Imunon, Inc. reported a net loss of $3.4 million for the third quarter of 2025, a 29 % reduction from the $4.8 million loss recorded in the same period a year earlier. The company’s earnings per share of –$1.16 beat the consensus estimate of –$1.94 by $0.78, a 40 % improvement that reflects disciplined cost management and a lower operating expense base.
Operating expenses fell 30 % year‑over‑year to $3.5 million, driven by a $1.4 million reduction in research and development spending (down from $3.3 million in Q3 2024) and a modest $0.1 million decline in general and administrative costs (from $1.7 million to $1.6 million). The reverse 15‑for‑1 stock split executed on July 25 2025 explains the lower per‑share loss figure, but the underlying expense trend remains a key factor in the narrowed loss.
The company advanced its Phase 3 OVATION 3 study of IMNN‑001 for newly diagnosed advanced ovarian cancer, with the first patient dosed in the quarter. An R&D Day held on November 10 highlighted early data and the trial’s enrollment pace, underscoring the clinical momentum that underpins Imunon’s long‑term value proposition.
Cash and cash equivalents stood at $5.3 million as of September 30, 2025, after receiving $4.5 million in net proceeds from warrant exercise under its ATM facility. The balance is projected to support operations through the first quarter of 2026, but the company has disclosed substantial doubt about its ability to continue as a going concern. Management is pursuing selective financing to cover the estimated $50 million cost of the Phase 3 trial and to maintain the current runway.
"IMNN‑001 represents a potential landmark breakthrough in the treatment of newly diagnosed ovarian cancer in combination with standard chemotherapy," said President and CEO Stacy Lindborg. She added that the company’s focus on cost discipline and strategic investment in high‑return clinical milestones positions it to secure the necessary capital while advancing a therapy that could fill a significant unmet need in oncology.
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