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Sep 30, 2022
Celsion Q3 2022 Earnings Report
IMUNON reported financial results for the third quarter of 2022 and provided a business update.
Key Takeaways
IMUNON reported a net loss of $6.1 million, or $0.87 per share, for the third quarter of 2022, compared to a net loss of $5.4 million, or $0.94 per share, for the third quarter of 2021. The company's operating expenses were $6.3 million for the third quarter of 2022, an increase of $1.1 million from the comparable prior-year period. The company ended the quarter with $43.4 million in cash, investments, restricted cash and accrued interest receivable and believes it has sufficient capital resources to fund its operations into 2025.
IMUNON is making excellent progress with innovative development modalities in infectious diseases and immuno-oncology.
PLACCINE modality continues to advance with very promising data from a non-human primate proof-of-concept study comparing vaccine with commercial mRNA vaccines.
Enrollment in the 110-patient OVATION 2 Study of GEN-1 in advanced ovarian cancer was completed during the third quarter.
Decision to raise additional capital earlier this year to strengthen balance sheet and extend operating roadway into 2025 was well timed.
Celsion
Celsion
Forward Guidance
IMUNON expects to report several value-creating developments during this period and believes it has sufficient capital resources to fund its operations into 2025.