The following is a summary of the Imunon, Inc. (IMNN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Imunon reported a net loss for Q1 2024 of $4.9 million or $0.52 per share, a decrease from a net loss of $5.6 million or $0.68 per share for the same period last year.
Operating expenses were $5 million, marking a decrease of 12% from last year, with R&D expenses amounting to $3.3 million.
Cash and investment balance as of March 31, 2024, stood at $9.8 million.
The costs associated with PlaCCine DNA vaccine technology platform were $1.6 million for Q1 2024, which is higher compared to $1.4 million in Q1 2023.
Costs associated with developing in-house pilot manufacturing capabilities decreased to $300,000 in Q1 2024, from $600,000 in Q1 2023.
General and administrative expenditures reduced to $1.7 million in Q1 2024, primarily due to lowered non-cash compensation expense, employee-related costs, consulting and legal fees, as well as reduced premiums on their D&O insurance.
Business Progress:
Imunon is advancing its lead investigational immunotherapy for ovarian cancer and anticipates reporting Phase 2 top-line results by mid-2024. A second study, conducted by Breakthrough Cancer Foundation and MD Anderson Cancer Center with IMNN-001 is also planned.
The company received FDA approval for a Phase 1 protocol for a seasonal COVID-19 booster with enrollment underway.
Imunon has welcomed new CEO, Stacy Lindborg, a veteran in the industry with over 30 years of experience.
The focus for the future includes advancing TheraPlas and PlaCCine technology platforms, with potential applications in intraperitoneal cancers and various viral pathogens.
More details: Imunon IR
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