Company: IMNN
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009572
Chunk: 92

Company: Imunon, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 92
---
 adjustments, consisting
only of normal recurring accruals considered necessary for a fair presentation, have been included in the accompanying unaudited condensed
consolidated financial statements. Operating results for the three months ended March 31, 2025 and 2024 are not necessarily indicative
of the results that may be expected for any other interim period(s) or for any full year. For further information, refer to the consolidated
financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31,
2024, filed with the Securities and Exchange Commission on February 27, 2025.

The preparation of financial statements in conformity
with GAAP requires management to make judgments, estimates, and assumptions that affect the amounts reported in the Company’s financial
statements and accompanying notes. Actual results could differ materially from those estimates. Events and conditions arising subsequent
to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes.

Going Concern Uncertainty

Since inception, the Company has incurred substantial
operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted
in connection with the Company’s drug candidates, and applications and submissions to the FDA. The Company has not generated significant
revenue and has incurred significant net losses in each year since inception. For the quarter ended March 31, 2025, the Company had a
net loss of $4.1 million and used $2.8 million to fund operations. As of March 31, 2025, the Company has incurred approximately $411 million
of cumulative net losses. As of March 31, 2025, the Company had $2.9 million in cash and cash equivalents to fund its operations.

The Company’s ability to raise additional capital
may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, financial
markets in the U.S. and worldwide resulting from the recent tariff announcement by the U.S. federal government, the Russian invasion of
Ukraine and the unrest in the Middle East. The Company continues to monitor its operating activities in light of these events, and it
is possible that these events could result in a variety of risks to the business. The specific impact, if any, is not readily determinable
as of the date of these consolidated Financial Statements.

The Company has based its estimates on assumptions
that may prove to be wrong. The Company may need