Imunon Inc (NASDAQ: IMNN) is a clinical-stage biopharmaceutical company developing non-viral DNA-based therapies and vaccines. It generates no product revenue, funding operations entirely through equity issuances, including an at-the-market (ATM) program, with approximately $24.9 million in combined gross proceeds raised across 2024 and 2025 via roughly 3.5 million shares of common stock issued. The company's lead oncology asset, IMNN-001, is being studied in the OVATION 2 and OVATION 3 clinical trials, with R&D costs for IMNN-001 totaling $3.0 million in FY2025. A second program, IMNN-101, is a DNA-based COVID-19 vaccine that completed a Phase 1 proof-of-concept trial in 24 healthy volunteers, demonstrating safety and neutralizing antibody durability at six months after a single dose. Total R&D expenses were $7.8 million in FY2025, down from $11.6 million in FY2024. General and administrative expenses were $6.9 million in FY2025. The company carries a going-concern disclosure as of the 10-K filed March 31, 2026, with continued reliance on external capital to fund operations. CEO is Stacy R. Lindborg, Ph.D.

Revenue model

No product revenue. Imunon funds operations through equity capital markets, primarily an at-the-market stock offering program and other equity financings. The company raised approximately $24.9 million in gross proceeds across FY2024 and FY2025 via roughly 3.5 million shares of common stock issued.

Products and services

IMNN-001: a non-viral DNA-based oncology drug candidate studied in the OVATION 2 and OVATION 3 clinical trials, with $3.0 million in R&D costs in FY2025. IMNN-101: a non-viral DNA-based COVID-19 vaccine targeting the SARS-CoV-2 Omicron XBB1.5 spike antigen, which completed a Phase 1 proof-of-concept trial in 24 healthy volunteers showing safety and neutralizing antibody durability at six months after a single dose.

Customers and end markets

No commercial customers as of the filing date. End markets are oncology and infectious disease (COVID-19 vaccines). Clinical trial participants to date include healthy volunteers in Phase 1 studies.

Value-chain role

Early-stage drug developer. Imunon conducts its own clinical trials and CMC (chemistry, manufacturing, and controls) activities, with CMC costs of $1.1 million in FY2025. The company has no commercial manufacturing or distribution operations and relies on external funding to advance programs through clinical development.

Geographic exposure

Based in the United States, operating under FDA regulatory oversight. The 10-K filing does not specify international clinical trial sites or revenue from non-U.S. operations.

Source: SEC 10-K, filed 2026-03-31

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