Company: IMNN
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009572
Chunk: 64

Company: Imunon, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 64
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 ability to execute our strategy to achieve our corporate goals are
subject to numerous risks and uncertainties. Material risks and uncertainties relating to our business and our industry are described
in “Item 1A. Risk Factors” under “Part II: Other Information” included herein.

FINANCIAL
REVIEW FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

Results
of Operations

For
the three months ended March 31, 2025, our net loss was $4.1 million compared to a net loss of $4.9 million for the same three-month period
of 2024.

With
$2.9 million in cash and cash equivalents, short-term investments and interest receivable at March 31, 2025, such conditions raise substantial
doubts about the Company’s ability to continue as a going concern. Based on the above, management has determined there is substantial
doubt regarding our ability to continue a going concern.

Management’s
plan includes raising funds from the issuance and sale of its common stock via its ATM program and other funding transactions. However,
as mentioned above, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable
to the Company or will provide the Company with sufficient funds to meet its objectives. The Company’s financial statements do
not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification
of liabilities that may be required should the Company be unable to continue as a going concern.

    For the three months ended March 31, 

    (In thousands)  
    Change Increase (Decrease) 

    2025  
    2024  

    Operating Expenses: 

    Clinical Research 

    OVATION 
    $214  
    $287  
    $(73) 
     (25.4)%
  
    Vaccine 
     58  
     571  
     (513) 
     (89.8)%
  
    Other Clinical and regulatory 
     574  
     477  
     97  
     20.3%
  
    Subtotal 
     846  
     1,335  
     (489) 
     (36.6)%
  
    Non-Clinical R&D and CMC 

    OVATION 
     913  
     405