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Dec 31, 2023
Celsion Q4 2023 Earnings Report
IMUNON reported financial results for the year ended December 31, 2023 and provided a business update.
Key Takeaways
IMUNON reported a net loss of $19.5 million for 2023, a decrease in operating expenses by 17% compared to 2022, and ended the year with $15.7 million in cash, investments and accrued interest receivable.
Reported interim PFS and OS data in OVATION 2 Study suggesting a delay in disease progression or death in the treatment arm of approximately 30% compared with the control arm.
Preliminary OS data followed a similar trend, showing an approximate nine-month improvement in the treatment arm over the control arm.
Began Treatment in a Phase 1/2 Clinical Trial Evaluating IMNN-001 in Combination with Bevacizumab in Advanced Ovarian Cancer.
Received $1.3 Million in Non-Dilutive Funding from the Sale of New Jersey Net Operating Losses.
Celsion
Celsion
Forward Guidance
IMUNON is on track to report topline results mid-year from the OVATION 2 Study and begin a Phase 1 proof-of-concept clinical study in the second quarter of 2024 with a seasonal COVID-19 booster vaccine.
Positive Outlook
- Potential for advances in treating late-stage ovarian cancer may be within reach.
- A better vaccine platform technology holds tremendous commercial promise.
- On track to report topline results mid-year from the OVATION 2 Study.
- Remain on track to begin a Phase 1 proof-of-concept clinical study in the second quarter of 2024 with a seasonal COVID-19 booster vaccine, following FDA clearance of our IND application.
- Objective is to confirm the safety and immunogenicity of our clinical vaccine in humans.
Challenges Ahead
- Unforeseen changes in the course of research and development activities and in clinical trials
- Uncertainties of 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