In This Story
Imunon, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $4.8 million compared to a net loss of $3.5 million in the same quarter of the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $3.3 million from $2.0 million in the previous year, primarily due to costs associated with the OVATION 2 Study and the PlaCCine vaccine trial.
General and administrative expenses decreased to $1.7 million from $1.9 million, mainly due to a reduction in legal fees.
The company reported cash and cash equivalents of $10.3 million as of September 30, 2024, raising concerns about its ability to continue as a going concern.
Imunon completed a registered direct offering in July 2024, issuing 5,000,000 shares of common stock for gross proceeds of $10.0 million.
The company continues to focus on its lead clinical program, IMNN-001, a DNA-based immunotherapy for ovarian cancer, and its PLACCINE DNA vaccine platform.
The filing details the company's financial condition, indicating substantial future capital requirements to continue research and development activities.
Imunon plans to seek additional capital through public or private equity offerings, debt financing, or strategic alliances.
The company acknowledges the risks associated with its operations, including potential impacts from global economic conditions and market volatility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Imunon Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.