The following is a summary of the Imunon, Inc. (IMNN) Q4 2023 Earnings Call Transcript:
Financial Performance:
Imunon ended 2023 with $15.7 million in cash and investments.
The company used $18.9 million in net cash for operating activities, down from $23.1 million last year.
The net loss for 2023 was $19.5 million, which was less than the $35.9 million loss in 2022.
Operating expenses also dropped 17% to $21 million.
Revenues generated from the sale of unused New Jersey net operating losses post-year end were reported to be $1.3 million.
Imunon paid off their loan with Silicon Valley Bank, incurring an interest expense of $200,000 and recognized a $300,000 loss on the debt extinguishment.
Business Progress:
Imunon is making steady progress with the Phase 2 OVATION 2 study with IMNN-001 and plans to begin the Phase 1 study of IMNN-002, their seasonal COVID-19 vaccine.
The report on top-line data from the OVATION 2 study is expected in mid-2024, following which the company plans to begin preparations for the Phase 3 study.
IMNN-101, their seasonal COVID-19 booster vaccine is set to enter Phase 1 trials in Q2 2024.
A continued focus on the expansion and development of their proprietary DNA-based vaccine platform, PlaCCine, is part of their strategy.
Interest has been shown in potential collaborations with the government featuring agencies such as the DoD and BARDA to quickly respond to emerging or evolving viruses.
More details: Imunon IR
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