Company: IMNN
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009572
Chunk: 13

Company: Imunon, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 13
---
 for gross proceeds of $10.0 million before the deduction
of placement agent fees and offering expenses. In a concurrent private placement and also pursuant to the July 2024 Purchase Agreement,
the Company issued to the Purchasers the Warrants to purchase an aggregate of 5,000,000 shares of its common stock at an exercise price
of $2.00 per share.

The Warrants became exercisable immediately after
issuance for a term of five and one-half years following the date of issuance. The closing of the July 2024 Offering occurred on August
1, 2024.

Note 8. Stock-Based Compensation

The Company has long-term compensation plans that
permit the granting of equity-based awards in the form of stock options, restricted stock, restricted stock units, stock appreciation
rights, other stock awards, and performance awards.

In 2018, stockholders approved the Imunon,
Inc. 2018 Stock Incentive Plan (the “2018 Plan”). The 2018 Plan, as amended, permits the granting of 1,970,000
shares of Imunon common stock as equity awards in the form of incentive stock options, nonqualified stock options, restricted stock,
restricted stock units, stock appreciation rights, other stock awards, performance awards, or in any combination of the foregoing.

As of March 31, 2025, there were a total of 1,975,073
shares of Imunon common stock reserved for issuance under the 2018 Plan, which were comprised of 1,751,551 shares of Imunon 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