Financial Performance - IMUNON reported a net loss of $4.1 million, or $0.28 per share, for Q1 2025, compared to a net loss of $4.9 million, or $0.52 per share, in Q1 2024, reflecting a decrease in losses[14]. - Net loss narrowed to $4,102,000 in Q1 2025 compared to a net loss of $4,929,000 in Q1 2024, representing a decrease of about 16.7%[25]. - Net loss per common share improved to $(0.28) in Q1 2025 from $(0.52) in Q1 2024, reflecting a 46.2% reduction[25]. Operating Expenses - Operating expenses decreased by 18% to $4.1 million in Q1 2025 from $5.0 million in Q1 2024[14]. - Total operating expenses decreased to $4,145,000 in Q1 2025 from $5,011,000 in Q1 2024, a reduction of approximately 17.3%[25]. - General and administrative expenses increased to $2.0 million in Q1 2025 from $1.7 million in Q1 2024, mainly due to higher employee-related expenses[16]. - General and administrative expenses increased to $1,980,000 in Q1 2025 from $1,717,000 in Q1 2024, an increase of about 15.3%[25]. - Research and development (R&D) expenses were $2.2 million in Q1 2025, down from $3.3 million in Q1 2024, primarily due to lower costs associated with the OVATION 2 Study and the Phase 1 PlaCCine DNA vaccine trial[15]. - Research and development expenses decreased to $2,165,000 in Q1 2025 from $3,294,000 in Q1 2024, a reduction of approximately 34.3%[25]. Cash and Assets - As of March 31, 2025, cash and cash equivalents were $2.9 million, with the company believing it has sufficient capital to fund operations into late Q2 2025[17]. - Cash and cash equivalents decreased to $2,872,000 as of March 31, 2025, down from $5,873,000 as of December 31, 2024, a decline of 51.1%[27]. - Total assets decreased to $6,862,000 as of March 31, 2025, from $9,717,000 as of December 31, 2024, a reduction of approximately 29.5%[27]. - Stockholders' equity decreased to $452,000 as of March 31, 2025, down from $4,244,000 as of December 31, 2024, a decline of about 89.4%[27]. Liabilities - Total liabilities increased to $6,410,000 as of March 31, 2025, compared to $5,473,000 as of December 31, 2024, an increase of about 17.1%[27]. - Current liabilities rose to $5,797,000 as of March 31, 2025, up from $4,786,000 as of December 31, 2024, an increase of approximately 21.1%[27]. Clinical Trials and Research - The first trial site for the Phase 3 OVATION 3 study of IMNN-001 was initiated on May 8, 2025, focusing on newly diagnosed advanced ovarian cancer[5]. - Data from the Phase 1/2 OVATION 2 study of IMNN-001 will be published in the peer-reviewed journal Gynecologic Oncology on June 3, 2025[7]. - An abstract from the OVATION 2 study was accepted for oral presentation at the 2025 ASCO Annual Meeting, scheduled for June 3, 2025[8]. - The Phase 3 OVATION 3 trial will assess the safety and efficacy of IMNN-001 combined with chemotherapy compared to standard care[6]. - IMUNON plans to seek potential partners for further development of the IMNN-101 vaccine based on its PlaCCine technology platform[12].
Imunon(IMNN) - 2025 Q1 - Quarterly Results