Company: IMRX
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001790340-25-000042
Chunk: 96

Company: Immuneering Corp
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7
Chunk 96
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 million, driven by lower interest rates and a lower total cash balance, in the year ended December 31, 2024 as compared to the year ended December 31, 2023.

Other income, net was approximately $0.4 million in the year ended December 31, 2024, compared to $1.3 million in the year ended December 31, 2023. This was primarily a result of the increase in the accretion of premiums related to our marketable securities.

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 December 31, 2024, we had an accumulated deficit of $224.3 million and $36.1 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. Our net loss was approximately $61.0 million and $53.5 million for the years ended December 31, 2024 and 2023, respectively. 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 ceased) and proceeds from sales of our debt and equity securities. 

On August 10, 2022, we entered into an Equity Distribution Agreement (the "Sales Agreement") with Piper Sandler & Co, to sell shares of our common stock with aggregate gross proceeds of up to $50 million, from time to time, through our 

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ATM Program. We did not sell any shares of Class A common stock under the ATM Program during the year ended December 31, 2023. We sold 1,318,752 shares of Class A common stock under the ATM Program, at an average price per share of $3.27, for aggregate gross proceeds of $4.5 million ($4.2