Immuneering (US:IMRX)2025-11-12 21:19Financial Performance - The company reported a net loss of $14.96 million for the three months ended September 30, 2025, compared to a net loss of $14.60 million for the same period in 2024, indicating a slight increase in losses of about 2.4%[21]. - The net loss for the nine months ended September 30, 2025, was $44.4 million, compared to a net loss of $43.0 million for the same period in 2024, representing an increase of approximately 3.4%[27]. - The company's consolidated net loss for the three months ended September 30, 2025, was $14,964,875, compared to $14,597,366 for the same period in 2024, representing an increase of 2.5%[116]. - For the nine months ended September 30, 2025, the consolidated net loss was $44,444,888, up from $42,985,123 in 2024, indicating a year-over-year increase of 3.4%[116]. - The company has incurred net losses of approximately $44.4 million and $61.0 million for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively[213]. Assets and Equity - As of September 30, 2025, Immuneering Corporation's total assets increased to $241.06 million, up from $52.71 million as of December 31, 2024, representing a growth of approximately 357%[19]. - Total stockholders' equity rose to $227.98 million as of September 30, 2025, compared to $41.39 million at the end of 2024, reflecting an increase of approximately 450%[19]. - The company had cash and cash equivalents of $227.56 million as of September 30, 2025, a significant increase from $36.14 million at the end of 2024, marking a growth of about 529%[19]. - As of September 30, 2025, the company had an accumulated deficit of $268.7 million and expects to continue generating operating losses for the foreseeable future[40]. Research and Development - Research and development expenses for the three months ended September 30, 2025, were $10.87 million, a decrease of 3.4% from $11.25 million in the same period of 2024[21]. - The company expects research and development expenses to substantially increase as product candidates advance through clinical development[156]. - The company is currently conducting an ongoing Phase 1/2a clinical trial for its product candidate atebimetinib for the treatment of advanced solid tumors[213]. - Program expenses for atebimetinib (IMM-1-104) were $5,091,491 for the three months ended September 30, 2025, compared to $4,591,547 in 2024, reflecting an increase of 10.9%[116]. Financing Activities - The company raised $164.5 million from a public offering of common stock on September 26, 2025, after deducting underwriting costs[39]. - The company completed a private placement on August 26, 2025, raising $23.4 million after deducting placement expenses[37]. - The company sold 5,164,159 shares of common stock under the 2022 ATM program, generating gross proceeds of $15.6 million during the nine months ended September 30, 2025[33]. - The September 2025 Offering raised $164.1 million from the sale of 18,959,914 shares at $9.23 per share, after deducting underwriting discounts[90]. Stock and Shares - The weighted-average common shares outstanding increased to 39,670,095 for the three months ended September 30, 2025, compared to 29,841,883 for the same period in 2024, representing an increase of approximately 32.8%[21]. - The Company had 63,483,397 shares of Class A common stock issued and outstanding as of September 30, 2025, an increase from 31,050,448 as of December 31, 2024[69]. - The Company had a total of 11,174,289 potentially dilutive securities excluded from the diluted net loss per share calculation as of September 30, 2025[92]. Future Outlook - The company expects to continue incurring net losses and increasing expenses related to research and development, general and administrative activities, and capital expenditures[185]. - Future net losses are expected to increase substantially as the company advances its product candidates through preclinical and clinical development[216]. - The company may never achieve profitability due to the numerous risks and uncertainties associated with pharmaceutical product development[215]. - The company believes its existing cash and cash equivalents will fund operations into 2029, but additional capital will be needed for future operations[186]. General and Administrative Expenses - General and administrative expenses increased by 12.2% to $4.5 million for the three months ended September 30, 2025, compared to $4.0 million in 2024[163]. - The company anticipates that general and administrative expenses will rise as it increases headcount and incurs costs associated with operating as a public company[159].