Company: IMNN
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009572
Chunk: 91

Company: Imunon, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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NOTES TO THE CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(UNAUDITED)

MARCH 31, 2025 

Note 1. Business Description

Imunon, Inc. (“Imunon” or the “Company”)
is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural
mechanisms with the aim to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating
approach from conventional therapies. Imunon is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®,
is developed for the coding of proteins and cytokines in the treatment of solid tumors where an immunological approach is deemed promising.
The second modality, PlaCCine®, is developed for the coding of viral antigens that can elicit a strong immunological response. This
technology may represent a promising platform for the development of vaccines in infectious diseases.

The Company’s lead clinical program, IMNN-001,
is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer that has completed multiple clinical trials including
one Phase II clinical trial (OVATION 2). IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer-fighting
molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company has completed dosing in a first-in-human
study of its COVID-19 booster vaccine (IMNN-101). The Company will continue to leverage these modalities and to advance, either directly
or through partnership, the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions.

Note 2. Basis of Presentation

The accompanying unaudited condensed consolidated
financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with
generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions
to Form 10-Q and Article 10 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation.
During the quarter ended March 31, 2025, there were no changes to the Company’s accounting policies. Certain information and
disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such
rules and regulations.

In the opinion of management, all