Company: IMRX
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001790340-25-000061
Chunk: 504

Company: Immuneering Corp
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 504
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 of intangible asset was $7,317 for the three months ended March 31, 2025 and 2024. This amortization is related to the technology acquired for the BioArkive acquisition completed in December 2021.

Other Income (Expense)

Interest income decreased by approximately $0.4 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, driven primarily by a lower total cash balance.

There was no other income for the three months ended March 31, 2025, compared to $0.2 million for the three months ended March 31, 2024. This was primarily a result of there being no marketable securities as of March 31, 2025 and December 31, 2024, respectively.

Liquidity and Capital Resources

Sources of Liquidity

We finance our operations through the issuance of convertible notes payable, convertible preferred stock, common stock, and the exercise of stock options. 

As of March 31, 2025, we had an accumulated deficit of $239.3 million and $35.9 million in cash and cash equivalents. Cash and cash equivalents are comprised of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, reflected in the change in our outstanding accounts payable and accrued expenses.

Since our inception, we have incurred significant operating losses. We have not yet commercialized any of our product candidates, and we do not expect to generate revenue from sales of any product candidates for the next several years, if at all. To date, our operations have been financed primarily by service revenues (which have since ceased) and proceeds from sales of our debt and equity securities.

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On August 10, 2022, we entered into an Equity Distribution Agreement (the "Sales Agreement") with Piper Sandler & Co (the "Sales Agent") to sell shares of our common stock with aggregate gross proceeds of up to $50 million, from time to time, through the ATM Program. We sold 4,836,804 shares of Class A common stock under the ATM Program, at an average price per share of $2.95, for aggregate gross proceeds of $