Financial Performance - IMUNON reported a net loss of $18.6 million for 2024, a decrease from a net loss of $19.5 million in 2023, resulting in a loss per share of $1.62 compared to $2.16 in the previous year[15]. - Operating expenses for 2024 were $19.1 million, down 9% from $21.0 million in 2023[15]. - General and administrative expenses decreased by 23% to $7.5 million in 2024, primarily due to lower legal and employee-related costs[17]. - Investment income from short-term investments decreased to $0.5 million in 2024 from $1.2 million in 2023[23]. - Total operating expenses for 2024 were $19.132 million, down from $21.030 million in 2023, representing a reduction of approximately 9.0%[28]. - The net loss for 2024 was $18.620 million, compared to a net loss of $19.515 million in 2023, indicating an improvement of about 4.6%[28]. - Total current assets decreased to $8.009 million in 2024 from $18.241 million in 2023, a decline of approximately 56.0%[30]. - Cash and cash equivalents slightly increased to $5.873 million in 2024 from $5.839 million in 2023[30]. - Total liabilities decreased to $5.473 million in 2024 from $8.530 million in 2023, a reduction of approximately 35.0%[30]. - The company incurred $0.2 million in interest expense in the first half of 2023 related to the terminated loan facility[23]. - The weighted average shares outstanding increased to 11.508 million in 2024 from 9.045 million in 2023[28]. Research and Development - Research and development (R&D) expenses were $11.6 million for 2024, slightly up from $11.3 million in 2023, with costs associated with the OVATION 2 Study at $1.4 million[16]. - The lead clinical program, IMNN-001, has completed Phase 2 development for advanced ovarian cancer treatment[24]. - IMUNON plans to initiate a Phase 3 pivotal trial of IMNN-001 in advanced ovarian cancer in Q1 2025[3]. - The Phase 1 clinical trial of IMNN-101 demonstrated a persistent 2- to 4-fold increase in serum neutralizing antibody titers, indicating strong immunogenicity[9]. - IMUNON received positive feedback from the FDA regarding the Chemistry, Manufacturing, and Controls (CMC) for IMNN-001, supporting its production for the upcoming Phase 3 trial[5]. Clinical Outcomes - The median overall survival for patients treated with IMNN-001 plus standard-of-care chemotherapy increased to 13 months, compared to 11.1 months previously, with a hazard ratio improvement from 0.74 to 0.69[6]. - More than one-third of patients in the trial survived over 36 months, with 62% from the IMNN-001 treatment arm[6]. Technology Development - The company is advancing its non-viral DNA technology, including the development of its COVID-19 booster vaccine (IMNN-101)[24].
Imunon(IMNN) - 2024 Q4 - Annual Results