Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-15911 | |
Entity Registrant Name | Imunon, Inc. | |
Entity Central Index Key | 0000749647 | |
Entity Tax Identification Number | 52-1256615 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 997 Lenox Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Lawrenceville | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08648 | |
City Area Code | (609) | |
Local Phone Number | 896-9100 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | IMNN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,400,889 | |
Entity Information, Former Legal or Registered Name | NA |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 2,346,978 | $ 5,838,566 |
Investment in debt securities - available for sale, at fair value | 7,461,875 | 9,857,087 |
Advances and deposits on clinical programs and other current assets | 2,285,490 | 2,545,051 |
Total current assets | 12,094,343 | 18,240,704 |
Property and equipment (at cost, less accumulated depreciation and amortization) | 693,360 | 751,906 |
Other assets: | ||
Deferred income tax asset | 1,280,385 | |
Operating lease right-of-use assets, net | 1,487,065 | 1,595,074 |
Deposits and other assets | 50,000 | 50,000 |
Total other assets | 1,537,065 | 2,925,459 |
Total assets | 14,324,768 | 21,918,069 |
Current liabilities: | ||
Accounts payable – trade | 2,357,776 | 3,515,192 |
Other accrued liabilities | 1,958,575 | 3,390,521 |
Operating lease liability - current portion | 500,625 | 485,421 |
Total current liabilities | 4,816,976 | 7,391,134 |
Operating lease liability - non-current portion | 1,008,049 | 1,139,293 |
Total liabilities | 5,825,025 | 8,530,427 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock - $0.01 par value (100,000 shares authorized, and no shares issued or outstanding at March 31, 2024 and December 31, 2023) | ||
Common stock - $0.01 par value (112,500,000 shares authorized; 9,400,911 and 9,399,811 shares issued at March 31, 2024 and December 31, 2023, respectively; and 9,400,889 and 9,399,789 shares outstanding at March 31, 2024 and December 31, 2023, respectively) | 94,009 | 93,998 |
Additional paid-in capital | 401,470,148 | 401,500,838 |
Accumulated other comprehensive loss | 133,101 | 60,796 |
Accumulated deficit | (393,112,327) | (388,182,802) |
Total stockholders’ equity before treasury stock | 8,584,931 | 13,472,830 |
Treasury stock, at cost (22 shares at March 31, 2024 and December 31, 2023) | (85,188) | (85,188) |
Total stockholders’ equity | 8,499,743 | 13,387,642 |
Total liabilities and stockholders’ equity | $ 14,324,768 | $ 21,918,069 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 112,500,000 | 112,500,000 |
Common stock, shares issued | 9,400,911 | 9,399,811 |
Common stock, shares outstanding | 9,400,889 | 9,399,789 |
Treasury stock, shares | 22 | 22 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 3,293,861 | $ 2,619,805 |
General and administrative | 1,717,585 | 3,064,645 |
Total operating expenses | 5,011,446 | 5,684,450 |
Loss from operations | (5,011,446) | (5,684,450) |
Other income (expense): | ||
Investment income, net | 81,921 | 253,070 |
Interest expense on loan facility | (159,985) | |
Total other income (expense), net | 81,921 | 93,085 |
Net loss | $ (4,929,525) | $ (5,591,365) |
Weighted average shares outstanding - Basic | 9,399,831 | 8,281,483 |
Weighted average shares outstanding - Diluted | 9,399,831 | 8,281,483 |
Net loss per common share | ||
Net loss per common share - Basic | $ (0.52) | $ (0.68) |
Net loss per common share - Diluted | $ (0.52) | $ (0.68) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in: | ||
Unrealized gains on available for sale securities, net | $ 72,305 | $ 97,383 |
Net loss | (4,929,525) | (5,591,365) |
Total comprehensive loss | $ (4,857,220) | $ (5,493,982) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (4,929,525) | $ (5,591,365) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 70,301 | 49,514 |
Amortization of right-of-use assets | 108,009 | 143,164 |
Realized losses, net, on investment securities | 73,466 | 103,084 |
Stock-based compensation | (30,679) | 338,708 |
Realization of deferred income tax asset | 1,280,385 | 1,567,026 |
Amortization of deferred finance charges and debt discount associated with notes payable | 44,693 | |
Net changes in: | ||
Accrued interest on investment securities | 12,577 | |
Advances, deposits, and other current assets | 259,561 | (11,204) |
Accounts payable and accrued liabilities | (2,705,402) | (638,791) |
Net cash used in operating activities | (5,873,884) | (3,982,594) |
Cash flows from investing activities: | ||
Purchases of investment securities | (105,949) | (3,526,656) |
Proceeds from sale and maturity of investment securities | 2,500,000 | 4,000,000 |
Purchases of property and equipment | (11,755) | (57,142) |
Net cash provided by investing activities | 2,382,296 | 416,202 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock equity, net of issuance costs | 2,474,364 | |
Net cash provided by financing activities | 2,474,364 | |
Net change in cash and cash equivalents | (3,491,588) | (1,092,028) |
Cash and cash equivalents at beginning of period | 5,838,566 | 17,492,841 |
Cash and cash equivalent at end of period | 2,346,978 | 16,400,813 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 179,542 | |
Non-Cash Investing and Financing Activities | ||
Recognition of Operating Lease Right of Use Asset and Liability | $ 1,911,049 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 74,362 | $ 397,980,023 | $ (85,188) | $ 26,494 | $ (368,667,825) | $ 29,327,866 |
Balance, shares at Dec. 31, 2022 | 7,436,219 | 22 | ||||
Net loss | (5,591,365) | (5,591,365) | ||||
Realized and unrealized gains (losses), net, on investments securities | 97,383 | 97,383 | ||||
Stock-based compensation expense | 338,708 | 338,708 | ||||
Sale of equity through equity financing facilities, net of costs | $ 16,606 | 2,457,756 | 2,474,362 | |||
Sale of equity through equity financing facilities, net of costs, shares | 1,660,608 | |||||
Issuance of common stock for restricted options | $ 2 | 2 | ||||
Issuance of common stock for restricted options, shares | 200 | |||||
Balance at Mar. 31, 2023 | $ 90,970 | 400,776,487 | $ (85,188) | 123,877 | (374,259,190) | 26,646,956 |
Balance, shares at Mar. 31, 2023 | 9,097,027 | 22 | ||||
Balance at Dec. 31, 2023 | $ 93,998 | 401,500,838 | $ (85,188) | 60,796 | (388,182,802) | 13,387,642 |
Balance, shares at Dec. 31, 2023 | 9,399,811 | 22 | ||||
Net loss | (4,929,525) | (4,929,525) | ||||
Issuance of common stock upon exercise of restricted options | $ 11 | 11 | ||||
Issuance of common stock upon exercise of restricted options, shares | 1,100 | |||||
Realized and unrealized gains (losses), net, on investments securities | 72,305 | 72,305 | ||||
Stock-based compensation expense | (30,690) | (30,690) | ||||
Balance at Mar. 31, 2024 | $ 94,009 | $ 401,470,148 | $ (85,188) | $ 133,101 | $ (393,112,327) | $ 8,499,743 |
Balance, shares at Mar. 31, 2024 | 9,400,911 | 22 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) | $ (4,929,525) | $ (5,591,365) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business Description
Business Description | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business Description | Note 1. Business Description Imunon is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms with the aim to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. IMUNON is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas ® ® The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer currently in Phase II development. IMNN-001 works by instructing the body to produce durable levels, within certain safety parameters, of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company is entering a first-in-human study of its COVID-19 booster vaccine (IMNN-101). We will continue to leverage these modalities and to advance the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. During the quarter ended March 31, 2024, there have been no changes to the Company’s accounting policies. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting only of normal recurring accruals considered necessary for a fair presentation, have been included in the accompanying unaudited condensed consolidated financial statements. Operating results for the three-months ended March 31, 2024 and 2023, are not necessarily indicative of the results that may be expected for any other interim period(s) or for any full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 28, 2024. The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amounts reported in the Company’s financial statements and accompanying notes. Actual results could differ materially from those estimates. Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes. Going Concern Uncertainty. Since inception, the Company has incurred substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s drug candidates, and applications and submissions to the FDA. The Company has not generated significant revenue and has incurred significant net losses in each year since inception. For the quarter ended March 31, 2024, the Company had a net loss of $ 4.9 5.9 393 9.8 The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, financial markets in the U.S., the Russian invasion of Ukraine and the unrest in the Middle East. The Company continues to monitor its operating activities in light of these events, and it is possible that these events could result in a variety of risks to the business. The specific impact, if any, is not readily determinable as of the date of these consolidated financial statements. The Company has based its estimates on assumptions that may prove to be wrong. The Company may need to obtain additional funds sooner or in greater amounts than it currently anticipates. Potential sources of financing include strategic relationships, public or private sales of the Company’s shares or debt, the sale of the Company’s New Jersey net operating losses and other sources. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of existing stockholders may be diluted. The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company’s control. These factors include the progress of research activities; the number and scope of research programs; the progress of preclinical and clinical development activities; the progress of the development efforts of parties with whom the Company has entered into research and development agreements; the costs associated with additional clinical trials of drug candidates; the ability to achieve milestones under licensing arrangements; the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and the costs and timing of regulatory approvals. A fundamental component of the ability to continue as a going concern is the Company’s ability to raise capital as required, as to which no assurances can be provided. To address the additional funding requirements of the Company, management has undertaken the following initiatives: ● it has assessed its current expenditures and will be reducing the current spending requirements where necessary; ● it will pursue additional capital funding in the public and private markets through equity sales and/or debt facilities; ● it will pursue possible partnerships and collaborations; and ● it will pursue potential out licensing for its drug candidates. The Company’s ability to continue as a going concern may depend on the Company’s ability to raise additional capital, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue. There are no assurances that these future funding and operating efforts will be successful. If management is unsuccessful in these efforts, the Company’s current capital is not expected to be sufficient to fund the Company’s operations for the next twelve months. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Note 3. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) and are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to its operations. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the income tax disclosures within the consolidated financial statements. |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Net loss per common share | |
Net Loss per Common Share | Note 4. Net Loss per Common Share Basic loss per common share is calculated based upon the net loss available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated after adjusting the denominator of the basic earnings per share computation for the effects of all dilutive potential common shares outstanding during the period. The dilutive effects of preferred stock, options and warrants and their equivalents are computed using the treasury stock method. The total number of shares of common stock issuable upon exercise of warrants, stock option grants and equity awards were 1,197,390 1,289,258 |
Investment in Debt Securities-A
Investment in Debt Securities-Available for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Debt Securities-Available for Sale | Note 5. Investment in Debt Securities-Available for Sale Investments in debt securities available for sale with a fair value of $ 7,461,875 9,857,087 The Company reviews its debt securities classified as short-term investments on a regular basis for impairment. For debt securities in unrealized loss positions, the Company determines whether any portion of the decline in fair value below the amortized cost basis is due to credit-related factors if it neither intends to sell nor anticipates that it is more likely than not that it will be required to sell prior to recovery of the amortized cost basis. The Company considers factors such as the extent to which the market value has been less than the cost, any noted failure of the issuer to make scheduled payments, changes to the rating of the security and other relevant credit-related factors in determining whether or not a credit loss exists. During the first three months of 2024 and the fiscal year ended December 31, 2023, the Company did not recognize an allowance for credit-related losses on any of our investments. A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows: Schedule of Cost, Fair Value and Maturities of Short Term Investments March 31, 2024 December 31, 2023 Cost Fair Value Cost Fair Value Short-term investments U.S. Treasury securities $ 7,328,774 $ 7,461,875 $ 9,796,291 $ 9,857,087 March 31, 2024 December 31, 2023 Cost Fair Value Cost Fair Value Short-term investment maturities Within 3 months $ 7,328,773 $ 7,461,875 $ 2,467,518 $ 2,490,775 Between 3-12 months - - 7,328,773 7,366,312 Total $ 7,328,774 $ 7,461,875 $ 9,796,291 $ 9,857,087 The following table shows the Company’s investment in debt securities available for sale gross unrealized gains (losses) and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary. Summary of Investment Securities Gross Unrealized Gains (Losses) March 31, 2024 December 31, 2023 Available for sale securities (all unrealized holding gains are less than 12 months at date of measurement) Fair Value Unrealized Holding Gains Fair Value Unrealized Holding Gains Investments in debt securities with unrealized gains $ 7,461,875 $ 133,101 $ 9,857,087 $ 60,796 Investment (loss) income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows: Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends 2024 2023 For the Three Months Ended March 31, 2024 2023 Interest and dividends accrued and paid $ 155,387 $ 356,154 Realized losses on Investment in debt securities (73,466 ) (103,084 ) Investment income, net $ 81,921 $ 253,070 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6. Fair Value Measurements FASB Accounting Standards Codification Section 820, Fair Value Measurements and Disclosures Level 1: Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date; Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions that market participants would use in pricing an asset or liability. Cash and cash equivalents, other current assets, accounts payable and other accrued liabilities are reflected in the condensed consolidated balance sheets at their approximate estimated fair values primarily due to their short-term nature. The fair values of securities available for sale are determined by relying on the securities’ relationship to other benchmark quoted securities and classified its investments as Level 1 items in both 2024 and 2023. There were no transfers of assets or liabilities between Level 1 and Level 2 and no transfers in or out of Level 3 during the three-month period ended March 31, 2024 or during the year ended December 31, 2023. Assets and liabilities measured at fair value are summarized below: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Total Fair Value Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Recurring items as of March 31, 2024 U.S. treasury obligations, available for sale $ 7,461,875 $ 7,461,875 $ - $ - Recurring items as of December 31, 2023 U.S. treasury obligations, available for sale $ 9,857,087 $ 9,857,087 $ - $ - |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Note 7. Other Accrued Liabilities Other accrued liabilities at March 31, 2024 and December 31, 2023 include the following: Schedule of Other Accrued Liabilities March 31, December 31, Amounts due to contract research organizations and other contractual agreements $ 525,078 $ 1,442,659 Accrued payroll and related benefits 1,379,016 1,693,383 Accrued professional fees 34,481 234,479 Other 20,000 20,000 Total $ 1,958,575 $ 3,390,521 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 8. Notes Payable The SVB Loan Facility On June 18, 2021, the Company entered into a $ 10 6 10 5 6.0 The SVB Loan Facility was in the form of money market secured indebtedness bearing interest at a calculated WSJ Prime-based variable rate. A final payment equal to 3 10 In connection with the SVB Loan Facility, the Company incurred financing fees and expenses totaling $ 243,370 3.0 300,000 197,080 329,158 On April 21, 2023, the Company repaid the outstanding principal balance, an early termination fee and the end-of-term charges in full satisfaction of the SVB Loan Facility. During the year ended December 31, 2023, the Company recorded a loss of $ 329,158 334,212 |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 9. Stockholders’ Equity At the Market Offering Agreement On May 25, 2022, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”) as sales agent, pursuant to which the Company may offer and sell, from time to time, through Wainwright, shares of the Company’s common stock having an aggregate offering price of up to $ 7,500,000 1,660,608 2,474,362 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 10. Stock-Based Compensation The Company has long-term compensation plans that permit the granting of equity-based awards in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, other stock awards, and performance awards. At the 2018 Annual Stockholders Meeting of the Company held on May 15, 2018, stockholders approved the Imunon, Inc. 2018 Stock Incentive Plan (the “2018 Plan”). The 2018 Plan, as adopted, permits the granting of 180,000 80,000 260,000 166,667 426,667 513,333 940,000 1,030,000 1,970,000 The Company has issued stock awards to employees and directors in the form of stock options and restricted stock. Options are generally granted with strike prices equal to the fair market value of a share of Imunon common stock on the date of grant. Incentive stock options may be granted to purchase shares of common stock at a price not less than 100% of the fair market value of the underlying shares on the date of grant, provided that the exercise price of any incentive stock option granted to an eligible employee owning more than 10% of the outstanding stock of Imunon must be at least 110% of such fair market value on the date of grant. Only officers and key employees may receive incentive stock options. Option and restricted stock awards vest upon terms determined by the Compensation Committee of the Board of Directors and are subject to accelerated vesting in the event of a change of control or certain terminations of employment. The Company issues new shares to satisfy its obligations from the exercise of options or the grant of restricted stock awards. As of December 31, 2023, the Compensation Committee of the Board of Directors approved the grant of (i) inducement stock options (the “Inducement Option Grants”) to purchase a total of 294,751 91,350 1.59 As of March 31, 2024, there were a total of 1,975,073 883,495 1,122,578 153,835 Total compensation cost related to stock options and restricted stock awards was approximately $ 31,000 0.8 65,000 0.2 96,000 0.6 A summary of stock option awards and restricted stock grants, inclusive of awards granted under the 2018 Stock Plan and Inducement Option Grants for the three-months ended March 31, 2024 is presented below: Summary of Stock Options Awards and Restricted Stock Grants Stock Options Restricted Stock Awards Weighted Average Options Outstanding Weighted Average Exercise Price Non-vested Restricted Stock Outstanding Weighted Average Grant Date Fair Value Contractual Terms of Equity Awards (in years) Equity awards outstanding at January 1, 2024 1,063,482 $ 2.61 32,100 $ 1.23 Equity awards granted 152,000 $ 0.86 - $ - Equity Awards vested and issued - - 1,100 1.32 Equity awards terminated (209,152 ) $ 1.75 - $ - Equity awards outstanding at March 31, 2024 1,006,330 $ 2.53 31,000 $ 1.24 8.7 Aggregate intrinsic value of outstanding equity awards at March 31, 2023 $ - Equity awards exercisable at March 31, 2024 661,985 $ 3.13 8.5 Aggregate intrinsic value of equity awards exercisable at March 31, 2024 $ 119,818 As of March 31, 2024, there was $ 0.2 three four years 0.86 1.32 The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from the Company’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: Schedule of Assumptions Used to Determine Fair Value of Options Granted For the Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.31 % 3.39 % Expected volatility 111.82 % 107.03 111.91 % Expected life (in years) 9.0 10.0 9.0 10.0 Expected dividend yield 0.0 % 0.0 % Expected volatilities utilized in the model are based on historical volatility of the Company’s stock price. The risk-free interest rate is derived from values assigned to U.S. Treasury bonds with terms that approximate the expected option lives in effect at the time of grant. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Warrants | |
Warrants | Note 11. Warrants Following is a summary of all warrant activity for the three-month period ended March 31, 2024: Summary of Warrant Activity Warrants Number of Issued Weighted Average Exercise Price Warrants outstanding at December 31, 2023 160,060 $ 18.86 Warrants outstanding at March 31, 2024 160,060 $ 18.86 Aggregate intrinsic value of outstanding warrants at March 31, 2024 $ - Weighted average remaining contractual terms at March 31, 2024 1.9 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 12. Leases Lawrenceville, New Jersey Lease In August 2023, the Company renewed its Lawrenceville office lease for a 24 9,850 22,983 23,394 Huntsville, Alabama Lease In January 2023, the Company renewed its Huntsville facility lease for a 60 11,420 28,550 30,903 The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of March 31, 2024: Schedule of Lease Payments and Maturity of Operating Lease Liabilities 2024 $ 470,581 2025 543,009 2026 362,976 2027 370,236 2028 and thereafter 30,903 Subtotal future lease payments 1,777,705 Less imputed interest (269,032 ) Total lease liabilities $ 1,508,673 Weighted average remaining life 3.30 Weighted average discount rate 9.98 % For the three-month period ended March 31, 2024, operating lease expense was $ 154,514 162,545 159,276 166,705 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies In February 2021, a derivative shareholder lawsuit was filed against the Company, as the nominal defendant, and certain of its directors and officers as defendants in the U.S. District Court for the District of New Jersey, captioned Fidler v. Michael H. Tardugno, et al., Case No. 3:21-cv-02662. The plaintiff alleged breach of fiduciary duty and other claims arising out of alleged statements made by certain of the Company’s directors and/or officers regarding ThermoDox®. The Company believes it has meritorious defenses to these claims and intends to vigorously contest this suit. At this stage of the case, neither the likelihood that a loss, if any, will be realized, nor an estimate of possible loss or range of loss, if any, can be determined. |
Related Party Transaction
Related Party Transaction | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Note 14. Related Party Transaction On November 16, 2022 the Company entered into a convertible note purchase agreement with Transomic Technologies, Inc. (“Transomic”) whereby the Company purchased $ 375,000 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events The Company has evaluated its subsequent events from March 31, 2024, through the date these consolidated financial statements were issued. |
Investment in Debt Securities_2
Investment in Debt Securities-Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cost, Fair Value and Maturities of Short Term Investments | A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows: Schedule of Cost, Fair Value and Maturities of Short Term Investments March 31, 2024 December 31, 2023 Cost Fair Value Cost Fair Value Short-term investments U.S. Treasury securities $ 7,328,774 $ 7,461,875 $ 9,796,291 $ 9,857,087 March 31, 2024 December 31, 2023 Cost Fair Value Cost Fair Value Short-term investment maturities Within 3 months $ 7,328,773 $ 7,461,875 $ 2,467,518 $ 2,490,775 Between 3-12 months - - 7,328,773 7,366,312 Total $ 7,328,774 $ 7,461,875 $ 9,796,291 $ 9,857,087 |
Summary of Investment Securities Gross Unrealized Gains (Losses) | The following table shows the Company’s investment in debt securities available for sale gross unrealized gains (losses) and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary. Summary of Investment Securities Gross Unrealized Gains (Losses) March 31, 2024 December 31, 2023 Available for sale securities (all unrealized holding gains are less than 12 months at date of measurement) Fair Value Unrealized Holding Gains Fair Value Unrealized Holding Gains Investments in debt securities with unrealized gains $ 7,461,875 $ 133,101 $ 9,857,087 $ 60,796 |
Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends | Investment (loss) income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows: Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends 2024 2023 For the Three Months Ended March 31, 2024 2023 Interest and dividends accrued and paid $ 155,387 $ 356,154 Realized losses on Investment in debt securities (73,466 ) (103,084 ) Investment income, net $ 81,921 $ 253,070 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value are summarized below: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Total Fair Value Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Recurring items as of March 31, 2024 U.S. treasury obligations, available for sale $ 7,461,875 $ 7,461,875 $ - $ - Recurring items as of December 31, 2023 U.S. treasury obligations, available for sale $ 9,857,087 $ 9,857,087 $ - $ - |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities at March 31, 2024 and December 31, 2023 include the following: Schedule of Other Accrued Liabilities March 31, December 31, Amounts due to contract research organizations and other contractual agreements $ 525,078 $ 1,442,659 Accrued payroll and related benefits 1,379,016 1,693,383 Accrued professional fees 34,481 234,479 Other 20,000 20,000 Total $ 1,958,575 $ 3,390,521 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Options Awards and Restricted Stock Grants | A summary of stock option awards and restricted stock grants, inclusive of awards granted under the 2018 Stock Plan and Inducement Option Grants for the three-months ended March 31, 2024 is presented below: Summary of Stock Options Awards and Restricted Stock Grants Stock Options Restricted Stock Awards Weighted Average Options Outstanding Weighted Average Exercise Price Non-vested Restricted Stock Outstanding Weighted Average Grant Date Fair Value Contractual Terms of Equity Awards (in years) Equity awards outstanding at January 1, 2024 1,063,482 $ 2.61 32,100 $ 1.23 Equity awards granted 152,000 $ 0.86 - $ - Equity Awards vested and issued - - 1,100 1.32 Equity awards terminated (209,152 ) $ 1.75 - $ - Equity awards outstanding at March 31, 2024 1,006,330 $ 2.53 31,000 $ 1.24 8.7 Aggregate intrinsic value of outstanding equity awards at March 31, 2023 $ - Equity awards exercisable at March 31, 2024 661,985 $ 3.13 8.5 Aggregate intrinsic value of equity awards exercisable at March 31, 2024 $ 119,818 |
Schedule of Assumptions Used to Determine Fair Value of Options Granted | The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from the Company’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: Schedule of Assumptions Used to Determine Fair Value of Options Granted For the Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.31 % 3.39 % Expected volatility 111.82 % 107.03 111.91 % Expected life (in years) 9.0 10.0 9.0 10.0 Expected dividend yield 0.0 % 0.0 % |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Warrants | |
Summary of Warrant Activity | Following is a summary of all warrant activity for the three-month period ended March 31, 2024: Summary of Warrant Activity Warrants Number of Issued Weighted Average Exercise Price Warrants outstanding at December 31, 2023 160,060 $ 18.86 Warrants outstanding at March 31, 2024 160,060 $ 18.86 Aggregate intrinsic value of outstanding warrants at March 31, 2024 $ - Weighted average remaining contractual terms at March 31, 2024 1.9 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Payments and Maturity of Operating Lease Liabilities | The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of March 31, 2024: Schedule of Lease Payments and Maturity of Operating Lease Liabilities 2024 $ 470,581 2025 543,009 2026 362,976 2027 370,236 2028 and thereafter 30,903 Subtotal future lease payments 1,777,705 Less imputed interest (269,032 ) Total lease liabilities $ 1,508,673 Weighted average remaining life 3.30 Weighted average discount rate 9.98 % |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ 4,929,525 | $ 5,591,365 |
Fund operation | 5,873,884 | $ 3,982,594 |
Cumulative net loss | 393,000,000 | |
Cash and cash equivalents, short-term investments, and interest receivable | $ 9,800,000 |
Net Loss per Common Share (Deta
Net Loss per Common Share (Details Narrative) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss per common share | ||
Anti-dilutive securities | 1,197,390 | 1,289,258 |
Schedule of Cost, Fair Value an
Schedule of Cost, Fair Value and Maturities of Short Term Investments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Short-term investments - Fair Value | $ 7,461,875 | $ 9,857,087 |
Short-term investment maturities - Within 3 months, cost | 7,328,773 | 2,467,518 |
Short-term investment maturities - Within 3 months, fair value | 7,461,875 | 2,490,775 |
Short-term investment maturities - Between 3-12 months, cost | 7,328,773 | |
Short-term investment maturities - Between 3-12 months, fair value | 7,366,312 | |
Short-term investment maturities - cost | 7,328,774 | 9,796,291 |
Short-term investment maturities - fair value | 7,461,875 | 9,857,087 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Short-term investments - Cost | 7,328,774 | 9,796,291 |
Short-term investments - Fair Value | $ 7,461,875 | $ 9,857,087 |
Summary of Investment Securitie
Summary of Investment Securities Gross Unrealized Gains (Losses) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Investments in debt securities with unrealized gains - Fair Value | $ 7,461,875 | $ 9,857,087 |
Investments in debt securities with unrealized gains - Unrealized Holding Gains | $ 133,101 | $ 60,796 |
Summary of Net Realized Losses
Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Interest and dividends accrued and paid | $ 155,387 | $ 356,154 |
Realized losses on Investment in debt securities | (73,466) | (103,084) |
Investment income, net | $ 81,921 | $ 253,070 |
Investment in Debt Securities_3
Investment in Debt Securities-Available for Sale (Details Narrative) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Available-for-sale, Current | $ 7,461,875 | $ 9,857,087 |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities - available for sale, at fair value | $ 7,461,875 | $ 9,857,087 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities - available for sale, at fair value | 7,461,875 | 9,857,087 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities - available for sale, at fair value | 7,461,875 | 9,857,087 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities - available for sale, at fair value | 7,461,875 | 9,857,087 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities - available for sale, at fair value | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in debt securities - available for sale, at fair value |
Schedule of Other Accrued Liabi
Schedule of Other Accrued Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Amounts due to contract research organizations and other contractual agreements | $ 525,078 | $ 1,442,659 |
Accrued payroll and related benefits | 1,379,016 | 1,693,383 |
Accrued professional fees | 34,481 | 234,479 |
Other | 20,000 | 20,000 |
Total | $ 1,958,575 | $ 3,390,521 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 18, 2021 | Aug. 31, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||||
Interest expense debt | $ 159,985 | ||||
Silicon Valley Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | ||||
Proceeds from lines of credit | 6,000,000 | ||||
Loan amount withdrawn | $ 10,000,000 | ||||
Repayments of lines of credit | $ 5,000,000 | ||||
Restricted cash | $ 6,000,000 | ||||
Final payment percentage | 3% | ||||
Long term line of credit | $ 10,000,000 | ||||
Financing fees and expenses | $ 243,370 | ||||
End of term charge percentage | 3% | ||||
Interest expense debt | $ 300,000 | $ 334,212 | |||
Interest expense | 197,080 | ||||
Amortization of debt issuance costs | 329,158 | ||||
Gain (loss) on contract termination | $ 329,158 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | |
May 25, 2022 | Mar. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Stock issued during period, value, new issues | $ 2,474,362 | |
Market Offering Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Stock issued during period, value, new issues | $ 7,500,000 | |
Number of shares sold | 1,660,608 | |
Proceeds from sale of stock | $ 2,474,362 |
Summary of Stock Options Awards
Summary of Stock Options Awards and Restricted Stock Grants (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted average exercise price, granted | $ 0.86 | $ 1.32 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options outstanding, beginning balance | 1,063,482 | |
Weighted average exercise price, beginning balance | $ 2.61 | |
Options outstanding, granted | 152,000 | |
Weighted average exercise price, granted | $ 0.86 | |
Options outstanding, vested and issued | ||
Weighted average exercise price, vested and issued | ||
Options outstanding, Terminated | (209,152) | |
Weighted average exercise price, Terminated | $ 1.75 | |
Options outstanding, ending balance | 1,006,330 | |
Weighted average exercise price, ending balance | $ 2.53 | |
Weighted average contractual terms | 8 years 8 months 12 days | |
Options outstanding, aggregate intrinsic value | ||
Options outstanding, exercisable | 661,985 | |
Weighted average exercise price, exercisable | $ 3.13 | |
Weighted average contractual terms, exercisable | 8 years 6 months | |
Options outstanding, aggregate intrinsic value, exercisable | $ 119,818 | |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Non-vested stock awards, beginning balance | 32,100 | |
Weighted average grant date fair value, beginning balance | $ 1.23 | |
Non-vested stock awards, granted | ||
Weighted average grant date fair value, granted | ||
Non-vested stock awards, vested and issued | 1,100 | |
Weighted average grant date fair value, vested and issued | $ 1.32 | |
Non-vested stock awards, Terminated | ||
Weighted average grant date fair value, Terminated | ||
Non-vested stock awards, ending balance | 31,000 | |
Weighted average grant date fair value, ending balance | $ 1.24 |
Schedule of Assumptions Used to
Schedule of Assumptions Used to Determine Fair Value of Options Granted (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 4.31% | 3.39% |
Expected volatility | 111.82% | |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected volatility | 107.03% | |
Expected life (in years) | 9 years | 9 years |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected volatility | 111.91% | |
Expected life (in years) | 10 years | 10 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jun. 14, 2023 | Jun. 10, 2021 | Jun. 15, 2020 | May 14, 2019 | May 15, 2018 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Options granted, weighted average exercise price | $ 0.86 | $ 1.32 | ||||||
Unrecognized share based compensation | $ 200,000 | |||||||
Equity Stock Awards [Member] | Granted Under 2018 Plan and 2007 Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Common stock, reserved for future issuance | 883,495 | |||||||
Inducement Awards [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Common stock, reserved for future issuance | 153,835 | |||||||
Stock Options and Restricted Stock Awards [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share based compensation | $ 31,000 | $ 800,000 | ||||||
Stock Options and Restricted Stock Awards [Member] | Research and Development Expense [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share based compensation | 65,000 | 200,000 | ||||||
Stock Options and Restricted Stock Awards [Member] | General and Administrative Expense [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share based compensation | $ 96,000 | $ 600,000 | ||||||
Minimum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized share based compensation, period | 3 years | |||||||
Maximum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized share based compensation, period | 4 years | |||||||
2018 Stock Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Share-based payment award, shares authorized | 180,000 | |||||||
Shares available for issuance | 1,122,578 | |||||||
Stock options, strike price description | Options are generally granted with strike prices equal to the fair market value of a share of Imunon common stock on the date of grant. Incentive stock options may be granted to purchase shares of common stock at a price not less than 100% of the fair market value of the underlying shares on the date of grant, provided that the exercise price of any incentive stock option granted to an eligible employee owning more than 10% of the outstanding stock of Imunon must be at least 110% of such fair market value on the date of grant. Only officers and key employees may receive incentive stock options. | |||||||
Common stock, reserved for future issuance | 1,975,073 | |||||||
2018 Stock Incentive Plan [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Shares available for issuance | 1,030,000 | 513,333 | 166,667 | 80,000 | ||||
2018 Stock Incentive Plan [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Shares available for issuance | 1,970,000 | 940,000 | 426,667 | 260,000 | ||||
Inducement Option Grants [Member] | Five New Employees [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Options granted, weighted average exercise price | $ 1.59 | |||||||
Inducement Option Grants [Member] | Five New Employees [Member] | Restricted Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Shares issued | 91,350 | |||||||
Inducement Option Grants [Member] | Five New Employees [Member] | Common Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Shares issued | 294,751 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Warrants | |
Number of Warrants Issued, Warrants outstanding, Beginning balance | shares | 160,060 |
Weighted Average Exercise Price, Warrants outstanding, Beginning balance | $ / shares | $ 18.86 |
Number of Warrants Issued, Warrants outstanding, Ending balance | shares | 160,060 |
Weighted Average Exercise Price, Warrants outstanding, Ending balance | $ / shares | $ 18.86 |
Aggregate intrinsic value of outstanding warrants | $ | |
Weighted average remaining contractual terms (years) | 1 year 10 months 24 days |
Schedule of Lease Payments and
Schedule of Lease Payments and Maturity of Operating Lease Liabilities (Details) | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 470,581 |
2025 | 543,009 |
2026 | 362,976 |
2027 | 370,236 |
2028 and thereafter | 30,903 |
Subtotal future lease payments | 1,777,705 |
Less imputed interest | (269,032) |
Total lease liabilities | $ 1,508,673 |
Operating lease, weighted average remaining lease term | 3 years 3 months 18 days |
Operating lease, weighted average discount rate, percent | 9.98% |
Leases (Details Narrative)
Leases (Details Narrative) | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2023 USD ($) ft² | Jan. 31, 2023 USD ($) ft² | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Operating lease, term | 24 months | 60 months | ||
Operating lease, cost | $ 154,514 | $ 159,276 | ||
Operating lease, payments | $ 162,545 | $ 166,705 | ||
Lease Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Area of land | ft² | 9,850 | 11,420 | ||
Lease Agreement [Member] | Minimum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Payments for rent | $ 22,983 | $ 28,550 | ||
Lease Agreement [Member] | Maximum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Payments for rent | $ 23,394 | $ 30,903 |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) | Nov. 16, 2022 USD ($) |
Convertible Note Purchase Agreement [Member] | Transomic Technologies, Inc. [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Convertable and warrants | $ 375,000 |