Immuneering (IMRX) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss for Q3 2024 was $14.6 million, or $0.49 per share, compared to a net loss of $12.6 million, or $0.43 per share, in Q3 2023[8]. - Total operating expenses for Q3 2024 were $15.3 million, compared to $13.9 million in Q3 2023, reflecting a year-over-year increase of 9.7%[15]. - Research and Development (R&D) expenses for Q3 2024 were $11.3 million, an increase of 11.9% from $10.1 million in Q3 2023[6]. - General and Administrative (G&A) expenses for Q3 2024 were $4.0 million, slightly up from $3.9 million in Q3 2023[7]. Cash Position - Cash position as of September 30, 2024, was $50.7 million, down from $85.7 million as of December 31, 2023[5]. - The company expects its cash runway to fund operations into the fourth quarter of 2025[9]. - Cash and cash equivalents decreased from $59,405,817 to $45,205,577, representing a decrease of about 24%[17]. - Total current assets decreased from $89,083,669 on December 31, 2023, to $55,259,501 on September 30, 2024, a decline of approximately 38%[17]. Assets and Liabilities - Total assets decreased from $102,584,538 to $68,557,104, a decline of approximately 33%[17]. - Total liabilities decreased from $12,008,355 to $10,836,290, a reduction of approximately 10%[17]. - Stockholders' equity decreased from $90,576,183 to $57,720,814, a decline of about 36%[17]. - Accumulated deficit increased from $(163,258,578) to $(206,243,700), reflecting a worsening of approximately 26%[17]. - Additional paid-in capital increased from $253,806,267 to $263,925,619, an increase of about 4%[17]. - Accounts payable decreased from $2,111,666 to $1,942,782, a reduction of about 8%[17]. - Accrued expenses decreased from $5,173,960 to $4,592,825, a decline of approximately 11%[17]. - Marketable securities decreased significantly from $26,259,868 to $5,452,155, a drop of about 79%[17]. Clinical Development - Positive initial data for IMM-1-104 in combination with chemotherapy showed complete and partial responses in first-line pancreatic cancer patients[2]. - FDA granted Orphan Drug designation for IMM-1-104 in October 2024, and Fast Track designation in July 2024 for first-line pancreatic cancer treatment[4][3]. - Initial data from at least one additional arm of the Phase 2a trial is expected by year-end 2024[4]. - The company aims to develop universal-RAS/RAF medicines targeting broad populations of cancer patients[10].