0.00%	0.00%

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS - Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Transfers between levels 1, 2 or 3 of the fair value hierarchy	$ 0
Fair value hedging
Warrant liability	0	$ 31,000
Level 1 \| Fair value hedging
Warrant liability	0	0
Level 2 \| Fair value hedging
Warrant liability	0	0
Level 3 \| Fair value hedging
Warrant liability	$ 0	$ 31,000

WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS - Changes in Level 3 Liabilities Measured at Fair Value (Details)	3 Months Ended
	Mar. 31, 2020 USD ($)
WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS
Balance	$ 31,000
Change in fair value of warrant liability	(31,000)
Balance	$ 0

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Loss Contingency, Damages Sought, Value	$ 1.0
Total fee for project		$ 6.0

STOCKHOLDERS' EQUITY - Share Purchase Warrants (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Number of Warrants, Beginning balance	22,664,000
Number of Warrants, Exercised for cash	(458,000)
Number of Warrants, Expired or cancelled	(825,000)
Number of Warrants, Ending balance	21,381,000	22,664,000
Weighted Average Exercise Price, Beginning Balance	$ 4.71
Weighted Average Exercise Price, Exercised for cash	1.20
Weighted Average Exercise Price, Expired or cancelled	7.10
Weighted Average Exercise Price, Ending Balance	$ 4.69	$ 4.71
Weighted Average Remaining Contractual Life (in years)	3 years 3 months 11 days	3 years 3 months 29 days
Total Intrinsic Value		$ 954,000

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Feb. 28, 2020	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Proceeds from exercise of warrants			$ 550,000	$ 5,379
Proceeds from Issuance of Warrants		$ 600,000
Aspire Capital
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Aggregate shares of common stock	30,000,000
Agreement Term	30 months
Common shares issued	345,357
Maximum purchase commitment per day	100,000
Maximum purchase commitment over term of agreement	9,200,000
Exercise of Stock Warrants
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Issuance of shares of common stock		458,334	458,334

STOCK-BASED COMPENSATION - Stock Option Activity (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
STOCK-BASED COMPENSATION
Number of Shares Outstanding, Beginning Balance	4,983,000
Number of Shares, Granted	1,321,000
Number of Shares, Cancelled	(13,000)
Number of Shares Outstanding, Ending Balance	6,291,000	4,983,000
Number of Shares, Options vested and exercisable	1,610,000
Weighted Average Exercise Price per Share Outstanding, Beginning Balance	$ 7.79
Weighted Average Exercise Price per Share, Granted	2.14
Weighted Average Exercise Price per Share, Cancelled	7.26
Weighted Average Exercise Price per Share Outstanding, Ending Balance	6.60	$ 7.79
Weighted Average Exercise Price, Options vested and exercisable	$ 8.17
Total Intrinsic Value Outstanding		$ 18,000
Weighted Average Remaining Contractual Life, Outstanding	8 years 10 months 24 days	8 years 10 months 24 days
Weighted Average Remaining Contractual Life, Options granted	9 years 10 months 24 days
Weighted Average Remaining Contractual Life, Options vested and exercisable	8 years 4 months 24 days

STOCK-BASED COMPENSATION - Weighted Average Assumptions (Detail)	3 Months Ended
	Mar. 31, 2020 $ / shares
STOCK-BASED COMPENSATION
Exercise price	$ 2.14
Expected term (years)	6 years
Expected stock price volatility	109.00%
Risk-free rate of interest	1.00%
Expected dividend rate	0.00%

STOCK-BASED COMPENSATION - Stock-based compensation expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total stock compensation expenses	$ 1,344,592	$ 1,525,976
Research and development
Total stock compensation expenses	781,000	687,000
General and administrative
Total stock compensation expenses	$ 564,000	$ 839,000

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 10, 2020	Mar. 31, 2020	Dec. 31, 2019
Compensation cost not yet recognized		$ 15.9
Compensation cost not yet recognized, period for recognition		3 years
Number of Shares, Granted		1,321,000
Exercise price		$ 2.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		6,291,000	4,983,000
Award of 2019 Performance [Member] \| Omnibus Stock Option Plan 2014 [Member]
Number of Shares, Granted	1,170,000
Exercise price	$ 2.12
Award vesting period	4 years
2020 Equity Incentive Awards [Member] \| Omnibus Stock Option Plan 2014 [Member]
Number of Shares, Granted	111,000
Exercise price	$ 2.12
Award vesting period	4 years

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Related party transaction expenses	$ 235,000	$ 88,500
Clinical Supply Agreement with BCM [Member]
Related Party Transaction [Line Items]
Payment for sponsored research fees	200,000
Sponsored Research Agreement with The Baylor College of Medicine ("BCM")
Related Party Transaction [Line Items]
Payment for sponsored research fees	35,000	7,500
Chief Development Officer \| Consulting Agreement with Dr. Juan Vera
Related Party Transaction [Line Items]
Consulting fees	81,000
Research and development
Related Party Transaction [Line Items]
Related party transaction expenses	$ 235,000	$ 88,500

SUBSEQUENT EVENT (Details) - USD ($) $ in Millions	Apr. 30, 2020	Mar. 30, 2020	Mar. 23, 2020
Subsequent Event [Line Items]
Lease term		10 years	10 years
Fixed lease rent payment		$ 11.1	$ 5.6
Subsequent event
Subsequent Event [Line Items]
Lease term	71 months
Fixed lease rent payment	$ 1.1