Imunon, Inc.

Results of Operations

Comparison of Fiscal Year Ended December 31, 2025 and Fiscal Year Ended December 31, 2024.

For the year ended December 31, 2025, our net loss was $14.5 million compared to a net loss of $18.6 million for the year ended December 31, 2024. As of December 31, 2025, the Company had $8.8 million in cash and cash equivalents to fund its operations. The Company’s primary sources of cash have been proceeds from the issuance and sale of its common stock, including via its ATM program and other funding transactions. There can be no assurance that the Company will be able to do so in the future on a timely basis on terms acceptable to the Company, or at all. The Company has not yet commercialized any of its product candidates. Even if the Company commercializes one or more of its product candidates, it may not become profitable in the near term or at all. The Company’s ability to achieve profitability depends on several factors, including its ability to obtain regulatory approval for its product candidates, successfully complete any post-approval regulatory obligations and successfully commercialize its product candidates alone or in partnership.

Such conditions raise substantial doubt about the Company’s ability to continue as a going concern. Based on the above, management has determined there is substantial doubt regarding our ability to continue as a going concern. The report of our independent registered public accounting firm for the year ended December 31, 2025 includes an explanatory paragraph which expresses substantial doubt about our ability to continue as a going concern.

Management’s plan includes raising funds from the issuance and sale of its common stock, including via its ATM program and other funding transactions. However, as mentioned above, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. The Company’s financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.

The Company operates in one segment for the research and development of our product candidates. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company based on consolidated financial information. Consequently, we view the entire organization as one reportable segment and the strategic purpose of all operating activities (including general & administrative expenses) is to support that one segment. As a pre-revenue research and development company, the CODM evaluates company-wide performance and allocates resources based on non-financial research and development milestones achieved, and to a lesser extent, financial measures of performance such as clinical development (research and development expenses) and general and administrative expenses incurred. Our CODM does not generally evaluate our performance using asset or historical cash flow information.

The table below provides a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands):

Research and Development Expenses

Research and development (“R&D”) expenses decreased $3.8 million to $7.8 million in 2025 from $11.6 million in 2024. Costs associated with the OVATION 2 Study were $0.4 and $1.4 million in 2025 and 2024, respectively. The Company initiated the OVATION 3 Study during 2025 and incurred costs of $1.3 million during this period. Other clinical and regulatory costs were $1.9 million in 2025 compared to $2.4 million in 2024. R&D costs associated with the development of IMNN-001 to support the OVATION studies were $3.0 million in 2025 compared to $1.8 million in 2024. R&D and costs associated with the PlaCCine Vaccine Study and the development of the PLACCINE DNA vaccine technology platform in 2024 were $1.4 million and $2.6 million, respectively. There were no costs associated with the PlaCCine study or PLACCINE DNA development in 2025. CMC costs decreased to $1.1 million in 2025 compared to $2.0 million in 2024.

General and Administrative Expenses

General and administrative expenses decreased to $6.9 million in 2025 compared to $7.5 million in 2024. This decrease is primarily attributable to decreases in employee related costs of $0.3 million, consulting, and professional fees of $0.3 million, and conference and travel expenses of $0.1 million offset by an increase in franchise tax of $0.1 million.

Investment income and interest expense

Investment income from the Company’s short-term investments was $0.2 million in 2025 compared to $0.5 million in 2024.