Immuneering (IMRX) - 2025 Q3 - Quarterly Results

Financial Performance - Net loss attributable to common stockholders was $15.0 million, or $0.38 per share, for Q3 2025, compared to a net loss of $14.6 million, or $0.49 per share, for Q3 2024[9]. - For the three months ended September 30, 2025, the net loss was $14,964,875, compared to a net loss of $14,597,366 for the same period in 2024, representing an increase of 2.5%[19]. - Total operating expenses for the nine months ended September 30, 2025, were $45,623,250, slightly higher than $45,513,246 for the same period in 2024, indicating a year-over-year increase of 0.2%[19]. - The comprehensive loss for the three months ended September 30, 2025, was $14,964,875, compared to $14,589,521 for the same period in 2024, indicating an increase of 2.6%[19]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $227.6 million, compared to $36.1 million as of December 31, 2024[5]. - Cash and cash equivalents increased significantly to $227,563,077 as of September 30, 2025, compared to $36,144,720 as of December 31, 2024, reflecting a growth of 529.5%[21]. - Total assets rose to $241,056,266 as of September 30, 2025, compared to $52,714,413 as of December 31, 2024, marking an increase of 356.5%[21]. - The accumulated deficit increased to $268,740,074 as of September 30, 2025, from $224,295,186 at the end of 2024, representing a rise of 19.8%[21]. - Total current liabilities increased to $9,545,265 as of September 30, 2025, from $7,503,768 as of December 31, 2024, reflecting a rise of 27.2%[21]. Research and Development - R&D expenses for Q3 2025 were $10.9 million, a slight decrease from $11.3 million in Q3 2024[6]. - Research and development expenses for the three months ended September 30, 2025, were $10,867,983, a decrease of 3.4% from $11,252,850 in 2024[19]. General and Administrative Expenses - G&A expenses for Q3 2025 increased to $4.5 million from $4.0 million in Q3 2024, primarily due to increased public filing costs[7]. Funding and Capital - Closed $175 million underwritten public offering and a concurrent $25 million private placement with Sanofi, raising a total of $225 million[3]. - The company expects its cash runway to be sufficient to fund operations into 2029[10]. Clinical Trials and Milestones - Reported extraordinary 86% overall survival at 9 months in first-line pancreatic cancer patients treated with atebimetinib + mGnP, based on a Phase 2a trial with 34 patients[3]. - New case studies reported significant patient responses, including a complete response and a patient eligible for curative surgery after treatment with atebimetinib[4]. - Upcoming milestones include updated survival data in 1H 2026 and beginning patient dosing in the pivotal Phase 3 trial by mid-2026[8]. Intellectual Property - Granted U.S. composition of matter patent for atebimetinib, expected to provide exclusivity until 2042[1]. Shareholder Information - 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, an increase of 32.9%[19]. Interest Income - Interest income for the nine months ended September 30, 2025, was $1,178,362, down 46% from $2,178,060 in 2024[19].