Imunon, Inc. (CLSN) Bundle
A Brief History of Imunon, Inc.
Company Overview
Imunon, Inc. is a biotechnology company focused on developing innovative therapies for cancer and infectious diseases. As of 2024, the company has made significant strides in its research and development efforts, particularly in the area of immunotherapy.
Financial Performance
For the nine months ended September 30, 2024, Imunon reported a net loss of $14.6 million, consistent with the previous year. The company utilized $14.4 million in cash to fund operations during this period .
Capital Structure and Stock Performance
As of September 30, 2024, Imunon had 14,500,707 shares of common stock outstanding, with a total stockholders' equity of $8.2 million . The company raised $10 million in a registered direct offering on August 1, 2024, selling 5,000,000 shares at $2.00 per share .
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | $14.6 million | $14.6 million |
| Cash and Cash Equivalents | $10.3 million | $18.2 million |
| Total Current Assets | $12.5 million | $18.2 million |
| Total Current Liabilities | $5.4 million | $7.4 million |
| Net Working Capital | $7.1 million | $10.8 million |
Research and Development Highlights
Imunon has focused its R&D efforts on several key projects, including the OVATION 2 Study and the PlaCCine vaccine trial. In Q3 2024, R&D expenses totaled $3.3 million, reflecting an increase from $2.0 million in Q3 2023 .
Recent Developments
On July 30, 2024, Imunon entered into a Securities Purchase Agreement, which included the issuance of warrants for an additional 5,000,000 shares at an exercise price of $2.00 per share . The company has also filed a shelf registration statement for the offer and sale of up to $75 million of its securities .
Market Position and Future Outlook
Imunon continues to face challenges, including significant operating losses and the need for additional capital to support its ongoing projects. As of September 30, 2024, the company had an accumulated deficit of approximately $403 million . The company's ability to raise additional funds remains critical for its future operations and development of its drug candidates.
A Who Owns Imunon, Inc. (CLSN)
Stock Ownership
As of September 30, 2024, Imunon, Inc. had a total of 14,500,707 shares issued and 14,500,685 shares outstanding. The company has experienced significant changes in its stock structure due to various financing activities, including a registered direct offering completed on August 1, 2024, where it issued 5,000,000 shares at $2.00 per share for gross proceeds of $10.0 million.
Major Shareholders
The ownership structure of Imunon, Inc. is characterized by institutional and individual investors. As of the latest filings, the following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| Institutional Investors | Approximately 6,500,000 | 44.83% |
| Insider Ownership (Executive Officers & Directors) | Approximately 1,200,000 | 8.28% |
| Retail Investors | Approximately 6,800,707 | 46.89% |
Institutional Ownership
As per the latest data, institutional investors hold a significant portion of Imunon, Inc.'s shares. The largest institutional shareholder as of September 30, 2024, is:
- H.C. Wainwright & Co., LLC - 1,500,000 shares (10.34%)
- Other notable institutions include various mutual funds and pension funds, contributing to the approximately 44.83% of shares held by institutional investors.
Financial Performance and Impact on Ownership
In the nine months ended September 30, 2024, Imunon reported a net loss of $14,563,017, which reflects the ongoing financial challenges faced by the company. The accumulated deficit as of September 30, 2024, stood at approximately $402,745,819. This financial performance raises concerns about the company’s ability to maintain its operations without further capital raises, which could dilute existing shareholders' ownership percentages.
Recent Capital Raises
In addition to the registered direct offering, Imunon has utilized various financing strategies, including:
- Equity financing through the sale of common stock
- Issuance of unregistered warrants for future exercise, impacting future share dilution.
Conclusion on Ownership Structure
The ownership landscape of Imunon, Inc. is primarily dominated by institutional investors, with a notable presence of retail investors and insiders. The company's financial performance and strategic capital raises will continue to influence shareholder dynamics going forward.
Imunon, Inc. (CLSN) Mission Statement
Imunon, Inc. is a clinical-stage biotechnology company focused on advancing innovative treatments that leverage the body’s natural mechanisms to generate safe, effective, and durable responses across various human diseases. The company aims to differentiate its approach from conventional therapies through its non-viral DNA technology. This technology encompasses multiple modalities, with the lead program being IMNN-001, a DNA-based immunotherapy targeting advanced ovarian cancer. It has completed Phase II clinical studies and is designed to instruct the body to produce powerful cancer-fighting molecules.
Financial Overview
As of September 30, 2024, Imunon reported significant financial metrics that highlight its operational status:
| Metric | Value |
|---|---|
| Total Current Assets | $12.5 million |
| Total Current Liabilities | $5.4 million |
| Net Working Capital | $7.1 million |
| Cash and Cash Equivalents | $10.3 million |
| Accumulated Deficit | $402.7 million |
| Net Loss (Nine Months Ended September 30, 2024) | $14.6 million |
| Net Loss Per Share (Basic and Diluted) | $(1.39) |
Recent Developments
During the first nine months of 2024, Imunon engaged in several financial activities:
- Entered into a Securities Purchase Agreement for the issuance of 5,000,000 shares at an offering price of $2.00 per share, resulting in gross proceeds of $10.0 million.
- Reported a total cash flow from operating activities of $(14.4 million).
- Achieved net cash provided by investing activities of $9.8 million.
- Raised $9.1 million through financing activities.
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $9.4 million, compared to $7.7 million in the same period of 2023. Specific costs include:
| Category | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| OVATION Study | $1.1 | $0.7 |
| PlaCCine Vaccine Trial | $1.4 | $0.0 |
| Other Clinical and Regulatory Costs | $1.9 | $1.1 |
| Research and Development Total | $9.4 | $7.7 |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses were reported as follows:
| Expense Type | Amount (in millions) |
|---|---|
| Research and Development | $9.4 |
| General and Administrative | $5.6 |
| Total Operating Expenses | $14.9 |
Stockholder Information
As of September 30, 2024, the stockholder equity details are as follows:
| Item | Value |
|---|---|
| Common Stock Issued | 14,500,707 shares |
| Additional Paid-in Capital | $410.9 million |
| Total Stockholders' Equity | $8.2 million |
How Imunon, Inc. (CLSN) Works
Company Overview
Imunon, Inc. is a clinical-stage biotechnology company focused on advancing innovative treatments that utilize the body’s natural mechanisms to generate safe and effective responses across a wide range of diseases. The company is developing a non-viral DNA technology platform that includes the TheraPlas® and PlaCCine® modalities aimed at treating solid tumors and developing vaccines for infectious diseases, respectively. Its lead clinical program, IMNN-001, is a DNA-based immunotherapy for advanced ovarian cancer.
Financial Performance
As of September 30, 2024, Imunon reported a net loss of $14,563,017 for the nine months ended in 2024, compared to a net loss of $14,626,844 in the same period in 2023. The company has incurred cumulative net losses of approximately $403 million since inception.
| Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $14,563,017 | $14,626,844 |
| Cash and Cash Equivalents | $10,311,935 | $12,884,199 |
| Total Operating Expenses | $14,986,264 | $15,062,803 |
| Research and Development Expenses | $9,406,715 | $7,734,897 |
| General and Administrative Expenses | $5,579,549 | $7,327,906 |
Operating Activities
For the first nine months of 2024, Imunon used $14,433,986 in operating activities. The company reported an increase in research and development expenses, which rose to $3,293,209 in the third quarter of 2024 from $1,980,693 in the same quarter of 2023, reflecting ongoing investments in clinical trials and product development.
Stock Performance and Equity Financing
Imunon has been active in raising capital through equity financing. On July 30, 2024, the company issued 5,000,000 shares of common stock at an offering price of $2.00 per share, generating gross proceeds of $10 million before deducting placement agent fees and offering expenses. This offering was part of a strategy to bolster its capital position amid ongoing operational losses.
| Offering Date | Shares Issued | Price per Share | Gross Proceeds |
|---|---|---|---|
| July 30, 2024 | 5,000,000 | $2.00 | $10,000,000 |
Balance Sheet Highlights
As of September 30, 2024, Imunon reported total stockholders' equity of $8,191,721, down from $13,387,642 at the beginning of the year. The company had total liabilities of approximately $6,199,469, indicating a challenging financial position as it navigates ongoing operational costs and the need for additional financing.
| Balance Sheet Item | September 30, 2024 | January 1, 2024 |
|---|---|---|
| Total Stockholders' Equity | $8,191,721 | $13,387,642 |
| Total Liabilities | $6,199,469 | $8,530,427 |
Future Outlook
Imunon aims to continue its clinical trials while seeking additional capital through various means, including the potential for future equity offerings. The ability to secure funding is critical for the continuation of its research and development efforts, particularly given the reported cash position of $10.3 million as of September 30, 2024. The company faces substantial doubts about its ability to continue as a going concern without additional financing.
How Imunon, Inc. (CLSN) Makes Money
Business Model Overview
Imunon, Inc. operates as a clinical-stage biotechnology company focused on developing innovative treatments using non-viral DNA technology. Their primary revenue generation strategies involve:
- Clinical trials for drug development
- Equity financing
- Potential licensing agreements
Revenue Sources
As of 2024, Imunon primarily generates funds through equity financing and research funding for clinical trials. The company reported gross proceeds of $10 million from a registered direct offering in July 2024, selling 5,000,000 shares at $2.00 per share.
Financial Performance
For the nine months ended September 30, 2024, Imunon reported:
| Financial Metric | Value |
|---|---|
| Net Loss | $14,563,017 |
| Operating Expenses | $14,986,264 |
| Research and Development Expenses | $9,406,715 |
| General and Administrative Expenses | $5,579,549 |
| Cash and Cash Equivalents | $10,311,935 |
Operational Expenses Breakdown
The following table outlines the specific operational expenses incurred by Imunon for the nine months ending September 30, 2024:
| Expense Category | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Research and Development | $3,293,209 | $1,980,693 | $1,312,516 |
| General and Administrative | $1,668,258 | $1,923,375 | ($255,117) |
| Total Operating Expenses | $4,961,467 | $3,904,068 | $1,057,399 |
Equity Financing
Imunon has utilized equity financing as a significant capital source. In 2024, the company reported:
| Equity Financing Metric | Value |
|---|---|
| Total Shares Issued (July 2024) | 5,000,000 shares |
| Gross Proceeds from Offerings | $10,000,000 |
Investment in R&D
Investment in research and development has been substantial, with a total of:
- $9,406,715 in R&D expenses reported for the first nine months of 2024
- Funding primarily directed towards the development of IMNN-001 and other drug candidates
Future Funding Needs
Imunon anticipates needing additional capital to support ongoing research and development activities. As of September 30, 2024, the company had:
| Funding Metric | Value |
|---|---|
| Current Assets | $12,500,000 |
| Current Liabilities | $5,400,000 |
| Net Working Capital | $7,100,000 |
Conclusion on Financial Outlook
As of late 2024, Imunon continues to face challenges with net losses and high operational costs but is actively pursuing equity financing and potential licensing agreements to bolster its financial position and support its clinical programs.
Imunon, Inc. (CLSN) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Imunon, Inc. (CLSN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Imunon, Inc. (CLSN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Imunon, Inc. (CLSN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.