IMUNON, Inc. reported its financial results for the third quarter ended September 30, 2024, on November 7, 2024. The company had $10.3 million in cash, investments, and accrued interest receivable as of September 30, 2024, and believes it has sufficient capital to fund operations into the third quarter of 2025.
Research and development expenses for Q3 2024 were $3.3 million, an increase from $2.0 million in Q3 2023, while general and administrative expenses decreased to $1.7 million from $1.9 million in the prior year period. The net loss for the third quarter of 2024 was $4.9 million, or $0.34 per share, compared to a net loss of $3.5 million, or $0.37 per share, for Q3 2023.
The company highlighted recent developments, including the presentation of compelling topline results from its OVATION 2 Study, showing an 11.1-month overall survival improvement. IMUNON also noted the completion of a registered direct financing in July 2024, which raised $10 million in gross proceeds, and the appointment of Susan Eylward as General Counsel and Corporate Secretary on October 7, 2024.
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