Imunon Reports $4.1 Million Net Loss in Q1 2025, Decreased Operating Expenses

Imunon, Inc. reported a net loss of $4.1 million for the first quarter of 2025, a decrease from the $4.9 million loss recorded in the same period of 2024. The company's total operating expenses for the quarter were $4.1 million, down 17.3% from $5.0 million year-over-year. Research and development expenses fell to $2.2 million, a 34.3% decrease compared to $3.3 million in the prior year, primarily due to reduced clinical costs associated with its OVATION program and the PlaCCine vaccine trial. General and administrative expenses increased to $2.0 million, up from $1.7 million, largely due to higher employee-related costs.

As of March 31, 2025, Imunon had total current assets of $5.1 million, a significant decline from $8.0 million at the end of 2024. The company's cash and cash equivalents stood at $2.9 million, down from $5.9 million at the end of the previous fiscal year. Current liabilities increased to $5.8 million from $4.8 million, resulting in a negative net working capital of $0.7 million. The accumulated deficit reached approximately $411 million, reflecting the ongoing financial challenges faced by the company.

Strategically, Imunon is advancing its clinical programs, particularly the IMNN-001 immunotherapy for advanced ovarian cancer, which has completed multiple clinical trials, including a Phase II study. The company is also developing its PLACCINE DNA vaccine platform, which targets a range of infectious diseases, including COVID-19. In early 2025, Imunon announced positive topline results from the Phase II OVATION 2 Study, indicating an 11.1-month increase in median overall survival for patients treated with IMNN-001 compared to standard care.

The company continues to explore various funding avenues to support its operations, including potential equity sales and partnerships. However, management has expressed substantial doubt regarding its ability to continue as a going concern, given the current cash position and ongoing operational losses. The company plans to pursue additional capital funding and has initiated discussions for potential collaborations to enhance its financial stability and support its research and development efforts.

Looking ahead, Imunon aims to initiate a Phase 3 pivotal trial for IMNN-001, pending regulatory approvals. The company is also focused on advancing its vaccine candidates and exploring strategic partnerships to bolster its product pipeline. Despite the financial challenges, Imunon remains committed to leveraging its innovative technologies to address unmet medical needs in oncology and infectious diseases.