Imunon(IMNN) - 2023 Q4 - Annual Results

Financial Performance - IMUNON reported a net loss of $19.5 million for 2023, a decrease from a net loss of$35.9 million in 2022, equating to $2.16 per share compared to$5.03 per share in the previous year[18]. - Total operating expenses for 2023 were $21.0 million, down from$25.4 million in 2022, reflecting a 17.3% reduction[31]. - Cash used for operating activities decreased to $19.0 million in 2023 from$23.1 million in 2022, primarily due to a one-time interest expense of $4.5 million in 2022[22]. - The Company ended 2023 with$15.7 million in cash, investments, and accrued interest receivable, which is expected to fund operations into Q4 2024[23]. - The Company has no licensing revenue in 2023, compared to $500,000 in 2022[31]. - Total assets decreased to$21.9 million in 2023 from $44.0 million in 2022, a decline of 50.2$21.0 million, down by $4.4 million or 17$25.4 million in 2022[18]. - General and administrative expenses decreased to $9.7 million in 2023 from$13.7 million in 2022, primarily due to lower non-cash stock compensation and employee-related costs[20]. - General and administrative expenses decreased to $9.7 million in 2023 from$13.7 million in 2022, a reduction of 29.0%[31]. - CMC costs increased to $2.3 million in 2023 from$1.2 million in 2022 due to the development of in-house pilot manufacturing capabilities[19]. Research and Development - Research and development (R&D) expenses were $11.3 million for 2023, a slight decrease from$11.7 million in 2022, with costs associated with the OVATION 2 Study at $1.2 million[19]. - The Company is advancing its lead clinical program, IMNN-001, for advanced ovarian cancer, currently in Phase 2 development[27]. - The Phase 1/2 clinical trial evaluating IMNN-001 in combination with bevacizumab has enrolled four patients, with a total of 50 patients expected to be enrolled[10][11]. - Interim data from the OVATION 2 Study indicated a 30% delay in disease progression or death in the treatment arm compared to the control arm, with an approximate nine-month improvement in overall survival[2]. - IMUNON submitted an Investigational New Drug (IND) application for a Phase 1/2 clinical trial of a seasonal COVID-19 booster vaccine in Q1 2024[2]. - The Company is entering a first-in-human study of its COVID-19 booster vaccine, IMNN-101[27]. - The PlaCCine modality demonstrated robust and durable T cell responses in preclinical studies, outperforming commercial mRNA vaccines in animal models[4].