Imunon, Inc., a clinical-stage biotechnology company focused on developing innovative treatments using non-viral DNA technology, reported significant financial developments in its 10-Q filing for the nine months ended September 30, 2024. The company’s total assets decreased to $14.4 million from $21.9 million at the end of 2023, primarily due to a reduction in total current assets, which fell from $18.2 million to $12.5 million. Cash and cash equivalents increased to $10.3 million, up from $5.8 million, reflecting a net change of $4.5 million during the period.

For the three months ended September 30, 2024, Imunon reported total operating expenses of $4.96 million, a 27.1% increase from $3.90 million in the same period of 2023. Research and development expenses surged by 66.2%, reaching $3.29 million compared to $1.98 million in the prior year. The loss from operations for the third quarter was $(4.96 million), compared to $(3.90 million) in 2023. The net loss for the quarter was $(4.85 million), up from $(3.48 million) in the same period last year. For the nine months ended September 30, 2024, the net loss was $(14.56 million), slightly improved from $(14.63 million) in 2023.

The company’s financing activities included the issuance of 5 million shares of common stock at $2.00 per share on July 30, 2024, generating gross proceeds of $10 million. This offering was accompanied by unregistered warrants for an additional 5 million shares at the same exercise price. The total number of shares outstanding increased to 14.5 million as of September 30, 2024, compared to 9.4 million at the beginning of the period.

Imunon’s strategic focus remains on advancing its lead clinical program, IMNN-001, a DNA-based immunotherapy for advanced ovarian cancer, which has completed Phase II studies. The company also initiated a first-in-human study for its COVID-19 booster vaccine, IMNN-101. Despite these advancements, management expressed substantial doubt regarding the company’s ability to continue as a going concern, citing the need for additional capital to fund operations in the coming year.

Overall, Imunon continues to navigate a challenging financial landscape while pursuing its clinical development goals, with cumulative net losses reaching approximately $403 million as of September 30, 2024.