Company: IMNN
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009572
Chunk: 99

Company: Imunon, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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unon common stock
subject to equity awards previously granted under the 2018 Plan and the Company’s 2007 Stock Incentive Plan and 223,522 shares of
Imunon common stock available for future issuance under the 2018 Plan.

As of March 31, 2025, the Compensation Committee of
the Board of Directors approved the grant of inducement stock options (the “Inducement Option Grants”) to purchase a total
of 230,500 shares of Imunon common stock. Each Inducement Option Grant has a weighted exercise price of $0.98 per share. Each Inducement
Option Grant vests over three years, with one-third vesting on the one-year anniversary of the employee’s first day of employment
with the Company and one-third vesting on the second and third anniversaries thereafter, subject to the new employee’s continued
service relationship with the Company on each such date. Each Inducement Option Grant has a ten-year term and is subject to the terms
and conditions of the applicable stock option agreement. 

Total compensation cost related to stock options and
restricted stock awards was approximately $0.2 million of expense for period ended March 31, 2025 and $31,000 reversal for period ended
March 31, 2024. Of these amounts, approximately $49,000 for the period ended March 31, 2025 and $65,000 for the period ended March 31,
2024 were charged to research and development expenses and $0.2 million of expense for the period ended March 31, 2025 and $96,000 reversal
of expense for the period ended March 31, 2024 were charged to general and administrative expenses.

    11

A summary of stock option awards and
restricted stock grants, inclusive of awards granted under the 2018 Stock Plan and Inducement Option Grants for the three-months ended
March 31, 2025 is presented below:

 Summary of Stock Options Awards and Restricted Stock Grants

    Stock Options  
    Restricted Stock Awards  
    Weighted Average 

    Options Outstanding  
    Weighted Average Exercise Price  
    Non-vested Restricted Stock Outstanding  
    Weighted Average Grant Date Fair Value  
    Contractual Terms of Equity Awards (in years) 
  
    Equity awards outstanding at January 1, 2025 
     1,645,873  
    $1.95