Company: IMNN
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009572
Chunk: 122

Company: Imunon, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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 limited by General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”), which limits the amount that the Company
can offer to up to one-third of its public float during any trailing 12-month period. The Company would no longer be subject to the Baby
Shelf Limitation if its public float exceeds $75 million. In the first quarter of 2025, the Company sold 120,047 shares of common stock
for net proceeds of $105,693. The Company did not sell any shares of common stock under the ATM program in 2024.

Significant
Accounting Policies

Our
significant accounting policies are more fully described in Note 1 to our consolidated financial statements included in our 2024 Annual
Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025. See Note 3 to the Condensed Consolidated
Financial Statements contained in this Quarterly Report on Form 10-Q.

As
a clinical-stage biopharmaceutical company, our business, and our 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 recover