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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