0001493152-23-009604 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Mar. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 13.1
Entity Common Stock, Shares Outstanding		9,089,789
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement to be filed for its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III hereof. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K
ICFR Auditor Attestation Flag	false
Auditor Name	WithumSmith+Brown, PC
Auditor Location	Princeton, New Jersey
Auditor Firm ID	100

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 11,492,841	$ 19,586,272
Investment in debt securities - available for sale, at fair value	21,254,485	29,803,095
Accrued interest receivable on investment securities	128,932	108,844
Money market investments, restricted cash	1,500,000
Advances and deposits on clinical programs and other current assets	2,778,433	2,447,413
Total current assets	37,154,691	51,945,624
Property and equipment (at cost, less accumulated depreciation and amortization)	548,301	477,011
Other assets:
Money market investments, restricted cash	4,500,000	6,000,000
Deferred income tax asset	1,567,026	1,383,446
In-process research and development, net		13,366,234
Operating lease right-of-use assets, net	155,876	690,995
Deposits and other assets	50,000	183,489
Total other assets	6,272,902	21,624,164
Total assets	43,975,894	74,046,799
Current liabilities:
Accounts payable – trade	3,586,623	2,547,251
Other accrued liabilities	4,794,936	3,173,537
Notes payable – current portion, net of deferred financing costs	1,424,774
Operating lease liability - current portion	230,749	548,870
Deferred revenue - current portion		500,000
Total current liabilities	10,037,082	6,769,658
Earn-out milestone liability		5,396,000
Notes payable – non-current portion, net of deferred financing costs	4,610,946	5,854,461
Operating lease liability - non-current portion		230,749
Total liabilities	14,648,028	18,250,868
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value (100,000 shares authorized, and no shares issued or outstanding at December 31, 2022 and 2021)
Common stock - $0.01 par value (112,500,000 shares authorized; 7,436,219 and 5,770,538 shares issued at December 31, 2022 and 2021, respectively, and 7,436,197 and 5,770,516 shares outstanding at December 31, 2022 and 2021, respectively)	74,362	57,705
Additional paid-in capital	397,980,023	388,600,979
Accumulated other comprehensive income (loss)	26,494	(7,974)
Accumulated deficit	(368,667,825)	(332,769,591)
Total stockholders’ equity before treasury stock	29,413,054	55,881,119
Treasury stock, at cost (22 shares at December 31, 2022 and 2021)	(85,188)	(85,188)
Total stockholders’ equity	29,327,866	55,795,931
Total liabilities and stockholders’ equity	$ 43,975,894	$ 74,046,799

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	7,436,219	5,770,538
Common stock, shares outstanding	7,436,197	5,770,516
Treasury stock, shares	22	22

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Technology development and licensing revenue	$ 500,000	$ 500,000
Operating expenses:
Research and development	11,733,666	10,619,287
General and administrative	13,687,899	10,887,903
Total operating expenses	25,421,565	21,507,190
Loss from operations	(24,921,565)	(21,007,190)
Other income (expense):
Gain from change in earn-out milestone liability	5,396,000	1,622,000
Impairment of goodwill and in-process research and development	(13,366,234)	(1,976,101)
Loss on debt extinguishment		(234,419)
Investment income, net	453,356	10,996
Interest expense	(5,028,618)	(569,881)
Other income	1,801	1,899
Total other income (expense), net	(12,543,695)	(1,145,506)
Loss before income tax benefit	(37,465,260)	(22,152,696)
Income tax benefit	1,567,026	1,383,446
Net loss	$ (35,898,234)	$ (20,769,250)
Net loss per common share - basic and diluted	$ (5.03)	$ (3.83)
Weighted average common shares outstanding - basic and diluted	7,142,970	5,426,953

Consolidated Statements of Comprehensive loss - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive loss - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net loss	$ (35,898,234)	$ (20,769,250)
Changes in:
Realized loss on investment securities recognized in investment income, net	43,508	7,149
Unrealized loss (gain) on investment securities	(17,014)	825
Other comprehensive income, net	26,494	7,974
Comprehensive loss	$ (35,871,740)	$ (20,761,276)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (35,898,234)	$ (20,769,250)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	731,629	702,918
Change in fair value of earn-out milestone liability	(5,396,000)	(1,622,000)
Stock-based compensation	2,673,034	3,759,737
Change in deferred income tax asset		462,377
Impairment of goodwill and in-process research and development	13,366,234	1,976,101
Amortization of deferred finance charges and debt discount associated with note payable	181,259	237,258
Net changes in:
Accrued interest receivable on investment securities	(20,088)	(108,844)
Advances and deposits on clinical programs and other current assets	(514,600)	(786,718)
Other assets	133,489	(124,728)
Accounts payable – trade	1,039,372	302,404
Other accrued liabilities	1,072,529	247,142
Deferred revenue	(500,000)	(500,000)
Net cash used in operating activities	(23,131,376)	(16,223,603)
Cash flows from investing activities:
Purchases of investment in debt securities	(48,191,922)	(53,811,069)
Proceeds from sale and maturity of investment in debt securities	56,775,000	24,000,000
Purchases of property and equipment	(267,800)	(311,613)
Net cash used in investing activities	8,315,278	(30,122,682)
Cash flows from financing activities:
Proceeds from redeemable convertible preferred stock offering	28,500,000
Payment upon redemption of redeemable convertible preferred stock	(28,500,000)
Proceeds from issuance of common stock equity, net of issuance costs	6,722,667	52,688,946
Proceeds from issuance of common stock upon exercise of warrants		1,508,666
Proceeds from issuance of common stock upon exercise of stock options		4,725
Proceeds from notes payable		5,756,630
Payments on notes payable including end-of-term fees		(5,190,587)
Net cash provided by financing activities	6,722,667	54,768,380
Change in cash, cash equivalents and restricted cash	(8,093,431)	8,422,095
Cash, cash equivalents and restricted cash at beginning of year	25,586,272	17,164,177
Cash, cash equivalents and restricted cash at end of year	17,492,841	25,586,272
Supplemental disclosure of cash flow information:
Interest	(4,847,359)	(357,277)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from lease payments	601,495	568,269
Realized and unrealized gains, net, on investment in debt securities	$ 26,494	$ 7,974

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Preferred Stock [Member] Series A and B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020		$ 27,134	$ 330,669,476	$ (85,188)		$ (312,000,341)	$ 18,611,081
Beginning balance, shares at Dec. 31, 2020		2,713,402		22
Net loss						(20,769,250)	(20,769,250)
Sale of equity through equity financing facilities		$ 29,755	52,659,191				52,688,946
Sale of equity through equity financing facilities, shares		2,975,503
Realized and unrealized gains and losses, net, on investment securities					(7,974)		(7,974)
Stock-based compensation expense			3,759,737				3,759,737
Issuance of common stock upon exercise of options		$ 5	4,720				4,725
Issuance of common stock upon exercise of options, shares		500
Shares issued pursuant to warrant exercises		$ 811	1,507,855				1,508,666
Shares issued pursuant to warrant exercises, shares		81,111
Ending balance, value at Dec. 31, 2021		$ 57,705	388,600,979	$ (85,188)	(7,974)	(332,769,591)	55,795,931
Ending balance, shares at Dec. 31, 2021		5,770,516		22
Net loss						(35,898,234)	(35,898,234)
Effect of reverse stock split
Effect of reverse stock split, shares		(27)
Issuance of preferred stock upon financing	$ 28,500,000
Issuance of preferred stock upon financing, shares	100,000
Redemption of preferred stock	$ (28,500,000)
Redemption of preferred stock, shares	(100,000)
Sale of equity through equity financing facilities		$ 16,644	6,706,010				6,722,654
Sale of equity through equity financing facilities, shares		1,664,349
Issuance of common stock for restricted options		$ 13					13
Issuance of common stock for restricted options, shares		1,381
Realized and unrealized gains and losses, net, on investment securities					34,468		34,468
Stock-based compensation expense			2,673,034				2,673,034
Ending balance, value at Dec. 31, 2022		$ 74,362	$ 397,980,023	$ (85,188)	$ 26,494	$ (368,667,825)	$ 29,327,866
Ending balance, shares at Dec. 31, 2022		7,436,219		22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

On September 19, 2022, Celsion Corporation announced a corporate name change to Imunon, Inc. (“Imunon” or the “Company”), reflecting the evolution of the Company’s business focus and its commitment to developing cutting-edge immunotherapies and next-generation vaccines to treat cancer and infectious diseases. The Company’s common stock will continue to trade on the Nasdaq Stock Market under the new ticker symbol “IMNN” effective as of the opening of trading on September 21, 2022. The Company filed an amendment to its Articles of Incorporation to effect the new corporate name.

Imunon is a fully integrated, clinical stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective, and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. Imunon has two platform technologies: TheraPlas® platform for the development of immunotherapies and other anti-cancer nucleic acid-based therapies, and PLACCINE platform for the development of nucleic acid vaccines for infectious diseases and cancer. 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 safe and durable levels of powerful cancer fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company is conducting preclinical proof-of-concept studies on a nucleic acid vaccine candidate targeting SARS-CoV-2 virus in order to validate its PLACCINE platform. Imunon’s platform technologies are based on the delivery of nucleic acids with novel synthetic delivery systems that are independent of viral vectors or devices. The Company will continue to leverage these platforms and to advance the technological frontier of plasmid DNA to better serve patients with difficult to treat conditions.

Basis of Presentation

The accompanying consolidated financial statements (“Financial Statements”) of Imunon have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, CLSN Laboratories, Inc. and Imunon GmbH. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s Financial Statements and accompanying notes. Actual results could differ materially from these estimates.

Events and conditions arising subsequent to the most recent balance sheet date through the date of the issuance of these Financial Statements have been evaluated for their possible impact on the Financial Statements and accompanying notes. No events and conditions would give rise to any information that required accounting recognition or disclosure in the Financial Statements other than those arising in the ordinary course of business.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of expenses during the reporting period.

On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, the fair value of the earn-out milestone liabilities, estimates for contingent liabilities, if any, and accounting for impairment of in-process research and development assets and goodwill evaluation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates.

Revenue Recognition

The Company’s sole revenue stream is related to the Hisun agreement described in Note 18. There were no accounts receivable as of December 31, 2022. Contract liabilities from the Hisun agreement amounted to $0.5 million as of December 31, 2021. Contract liabilities values represent the value of cash received before the services were provided.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and investments purchased with an original maturity of three months or less. A portion of these funds are not covered by FDIC insurance.

Fair Value of Financial Instruments

The carrying values of investment securities approximate their respective fair values. Management believes that the carrying amounts of the Company’s investment securities, including cash and cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments. Short-term investments are recorded at their estimated fair value.

Short-Term Investments

The Company classifies its investments in debt securities with readily determinable fair values as investments available-for-sale in accordance with Accounting Standards Codification (“ASC”) 320, Investments - Debt and Equity Securities. Available-for-sale securities consist of debt securities not classified as trading securities or as securities to be held to maturity. The Company has classified all of its investments as available-for-sale. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive gain or loss in stockholders’ equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. The Company’s short-term investments consist of corporate bonds.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful lives of the related assets, ranging from three to seven years, using the straight-line method. Amortization is recognized over the lesser of the life of the asset or the lease term. Major renewals and improvements are capitalized at cost and ordinary repairs and maintenance are charged against operating expenses as incurred. Depreciation expense was approximately $197,000 and $130,000 for the years ended December 31, 2022 and 2021, respectively.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. There was no impairment of property or equipment during 2022 or 2021.

Deposits

Deposits include real property security deposits and other deposits which are contractually required and of a long-term nature.

In-Process Research and Development, Other Intangible Assets and Goodwill

During 2014, the Company acquired certain assets of EGEN, Inc. As more fully described in Note 6, the acquisition was accounted for under the acquisition method of accounting which required the Company to perform an allocation of the purchase price to the assets acquired and liabilities assumed. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets and liabilities based on their estimated fair values as of the acquisition date.

Impairment or Disposal of Long-Lived Assets

The Company assesses the impairment of its long-lived assets under accounting standards for the impairment or disposal of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. See Note 5 for information on impairment losses of its in-process research and development.

Comprehensive Income (Loss)

ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive income (loss) and its components in the Company’s consolidated financial statements. The objective of ASC 220 is to report a measure of comprehensive income (loss) of all changes in equity of an enterprise that result from transactions and other economic events in a period other than transactions with owners. Comprehensive gains (losses) result from changes in unrealized gains and losses from investment in debt securities.

Research and Development

Research and development costs are expensed as incurred. Equipment and facilities acquired for research and development activities that have alternative future uses are capitalized and charged to expense over their estimated useful lives.

Net Loss per Common Share

Basic and diluted net loss per common share was computed by dividing net loss for the year by the weighted average number of shares of common stock outstanding, both basic and diluted, during each period. The impact of common stock equivalents has been excluded from the computation of diluted weighted average common shares outstanding in periods where there is a net loss, as their effect is anti-dilutive.

For the years ended December 31, 2022 and 2021, the total number of shares of common stock issuable upon exercise of warrants and equity awards is 988,389 and 618,800, respectively. For the years ended December 31, 2022 and 2021, diluted loss per common share is the same as basic loss per common share as all options and all other warrants that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common stockholders per common share as their effect would be anti-dilutive.

Income Taxes

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that the tax rate change occurs. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In accordance with ASC 740, Income Taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position taken would be sustained in a tax examination, presuming that a tax examination will occur. The Company recognizes interest and/or penalties related to income tax matters in the income tax expense category.

As more fully discussed in Note 10, on September 19, 2022, the Company received approval from the New Jersey Economic Development Authority to sell $1.6 million of its New Jersey net operating losses (“NOLs”), recognizing a tax benefit for the year ended December 31, 2022 for the net proceeds (approximately $1.6 million) by reducing the net operating loss valuation allowance. As more fully discussed in Note 10, on October 31, 2022, the Company was notified by the New Jersey Economic Development Authority that its application was approved and the Company entered into an agreement to sell this NOL. On January 10, 2023, the Company received approximately $1.6 million upon completion of the sale of the 2022 NOLs. During 2021, the Company received approval to sell $1.5 million of its New Jersey NOLs, receiving net proceeds of approximately $1.4 million. As part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $15 million to $20 million, which will allow the Company to participate in this innovative funding program in future years for up to an additional $1.9 million in net operating losses under this maximum lifetime benefit (see Note 2).

Stock-Based Compensation

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation, which simplifies various aspects of accounting for share-based payments. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences and classification on the statements of cash flows. The Company recognizes the effect of forfeitures in compensation cost when they occur.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement of expected credit losses on certain financial instruments. The Company adopted ASU 2016-13 in its first quarter of 2021 utilizing the modified retrospective transition method. Based on the composition of the Company’s investment portfolio and current market conditions, the adoption of ASU 2016-13 did not have a material impact on its Financial Statements.

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). This ASU is intended to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic and do not affect a holder’s accounting for freestanding call options. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. The Company adopted ASU 2021-04 on its Financial Statements.

FINANCIAL CONDITION AND LIQUIDITY

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

FINANCIAL CONDITION AND LIQUIDITY

2. FINANCIAL CONDITION AND LIQUIDITY

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 U.S. Food and Drug Administration. The Company has not generated significant revenue and has incurred significant net losses in each year since inception. As of December 31, 2022, the Company has incurred approximately $369 million of cumulative net losses. As of December 31, 2022, the Company had $32.8 million in cash and cash equivalents, short-term investments, and interest receivable; and $1.6 net proceeds on the sale of net operating losses and $6.0 million in restricted cash required to maintain on deposit with SVB as cash collateral for the SVB debt. The Company has substantial future capital requirements to continue its research and development activities and advance its drug candidates through various development stages. The Company believes these expenditures are essential for the commercialization of its technologies. The Company believes it has sufficient capital resources to fund its operations into 2025.

The Company expects its operating losses to continue for the foreseeable future as it continues its product development efforts, and when it undertakes marketing and sales activities. The Company’s ability to achieve profitability is dependent upon its ability to obtain governmental approvals, manufacture, and market and sell its new drug candidates. There can be no assurance that the Company will be able to commercialize its technology successfully or that profitability will ever be achieved. The operating results of the Company have fluctuated significantly in the past.

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. and worldwide resulting from the ongoing COVID-19 pandemic. The disruptions caused by COVID-19 may also disrupt the clinical trials process and enrollment of patients. This may delay commercialization efforts. The Company continues to monitor its operating activities in light of these events, and it is reasonably possible that the virus could have a negative effect on the Company’s financial condition and results of operations. The specific impact, if any, is not readily determinable as of the date of these Financial Statements.

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 following:

●	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 maintain current research and development licensing arrangements and to establish new research and development and licensing arrangements;

●	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.

On July 13, 2020, the Company announced that it has received a recommendation from the independent DMC to consider stopping the global Phase III OPTIMA Study of ThermoDox^®in combination with RFA for the treatment of HCC, or primary liver cancer. The recommendation was made following the second pre-planned interim safety and efficacy analysis by the DMC on July 9, 2020. The DMC’s analysis found that the pre-specified boundary for stopping the trial for futility of 0.900 was crossed with an actual value of 0.903. The Company followed the advice of the DMC and considered its options to either stop the study or continue to follow patients after a thorough review of the data, and an evaluation of the probability of success. On February 11, 2021, the Company issued a letter to shareholders stating that the Company was notifying all clinical sites to discontinue following patients in the OPTIMA Study.

Since 2018, the Company has annually submitted applications to sell a portion of the Company’s State of New Jersey net operating losses as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority. Under the program, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. As part of the Technology Business Tax Certificate Program, the Company sold $1.6 million and $1.5 million of its New Jersey NOLs in 2022 and 2021, respectively. The sale of these net operating losses resulted in net proceeds to the Company of approximately $1.6 million in 2022 and $1.4 million in 2021. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $15 million to $20 million, which will allow the Company to participate in this funding program in future years for up to an additional $1.9 million in net operating losses under this maximum lifetime benefit.

In June 2018, the Company entered into a Credit Agreement with Horizon Technology Finance Corporation (“Horizon”) that provided $10 million in capital (the “Horizon Credit Agreement”). The obligations under the Horizon Credit Agreement are secured by a first-priority security interest in substantially all assets of Imunon other than intellectual property assets. Payments under the loan agreement are interest only (calculated based on one-month LIBOR plus 7.625%) for the first 24 months through July 2020, followed by a 21-month amortization period of principal and interest starting on August 1, 2020 and ending through the scheduled maturity date on April 1, 2023. On August 28, 2020, in connection with an Amendment to the Horizon Credit Agreement, Imunon repaid $5 million of the $10 million loan and $0.2 million in related end of term charges, and the remaining $5 million in obligations were restructured. As more fully discussed in Note 9 to these Financial Statements, in June 2021, the Company entered into a $10 million loan facility with Silicon Valley Bank (“SVB”). The Company immediately used $6 million from this facility to retire all outstanding indebtedness with Horizon. Concurrently with this retirement, the Company was required to fund a restricted cash account in the amount of $6 million. The funding is in the form of money market secured indebtedness bearing interest at a calculated WSJ Prime-based variable rate (currently 7.75%). Payments under the loan agreement are interest only for the first 24 months after loan closing, followed by a 24-month amortization period of principal and interest through the scheduled maturity date.

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 NOLs 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. See Note 11 for a discussion of the Company’s issuance and redemption of Series A Preferred Stock and Series B Preferred Stock.

INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE

3. INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE

Investments in debt securities available for sale with a fair value of $21,254,485 and $29,803,095 as of December 31, 2022 and 2021, respectively, consisted of U.S. Treasury securities and corporate debt securities. These investments are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in accumulated other comprehensive loss.

Investments in debt securities available for sale are evaluated periodically to determine whether a decline in their value is other than temporary. The term “other than temporary” is not intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, to predict whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized.

A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows:

	December 31, 2022				December 31, 2021
	Cost		Fair Value		Cost		Fair Value
Short-term investments
U.S. Treasury securities	$	-	$	-	$	14,786,982	$	14,778,705
Corporate debt securities		21,227,991		21,254,485		15,024,087		15,024,390
Total	$	21,227,991	$	21,254,485	$	29,811,069	$	29,803,095

	December 31, 2022				December 31, 2021
	Cost		Fair Value		Cost		Fair Value
Short-term investment maturities
Within 3 months	$	4,005,559	$	3,994,590	$	19,798,177	$	19,799,835
Between 3-12 months		17,222,432		17,259,895		10,012,892		10,003,260
Total	$	21,227,991	$	21,254,485	$	29,811,069	$	29,803,095

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 December 31, 2022 and 2021. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.

	December 31, 2022					December 31, 2021
Available for sale securities (all unrealized holding gains and losses are less than 12 months at date of measurement)	Fair Value		Unrealized Holding Gains (Losses)			Fair Value		Unrealized Holding Gains (Losses)

Investments in debt securities with unrealized gains	$	13,278,505	$	43,508		$	8,999,580	$	3,499
Investments in debt securities with unrealized losses		7,975,980	$	(17,014	)		20,803,515		(11,473	)
Total	$	21,254,485	$	26,494		$	29,803,095	$	(7,974	)

Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows:

	2022			2021
Interest and dividends accrued and paid	$	502,578		$	18,145
Realized losses		(49,222	)		(7,149	)
Investment income, net	$	453,356		$	10,996

RESTRICTED CASH

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

RESTRICTED CASH

4. RESTRICTED CASH

As a condition of the SVB Loan Facility entered into on June 18, 2021 as further discussed in Note 11, the Company is required at all times to maintain on deposit with SVB as cash collateral in a segregated money market bank account in the name of the Company, unrestricted and unencumbered cash (other than a lien in favor of SVB) in an amount of at least 100% of the aggregate outstanding amount of the SVB loan facility. SVB may restrict withdrawals or transfers by or on behalf of the Company that would violate this requirement. The required reserve totaled $6.0 million as of December 31, 2022 and 2021. This amount is presented in part as restricted cash for $1.5 million in current assets and $4.5 million in other non-current assets on the accompanying condensed consolidated balance sheets. On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. Although the Department of the Treasury, the Federal Reserve and the FDIC stated all depositors of SVB would have access to all of their money after only one business day of closure, including funds held in uninsured deposit accounts, borrowers under credit agreements, letters of credit and certain other financial instruments with SVB, or any other financial institution that is placed into receivership by the FDIC may be impacted. by other disruptions to the U.S. banking system caused by the recent developments involving SVB.

The following table reconciles cash and cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows:

	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	11,492,841	$	19,586,272
Money market investments, restricted		6,000,000		6,000,000
Total	$	17,492,841	$	25,586,272

FAIR VALUES OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

Fair Values Of Financial Instruments

FAIR VALUES OF FINANCIAL INSTRUMENTS

5. FAIR VALUES OF FINANCIAL INSTRUMENTS

FASB ASC Section 820, Fair Value Measurements and Disclosures, establishes a three-level hierarchy for fair value measurements which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows:

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 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 2 items in both 2022 and 2021. 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 years ended December 31, 2022 and 2021. The changes in Level 3 liabilities were the result of changes in the fair value of the earn-out milestone liability included in earnings and in-process R&D. The earnout milestone liability at December 31, 2021 is valued using a risk-adjusted assessment of the probability of payment of each milestone, discounted to present value using an estimated time to achieve the milestone (see Note 13).

Assets and liabilities measured at fair value are summarized below:

	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 December 31, 2022
Corporate debt securities, available for sale	$	21,254,485	$	–	$	–	$	21,254,485

Non-recurring items as of December 31, 2022
In-process R&D (Note 6)	$	–	$	–	$	–	$	–

Recurring items as of December 31, 2021
Corporate debt securities and U.S. treasury obligations, available for sale	$	29,803,095	$	–	$	–	$	29,803,095

Non-recurring items as of December 31, 2021
In-process R&D (Note 6)	$	13,366,234	$	–	$	–	$	13,366,234

Liabilities:

Recurring items as of December 31, 2022
Earn-out milestone liability (Note 13)	$	–	$	–	$	–	$	–

Recurring items as of December 31, 2021
Earn-out milestone liability (Note 13)	$	5,396,000	$	–	$	–	$	5,396,000

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

In June 2014, the Company completed the acquisition of substantially all of the assets of EGEN, Inc., an Alabama corporation (“EGEN”), which changed its company name to EGWU, Inc. after the closing of the acquisition (the “EGEN Acquisition”). The Company acquired all of EGEN’s right, title and interest in and to substantially all of the assets of EGEN, including cash and cash equivalents, patents, trademarks and other intellectual property rights, clinical data, certain contracts, licenses and permits, equipment, furniture, office equipment, furnishings, supplies and other tangible personal property. In addition, CLSN Laboratories assumed certain specified liabilities of EGEN, including the liabilities arising out of the acquired contracts and other assets relating to periods after the closing date.

Acquired In-process Research and Development.

Acquired in-process research and development (“IPR&D”) consists of EGEN’s drug technology platforms: TheraPlas and TheraSilence. The fair value of the IPR&D drug technology platforms was estimated to be $24.2 million as of the acquisition date. As of the closing of the acquisition, the IPR&D was considered indefinite lived intangible assets and will not be amortized. IPR&D is reviewed for impairment at least annually as of the third quarter ended September 30, and whenever events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. The Company’s IPR&D consisted of three core elements, its RNA delivery system, its glioblastoma multiforme cancer (“GBM”) drug candidate and its ovarian cancer indication.

As of December 31, 2022, the Company assessed whether there were indicators of impairment for the Company’s IPR&D and determined that the IPR&D asset was impaired during that period. Due to the continuing deterioration of public capital markets in the biotech industry in 2022 and 2021 and its impact on market capitalization rates in this sector, IPR&D was reviewed for impairment. Having conducted a quantitative analysis of the company’s IPR&D assets, the Company concluded the IPR&D asset was impaired during the fourth quarter of 2022. As of December 31, 2022, the Company wrote off the $13.4 million carrying value of this asset, thereby recognizing a non-cash charge of $13.4 million in the fourth quarter of 2022.

As of September 30, 2021, the Company assessed whether there were indicators of impairment for the Company’s IPR&D and determined that no IPR&D asset was impaired during that period. Due to the continuing deterioration of public capital markets in the biotech industry in 2021 and its impact on market capitalization rates in this sector, IPR&D was reviewed for impairment. Having conducted a quantitative analysis of the company’s IPR&D assets, the Company concluded no IPR&D asset was impaired during that period. Due to the continuing slowdown in investment by public capital markets in the biotech industry and its impact on market capitalization rates in this sector, the Company conducted a valuation analysis of its IPR&D for the ovarian cancer indication as of December 31, 2021. Based on this valuation analysis, the Company has concluded that it is not more likely than not that the asset is impaired as of December 31, 2021. As such, no impairment charges for IPR&D related to the ovarian cancer indication were recorded during 2021.

Covenants Not to Compete

Pursuant to the EGEN Purchase Agreement, EGEN provided certain covenants (“Covenant Not To Compete”) to the Company whereby EGEN agreed, during the period ending on the seventh anniversary of the closing date of the acquisition on June 20, 2014, not to enter into any business, directly or indirectly, which competes with the business of the Company nor would it contact, solicit or approach any of the employees of the Company for purposes of offering employment. The Covenant Not to Compete which was valued at approximately $1.6 million at the date of the EGEN Acquisition has a definitive life and is amortized on a straight-line basis over its life of 7 years. The Company recognized amortization expense of $113,660 in 2021. The Covenant Not to Compete was fully amortized by the end of 2021.

Goodwill

The purchase price exceeded the estimated fair value of the net assets acquired by approximately $2.0 million which was recorded as Goodwill. Goodwill represents the difference between the total purchase price for the net assets purchased from EGEN and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed. Goodwill is reviewed for impairment at least annually as of the Company’s third quarter ended September 30 or sooner if the Company believes indicators of impairment exist. As of September 30, 2021, the Company’s fair value exceeded its carrying value and as such no impairment was recognized for Goodwill through the third quarter of 2021. Due to the continuing slowdown in investment in 2021 by public capital markets in the biotech industry and its impact on market capitalization rates in this sector, Goodwill was reviewed for impairment as of December 31, 2021. Based on this assessment, Company concluded that Goodwill was impaired. As of December 31, 2021, the Company wrote off the $2.0 million carrying value of this asset, thereby recognizing a non-cash charge of $2.0 million in the fourth quarter of 2021.

The following is a summary of the net fair value of the assets acquired in the EGEN Acquisition for the two years ended December 31, 2022:

	IPR&D			Goodwill			Covenant Not to Compete

Balance at January 1, 2021, net	$	13,366,234		$	1,976,101		$	113,660
Amortization		-			-			(113,660	)
Impairment charge		-			(1,976,101	)		-
Balance at December 31, 2021, net		13,366,234			-			-
Balance		13,366,234			-			-
Impairment charge		(13,366,234	)		-			-
Balance at December 31, 2022, net	$	-		$	-		$	-
Balance	$	-		$	-		$	-

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2022 and 2021 consist of the following:

SUMMARY OF PROPERTY AND EQUIPMENT

	2022			2021
	December 31,
	2022			2021
Machinery and equipment (5-7 year life)	$	2,468,388		$	3,106,069
Furniture and fixtures (3-5 year life)		350,481			383,477
Leasehold improvements (5-7 year life)		373,194			343,203
Property and equipment gross		3,192,063			3,832,749
Less accumulated depreciation and amortization		(2,643,762	)		(3,355,738	)

Total	$	548,301		$	477,011

OTHER ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

OTHER ACCRUED LIABILITIES

8. OTHER ACCRUED LIABILITIES

Other accrued liabilities at December 31, 2022 and 2021 include the following:

SCHEDULE OF OTHER ACCRUED LIABILITIES

	2022		2021
	December 31,
	2022		2021
Amounts due to contract research organizations and other contractual agreements	$	2,196,711	$	1,401,356
Accrued payroll and related benefits		2,139,927		1,636,727
Accrued interest		37,583		16,792
Accrued professional fees		215,402		87,250
Other		205,313		31,412
Total	$	4,794,936	$	3,173,537

NOTES PAYABLE

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

NOTES PAYABLE

9. NOTES PAYABLE

The SVB Loan Facility

On June 18, 2021, the Company entered into a $10 million loan facility (the “SVB Loan Facility”) with Silicon Valley Bank (“SVB”). Imunon immediately drew down $6 million from the SVB Loan Facility and used the funds to retire all outstanding indebtedness with Horizon as further discussed below. Concurrently with this transaction, the Company used $6.0 million of other available funds to establish a restricted cash account which serves as security for the SVB Loan Facility.

The SVB Loan Facility is in the form of money market secured indebtedness bearing interest at a calculated WSJ Prime-based variable rate (currently 7.75%). A final payment equal to 3% of the total $10 million commitment amount is due upon maturity or prepayment of the SVB Loan Facility. There was no facility commitment fee, and no stock or warrants were issued to SVB. Payments under the loan agreement are interest only for the first 24 months after loan closing, followed by a 24-month amortization period of principal and interest through the scheduled maturity date.

In connection with the SVB Loan Facility, the Company incurred financing fees and expenses totaling $243,370 which is recorded and classified as debt discount and are being amortized as interest expense using the effective interest method over the life of the loan. Also, in connection with the SVB Loan Facility, the Company is required to pay an end-of-term fee equal to 3.0% of the original loan amount at time of maturity. Therefore, these amounts totaling $300,000 are being amortized as interest expense using the effective interest method over the life of the loan. During the years ended December 31, 2022 and 2021, the Company incurred interest expense of $295,792 and $106,709 and amortized $181,259 and $97,831, respectively, as interest expense for debt discounts and end-of-term fee in connection with the SVB Loan Facility.

The following is a schedule of future principal payments, net of unamortized debt discounts and amortized end-of-term fee, due on the SVB Loan Facility:


	As of December 31,
2023	$	1,500,000
2024		3,000,000
2025 and thereafter		1,500,000
Subtotal of future principal payments		6,000,000
Amortized end-of-term fee, net		(35,720	)
Total	$	5,964,280

Horizon Credit Agreement

On June 27, 2018, the Company entered into a loan agreement with Horizon Technology Finance Corporation (“Horizon”) that provided $10 million in new capital (the “Horizon Credit Agreement”). The Company drew down $10 million upon closing of the Horizon Credit Agreement on June 27, 2018. On August 28, 2020, Horizon and the Company amended the Horizon Credit Agreement (the “Amendment”) whereby Imunon repaid $5 million of the $10 million loan and $0.2 million in related end of term charges, and the remaining $5 million in obligations were restructured as set forth below.

Pursuant to the Amendment, the remaining $5 million in obligations of Imunon under the Horizon Credit Agreement was secured by a first-priority security interest in substantially all assets of Imunon other than intellectual property assets. The obligations bore interest at a rate calculated based on an amount by which the one-month LIBOR exceeds 2% plus 7.625%. In no event could the interest rate be less than 9.625%. Payments pursuant to the Amendment were interest only for the first 12 months after August 1, 2020, followed by a 21-month amortization period of principal and interest through the scheduled maturity date on April 1, 2023. In addition, the remaining $5 million in obligations was subject to an end of term fee equal, in the aggregate, to $275,000, which amount was payable upon the maturity of the obligations or upon the date of final payment or default, as applicable. In connection with the Amendment, Imunon agreed to a liquidity covenant which provided that, at all times, Imunon maintain unrestricted cash and/or cash equivalents on deposit in accounts over which the applicable lenders maintained an account control agreement in an amount not less than $2.5 million. In addition, pursuant to the Amendment, Imunon agreed to provide evidence to Horizon on or before March 31, 2021, that it received aggregate cash proceeds of not less than $5 million from the sale of equity, debt, its New Jersey NOLs, or a combination thereof, subsequent to the date of the Amendment. The Company met this requirement during the fourth quarter of 2020.

In connection with the Horizon Credit Agreement, the Company incurred financing fees and expenses totaling $175,000 which were recorded and classified as debt discount. In addition, the Company paid loan origination fees of $100,000 which were recorded and classified as debt discount. These debt discount amounts totaling $782,116 were being amortized as interest expense using the effective interest method over the life of the loan. Also, in connection with each of the Horizon Credit Agreement, the Company was required to pay an end of term charge equal to 4.0% of the original loan amount at time of maturity. Therefore, those amounts totaling $400,000 were being amortized as interest expense using the effective interest method over the life of the loan.

As a fee in connection with the Horizon Credit Agreement, Imunon issued Horizon warrants exercisable for a total of 12,674 shares of Imunon’s common stock (the “Existing Warrants”) at a per share exercise price of $39.45. The Existing Warrants were immediately exercisable for cash or by net exercise from the date of grant and will expire after ten years from the date of grant. The Company valued the Existing Warrants issued using the Black-Scholes option pricing model and recorded a total of $507,116 as a direct deduction from the debt liability, consistent with the presentation of debt discounts, and are being amortized as interest expense using the effective interest method over the life of the loan. Pursuant to the Amendment, one-half of the aggregate Existing Warrants, exercisable for a total of 6,337 shares of Imunon’s common stock, have been canceled, and, in connection with the Amendment, Imunon issued Horizon new warrants exercisable at a per share exercise price equal to $15.15 for a total of 16,501 shares of Imunon’s common stock (the “New Warrants” and, together with the Existing Warrants, the “Warrants”). The remaining 6,337 Existing Warrants issued in connection with the Horizon Credit Agreement remain outstanding at the exercise price of $39.45 per share.

The New Warrants were immediately exercisable for cash or by net exercise from the date of grant and will expire after ten years from the date of grant. The Horizon Credit Agreement contains customary representations, warranties and affirmative and negative covenants including, among other things, covenants that limit or restrict Imunon’s ability to grant liens, incur indebtedness, make certain restricted payments, merge, or consolidate and make dispositions of assets.

The Amendment was evaluated in accordance with FASB ASC 470-50, Debt-Modifications and Extinguishments, for debt modification and extinguishment accounting. The Company accounted for the $5 million it repaid as a debt extinguishment thereby reducing the principal obligations accordingly.

The Company accounted for the remaining $5 million of obligation under the Amendment as a debt modification to the initial agreement with respect to the minor changes in cash flows. Also, in connection with the $5 million remaining obligations, the Company recorded $5,000 of financing fees and the New Warrant fair value of $247,548 as additional debt discount on the $5 million remaining obligation. Therefore, approximately $109,706 of unamortized debt discount will be amortized over the remaining life of the new obligations. The $275,000 of end of term fees, net of previously amortized end of term fees totaling $142,605 previously accrued on the original note associated with the $5 million remaining obligation, will be amortized as interest expense over the remaining life of the new obligations.

During the year ended December 31, 2021, the Company incurred $225,920 in interest expense and amortized $139,428 as interest expense for debt discounts and end of term charges in connection with the Horizon Credit Agreement.

On June 18, 2021, as a condition of entering into the SVB Loan Facility, the Company paid the outstanding principal balance, an early termination fee and the end of term charges in full satisfaction of the Horizon Credit Agreement, as amended. The following is a schedule of the amounts paid to Horizon on June 18, 2021:

SCHEDULE OF DEBT


Principal balance at June 18, 2021	$	5,000,000
Early termination fees		150,000
End of term charges		275,000
Total	$	5,425,000

During the year ended December 31, 2021, the Company recorded a loss of $234,419 on the termination of the Horizon Credit Agreement, as amended, which represented the early termination fee and the end of term fees, net of previously amortized interest expense totaling $190,581 on the date of its payoff.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

10. INCOME TAXES

The income tax benefit for the years ended December 31, 2022 and 2021 consists of the following:

	2022			2021
Federal
Current	$	-		$	-
Deferred		-			-
State and Local		-			-
Current		-			-
Deferred		(1,567,026	)		(1,383,446	)
Total	$	(1,567,026	)	$	(1,383,446	)

A reconciliation of the Company’s statutory tax rate to the effective rate for the years ended December 31, 2022 and 2021 is as follows:

	2022			2021
Federal statutory rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		7.1			7.8
Permanent differences		29.8			(15.0	)
Other		–			–
Change in valuation allowance and deferred rate change, net		(53.8	)		(7.6	)
Effective tax rate		4.6	%		6.2	%

The components of the Company’s deferred tax asset as of December 31, 2022 and 2021 are as follows:

	2022			2021
	December 31,
	2022			2021
Net operating loss carryforwards	$	79,800,000		$	64,915,000
Other deferred tax assets, net		13,287,000			5,213,000
Subtotal		93,087,000			70,128,000
Valuation allowance		(91,519,974	)		(68,744,554	)
Total deferred tax asset	$	1,567,026		$	1,383,446

The evaluation of the realizability of such deferred tax assets in future periods is made based upon a variety of factors that affect the Company’s ability to generate future taxable income, such as intent and ability to sell assets and historical and projected operating performance. The Company has established a valuation reserve for its deferred income tax assets other than those related to its New Jersey NOLs. At December 31, 2021, after its evaluation of its New Jersey NOLs as discussed more fully below, the Company reduced the valuation reserve and recognized $1.6 million as a deferred income tax asset. Such tax assets are available to be recognized and benefit future periods. As of December 31, 2022, the Company had federal net operating loss carryforwards of approximately $330 million, net of net operating losses utilized in prior years of which $225 million, if unused, will expire starting in 2023 through 2037. The Federal net operating loss generated for the years ended December 31, 2018, 2019, 2020, and 2021 of approximately $64 million can be carried forward indefinitely. However, the deduction for net operating losses incurred in tax years beginning after January 1, 2018 is limited to 80% of annual taxable income. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act provides for economic and cash liquidity stimulus through various means including payroll tax credits, payroll tax deferral, short-term changes in tax deductibility of interest expenses among other things. The Act also permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. Previously, NOLs generated after December 31, 2017 were limited to 80% of taxable income in future years. In addition, the CARES Act allows NOLs incurred in 2018 through 2021 to be carried back to each of the five preceding tax years. The Company evaluated the various aspects of the Cares Act and determined that there was no material effect on the Financial Statements. As of December 31, 2022, the Company had state net operating loss carryforwards of approximately $58 million, net of net operating losses utilized in prior years, and, if unused, will expire starting in 2029 through 2041.

During 2022, 2021 and in prior years, the Company performed analyses to determine if there were changes in ownership, as defined by Section 382 of the Internal Revenue Code that would limit its ability to utilize certain net operating loss and tax credit carry forwards. The Company determined that it experienced ownership changes, as defined by Section 382, in connection with certain common stock offerings in July 2011, February 2013, June 2013, June 2015, February 2017, June 2017, October 2017, August 2018, February 2020, January 2021 and November 2022. As a result, the utilization of the Company’s federal tax net operating loss carry forwards generated prior to the ownership changes are limited. As of December 31, 2022, the Company has net operating loss carry forwards for U.S. federal and state tax purposes of approximately $325 million, before excluding net operating losses that have been limited as a result of Section 382 limitations. The annual limitation due to Section 382 for net operating loss carry forward utilization is approximately $4.2 million per year for approximately $90 million in net operating loss carry forwards existing at the ownership change occurring in July 2011, approximately $1.4 million per year for approximately $34 million of additional net operating losses occurring from July 2011 to the ownership change that occurred in February 2013, approximately $1.5 million per year for approximately $4 million of additional net operating losses occurring from February 2013 to the ownership change that occurred in June 2013, approximately $1.6 million per year for approximately $40 million of additional net operating losses occurring from June 2013 to the ownership change that occurred in June 2015, approximately $0.3 million per year for approximately $35 million of additional net operating losses occurring from June 2015 to the ownership change that occurred in February 2017, approximately $0.3 million per year for approximately $7 million of additional net operating losses occurring from February 2017 to the ownership change that occurred in June 2017, approximately $0.8 million per year for approximately $5 million of additional net operating losses occurring from June 2017 to the ownership change that occurred in October 2017, approximately $1.5 million per year for approximately $30 million of additional net operating losses occurring from October 2017 to the ownership change that occurred in August 2018, approximately $0.8 million per year for approximately $15 million of additional net operating losses occurring from August 2018 to the ownership change that occurred in February 2020 and approximately $2.0 million per year for approximately $40 million of additional net operating losses occurring from February 2020 to the ownership change that occurred in January 2021 and approximately $28.0 million per year for approximately $30 million of additional net operating losses occurring from January 2021 to the ownership change that occurred in November 2023. The utilization of these net operating loss carry forwards may be further limited if the Company experiences future ownership changes as defined in Section 382 of the Internal Revenue Code.

Sale of New Jersey Net Operating Losses

Since 2018, the Company has annually submitted applications to sell a portion of the Company’s New Jersey NOLs as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority. Under the program, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. As part of the Technology Business Tax Certificate Program, the Company sold $1.6 million and $1.5 million of its New Jersey NOLs in 2022 and 2021, respectively. The sale of these net operating losses resulted in net proceeds to the Company of approximately $1.6 million in 2022 and $1.4 million in 2021. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $15 million to $20 million, which will allow the Company to participate in this funding program in future years for up to an additional $1.9 million in net operating losses under this maximum lifetime benefit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

STOCKHOLDERS’ EQUITY

11. STOCKHOLDERS’ EQUITY

On March 19, 2021, the Company filed with the SEC a $100 million shelf registration statement on Form S-3 (the “2021 Registration Statement”) that allows the Company to issue any combination of common stock, preferred stock or warrants to purchase common stock or preferred stock. This shelf registration was declared effective on March 30, 2021.

On September 19, 2022, the Company announced a corporate name change to Imunon, Inc. The Company’s common stock will continue to trade on the Nasdaq Stock Market under the new ticker symbol “IMNN” effective as of the opening of trading on September 21, 2022, and its CUSIP number (15117N602) remained unchanged. The Company filed an amendment to its Articles of Incorporation to effect the new corporate name.

Reverse Stock Split

On February 28, 2022, the Company effected a 15-for-1 reverse stock split of its common stock which was made effective for trading purposes as of the commencement of trading on March 31, 2022. As of that date, each 15 shares of issued and outstanding common stock and equivalents was consolidated into one share of common stock. All shares have been restated to reflect the effects of the 15-for-1 reverse stock split. In addition, at the market open on March 1, 2022, the Company’s common stock started trading under a new CUSIP number 15117N602 although the Company’s ticker symbol, CLSN, remained unchanged.

The reverse stock split was previously approved by the Company’s stockholders at the 2022 Special Meeting held on February 24, 2022, and the Company subsequently filed a Certificate of Amendment to its Certificate of Incorporation to effect the stock consolidation. The primary reasons for the reverse stock split and the amendment were:

	●	To provide the Company with the ability to support its future anticipated growth and would provide greater flexibility to consider and respond to future business opportunities and needs as they arise, including equity financings and stock-based acquisitions of new technology and product development candidates. The availability of additional shares of Common Stock would permit the Company to undertake certain of the foregoing actions without delay and expense associated with holding a Special Meeting of Stockholders to obtain stockholder approval each time such an opportunity arises that would require the issuance of shares of Common Stock; and

	●	To continue listing on The NASDAQ Capital Market, which requires that the Company comply with the applicable listing requirements under NASDAQ Marketplace Rules, which requirements include, among others, a minimum bid price of at least $1.00 per share. On December 2, 2021, the Company received a letter from NASDAQ indicating that the closing bid price of the Company’s Common Stock fell below $1.00 per share for the previous 30 consecutive business days, and that the Company was therefore not in compliance with the minimum bid price requirement for continued inclusion on The NASDAQ Capital Market. The Company had 180 calendar days, until May 31, 2022, to regain compliance with this requirement, which occurs when the closing bid price of the Company’s Common Stock is at least $1.00 per share for a minimum of ten consecutive business days during the 180-day compliance period.

Immediately prior to the reverse stock split, the Company had 86,557,736 shares of common stock outstanding which consolidated into 5,770,516 shares of the Company’s common stock. No fractional shares were issued in connection with the reverse stock split. Holders of fractional shares have been paid out in cash for the fractional portion with the Company’s overall exposure for such payouts consisting of a nominal amount. The amount of the Company’s outstanding convertible preferred stock were not affected by the reverse stock split. The number of outstanding options, stock awards and warrants were adjusted accordingly, with outstanding options and stock awards being reduced from approximately 6.6 million to approximately 0.4 million and outstanding warrants being reduced from approximately 2.5 million to approximately 0.2 million.

At the Market Offering Agreement

On May 25, 2022, the Company entered into an At the Market Offering Agreement (the “Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), 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. The Company intends to use the net proceeds from the offering, if any, for general corporate purposes, including research and development activities, capital expenditures and working capital. The Company did not sell any shares under the Agreement with Wainwright in the first nine months of 2022. From October 1, 2022 through the date of December 31, 2022, the Company sold 336,075 shares of stock for net proceeds of $503,798. In 2023, the Company has sold 1,653,392 shares of stock for net proceeds of $2,465,656.

Capital on Demand^TM Sales Agreement

On December 4, 2018, the Company entered into the Capital on Demand Agreement with JonesTrading, pursuant to which the Company may offer and sell, from time to time, through JonesTrading shares of Common Stock having an aggregate offering price of up to $16.0 million. During 2021, the Company has sold 0.5 million shares under the Capital on Demand Agreement, receiving approximately $6.9 million in gross proceeds under the Capital on Demand Agreement. The Capital on Demand Agreement with JonesTrading was terminated in the first quarter of 2021.

January 2021 Registered Direct Offering

On January 22, 2021, the Company entered into a Securities Purchase Agreement (the “January 2021 Purchase Agreement”) with several institutional investors, pursuant to which the Company issued and sold, in a registered direct offering (the “January 2021 Offering”), an aggregate of 1,728,395 shares of the Company’s common stock at an offering price of $20.25 per share for gross proceeds of approximately $35 million before the deduction of the January 2021 Placement Agents (as defined below) fee and offering expenses. The closing of the January 2021 Offering occurred on January 26, 2021.

In connection with the January 2021 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (“AGP,” and together with Brookline Capital Markets, the “January 2021 Placement Agents”) pursuant to which the Company agreed to pay the January 2021 Placement Agents a cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the January 2021 Offering and reimburse the January 2021 Placement Agents for certain of their expenses in an amount not to exceed $82,500.

March 2021 Registered Direct Offering

On March 31, 2021, the Company entered into a Securities Purchase Agreement (the “March 2021 Purchase Agreement”) with several institutional investors, pursuant to which the Company issued and sold, in a registered direct offering (the “March 2021 Offering”), an aggregate of 769,230 shares of the Company’s common stock, at an offering price of $19.50 per share for gross proceeds of approximately $15 million before the deduction of the placement agents fee and offering expenses. The closing of the offering occurred on April 5, 2021.

In connection with the March 2021 Offering, the Company entered into a placement agent agreement (the “March 2021 Placement Agent Agreement”) with AGP, as lead placement agent (together with JonesTrading Institutional Services LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC, serving as co-placement agents, the “March 2021 Placement Agents”), pursuant to which the Company agreed to pay the March 2021 Placement Agents an aggregate cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the offering and reimburse the Placement Agents for certain of their expenses in an amount not to exceed $82,500.

Series A and Series B Convertible Redeemable Preferred Stock Offering

On January 10, 2022, the Company entered into a Securities Purchase Agreement (the “Preferred Stock Purchase Agreement”) with several institutional investors, pursuant to which the Company agreed to issue and sell, in concurrent registered direct offerings (the “Preferred Offerings”), (i) 50,000 shares of the Company’s Series A Convertible Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), and (ii) 50,000 shares of the Company’s Series B Convertible Redeemable Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock” and together with the Series A Preferred Stock, the “Preferred Stock”), in each case at an offering price of $285 per share, representing a 5% original issue discount to the stated value of $300 per share, for gross proceeds of each Preferred Offering of $14.25 million, or approximately $28.50 million in the aggregate for the Preferred Offerings, before the deduction of the Placement Agent’s (as defined below) fee and offering expenses. The shares of Series A Preferred Stock have a stated value of $300 per share and are convertible, at a conversion price of $13.65 per share, into 1,098,901 shares of common stock (subject in certain circumstances to adjustments). The shares of Series B Preferred Stock have a stated value of $300 per share and are convertible, at a conversion price of $15.00 per share, into 1,000,000 shares of common stock (subject in certain circumstances to adjustments). The closing of the Preferred Offerings occurred on January 13, 2022.

On March 3, 2022, the Company redeemed for cash at a price equal to 105% of the $300 stated value per share all of its 50,000 outstanding shares of Series A Preferred Stock and its 50,000 Series B Preferred Stock. As a result, all shares of the Preferred Stock have been retired and are no longer outstanding and Imunon’s only class of outstanding stock is its common.

In connection with the Preferred Offerings, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with AGP pursuant to which the Company agreed to pay AGP an aggregate cash fee equal to $1,000,000 and reimburse the AGP for certain of their expenses in an amount not to exceed $110,000.

April 2022 Registered Direct Offering

On April 6, 2022, the Company entered into a Securities Purchase Agreement (the “April 2022 Purchase Agreement”) with several institutional investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “April 2022 Offering”), an aggregate of 1,328,274 shares of the Company’s common stock at an offering price of $5.27 per share for gross proceeds of $7.0 million before the deduction of the April 2022 Placement Agent (as defined below) fees and offering expenses. The closing of the April 2022 Offering occurred on April 8, 2022.

In connection with the April 2022 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (the “April 2022 Placement Agent”) pursuant to which the Company agreed to pay the April 2022 Placement Agent a cash fee equal to 6.5% of the aggregate gross proceeds raised from the sale of the securities sold in the April 2022 Offering and reimburse the April 2022 Placement Agent for certain of their expenses in an amount not to exceed $50,000.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

12. 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 shares of Imunon common stock as equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, other stock awards, performance awards, or in any combination of the foregoing. At the 2019 Annual Stockholders Meeting of the Company held on May 14, 2019, stockholders approved an amendment to the 2018 Plan whereby the Company increased the number of common stock shares available by 80,000 to a total of 260,000 under the 2018 Plan, as amended. At the 2020 Annual Stockholders Meeting of the Company held on June 15, 2020, stockholders approved an amendment to the 2018 Plan, as previously amended, whereby the Company increased the number of shares of common stock available by 166,667 to a total of 426,667 under the 2018 Plan, as amended. At the 2021 Annual Stockholders Meeting of the Company held on June 10, 2021, stockholders approved an amendment to the 2018 Plan, as previously amended, whereby the Company increased the number of shares of common stock available by 513,333 to a total of 940,000 under the 2018 Plan, as amended.

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, 2022, 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 204,501 shares of Imunon common stock and (ii) inducement restricted stock awards (the “Inducement Stock Grants”) totaling 69,250 shares of Imunon common stock. Each award has a grant date of the date of grant. Each Inducement Option Grant has a weighted exercise price of $1.76 per share. Each Inducement Option Grant vests over three years, with one-third vesting on the one-year anniversary of the employee’s first day of employment with the Company and one-third vesting on the second and third anniversaries thereafter, subject to the new employee’s continued service relationship with the Company on each such date. Each Inducement Option Grant has a ten-year term and is subject to the terms and conditions of the applicable stock option agreement. Each of Inducement Stock Grant vested on the one-year anniversary of the employee’s first day of employment with the Company is subject to the new employee’s continued service relationship with the Company through such date and is subject to the terms and conditions of the applicable restricted stock agreement.

As of December 31, 2022, there were a total of 945,073 shares of Imunon common stock reserved for issuance under the 2018 Plan, which were comprised of 556,119 shares of Imunon common stock subject to equity awards previously granted under the 2018 Plan and 2007 Plan and 388,954 shares of Imunon common stock available for future issuance under the 2018 Plan. As of December 31, 2022, there are a total of 263,751 shares of Imunon common stock subject to outstanding inducement awards.

Total compensation cost related to stock options and restricted stock awards was approximately $2.7 million and $3.8 million during 2022 and 2021, respectively. Of these amounts, $0.9 million and $1.4 million were charged to research and development expenses during 2022 and 2021, respectively, and $1.8 million and $2.4 million were charged to general and administrative expenses during 2022 and 2021, respectively.

A summary of stock option awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022 is presented below:

SUMMARY OF STOCK OPTIONS

Stock Options	Number Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2021		308,313		$	41.55
Options granted		148,016		$	32.09
Options exercised		(500	)	$	9.45
Options canceled or expired		(14,404	)	$	38.23
Outstanding at December 31, 2021		441,425		$	38.50
Options granted		716,156		$	2.72
Options canceled or expired		(397,361	)	$	39.06
Outstanding at December 31, 2022		760,220		$	4.55		9.25	$	–

Exercisable at December 31, 2022		201,935		$	8.07		8.9	$	–

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022, is presented below:

Restricted Stock	Number Outstanding			Weighted Average Grant Date Fair Value
Non-vested stock awards outstanding at January 1, 2021		83		$	9.45
Granted		1,464		$	13.48
Forfeited		(66	)	$	33.30
Non-vested stock awards outstanding at December 31, 2021		1,481		$	12.36
Granted		69,650		$	1.92
Vested and issued		(1,381	)	$	12.04
Forfeited		(100	)	$	9.45
Non-vested stock awards outstanding at December 31, 2022		69,650		$	1.92

A summary of stock options outstanding at December 31, 2022 by price range is as follows:

SUMMARY OF STOCK OPTIONS OUTSTANDING

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price		Number		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price

Up to $10.00		709,952		9.41	$	2.78		166,301		9.33	$	3.11
$10.01 to $25.00		10,500		8.08	$	18.42		5,597		7.82	$	18.54
Above $25.01		39,768		6.67	$	32.43		30,037		6.52	$	33.62
		760,220						201,935

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 Imunon’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:

	Year Ended December 31,
	2022			2021
Risk-free interest rate		1.74 % to 3.97 %			1.54 % to 1.74 %
Expected volatility		100.0% to 113.9 %			106.8% to 113.2 %
Expected life (in years)		7.5 to 10.0			7.5 to 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. As of December 31, 2022, there was $0.7 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 2.1 years.

EARN-OUT MILESTONE LIABILITY

12 Months Ended

Dec. 31, 2022

Earn-out Milestone Liability

EARN-OUT MILESTONE LIABILITY

13. EARN-OUT MILESTONE LIABILITY

The total aggregate purchase price for the EGEN Acquisition included potential future Earn-out Payments contingent upon achievement of certain milestones. The difference between the aggregate $30.4 million in future Earn-out Payments and the $13.9 million included in the fair value of the acquisition consideration at June 20, 2014 was based on the Company’s risk-adjusted assessment of each milestone (10% to 67%) and utilizing a discount rate based on the estimated time to achieve the milestone (1.5 to 2.5 years). The earn-out milestone liability is fair valued at the end of each quarter and any change in their value will be recognized in the Financial Statements.

On March 28, 2019, the Company and EGWU, Inc., entered into the Amended Asset Purchase Agreement. Pursuant to the Amended Asset Purchase Agreement, payment of the earnout milestone liability related to the Ovarian Cancer Indication of $12.4 million has been modified. The Company had the option to make the payment upon achievement of the milestones as follows:

a)	$7.0 million in cash within 10 business days of achieving the milestone; or
b)	$12.4 million in cash, common stock of the Company, or a combination of either, within one year of achieving the milestone.

At December 31, 2022, the Company wrote off the earn-out milestone liability as a result of the requirements not being achieved and recognized a non-cash gain of $5.4 million during 2022 as a result of the change in the fair value of the earn-out milestone liability. At December 31, 2021, the Company fair valued the earn-out milestone liability at $5.4 million and recognized a non-cash gain of $1.6 million during 2021 as a result of the change in the fair value of the earn-out milestone liability of $7.0 million at December 31, 2020. In assessing the fair value of the earnout milestone liability at December 31, 2021, the Company considered each of the settlement provisions per the Amended Asset Purchase Agreement and equally weighted the probability of a cash or cash and common stock payment.

The following is a summary of the changes in the earn-out milestone liability for 2021 and 2022:

Balance at January 1, 2021	$	7,018,000
Non-cash loss from the adjustment for the change in fair value included in 2021 net loss		(1,622,000	)
Balance at December 31, 2021		5,396,000
Non-cash gain from the adjustment for the change in fair value included in 2022 net loss		(5,396,000	)
Balance at December 31, 2022	$	-

WARRANTS

12 Months Ended

Dec. 31, 2022

Warrants

WARRANTS

14. WARRANTS

Following is a summary of all warrant activity for the two years ended December 31, 2022:

SUMMARY OF WARRANT ACTIVITY

Warrants	Number of Warrants Issued			Weighted Average Exercise Price
Warrants outstanding at January 1, 2021		256,903		$	20.10
Warrants exercised during 2021 (Note 11)		(81,111	)	$	18.60
Warrants outstanding and exercisable at December 31, 2021		175,792		$	20.96
Warrants expired during 2022		(7,273	)	$	48.30
Warrants outstanding and exercisable at December 31, 2022		168,519	*	$	19.78

Aggregate intrinsic value of outstanding warrants at December 31, 2022	$	-0-

Weighted average remaining contractual terms (years)		3.0

*	Warrants to exercise 4,059 shares of common stock at an exercise price of $31.05 per share expired on January, 11, 2023.

In connection with the February 2020 Registered Direct financing (see Note 11), the Company issued warrants to purchase 213,333 shares of common stock in February 2020 of which 81,111 of these were exercised during 2021. In connection with the Horizon Credit Agreement Amendment, the Company cancelled warrants to purchase 6,337 shares of common stock and issued warrants to purchase 16,501 shares of common stock in August 2020. Pursuant to a consulting agreement dated September 21, 2020, the Company issued warrants to purchase 5,000 shares of common stock vesting immediately and having a 4-year term. The shares underlying these warrants are unregistered and have a strike price of $11.85 per share. The Company fair valued these warrants at $9.00 per share, recognizing $45,000 as professional fee expense.

IMUNON EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

IMUNON EMPLOYEE BENEFIT PLANS

15. IMUNON EMPLOYEE BENEFIT PLANS

Imunon maintains a defined-contribution plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees over the age of twenty-one. Participating employees may defer a portion of their pretax earnings, up to the IRS annual contribution limit. The Company makes a matching contribution up to a maximum of 3% of an employee’s annual salary. The Company’s total matching contributions for the year ended December 31, 2021 was $117,000 and $107,000, respectively. The Company also provided a discretionary contribution totaling $172,000 in 2021. The discretionary contribution represented 5% of each eligible participant’s annual salary in 2021 and was paid out in January of the following year.

LEASES

12 Months Ended

Dec. 31, 2022

Leases

LEASES

16. LEASES

In 2011, the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership, for a 10,870 square foot premises located in Lawrenceville, New Jersey and relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The Lease had an initial term of 66 months. In late 2015, Lenox Drive Office Park LLC, purchased the real estate and office building and assumed the Lease. This Lease was set to expire on April 30, 2017. In April 2017, the Company and the landlord amended the Lease effective May 1, 2017. The 1^st Lease Amendment extended the term of the agreement for an additional 64 months, reduced the premises to 7,565 square feet, reduced the monthly rent and provided four months free rent. The monthly rent ranged from approximately $18,900 in the first year to approximately $20,500 in the final year of the 1^st Lease Amendment. Effective January 9, 2019, the Company amended the terms of the 1^st Lease Amendment to increase the size of the premises by 2,285 square feet to 9,850 square feet and extended the lease term by one year to September 1, 2023. The Company had a one-time option to cancel the lease after 40 months as part of the 1^st Lease Amendment, which was extended with the 2^nd Lease Amendment. The option to cancel the lease expired on August 31, 2020. The monthly rent under the 2^nd Lease Amendment ranges from approximately $25,035 in the first year to approximately $27,088 in the final year of the lease.

In connection with the EGEN Asset Purchase Agreement in June 2014, the Company assumed the existing lease with another landlord for an 11,500 square foot premises located in Huntsville Alabama. In January 2018, the Company and the Huntsville landlord entered into a new 60-month lease which reduced the premises to 9,049 square feet with rent payments of approximately $18,100 per month. On June 9, 2021 and, as amended on July 7, 2021, the Company and the Huntsville landlord entered into a 22-month lease for an additional 2,197 square foot premises with rent payments of approximately $5,500 per month. In January 2023, the Company renewed Huntsville for a 60-month lease agreement for 11,420 square feet with rent payments of approximately $28,550.

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of December 31, 2022:

	For the year ending December 31,
2023	$	238,609
2024 and thereafter		-
Subtotal future lease payments		238,609
Less imputed interest		(7,860	)
Total lease liabilities	$	230,749

Weighted average remaining life		0.61 years

Weighted average discount rate		9.98	%

For 2022, operating lease expense was $587,744 and cash paid for operating leases included in operating cash flows was $601,495. For 2021, operating lease expense was $560,513 and cash paid for operating leases included in operating cash flows was $568,269. Amortization expense was approximately $535,000 and $573,000 for the years ended December 31, 2022 and 2021, respectively.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

17. COMMITMENTS AND CONTINGENCIES

On October 29, 2020, a putative securities class action was filed against the Company and certain of its officers and directors (the “Spar Individual Defendants”) in the U.S. District Court for the District of New Jersey, captioned Spar v. Celsion Corporation, et al., Case No. 1:20-cv-15228. The plaintiff alleges that the Company and Individual Defendants made false and misleading statements regarding one of the Company’s drug candidates, ThermoDox®, and brings claims for damages under Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against all Defendants, and under Section 20(a) of the Exchange Act of 1934 against the Individual Defendants. The Company believes that the case is without merit and intends to defend it vigorously. 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. On February 6, 2023, the U.S. District Court granted a Motion to Dismiss filed by the Company and Spar Individual Defendants and granted Plaintiff leave to file an amended complaint within 30 days. Plaintiff did not file an amended complaint within the 30-day deadline and the Company and Spar Individual Defendants therefore intend to seek dismissal with prejudice of the action.

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 alleges 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. On March 10, 2023, the U.S. District Court for the District of New Jersey issued an order that the action is administratively terminated pending the submission, by March 17, 2023, of a joint letter advising as to how the parties wish to proceed in the matter.

In August 2021, a complaint regarding a corporate books and records demand was filed against the Company in the Court of Chancery of the State of Delaware, captioned Pacheco v. Celsion Corporation, Case No. 2021-0705. The plaintiff alleges he is entitled to inspect the Company’s books and records concerning the OPTIMA Study and other materials. The Company believes that the scope of the demand is without merit and intends to defend it vigorously. 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.

In October 2021, an arbitration was commenced against the Company before the CPR Institute for Conflict Prevention & Resolution, captioned Curia New Mexico, LLC v. Celsion Corp., Case No. G-22-85-S. The plaintiff alleges that the Company failed to pay invoices for the manufacture of ThermoDox®. The Company believes it has a meritorious defense to these claims and is vigorously contesting this allegation. 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.

TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS

12 Months Ended

Dec. 31, 2022

Technology Development And Licensing Agreements

TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS

18. TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS

On May 7, 2012, the Company entered into a long-term commercial supply agreement with Zhejiang Hisun Pharmaceutical Co. Ltd. (Hisun) for the production of ThermoDox^® in the China territory. In accordance with the terms of the agreement, Hisun will be responsible for providing all of the technical and regulatory support services, including the costs of all technical transfer, registration and bioequivalence studies, technical transfer costs, Imunon consultative support costs and the purchase of any necessary equipment and additional facility costs necessary to support capacity requirements for the manufacture of ThermoDox^®. Imunon will repay Hisun for the aggregate amount of these development costs and fees commencing on the successful completion of three registration batches of ThermoDox^®. Hisun is also obligated to meet certain performance requirements under the agreement. The agreement will initially be limited to a percentage of the production requirements of ThermoDox^® in the China territory with Hisun retaining an option for additional global supply after local regulatory approval in the China territory. In addition, Hisun will collaborate with Imunon around the regulatory approval activities for ThermoDox^®with the China State Food and Drug Administration (CHINA FDA).

On January 18, 2013, the Company entered into a technology development contract with Hisun, pursuant to which Hisun paid it a non-refundable research and development fee of $5 million to support development of ThermoDox^® in mainland China, Hong Kong and Macau (the China territory). Following the Company’s announcement on January 31, 2013 that the HEAT study failed to meet its primary endpoint, Imunon and Hisun have agreed that the Technology Development Contract entered into on January 18, 2013 will remain in effect while the parties continue to collaborate and are evaluating the next steps in relation to ThermoDox^®, which include the sub-group analysis of patients in the Phase III HEAT Study for the HCC clinical indication and other activities to further the development of ThermoDox^® for the Greater China market. The $5.0 million received as a non-refundable payment from Hisun in the first quarter 2013 has been recorded to deferred revenue and was amortized over the 10 -year term of the agreement, until such time as the parties find a mutually acceptable path forward on the development of ThermoDox^®based on findings of the ongoing post-study analysis of the HEAT Study data.

RELATED PARTY TRANSACTION

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTION

19. 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 of convertible notes secured by certain assets held by Transomic and warrants. The Notes, which are included in prepaid expense and other current assets bear interest at 5% per annum, with interest and principal due on December 31, 2026. The notes are classified as available for sale. The warrants are exercisable upon closing and expire 36 months from the date of issuance or November 22, 2025. As a result of Mr. Tardugno’s appointment to the Board of Transomic, the Company is disclosing the notes receivable as a related party transaction.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

20. SUBSEQUENT EVENTS

The Company has evaluated its subsequent events from December 31, 2022, through the date these consolidated financial statements were issued, determining all subsequent events have been disclosed.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Description of Business	Description of Business On September 19, 2022, Celsion Corporation announced a corporate name change to Imunon, Inc. (“Imunon” or the “Company”), reflecting the evolution of the Company’s business focus and its commitment to developing cutting-edge immunotherapies and next-generation vaccines to treat cancer and infectious diseases. The Company’s common stock will continue to trade on the Nasdaq Stock Market under the new ticker symbol “IMNN” effective as of the opening of trading on September 21, 2022. The Company filed an amendment to its Articles of Incorporation to effect the new corporate name. Imunon is a fully integrated, clinical stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective, and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. Imunon has two platform technologies: TheraPlas® platform for the development of immunotherapies and other anti-cancer nucleic acid-based therapies, and PLACCINE platform for the development of nucleic acid vaccines for infectious diseases and cancer. 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 safe and durable levels of powerful cancer fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company is conducting preclinical proof-of-concept studies on a nucleic acid vaccine candidate targeting SARS-CoV-2 virus in order to validate its PLACCINE platform. Imunon’s platform technologies are based on the delivery of nucleic acids with novel synthetic delivery systems that are independent of viral vectors or devices. The Company will continue to leverage these platforms and to advance the technological frontier of plasmid DNA to better serve patients with difficult to treat conditions.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements (“Financial Statements”) of Imunon have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, CLSN Laboratories, Inc. and Imunon GmbH. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s Financial Statements and accompanying notes. Actual results could differ materially from these estimates. Events and conditions arising subsequent to the most recent balance sheet date through the date of the issuance of these Financial Statements have been evaluated for their possible impact on the Financial Statements and accompanying notes. No events and conditions would give rise to any information that required accounting recognition or disclosure in the Financial Statements other than those arising in the ordinary course of business.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, the fair value of the earn-out milestone liabilities, estimates for contingent liabilities, if any, and accounting for impairment of in-process research and development assets and goodwill evaluation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates.
Revenue Recognition	Revenue Recognition The Company’s sole revenue stream is related to the Hisun agreement described in Note 18. There were no accounts receivable as of December 31, 2022. Contract liabilities from the Hisun agreement amounted to $0.5 million as of December 31, 2021. Contract liabilities values represent the value of cash received before the services were provided.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and investments purchased with an original maturity of three months or less. A portion of these funds are not covered by FDIC insurance.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of investment securities approximate their respective fair values. Management believes that the carrying amounts of the Company’s investment securities, including cash and cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments. Short-term investments are recorded at their estimated fair value.
Short-Term Investments	Short-Term Investments The Company classifies its investments in debt securities with readily determinable fair values as investments available-for-sale in accordance with Accounting Standards Codification (“ASC”) 320, Investments - Debt and Equity Securities. Available-for-sale securities consist of debt securities not classified as trading securities or as securities to be held to maturity. The Company has classified all of its investments as available-for-sale. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive gain or loss in stockholders’ equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. The Company’s short-term investments consist of corporate bonds.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful lives of the related assets, ranging from three to seven years, using the straight-line method. Amortization is recognized over the lesser of the life of the asset or the lease term. Major renewals and improvements are capitalized at cost and ordinary repairs and maintenance are charged against operating expenses as incurred. Depreciation expense was approximately $197,000 and $130,000 for the years ended December 31, 2022 and 2021, respectively. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. There was no impairment of property or equipment during 2022 or 2021.
Deposits	Deposits Deposits include real property security deposits and other deposits which are contractually required and of a long-term nature.
In-Process Research and Development, Other Intangible Assets and Goodwill	In-Process Research and Development, Other Intangible Assets and Goodwill During 2014, the Company acquired certain assets of EGEN, Inc. As more fully described in Note 6, the acquisition was accounted for under the acquisition method of accounting which required the Company to perform an allocation of the purchase price to the assets acquired and liabilities assumed. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets and liabilities based on their estimated fair values as of the acquisition date.
Impairment or Disposal of Long-Lived Assets	Impairment or Disposal of Long-Lived Assets The Company assesses the impairment of its long-lived assets under accounting standards for the impairment or disposal of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. See Note 5 for information on impairment losses of its in-process research and development.
Comprehensive Income (Loss)	Comprehensive Income (Loss) ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive income (loss) and its components in the Company’s consolidated financial statements. The objective of ASC 220 is to report a measure of comprehensive income (loss) of all changes in equity of an enterprise that result from transactions and other economic events in a period other than transactions with owners. Comprehensive gains (losses) result from changes in unrealized gains and losses from investment in debt securities.
Research and Development	Research and Development Research and development costs are expensed as incurred. Equipment and facilities acquired for research and development activities that have alternative future uses are capitalized and charged to expense over their estimated useful lives.
Net Loss per Common Share	Net Loss per Common Share Basic and diluted net loss per common share was computed by dividing net loss for the year by the weighted average number of shares of common stock outstanding, both basic and diluted, during each period. The impact of common stock equivalents has been excluded from the computation of diluted weighted average common shares outstanding in periods where there is a net loss, as their effect is anti-dilutive. For the years ended December 31, 2022 and 2021, the total number of shares of common stock issuable upon exercise of warrants and equity awards is 988,389 and 618,800, respectively. For the years ended December 31, 2022 and 2021, diluted loss per common share is the same as basic loss per common share as all options and all other warrants that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common stockholders per common share as their effect would be anti-dilutive.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that the tax rate change occurs. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In accordance with ASC 740, Income Taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position taken would be sustained in a tax examination, presuming that a tax examination will occur. The Company recognizes interest and/or penalties related to income tax matters in the income tax expense category. As more fully discussed in Note 10, on September 19, 2022, the Company received approval from the New Jersey Economic Development Authority to sell $1.6 million of its New Jersey net operating losses (“NOLs”), recognizing a tax benefit for the year ended December 31, 2022 for the net proceeds (approximately $1.6 million) by reducing the net operating loss valuation allowance. As more fully discussed in Note 10, on October 31, 2022, the Company was notified by the New Jersey Economic Development Authority that its application was approved and the Company entered into an agreement to sell this NOL. On January 10, 2023, the Company received approximately $1.6 million upon completion of the sale of the 2022 NOLs. During 2021, the Company received approval to sell $1.5 million of its New Jersey NOLs, receiving net proceeds of approximately $1.4 million. As part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $15 million to $20 million, which will allow the Company to participate in this innovative funding program in future years for up to an additional $1.9 million in net operating losses under this maximum lifetime benefit (see Note 2).
Stock-Based Compensation	Stock-Based Compensation In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation, which simplifies various aspects of accounting for share-based payments. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences and classification on the statements of cash flows. The Company recognizes the effect of forfeitures in compensation cost when they occur.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement of expected credit losses on certain financial instruments. The Company adopted ASU 2016-13 in its first quarter of 2021 utilizing the modified retrospective transition method. Based on the composition of the Company’s investment portfolio and current market conditions, the adoption of ASU 2016-13 did not have a material impact on its Financial Statements. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). This ASU is intended to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic and do not affect a holder’s accounting for freestanding call options. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. The Company adopted ASU 2021-04 on its Financial Statements.

INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE (Tables)

12 Months Ended

Dec. 31, 2022

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:

	December 31, 2022				December 31, 2021
	Cost		Fair Value		Cost		Fair Value
Short-term investments
U.S. Treasury securities	$	-	$	-	$	14,786,982	$	14,778,705
Corporate debt securities		21,227,991		21,254,485		15,024,087		15,024,390
Total	$	21,227,991	$	21,254,485	$	29,811,069	$	29,803,095

	December 31, 2022				December 31, 2021
	Cost		Fair Value		Cost		Fair Value
Short-term investment maturities
Within 3 months	$	4,005,559	$	3,994,590	$	19,798,177	$	19,799,835
Between 3-12 months		17,222,432		17,259,895		10,012,892		10,003,260
Total	$	21,227,991	$	21,254,485	$	29,811,069	$	29,803,095

SUMMARY OF INVESTMENT SECURITIES GROSS UNREALIZED GAINS (LOSSES)

	December 31, 2022					December 31, 2021
Available for sale securities (all unrealized holding gains and losses are less than 12 months at date of measurement)	Fair Value		Unrealized Holding Gains (Losses)			Fair Value		Unrealized Holding Gains (Losses)

Investments in debt securities with unrealized gains	$	13,278,505	$	43,508		$	8,999,580	$	3,499
Investments in debt securities with unrealized losses		7,975,980	$	(17,014	)		20,803,515		(11,473	)
Total	$	21,254,485	$	26,494		$	29,803,095	$	(7,974	)

SUMMARY OF NET REALIZED LOSSES ON SALES OF AVAILABLE FOR SALE SECURITIES AND INVESTMENT INCOME INTEREST AND DIVIDENDS

Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows:

	2022			2021
Interest and dividends accrued and paid	$	502,578		$	18,145
Realized losses		(49,222	)		(7,149	)
Investment income, net	$	453,356		$	10,996

RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

The following table reconciles cash and cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows:

	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	11,492,841	$	19,586,272
Money market investments, restricted		6,000,000		6,000,000
Total	$	17,492,841	$	25,586,272

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Values Of Financial Instruments

SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS

Assets and liabilities measured at fair value are summarized below:

	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 December 31, 2022
Corporate debt securities, available for sale	$	21,254,485	$	–	$	–	$	21,254,485

Non-recurring items as of December 31, 2022
In-process R&D (Note 6)	$	–	$	–	$	–	$	–

Recurring items as of December 31, 2021
Corporate debt securities and U.S. treasury obligations, available for sale	$	29,803,095	$	–	$	–	$	29,803,095

Non-recurring items as of December 31, 2021
In-process R&D (Note 6)	$	13,366,234	$	–	$	–	$	13,366,234

Liabilities:

Recurring items as of December 31, 2022
Earn-out milestone liability (Note 13)	$	–	$	–	$	–	$	–

Recurring items as of December 31, 2021
Earn-out milestone liability (Note 13)	$	5,396,000	$	–	$	–	$	5,396,000

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED

The following is a summary of the net fair value of the assets acquired in the EGEN Acquisition for the two years ended December 31, 2022:

	IPR&D			Goodwill			Covenant Not to Compete

Balance at January 1, 2021, net	$	13,366,234		$	1,976,101		$	113,660
Amortization		-			-			(113,660	)
Impairment charge		-			(1,976,101	)		-
Balance at December 31, 2021, net		13,366,234			-			-
Balance		13,366,234			-			-
Impairment charge		(13,366,234	)		-			-
Balance at December 31, 2022, net	$	-		$	-		$	-
Balance	$	-		$	-		$	-

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

SUMMARY OF PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2022 and 2021 consist of the following:

SUMMARY OF PROPERTY AND EQUIPMENT

	2022			2021
	December 31,
	2022			2021
Machinery and equipment (5-7 year life)	$	2,468,388		$	3,106,069
Furniture and fixtures (3-5 year life)		350,481			383,477
Leasehold improvements (5-7 year life)		373,194			343,203
Property and equipment gross		3,192,063			3,832,749
Less accumulated depreciation and amortization		(2,643,762	)		(3,355,738	)

Total	$	548,301		$	477,011

OTHER ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

SCHEDULE OF OTHER ACCRUED LIABILITIES

Other accrued liabilities at December 31, 2022 and 2021 include the following:

SCHEDULE OF OTHER ACCRUED LIABILITIES

	2022		2021
	December 31,
	2022		2021
Amounts due to contract research organizations and other contractual agreements	$	2,196,711	$	1,401,356
Accrued payroll and related benefits		2,139,927		1,636,727
Accrued interest		37,583		16,792
Accrued professional fees		215,402		87,250
Other		205,313		31,412
Total	$	4,794,936	$	3,173,537

NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

SCHEDULE OF FUTURE PRINCIPAL PAYMENTS, NET OF UNAMORTIZED DEBT DISCOUNTS

The following is a schedule of future principal payments, net of unamortized debt discounts and amortized end-of-term fee, due on the SVB Loan Facility:


	As of December 31,
2023	$	1,500,000
2024		3,000,000
2025 and thereafter		1,500,000
Subtotal of future principal payments		6,000,000
Amortized end-of-term fee, net		(35,720	)
Total	$	5,964,280

SCHEDULE OF DEBT


Principal balance at June 18, 2021	$	5,000,000
Early termination fees		150,000
End of term charges		275,000
Total	$	5,425,000

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

The income tax benefit for the years ended December 31, 2022 and 2021 consists of the following:

	2022			2021
Federal
Current	$	-		$	-
Deferred		-			-
State and Local		-			-
Current		-			-
Deferred		(1,567,026	)		(1,383,446	)
Total	$	(1,567,026	)	$	(1,383,446	)

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

A reconciliation of the Company’s statutory tax rate to the effective rate for the years ended December 31, 2022 and 2021 is as follows:

	2022			2021
Federal statutory rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		7.1			7.8
Permanent differences		29.8			(15.0	)
Other		–			–
Change in valuation allowance and deferred rate change, net		(53.8	)		(7.6	)
Effective tax rate		4.6	%		6.2	%

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of the Company’s deferred tax asset as of December 31, 2022 and 2021 are as follows:

	2022			2021
	December 31,
	2022			2021
Net operating loss carryforwards	$	79,800,000		$	64,915,000
Other deferred tax assets, net		13,287,000			5,213,000
Subtotal		93,087,000			70,128,000
Valuation allowance		(91,519,974	)		(68,744,554	)
Total deferred tax asset	$	1,567,026		$	1,383,446

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

SUMMARY OF STOCK OPTIONS

A summary of stock option awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022 is presented below:

SUMMARY OF STOCK OPTIONS

Stock Options	Number Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2021		308,313		$	41.55
Options granted		148,016		$	32.09
Options exercised		(500	)	$	9.45
Options canceled or expired		(14,404	)	$	38.23
Outstanding at December 31, 2021		441,425		$	38.50
Options granted		716,156		$	2.72
Options canceled or expired		(397,361	)	$	39.06
Outstanding at December 31, 2022		760,220		$	4.55		9.25	$	–

Exercisable at December 31, 2022		201,935		$	8.07		8.9	$	–

SUMMARY OF NON-VESTED RESTRICTED STOCK AWARDS

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022, is presented below:

Restricted Stock	Number Outstanding			Weighted Average Grant Date Fair Value
Non-vested stock awards outstanding at January 1, 2021		83		$	9.45
Granted		1,464		$	13.48
Forfeited		(66	)	$	33.30
Non-vested stock awards outstanding at December 31, 2021		1,481		$	12.36
Granted		69,650		$	1.92
Vested and issued		(1,381	)	$	12.04
Forfeited		(100	)	$	9.45
Non-vested stock awards outstanding at December 31, 2022		69,650		$	1.92

SUMMARY OF STOCK OPTIONS OUTSTANDING

A summary of stock options outstanding at December 31, 2022 by price range is as follows:

SUMMARY OF STOCK OPTIONS OUTSTANDING

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price		Number		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price

Up to $10.00		709,952		9.41	$	2.78		166,301		9.33	$	3.11
$10.01 to $25.00		10,500		8.08	$	18.42		5,597		7.82	$	18.54
Above $25.01		39,768		6.67	$	32.43		30,037		6.52	$	33.62
		760,220						201,935

SCHEDULE OF ASSUMPTIONS USED TO DETERMINE FAIR VALUE OF OPTIONS GRANTED

	Year Ended December 31,
	2022			2021
Risk-free interest rate		1.74 % to 3.97 %			1.54 % to 1.74 %
Expected volatility		100.0% to 113.9 %			106.8% to 113.2 %
Expected life (in years)		7.5 to 10.0			7.5 to 10.0
Expected dividend yield		0.0	%		0.0	%

EARN-OUT MILESTONE LIABILITY (Tables)

12 Months Ended

Dec. 31, 2022

Earn-out Milestone Liability

SCHEDULE OF CHANGES IN EARN-OUT MILESTONE LIABILITY

The following is a summary of the changes in the earn-out milestone liability for 2021 and 2022:

Balance at January 1, 2021	$	7,018,000
Non-cash loss from the adjustment for the change in fair value included in 2021 net loss		(1,622,000	)
Balance at December 31, 2021		5,396,000
Non-cash gain from the adjustment for the change in fair value included in 2022 net loss		(5,396,000	)
Balance at December 31, 2022	$	-

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2022

Warrants

SUMMARY OF WARRANT ACTIVITY

Following is a summary of all warrant activity for the two years ended December 31, 2022:

SUMMARY OF WARRANT ACTIVITY

Warrants	Number of Warrants Issued			Weighted Average Exercise Price
Warrants outstanding at January 1, 2021		256,903		$	20.10
Warrants exercised during 2021 (Note 11)		(81,111	)	$	18.60
Warrants outstanding and exercisable at December 31, 2021		175,792		$	20.96
Warrants expired during 2022		(7,273	)	$	48.30
Warrants outstanding and exercisable at December 31, 2022		168,519	*	$	19.78

Aggregate intrinsic value of outstanding warrants at December 31, 2022	$	-0-

Weighted average remaining contractual terms (years)		3.0

*	Warrants to exercise 4,059 shares of common stock at an exercise price of $31.05 per share expired on January, 11, 2023.

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases

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 December 31, 2022:

	For the year ending December 31,
2023	$	238,609
2024 and thereafter		-
Subtotal future lease payments		238,609
Less imputed interest		(7,860	)
Total lease liabilities	$	230,749

Weighted average remaining life		0.61 years

Weighted average discount rate		9.98	%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jan. 10, 2023	Sep. 19, 2022	Jan. 31, 2021	Feb. 28, 2020	Aug. 31, 2018	Oct. 31, 2017	Jun. 30, 2017	Feb. 28, 2017	Jun. 30, 2015	Jun. 30, 2013	Feb. 28, 2013	Jul. 31, 2011
Property, Plant and Equipment [Line Items]
Accounts receivable	$ 0
Depreciation expense	197,000	$ 130,000
Impairment of property or equipment	$ 0	$ 0
Number of shares of common stock issuable upon exercise of warrants and equity awards	988,389	618,800
Net proceeds from sale of net operating losses	$ 1,600,000	$ 1,400,000			$ 28,000,000.0	$ 2,000,000.0	$ 1,500,000	$ 800,000	$ 300,000	$ 300,000	$ 1,600,000	$ 1,500,000	$ 1,400,000	$ 4,200,000
NEW JERSEY
Property, Plant and Equipment [Line Items]
Net proceeds from sale of net operating losses	1,600,000	1,500,000			$ 1,400,000
Tax benefits of EDA		1,500,000
NEW JERSEY \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Net proceeds from sale of net operating losses		15,000,000
NEW JERSEY \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Net proceeds from sale of net operating losses		20,000,000
Direct financing lease, selling loss		1,900,000
NEW JERSEY \| New Jersey Division of Taxation [Member]
Property, Plant and Equipment [Line Items]
Net proceeds from sale of net operating losses	$ 1,600,000			$ 1,600,000
NEW JERSEY \| New Jersey Division of Taxation [Member] \| Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Net proceeds from sale of net operating losses			$ 1,600,000
Hisun Agreement [Member]
Property, Plant and Equipment [Line Items]
Contract liabilities		$ 500,000

FINANCIAL CONDITION AND LIQUIDITY (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
	Aug. 28, 2020	Jun. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Jan. 31, 2021	Feb. 28, 2020	Aug. 31, 2018	Oct. 31, 2017	Jun. 30, 2017	Feb. 28, 2017	Jun. 30, 2015	Jun. 30, 2013	Feb. 28, 2013	Jul. 31, 2011
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cumulated net losses			$ 368,667,825	$ 332,769,591
Cash and cash equivalents, short-term investments			32,800,000
Proceeds from sale of net operating losses			1,600,000
Restricted cash			6,000,000.0
Net proceeds from sale of net operating losses			$ 1,600,000	1,400,000		$ 28,000,000.0	$ 2,000,000.0	$ 1,500,000	$ 800,000	$ 300,000	$ 300,000	$ 1,600,000	$ 1,500,000	$ 1,400,000	$ 4,200,000
Horizon Credit Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument related end term charges	$ 200,000
Horizon Credit Agreement [Member] \| Horizon Technology Finance Corporation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from contributed capital		$ 10,000,000
Debt instrument, face amount	10,000,000
Line of credit facility, maximum borrowing capacity					$ 10,000,000
SVB Loan Facility [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Instrument, description			Payments under the loan agreement are interest only (calculated based on one-month LIBOR plus 7.625%) for the first 24 months through July 2020, followed by a 21-month amortization period of principal and interest starting on August 1, 2020 and ending through the scheduled maturity date on April 1, 2023.
SVB Loan Facility [Member] \| Silicon Valley Bank [Member] \| Prime Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument, interest rate, stated percentage			7.75%
SVB Loan Facility [Member] \| Horizon Technology Finance Corporation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash			$ 6,000,000
Repayment of outstanding in-debtedness amount					$ 6,000,000
Amendment to Horizon Credit Agreement [Member] \| Horizon Technology Finance Corporation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Repayments of notes payable	5,000,000
Debt instrument, face amount	5,000,000			5,000,000
Debt instrument related end term charges	$ 200,000
NEW JERSEY
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds from sale of net operating losses			$ 1,600,000	1,500,000		$ 1,400,000
NEW JERSEY \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds from sale of net operating losses				15,000,000
NEW JERSEY \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds from sale of net operating losses				20,000,000
Operating costs and expenses				$ 1,900,000

SCHEDULE OF COST, FAIR VALUE AND MATURITIES OF SHORT TERM INVESTMENTS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Short-term investments - Cost	$ 21,227,991	$ 29,811,069
Short-term investments - Fair Value	21,254,485	29,803,095
Short-term investment maturities - Within 3 months, cost	4,005,559	19,798,177
Short-term investment maturities - Within 3 months, fair value	3,994,590	19,799,835
Short-term investment maturities - Between 3-12 months, cost	17,222,432	10,012,892
Short-term investment maturities - Between 3-12 months, fair value	17,259,895	10,003,260
Total, cost	21,227,991	29,811,069
Total, fair value	21,254,485	29,803,095
US Treasury Securities [Member]
Marketable Securities [Line Items]
Short-term investments - Cost		14,786,982
Short-term investments - Fair Value		14,778,705
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Short-term investments - Cost	21,227,991	15,024,087
Short-term investments - Fair Value	$ 21,254,485	$ 15,024,390

SUMMARY OF INVESTMENT SECURITIES GROSS UNREALIZED GAINS (LOSSES) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments with unrealized gains, Fair Value	$ 13,278,505	$ 8,999,580
Investments with unrealized gains, Unrealized Holding Gains (Losses)	43,508	3,499
Investments with unrealized losses, Fair Value	7,975,980	20,803,515
Investments with unrealized Losses, Unrealized Holding Gains (Losses)	(17,014)	(11,473)
Total, Fair Value	21,254,485	29,803,095
Total, Unrealized Holding Gains (Losses)	$ 26,494	$ (7,974)

SUMMARY OF NET REALIZED LOSSES ON SALES OF AVAILABLE FOR SALE SECURITIES AND INVESTMENT INCOME INTEREST AND DIVIDENDS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Interest and dividends accrued and paid	$ 502,578	$ 18,145
Realized losses	(49,222)	(7,149)
Investment income, net	$ 453,356	$ 10,996

INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment in debt securities - available for sale, at fair value	$ 21,254,485	$ 29,803,095

SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Cash and cash equivalents	$ 11,492,841	$ 19,586,272
Money market investments, restricted	6,000,000	6,000,000
Total	$ 17,492,841	$ 25,586,272

RESTRICTED CASH (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Jun. 18, 2021
Line of Credit Facility [Line Items]
Restricted investments	$ 6,000,000	$ 6,000,000
Restricted cash	6,000,000.0
Silicon Valley Bank [Member]
Line of Credit Facility [Line Items]
Restricted investments	6,000,000.0	$ 6,000,000.0
Restricted cash			$ 6,000,000.0
Silicon Valley Bank [Member] \| Other Current Assets [Member]
Line of Credit Facility [Line Items]
Restricted cash	1,500,000
Silicon Valley Bank [Member] \| Other Noncurrent Assets [Member]
Line of Credit Facility [Line Items]
Restricted cash	$ 4,500,000

SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value	$ 21,254,485	$ 29,803,095
Earn-out milestone liability		5,396,000
Corporate Debt 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	21,254,485	15,024,390
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out milestone liability		5,396,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out milestone liability
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out milestone liability		5,396,000
Fair Value, Recurring [Member] \| Corporate Debt 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	21,254,485	29,803,095
Fair Value, Recurring [Member] \| Corporate Debt 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
Fair Value, Recurring [Member] \| Corporate Debt 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] \| Corporate Debt 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	21,254,485	29,803,095
Fair Value, Nonrecurring [Member] \| Inprocess R&D [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value		13,366,234
Fair Value, Nonrecurring [Member] \| Inprocess R&D [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
Fair Value, Nonrecurring [Member] \| Inprocess R&D [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, Nonrecurring [Member] \| Inprocess R&D [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		$ 13,366,234

SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Balance		$ 113,660
Amortization		(113,660)
Impairment charge
Balance
IPR And D [Member]
Finite-Lived Intangible Assets [Line Items]
Balance	13,366,234	13,366,234
Amortization
Impairment charge	(13,366,234)
Balance		13,366,234
Goodwill [Member]
Finite-Lived Intangible Assets [Line Items]
Balance		1,976,101
Amortization
Impairment charge		(1,976,101)
Balance

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
INTANGIBLE ASSETS (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired			$ 2,000,000.0
IPR and D Drug Technology Platforms [Member] \| In Process Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges				$ 0
EGEN Inc [Member] \| Goodwill [Member]
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges				2,000,000.0
Non-cash charge		$ 2,000,000.0
EGEN Inc [Member] \| Purchase Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired			$ 1,600,000
Finite-lived intangible asset, useful life			7 years
Amortization				$ 113,660
EGEN Inc [Member] \| IPR and D Drug Technology Platforms [Member] \| In Process Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated acquisition price			$ 24,200,000
IPR and D Drug Technology Platforms [Member] \| In Process Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges			$ 13,400,000
Non-cash charge	$ 13,400,000

SUMMARY OF PROPERTY AND EQUIPMENT (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2022
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

SUMMARY OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 3,192,063	$ 3,832,749
Less accumulated depreciation and amortization	(2,643,762)	(3,355,738)
Total	548,301	477,011
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	2,468,388	3,106,069
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	350,481	383,477
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 373,194	$ 343,203

SCHEDULE OF OTHER ACCRUED LIABILITIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Amounts due to contract research organizations and other contractual agreements	$ 2,196,711	$ 1,401,356
Accrued payroll and related benefits	2,139,927	1,636,727
Accrued interest	37,583	16,792
Accrued professional fees	215,402	87,250
Other	205,313	31,412
Total	$ 4,794,936	$ 3,173,537

SCHEDULE OF FUTURE PRINCIPAL PAYMENTS, NET OF UNAMORTIZED DEBT DISCOUNTS (Details)	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 1,500,000
2024	3,000,000
2025 and thereafter	1,500,000
Subtotal of future principal payments	6,000,000
Amortized end-of-term fee, net	(35,720)
Total	$ 5,964,280

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

SCHEDULE OF DEBT (Details) - Horizon Technology Finance Corporation [Member]	Jun. 18, 2021 USD ($)
Principal balance at June 18, 2021	$ 5,000,000
Early termination fees	150,000
End of term charges	275,000
Total	$ 5,425,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

NOTES PAYABLE (Details Narrative) - USD ($)				12 Months Ended
NOTES PAYABLE (Details Narrative) - USD ($)	Jun. 18, 2021	Aug. 28, 2020	Jun. 27, 2018	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Feb. 28, 2020
Line of Credit Facility [Line Items]
Restricted cash				$ 6,000,000.0
Interest expense				5,028,618	$ 569,881
Financing fee				$ 35,720
Warrants issued				4,059			213,333
Warrant exercise price				$ 31.05
Horizon Credit Agreement Amendment [Member]
Line of Credit Facility [Line Items]
Interest expense debt					225,920
Amortization of debt issuance costs					139,428
Horizon Technology Finance Corporation [Member]
Line of Credit Facility [Line Items]
Line of credit	$ 5,425,000
Horizon Credit Agreement [Member]
Line of Credit Facility [Line Items]
Proceeds from lines of credit		$ 10,000,000	$ 10,000,000
Line of credit			10,000,000
Interest expense debt					190,581
Repaid loan amount		5,000,000
Payment of debt end term charges		200,000
Loan remaining outstanding amount		5,000,000
Gain (loss) on contract termination					234,419
Horizon Credit Agreement [Member] \| Horizon Technology Finance Corporation [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 10,000,000
Debt instrument face amount		10,000,000
Amendment to Horizon Credit Agreement [Member] \| Horizon Technology Finance Corporation [Member]
Line of Credit Facility [Line Items]
Payment of debt end term charges		200,000
Debt instrument face amount		$ 5,000,000			5,000,000
Debt instrument, interest rate terms		The obligations bore interest at a rate calculated based on an amount by which the one-month LIBOR exceeds 2% plus 7.625%. In no event could the interest rate be less than 9.625%. Payments pursuant to the Amendment were interest only for the first 12 months after August 1, 2020, followed by a 21-month amortization period of principal and interest through the scheduled maturity date on April 1, 2023. In addition, the remaining $5 million in obligations was subject to an end of term fee equal, in the aggregate, to $275,000, which amount was payable upon the maturity of the obligations or upon the date of final payment or default, as applicable.
Payments of debt extinguishment costs		$ 5,000,000			5,000,000
Debt instrument, fee amount		$ 275,000
Debt instrument, restrictive covenants		In connection with the Amendment, Imunon agreed to a liquidity covenant which provided that, at all times, Imunon maintain unrestricted cash and/or cash equivalents on deposit in accounts over which the applicable lenders maintained an account control agreement in an amount not less than $2.5 million. In addition, pursuant to the Amendment, Imunon agreed to provide evidence to Horizon on or before March 31, 2021, that it received aggregate cash proceeds of not less than $5 million from the sale of equity, debt, its New Jersey NOLs, or a combination thereof, subsequent to the date of the Amendment. The Company met this requirement during the fourth quarter of 2020.
Debt instrument, unamortized discount					109,706
Financing fee					5,000
Warrants not settleable in cash, fair value disclosure					247,548
Amendment to Horizon Credit Agreement [Member] \| Horizon Technology Finance Corporation [Member] \| Common Stock [Member]
Line of Credit Facility [Line Items]
Warrants issued		16,501
Warrant exercise price		$ 15.15
Warrants cancelled		6,337
Horizon Credit Agreement [Member]
Line of Credit Facility [Line Items]
Financing fees and expenses			$ 175,000
End of term charge percentage			4.00%
Debt instrument, fee amount					142,605
Loan processing fee			$ 100,000
Debt instrument, unamortized discount			782,116
Financing fee			400,000
Fair Value Adjustment of Warrants			$ 507,116
End term fees					275,000
Horizon Credit Agreement [Member] \| Common Stock [Member]
Line of Credit Facility [Line Items]
Warrants issued			12,674
Warrant exercise price			$ 39.45
Warrant outstanding			6,337
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
Restricted cash	$ 6,000,000.0
Debt instrument, interest rate	7.75%
Final payment percentage	3.00%
Line of credit	$ 10,000,000
Debt instrument, description	Payments under the loan agreement are interest only for the first 24 months after loan closing, followed by a 24-month amortization period of principal and interest through the scheduled maturity date.
Financing fees and expenses	$ 243,370
End of term charge percentage	3.00%
Interest expense	$ 300,000
Interest expense debt				$ 295,792	106,709
Amortization of debt issuance costs				$ 181,259	$ 97,831

SCHEDULE OF INCOME TAX PROVISION (BENEFIT) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current
Deferred
State and Local
Current
Deferred	(1,567,026)	(1,383,446)
Total	$ (1,567,026)	$ (1,383,446)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%
State taxes, net of federal tax benefit	7.10%	7.80%
Permanent differences	29.80%	(15.00%)
Other
Change in valuation allowance and deferred rate change, net	(53.80%)	(7.60%)
Effective tax rate	4.60%	6.20%

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 79,800,000	$ 64,915,000
Other deferred tax assets, net	13,287,000	5,213,000
Subtotal	93,087,000	70,128,000
Valuation allowance	(91,519,974)	(68,744,554)
Total deferred tax asset	$ 1,567,026	$ 1,383,446

INCOME TAXES (Details Narrative) - USD ($)											1 Months Ended	12 Months Ended
INCOME TAXES (Details Narrative) - USD ($)	Jan. 31, 2021	Jan. 31, 2021	Aug. 31, 2018	Aug. 31, 2018	Oct. 31, 2017	Jun. 30, 2017	Feb. 28, 2017	Jun. 30, 2015	Jun. 30, 2013	Feb. 28, 2013	Jul. 31, 2011	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2020
Operating Loss Carryforwards [Line Items]
Proceeds from sale of losses												$ 1,600,000
Net operating losses	$ 28,000,000.0	$ 28,000,000.0	$ 1,500,000	$ 1,500,000	$ 800,000	$ 300,000	$ 300,000	$ 1,600,000	$ 1,500,000	$ 1,400,000	$ 4,200,000	1,600,000	$ 1,400,000	$ 2,000,000.0
Net operating losses expiration, description													the deduction for net operating losses incurred in tax years beginning after January 1, 2018 is limited to 80% of annual taxable income. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act provides for economic and cash liquidity stimulus through various means including payroll tax credits, payroll tax deferral, short-term changes in tax deductibility of interest expenses among other things. The Act also permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. Previously, NOLs generated after December 31, 2017 were limited to 80% of taxable income in future years. In addition, the CARES Act allows NOLs incurred in 2018 through 2021 to be carried back to each of the five preceding tax years. The Company evaluated the various aspects of the Cares Act and determined that there was no material effect on the Financial Statements.
Net operating losses expiration, description													expire starting in 2029 through 2041
Operating loss carry forwards, limitation on use	$ 40,000,000	$ 30,000,000	$ 15,000,000	$ 30,000,000	$ 5,000,000	$ 7,000,000	$ 35,000,000	$ 40,000,000	$ 4,000,000	$ 34,000,000	$ 90,000,000
Operating income (loss)												(24,921,565)	$ (21,007,190)
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses												330,000,000
Net operating losses, unused												225,000,000
Federal Income Tax [Member] \| No Expiration [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses													64,000,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses												58,000,000
U.S. Federal and State [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses												325,000,000
New Jersey [Member]
Operating Loss Carryforwards [Line Items]
Proceeds from sale of losses													1,600,000
Tax benefits of EDA												1,600,000	1,500,000
Net proceeds from sale of net operating losses												$ 1,600,000	1,400,000
New Jersey [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating income (loss)													1,900,000
New Jersey [Member] \| State and Local Jurisdiction [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Net proceeds from sale of net operating losses													15,000,000
New Jersey [Member] \| State and Local Jurisdiction [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Net proceeds from sale of net operating losses													$ 20,000,000

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)								1 Months Ended	3 Months Ended	12 Months Ended
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	May 25, 2022	Apr. 06, 2022	Jan. 10, 2022	Mar. 31, 2021	Mar. 19, 2021	Jan. 22, 2021	Dec. 04, 2018	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 03, 2022	Feb. 28, 2021	Feb. 28, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shelf registration statement amount					$ 100,000,000
Reverse stock split, description											On February 28, 2022, the Company effected a 15-for-1 reverse stock split of its common stock which was made effective for trading purposes as of the commencement of trading on March 31, 2022. As of that date, each 15 shares of issued and outstanding common stock and equivalents was consolidated into one share of common stock. All shares have been restated to reflect the effects of the 15-for-1 reverse stock split. In addition, at the market open on March 1, 2022, the Company’s common stock started trading under a new CUSIP number 15117N602 although the Company’s ticker symbol, CLSN, remained unchanged.
Stockholders equity note changes in capital structure description												To continue listing on The NASDAQ Capital Market, which requires that the Company comply with the applicable listing requirements under NASDAQ Marketplace Rules, which requirements include, among others, a minimum bid price of at least $1.00 per share. On December 2, 2021, the Company received a letter from NASDAQ indicating that the closing bid price of the Company’s Common Stock fell below $1.00 per share for the previous 30 consecutive business days, and that the Company was therefore not in compliance with the minimum bid price requirement for continued inclusion on The NASDAQ Capital Market. The Company had 180 calendar days, until May 31, 2022, to regain compliance with this requirement, which occurs when the closing bid price of the Company’s Common Stock is at least $1.00 per share for a minimum of ten consecutive business days during the 180-day compliance period
Reverse stock split common stock outstanding											5,770,516
Common stock, shares outstanding									7,436,197		7,436,197	5,770,516
Warrants issued									4,059		4,059				213,333
Stock issued during period, value, new issues											$ 6,722,654	$ 52,688,946
Proceeds from issuance of common stock											$ 6,722,667	$ 52,688,946
Share price			$ 285
Preferred stock, shares issued									0		0	0
Preferred stock, stated value			$ 300						$ 0.01		$ 0.01	$ 0.01	$ 300
OriginalIssueDiscountRate			500.00%
Proceeds from issuance of preferred stock			$ 14,250,000
Preferred stock, shares outstanding									0		0	0
Proceeds from issuance under placement											$ 1,000,000
Series A Convertible Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price			$ 300
Preferred stock, shares issued			50,000
Preferred stock, stated value			$ 0.01
Proceeds from issuance of preferred stock			$ 28,500,000
Preferred stock, conversion price			$ 13.65
Conversion of stock, shares issued			1,098,901
Preferred stock, shares outstanding													50,000
Series B Convertible Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price			$ 300
Preferred stock, shares issued			50,000
Preferred stock, stated value			$ 0.01
Preferred stock, conversion price			$ 15.00
Conversion of stock, shares issued			1,000,000
Preferred stock, shares outstanding													50,000
Market Offering Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period, value, new issues	$ 7,500,000
Number of shares sold									336,075
Proceeds from sale of stock									$ 503,798
Market Offering Agreement [Member] \| Forecast [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares sold										1,653,392
Proceeds from sale of stock										$ 2,465,656
Capital on DemandTM Sales Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less than 12 months, unrealized gains, fair value							$ 16,000,000.0
Capital on Demand Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued, shares												500,000
Proceeds from issuance of common stock												$ 6,900,000
Securities Purchase Agreement [Member] \| January 2021 Registered Direct Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued, shares						1,728,395
Proceeds from issuance of common stock						$ 35,000,000
Share price						$ 20.25
Placement agent fee description								In connection with the January 2021 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (“AGP,” and together with Brookline Capital Markets, the “January 2021 Placement Agents”) pursuant to which the Company agreed to pay the January 2021 Placement Agents a cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the January 2021 Offering and reimburse the January 2021 Placement Agents for certain of their expenses in an amount not to exceed $82,500.
Securities Purchase Agreement [Member] \| March 2021 Registered Direct Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued, shares				769,230
Proceeds from issuance of common stock				$ 15,000,000
Share price				$ 19.50
Placement agent fee description				Placement Agent Agreement”) with AGP, as lead placement agent (together with JonesTrading Institutional Services LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC, serving as co-placement agents, the “March 2021 Placement Agents”), pursuant to which the Company agreed to pay the March 2021 Placement Agents an aggregate cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the offering and reimburse the Placement Agents for certain of their expenses in an amount not to exceed $82,500.
Securities Purchase Agreement [Member] \| April 2022 Registered Direct Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued, shares		1,328,274
Proceeds from issuance of common stock		$ 7,000,000.0
Share price		$ 5.27
Placement agent fee description		In connection with the April 2022 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (the “April 2022 Placement Agent”) pursuant to which the Company agreed to pay the April 2022 Placement Agent a cash fee equal to 6.5% of the aggregate gross proceeds raised from the sale of the securities sold in the April 2022 Offering and reimburse the April 2022 Placement Agent for certain of their expenses in an amount not to exceed $50,000.
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares outstanding									6,600,000		6,600,000
Warrants issued									2,500,000		2,500,000
Proceeds from issuance under placement											$ 110,000
Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares outstanding									400,000		400,000
Warrants issued									200,000		200,000			81,111
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reverse stock split common stock outstanding											86,557,736
Stock issued during period, value, new issues											$ 16,644	$ 29,755
Stock issued, shares											1,664,349	2,975,503

SUMMARY OF STOCK OPTIONS (Details) - USD ($)	12 Months Ended
SUMMARY OF STOCK OPTIONS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number Outstanding, Outstanding, Ending balance	760,220
Number Outstanding, Exercisable, Ending balance	201,935
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number Outstanding, Outstanding, Beginning balance	441,425	308,313
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 38.50	$ 41.55
Number Outstanding, Options granted	716,156	148,016
Weighted Average Exercise Price, Options granted	$ 2.72	$ 32.09
Number Outstanding, Options exercised		(500)
Weighted Average Exercise Price, Options exercised		$ 9.45
Number Outstanding, Options canceled or expired	(397,361)	(14,404)
Weighted Average Exercise Price, Options canceled or expired	$ 39.06	$ 38.23
Number Outstanding, Outstanding, Ending balance	760,220	441,425
Weighted Average Exercise Price, Outstanding, Ending balance	$ 4.55	$ 38.50
Weighted Average Remaining Contractual Term (years), Outstanding, Ending balance	9 years 3 months
Aggregate Intrinsic Value, Outstanding, Ending balance
Number Outstanding, Exercisable, Ending balance	201,935
Weighted Average Exercise Price, Exercisable, Ending balance	$ 8.07
Weighted Average Remaining Contractual Term (years), Exercisable, Ending balance	8 years 10 months 24 days
Aggregate Intrinsic Value, Exercisable, Ending balance

SUMMARY OF NON-VESTED RESTRICTED STOCK AWARDS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number Outstanding, Non-vested stock awards, Outstanding, Beginning balance	1,481	83
Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Beginning balance	$ 12.36	$ 9.45
Number Outstanding, Non-vested stock awards, Granted	69,650	1,464
Weighted Average Grant Date Fair Value, Non-vested stock awards, Granted	$ 1.92	$ 13.48
Number Outstanding, Non-vested stock awards, Forfeited	(100)	(66)
Weighted Average Grant Date Fair Value, Non-vested stock awards, Forfeited	$ 9.45	$ 33.30
Number Outstanding, Non-vested stock awards, Vested and issued	(1,381)
Weighted Average Grant Date Fair Value, Non-vested stock awards, Vested and issued	$ 12.04
Number Outstanding, Non-vested stock awards, Outstanding, Ending balance	69,650	1,481
Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Ending balance	$ 1.92	$ 12.36

SUMMARY OF STOCK OPTIONS OUTSTANDING (Details)	12 Months Ended
SUMMARY OF STOCK OPTIONS OUTSTANDING (Details)	Dec. 31, 2022 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number \| shares	760,220
Options Exercisable, Number \| shares	201,935
Exercise Price One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Upper	$ 10.00
Options Outstanding, Number \| shares	709,952
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	9 years 4 months 28 days
Options Outstanding, Weighted Average Exercise Price	$ 2.78
Options Exercisable, Number \| shares	166,301
Options Exercisable, Weighted Average Remaining Contractual Term (in years)	9 years 3 months 29 days
Options Exercisable, Weighted Average Exercise Price	$ 3.11
Exercise Price Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Upper	$ 25.00
Options Outstanding, Number \| shares	10,500
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	8 years 29 days
Options Outstanding, Weighted Average Exercise Price	$ 18.42
Options Exercisable, Number \| shares	5,597
Options Exercisable, Weighted Average Remaining Contractual Term (in years)	7 years 9 months 25 days
Options Exercisable, Weighted Average Exercise Price	$ 18.54
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	10.01
Exercise Price Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Upper	$ 25.01
Options Outstanding, Number \| shares	39,768
Options Outstanding, Weighted Average Remaining Contractual Term (in years)	6 years 8 months 1 day
Options Outstanding, Weighted Average Exercise Price	$ 32.43
Options Exercisable, Number \| shares	30,037
Options Exercisable, Weighted Average Remaining Contractual Term (in years)	6 years 6 months 7 days
Options Exercisable, Weighted Average Exercise Price	$ 33.62

SCHEDULE OF ASSUMPTIONS USED TO DETERMINE FAIR VALUE OF OPTIONS GRANTED (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate, minimum	1.74%	1.54%
Risk-free interest rate, maximum	3.97%	1.74%
Expected volatility, minimum	100.00%	106.80%
Expected volatility, maximum	113.90%	113.20%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	7 years 6 months	7 years 6 months
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	10 years	10 years

STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 10, 2021	Jun. 15, 2020	May 14, 2019	May 15, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.7
Cost recognized over a weighted-average period	2 years 1 month 6 days
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	556,119
Inducement Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, reserved for future issuance	263,751
Stock Options and Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation	$ 2.7	$ 3.8
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	0.9	1.4
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	$ 1.8	$ 2.4
2018 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, shares authorized						180,000
Common stock, reserved for future issuance	945,073
2018 Stock Incentive Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based payment award, shares granted			513,333	166,667	80,000
2018 Stock Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based payment award, shares granted			940,000	426,667	260,000
2007 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
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.
Inducement Option Grants [Member] \| Five New Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price per share	$ 1.76
Inducement Option Grants [Member] \| Five New Employees [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock	69,250
Inducement Option Grants [Member] \| Five New Employees [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock	204,501
2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, reserved for future issuance	388,954

SCHEDULE OF CHANGES IN EARN-OUT MILESTONE LIABILITY (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earn-out Milestone Liability
Earn-out liabilities, beginning balance	$ 5,396,000	$ 7,018,000
Non-cash gain loss from the adjustment for the change in fair value	(5,396,000)	(1,622,000)
Earn-out liabilities, ending balance		$ 5,396,000

EARN-OUT MILESTONE LIABILITY (Details Narrative) - USD ($) $ in Millions		12 Months Ended
	Jun. 20, 2014	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 28, 2019
EGWC, Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Earnout payment options description	each milestone (10% to 67%) and utilizing a discount rate based on the estimated time to achieve the milestone (1.5 to 2.5 years).
Non-cash charge on earnout milestone liability		$ 5.4	$ 1.6
Amended Asset Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Earnout milestone liability	$ 13.9				$ 12.4
Amended Asset Purchase Agreement [Member] \| Within One Year of Achieving Milestone [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Earnout milestone liability	$ 30.4
Amended Asset Purchase Agreement [Member] \| 10 Business Days of Achieving Milestone [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Earnout milestone liability					$ 7.0
Fair Value Earnout Milestone Liability [Member] \| EGWC, Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination, consideration transferred, liabilities incurred			$ 5.4	$ 7.0

SUMMARY OF WARRANT ACTIVITY (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Warrants

Number of Warrants Issued, Warrants outstanding, Beginning balance

175,792

^[1]

256,903

Weighted Average Exercise Price, Warrants outstanding, Beginning balance

$ 20.96

$ 20.10

Number of Warrants Issued, Warrants exercised

(81,111)

Weighted Average Exercise Price, Warrants exercised

$ 18.60

Number of Warrants Issued, warrants expired

(7,273)

Weighted Average Exercise Price, Warrants expired

$ 48.30

Number of Warrants Issued, Warrants outstanding, Ending balance

^[1]

168,519

175,792

Weighted Average Exercise Price, Warrants outstanding, Ending balance

$ 19.78

$ 20.96

Aggregate intrinsic value of outstanding warrants

$ 0

Weighted average remaining contractual terms (years)

^[1]

3 years

[1]	Warrants to exercise 4,059 shares of common stock at an exercise price of $31.05 per share expired on January, 11, 2023.

SUMMARY OF WARRANT ACTIVITY (Details) (Parenthetical) - $ / shares	Dec. 31, 2022	Feb. 28, 2020
Warrants
Class of warrant or right, number of securities called by warrants or rights	4,059	213,333
Warrants, exercise price	$ 31.05

WARRANTS (Details Narrative) - USD ($)	Sep. 21, 2020	Dec. 31, 2022	Sep. 21, 2021	Feb. 28, 2021	Aug. 31, 2020	Feb. 28, 2020
Class of warrant or right, number of securities called by warrants or rights		4,059				213,333
Warrant, exercise price per share		$ 31.05
Horizon Credit Agreement Amendment [Member]
Class of warrant or right, number of securities called by warrants or rights			5,000		6,337
Right to receiving warrant					16,501
Award vesting period	4 years
Warrant, exercise price per share	$ 11.85
Warrant price, fair value	$ 9.00
Professional fee expense	$ 45,000
Minimum [Member]
Class of warrant or right, number of securities called by warrants or rights		200,000		81,111

IMUNON EMPLOYEE BENEFIT PLANS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Maximum annual contributions per employee, percent	3.00%
Matching contributions of employee	$ 117,000	$ 107,000
Discretionary contribution		$ 172,000
Discretionary contribution, rate		5.00%

SCHEDULE OF LEASE PAYMENTS AND MATURITY OF OPERATING LEASE LIABILITIES (Details)	Dec. 31, 2022 USD ($)
Leases
2023	$ 238,609
2024 and thereafter
Subtotal future lease payments	238,609
Less imputed interest	(7,860)
Total lease liabilities	$ 230,749
Operating lease, weighted average remaining lease term	7 months 9 days
Operating lease, weighted average discount rate, percent	9.98%

LEASES (Details Narrative)				12 Months Ended
LEASES (Details Narrative)	Jun. 09, 2021 USD ($) ft²	Jan. 09, 2019	Dec. 31, 2011 ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2011 ft²	Jan. 31, 2023 ft²	Jan. 31, 2018 ft²
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lelase operating, description								In 2011, the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership, for a 10,870 square foot premises located in Lawrenceville, New Jersey and relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The Lease had an initial term of 66 months. In late 2015, Lenox Drive Office Park LLC, purchased the real estate and office building and assumed the Lease.
Area of land \| ft²			10,870					10,870
Lease term			66 months					66 months
Lease expiration date			Apr. 30, 2017
Operating lease, payments					$ 601,495	$ 568,269
Huntsville [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease term										60 months
Huntsville [Member] \| Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land \| ft²									11,420
Lease term									60 months
Payments for rent				$ 28,550
Huntsville Alabama [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land \| ft²	2,197
Lease term	22 months
1st Lease Amendment [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lelase operating, description		increase the size of the premises by 2,285 square feet to 9,850 square feet and extended the lease term by one year to September 1, 2023.
1st Lease Amendment [Member] \| First Year [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent					18,900
1st Lease Amendment [Member] \| Final Year [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent					20,500
2nd Lease Amendment [Member] \| First Year [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent					25,035
2nd Lease Amendment [Member] \| Final Year [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent					$ 27,088
EGEN Asset Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lelase operating, description					In connection with the EGEN Asset Purchase Agreement in June 2014, the Company assumed the existing lease with another landlord for an 11,500 square foot premises located in Huntsville Alabama.
Area of land \| ft²										9,049
Payments for rent	$ 5,500						$ 18,100
Operating Leases [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, cost					$ 587,744	560,513
Operating lease, payments					601,495	568,269
Amortization expense					$ 535,000	$ 573,000

TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS (Details Narrative) - Hisun [Member] $ in Millions	Jan. 18, 2013 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from license fees received	$ 5.0
Deferred revenue	$ 5.0
Deferred revenue amortization period	10 years

RELATED PARTY TRANSACTION (Details Narrative) - Convertible Note Purchase Agreement [Member] - Transomic Technologies Inc [Member]	Nov. 16, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertable and warrants	$ 375,000
Interest rate	5.00%