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Mar 31, 2024
Celsion Q1 2024 Earnings Report
IMUNON reported financial results for Q1 2024 and provided a business update.
Key Takeaways
IMUNON reported a net loss of $4.9 million, or $0.52 per share, for the first quarter of 2024, compared to a net loss of $5.6 million, or $0.68 per share, for the first quarter of 2023. The company's operating expenses decreased by 12% to $5.0 million. They ended the quarter with $9.8 million in cash, investments and accrued interest receivable.
Topline results from the OVATION 2 Study with IMNN-001 in advanced ovarian cancer are expected in mid-2024.
IND application for seasonal COVID-19 booster vaccine (IMNN-101) was accepted by the FDA, and a Phase 1 proof-of-concept study has begun.
Stacy R. Lindborg, Ph.D. was appointed as President and Chief Executive Officer, effective May 13, 2024.
Received $1.3 million in non-dilutive funding from the sale of New Jersey Net Operating Losses.
Celsion
Celsion
Forward Guidance
IMUNON expects to report topline results from the OVATION 2 Study in mid-2024 and anticipates patient enrollment in the Phase 1 study for IMNN-101 to commence in the second quarter of 2024. The company believes it has sufficient capital resources to fund its operations to the end of 2024.
Positive Outlook
- Potential for clinically meaningful outcome in advanced ovarian cancer treatment with IMNN-001.
- IMNN-101 shows promise as an annual COVID-19 booster with long-lasting protection.
- IMNN-101 has demonstrated continued drug stability at standard refrigerated temperature.
- Phase 1 study of IMNN-101 is expected to commence patient enrollment in Q2 2024.
- Sufficient capital resources to fund operations to the end of 2024.
Challenges Ahead
- Unforeseen changes in research and development activities and in clinical trials.
- Uncertainties and difficulties in analyzing interim clinical data.
- Significant expense, time, and risk of failure of conducting clinical trials.
- Need for IMUNON to evaluate its future development plans.
- Possible actions by customers, suppliers, competitors, or regulatory authorities.