- Earnings call transcript Q3 2022

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Operator

Good morning. My name is Marliese, and I will be your operator today. At this time, I would like to welcome you to Imunon's Third Quarter 2022 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise.

Following the speakers' prepared remarks, there will be a question-and-answer session. now Investor turn Relations would to call I Golodetz Kim representative. Instructions] like the to over [Operator Please go ahead.

Kim Golodetz

Quarter and Thank you, LHA. Third with is Kim Financial and good morning, Welcome everyone. to Call. Update Conference Business This Golodetz XXXX Results Imunon's

practice a As by by the be session. as operator, has and noted remarks prepared been will Imunon's question-and-answer followed

Executive by except to required undertakes President over to like Chief as, Officer. be or general, those pandemic. Securities current regarding revise call expects, are by projections I about Dr. about the and the today's results for may only guaranteed, risks including as management call, set change outlook made call as the COVID-XX With expectations identified I and obligation and this statements. operations, the in other or differ of on will During believes are of any materially XXXX. date filings and based no estimate time from be financial events. of anticipates, Le accurate the be live to to uncertainties, caution forward-looking also is This content In impact similar particular, the broadcast, Imunon's terminologies uncertainty November statements No call, of company's can significant making of such number Imunon a there Corinne? Commission. results is Goff, such the could impact the this based expectations on with means forward-looking results can XX, statements COVID-XX the update These comments discussion. and that subject statements periodic Exchange future and turn In at the during expressions. Corinne and would actual and forth statements and today's that is duration contemplated forward-looking on best Imunon's information law. said, conference of the

Corinne Le Goff

good you, morning, Thank everyone. and Kim,

Chief our Financial Church, Jeffrey is today Officer. me Joining

In Nicholas during Chief Medical Scientific Officer; Today, am PLACCINE development your addition, Dr. treatment be immunotherapy our available Q&A going with Dr. speaking our most ovarian the to of our and vaccine GEN-X, Chief answer our my time cancer. advanced programs the will of I for prophylactic regarding PLACCINE. or Borys, session Khursheed modality to and about spend Anwer, IL-XX Officer, questions

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and of in immuno-oncology to frontier technological advance characterize We DNA. disease, and continue to and the are fully we invest starting platform infectious will the plasmid to

call turn will to I the Jeff? over Now Jeff.

Jeffrey Church

Form included XXXX in third with filed Imunon's XXXX the we in the financial state interest our market of morning before sufficient sales of we have fund believe ended with today resources cash, Details operating quarter at third our results XX-Q, Corrine. this of New XXXX accrued Jersey future rate. of the and the losses, investments into you, restricted release and operations our million Thank company's along net current issued press are quarter in $XX.X receivable, spending we planned cash we capital early to Imunon opened. which

any $XX shareholders, further million the Over past we have period. XXXX for and sales, have available NOL to the sale dilution our NOLs four over without years to time $X.X from we raised over and XXXX a million of unused

an in support several important milestones. through to position are operations We value-creating with respect exit liquidity to

Let and now our to turn financial quarter year-to-date me third results.

to million, $XX.X same increase sale A was to in This Series $XX.X preferred and year Silicon subsequent another that the with in quarter from shares of meeting the of after in out redeemable XXXX slightly up this special of and million onetime for the $XX expenses plan higher which OPTIMA from redemption G&A million CEA shareholders net of This was quarter. to net to to costs expense down basis, for to million this million, in of quarter third $XXX,XXX the income the closing third and with XXXX. announcement of or to study third million was company was Imunon study. improvement compensation administrative expenses $X.X quarter. were plasmid per compares and our million slightly year XXXX. in million of to and OPTIMA activities GEN-X ended study in of the quarter, the $X.X related were higher February $X.X represented was for compared non-cash cash increase the stock net $X.X and attributable July defend expenses $XX,XXX CMC primarily associated related in current Costs $X.X from XXXX. compensation largely the Operating results of operating $X.X We million and year-to-date necessary first of a XX% the initiatives. $X $XXX,XXX the announced compares B legal XXXX, Other a used III reported a lower quarter year the million and quarter down funding Phase in current and of interest non-operating of On Research from resulting a discontinued of the facility stock loss $X.XX September last lawsuits up is for in loan vaccine clinical This of non-operating This share. million were as in expense associated of with $X.X to ago. per with or attributable well filed $X.X payment expense the expenses of associated XXXX third For had our in the million the shareholders costs capital to for higher Valley XX, income the XXXX. the $X.X due period by succession increased quarter this and with development III third regulatory third the quarter, million the development a held the lower Offsetting costs higher in these loss the various quarter XXXX, quarter General The XXXX. million item. a for expenses had primarily of period number $X.X XXXX million R&D authorized expenses which compared $X.X Research adequate continue as costs to to an invested the interest in ensure Bank of ago. ago. current XXXX. or X This DNA share study $X.XX year. $X.X $X.X platform year were comparable million the line development up of the were were from million Breaking the the this OVATION quarter $X.X with Phase under meeting million special compared expenses. third

the first in onetime financing the projections. provided registered million in of cash offering our new expenditures, direct was that a million was XXXX months at from XXXX, market warrants. is used XXXX the result nine of $X.X nine activities these Cash was with which a $XX.X by Excluding with line April of of priced first operations in in months

We also in million sale from XXXX. received proceeds of net the NOLs February of $X.X

balance the cash would for of $X the back quarter approximately now of XXXX projected utilization to Our is XXXX. Corinne. call million I for turn fourth the

Corinne Le Goff

for Thanks, so Jeff. bring been and in closing, also our so, to to I talented commitment of summer, class I medicine want In that a will back highly joined the to patients community. great medical the the clinicians In value mention since and by our impressed new have staff shareholders. I Imunon create we of scientists, doing

our that your with to So our overview ready business we results, open of recent questions. the are financial Operator? and to call

Operator

Thank you very much.

We our Emily, Please from And session. [Operator begin go Wainwright. Bodnar ahead. you. will Instructions] comes first question-and-answer H.C. Thank Emily the from now question

Emily Bodnar

thanks and taking for question. morning my good Hi, a I have couple.

So the booster. to mentioned kind plans your I vaccine COVID talk new and the about the evaluate program, of and you want to

one you this see proof-of-concept to to yourself? first of Or the looking variant of the you need So and you planning some new are of a approaches? And seek doing evaluate point evaluate to kind are you looking for discuss to to variant established partner you an booster of just waiting clinical or kind still – it program? Omicron you And for are program? kind in the to a variants Moderna Pfizer this at are to similar prior boosters study can vaccine a if show

Corinne Le Goff

these for Thank Emily, questions. you,

so enough mentioned, stop modality pathogen. or now potentially strong and IND vaccinated thinking booster, believe, I most to of as focus the we either obviously has another had So another that have, a about that's logical our an for seems IND the because population been for world infection COVID we – is which

you go is obviously, developing that strategy. the about do, with this is to correct. to booster how we meeting a mentioned FDA. drive want we have what will pre-IND Now what But And

we they of conversation at about the We the with also kind look the have interest of obviously, moving FDA want forward. to be what variance could

to Khursheed, discussions want them. the you a have add with that's we're things. to going few So might

Khursheed Anwer

Yes. No exactly, Corinne.

new XBB BQX.X, the They variants you BQ.X, the are As know on emerging. are horizon.

some said, forward FDA But we go with sense as terms makes on Omicron combination. So what's We in feedback preclinical of studies need from – is a what we on combination have interest from clearly, Corinne plug be with any research that our ongoing clearly, getting will to be in do variant Delta, of booster. FDA ready would But to more feedback as some that. BA.X.

Emily Bodnar

Got it.

yourselves? And Or the Okay. a you still for partner you do seeking move are think COVID program? you would forward

Corinne Le Goff

Yes.

many definitely to would simply seek now PLACCINE modality from developments yes, know, so you have for clinically a resources we feel future that we We the enough partnerships. because, vaccine developing takes data partnerships as patients. So our we like [indiscernible] can seek in in that

NHP I As mentioned, still is ongoing. study our

the by year. results final the have we'll end of So the

Emily Bodnar

that Okay. cancer maybe Could how planning Acuitas bit COVID last to discuss side? LNP more Or you just you a a your agreement utilize kind of you and to do kind Would their the program? that on the system? you're looking delivery Thanks. question. in utilize are more of And

Corinne Le Goff

Khursheed, if you this want to one? comment on

Khursheed Anwer

Yes. Sure.

have we our on with platform that impressive with said data, and expanding of the current we we're as different delivery. earlier very encouraging SARS-COV-X basis Emily, have really the considering a data formulation that have routes So maybe we these of

expand portfolio, stone So any we want why our that's unturned. to letting not

as know, commercial you vaccine. LNP, there's So a

we a clearly, are a to So breadth for belt. delivery will either a have DNA. mostly we potential more see pathogens us more currently, with for with under forward different the or our that to enrichment give little what this But is proposing expansion. LNP bit It's further today. and go know sort do to platform of approach platform our of plasmid right SARS-COV-X LNP can But formulation, we now,

Emily Bodnar

much. Thanks so it. Got Perfect.

Operator

please Alliance question now from ahead. from Partners. Jim, James a have Molloy Global go we And

James Molloy

Therapeutics for lockups interior side, taking Acuitas on and forth I any or hard on Thanks agreement and considerations that question go deal? the my guys. had fast the between monetary questions. any back a of Hey sort

Corinne Le Goff

Khursheed, do you to to want comment that?

Khursheed Anwer

sure. Yes,

Of course.

right Jim, is more exploratory. agreement with the now, So them

their fit plasmid DNA. So we at for technology will with looking be

a As you information and lot of know, there's more LNP system. mRNA-based

stage, see of this valuable in data, to we as an It's for model discuss there's setting now, us can attractive well it's as And as more DNA very if it's other So much with you monetary well. that's that But such exploratory an very exploratory works said. stage. and at then agreement. right this at terms if to see how plasma

James Molloy

Understood. potentially deal will? interest hope characterize Or Thank as the for space, the be you they of you to looks most or you landscape anyone you the little And forward DNA? the progress the could for how things you. be interested? sign up if could environment a going And if who's sort as guys most in closest bit a guys and DNA partnership to to partner for will the perhaps competitor, a PLACCINE PLACCINE

Corinne Le Goff

Jim, that's a very good question.

I think DNA with DNA, right. I impressed can in our believe the we of what purpose were made we of the week had other And pathogens. convey with to medicines, was the door potential our vaccine a progress sure conversation of that quite of show And them, BARDA last expression. the because that's plasmid in them I name that day they the as opens delivery in starting a the prophylactic and for new class have with to of the we are show lot discussions – we gene completely with terms new of site of results maybe them to of

that interest in is but there world the yes, other going at pathogens address also players new of looking technologies from great changing BARDA, forward. So from will

Khursheed Anwer

there If the course, masses to vaccine to so not – one as may deliver devices a as have landscape, vectors and some vaccine, approved DNA sort complications current it's DNA hard viral with has of India vaccine, add, very Yes. with some prophylactic compliance. is of in based There's I viral device vaccine device-based its own that are based. good Jim, for

of and viral devoid is approach our devices So independent our vector.

think yes, getting attractive or I device not because having So great viruses. it's it's of

with we landscape the safer that's and and approach. here base So are more device better vital compliant and

partnership that's traction hope I delivery So more more of terms compliant think need in we where more vaccine? for of DNA and there's to get better – safer

James Molloy

you Absolutely. for I Thank couldn't agree taking questions the more.

Khursheed Anwer

Welcome.

Operator

from go we Bautz Research. please David David, ahead. from [Operator Small-Cap Zacks Instructions] question And a now have

David Bautz

also good PLACCINE. everyone. morning How curious and the animals antigen. making questions responses couple I vaccinated vaccinated trying T long a animals you still And any PLACCINE Thanks. Hey, the how compare see the following antibody PLACCINE on with data were immunized the of and have did for I'm animals. active to long if immunization. stays have between how I'm cell Basically, mRNA that vaccine

Khursheed Anwer

Yes.

Corinne Le Goff

Yes. Khursheed, go please ahead.

Khursheed Anwer

Thank Very you, David. Good. important questions.

we IgG rodents responses. seen have we have So activity T is in the preclinical The primates we as in comparison biosystronic remarks effective those benefit we had comparable very have variants. vaccines levels our variant vaccine, studies. both the cell But as or clearance-wise, our and in seen not wild-type are done And against rodents, antibodies seen both XX% In bivalent a that vaccination to have side-by-side a because virus. with XX% vaccine, similar the mRNA Corinne in clearance, of vaccine, effective non-human IgG commercial with neutralizing against with commercial clearance. mutated the for and statement said levels

we NHP head-to-head clearance or with similar. compare mRNA, comparable in very So is commercial

hope comparison, at shows also pointed study And at And been antibody In and bit vaccine. seen stable study we just data the duration, months kind antibodies degree to not neutralizing PLACCINE. vectors and eight two more at responses terms at durability its any data mRNA ongoing antigen collect and of we eight we're that's studies, ongoing one and we advantageous neutralizing point, bivalent six-month significant you following now, as we've vector, that. a that initiated about duration, where mRNA have in we months testing single stability to beyond looking four important add the drop so have little into is of out, that's are over

some making and and comparisons hope PLACCINE. our are more characterization we have yes, to responses so the with of far, So result that's we

David Bautz

the quick the a if on updates, data X And on Great. the study. we now expect outcome? OVATION of Okay. What the between release and should primary question any,

Corinne Le Goff

Thank you, David, a I'll randomized, ask one-to-one it's Dr. Borys open as to comment. you But trial. know,

we data when is have mature the discuss right and is some when can we the enough. client So that data costs

Nicholas Borys

for you the question Thank on OVATION X. that Yes.

had primary and And move good our as about our analysis data of mentioned. at We're the So gives forward an to that endpoint our Corinne data. us collected. midpoint confidence it she of in about today, seeing was we collection, terms we're activity, Corinne in announced interim of studies announced, XX% as

the she expect again, that forward, Moving final data. announced we

statisticians in be meanwhile. data the cuts we of around XXXX. Our project doing And middle will

on be, but So soon been share as as we haven't next made when cut data we established. an that's that will announcement yet our will

David Bautz

Okay. Thanks questions. taking for my

Corinne Le Goff

you, Thank David.

Operator

session. And conference question-and-answer Corinne any back over Le Goff you. to I would this Thank concludes closing for our to remarks. like turn the

Corinne Le Goff

contact IR one-on-one and would a of Healthcare week hold scheduled Please Conference contact AGP, second you January. time to Global meeting. with December of as we you. Virtual morning. Thank our the meeting, I X. keeping Please to progress. Conference some forward trust see participating to for on you will you San informed your technologies. our if LHA, in to and We JPMorgan our firm, Thank you this of concurrent November one-on-one conveyed XX platform in we prepare like note about a during be Francisco all hope potential meetings we Please we the our the for excitement that ELIA's look

report will the fourth results very our you. of with in you nice day. speak Have We when XXXX March. a quarter we Thank again financial rest

Operator

has conference the concluded. now today's attending you for presentation. And Thank

now may disconnect. You

Imunon (IMNN) 16 Nov 222022 Q3 Earnings call transcript