IMNNMEDIUM SIGNALOPERATIONAL10-K

IMNN advanced its lead ovarian cancer treatment IMNN-001 from Phase II to Phase 3 trials while significantly reducing cash burn and improving its balance sheet position.

The progression to Phase 3 trials represents a critical milestone that brings the company closer to potential FDA approval, though it also increases execution risk as Phase 3 trials are larger, more expensive, and have higher failure rates. The dramatic 73% reduction in shares outstanding (from 14.6M to 3.9M) suggests a significant reverse stock split occurred, which typically indicates prior stock price distress but also reduces future dilution risk.

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FINANCIAL ANALYSIS

The company demonstrated improved financial discipline with operating cash flow improving 26% to -$13.9M and R&D expenses declining 33% to $7.8M, while simultaneously strengthening its balance sheet with cash increasing 50% to $8.8M and stockholders' equity growing 66% to $7.1M. The dramatic 96% reduction in interest expense from $5.0M to $197K suggests successful debt restructuring or paydown. Overall, the financial picture shows a company that has tightened operations while securing additional funding to support its Phase 3 trial advancement.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+849.8%
$30K→$281K

Capital expenditure jumped 849.8% — major investment cycle underway; assess returns on deployment.

Interest Expense
P&L
-96.1%
$5.0M→$197K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
+66.4%
$4.2M→$7.1M

Equity base grew 66.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+49.5%
$5.9M→$8.8M

Cash position surged 49.5% — strong cash generation or capital raise providing significant financial cushion.

Current Assets
Balance Sheet
+33.9%
$8.0M→$10.7M

Current assets grew 33.9% — improving short-term liquidity or inventory/receivables build.

R&D Expense
P&L
-33.2%
$11.6M→$7.8M

R&D spending cut 33.2% — could signal cost discipline or concerning reduction in innovation investment.

Total Assets
Balance Sheet
+26.5%
$9.7M→$12.3M

Asset base grew 26.5% — expansion through organic growth, acquisitions, or capital deployment.

Operating Cash Flow
Cash Flow
+26.3%
-$18.9M→-$13.9M

Operating cash flow grew 26.3% — strong conversion of earnings to cash, healthy business fundamentals.

Operating Income
P&L
+23.4%
-$19.1M→-$14.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+22.2%
-$18.6M→-$14.5M

Net income grew 22.2% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-02-27
ADDED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of March 30, 2026, 3,922,764 shares of the Registrant s common stock were issued and outstanding.
Therefore, it is likely that new risks will emerge, and that the nature and elements of existing risks will change.
Unless the context requires otherwise or unless otherwise noted, all references in this Annual Report to Imunon, the Company, we, us, or our are to Imunon, Inc., a Delaware corporation and its wholly owned subsidiary, CLSN Laboratories, Inc., also a Delaware corporation.
The Company s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer that has completed multiple clinical trials including one Phase II clinical trial (OVATION 2) and is currently conducting a Phase 3 clinical trial (OVATION 3).
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REMOVED
See the definitions of large accelerated filer , accelerated filer , smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
for the Registrant s common stock on that date as reported by The Nasdaq Capital Market ( NASDAQ ).
As of February 21, 2025, 14,620,732 shares of the Registrant s common stock were issued and outstanding.
Therefore, it is likely that new risks will emerge, and that the nature and elements of existing risks will change over time.
Unless the context requires otherwise or unless otherwise noted, all references in this Annual Report to Imunon, the Company , we , us , or our are to Imunon, Inc., a Delaware corporation and its wholly owned subsidiary, CLSN Laboratories, Inc., also a Delaware corporation.
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