0001493152-24-043931 | 10-Q | XBRL Viewer

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Note 6. Fair Value Measurements

FASB Accounting Standards Codification (“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 condensed consolidated balance sheets at their approximate estimated fair values primarily due to their short-term nature. The fair values of securities available for sale are determined by relying on the securities’ relationship to other benchmark quoted securities and classified its investments as Level 1 items in both 2024 and 2023. There were no transfers of assets or liabilities between Level 1 and Level 2 and no transfers in or out of Level 3 during the nine-month period ended September 30, 2024 or during the year ended December 31, 2023.

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 September 30, 2024
U.S. treasury obligations, available for sale	$	-	$	-	$	-	$	-

Recurring items as of December 31, 2023
U.S. treasury obligations, available for sale	$	9,857,087	$	9,857,087	$	-	$	-

Subsequent Events	9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events The Company has evaluated its subsequent events from September 30, 2024, through the date these condensed consolidated financial statements were issued.

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

The Company has evaluated its subsequent events from September 30, 2024, through the date these condensed consolidated financial statements were issued.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (14,563,017)	$ (14,626,844)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	202,938	176,509
Amortization of right-of-use assets	349,892	402,940
Realized gains, net, on investment securities	(61,983)	(6,059)
Stock-based compensation	364,177	625,589
Realization of deferred income tax asset	1,280,385	1,567,026
Loss on extinguishment of debt		329,158
Amortization of deferred finance charges and debt discount associated with notes payable		55,122
Net changes in:
Accrued interest on investment securities		31,829
Advances, deposits, and other current assets	324,580	135,517
Accounts payable and accrued liabilities	(2,330,958)	(3,940,670)
Net cash used in operating activities	(14,433,986)	(15,249,883)
Cash flows from investing activities:
Purchases of investment securities	(57,174)	(3,738,190)
Proceeds from sale and maturity of investment securities	9,915,448	18,500,000
Purchases of property and equipment	(14,634)	(451,759)
Net cash provided by investing activities	9,843,640	14,310,051
Cash flows from financing activities:
Proceeds from sale of common stock equity, net of issuance costs	9,063,715	2,751,190
Payoff of the SVB loan and accrued end-of-term fees		(6,420,000)
Net cash provided by (used in) financing activities	9,063,715	(3,668,810)
Net change in cash and cash equivalents	4,473,369	(4,608,642)
Cash and cash equivalents at beginning of period	5,838,566	17,492,841
Cash and cash equivalents at end of period	10,311,935	12,884,199
Supplemental disclosures of cash flow information:
Interest paid		(179,542)
Non-cash investing and financing activities:
Recognition of operating lease right-of-use asset and liability		$ 1,911,049

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Note 12. Leases

Lawrenceville, New Jersey Lease

In August 2023, the Company renewed its Lawrenceville office lease for a 24-month agreement for 9,850 square feet with monthly rent payments of approximately $22,983 to $23,394.

Huntsville, Alabama Lease

In January 2023, the Company renewed its Huntsville facility lease for a 60-month lease agreement for 11,420 square feet with monthly rent payments of approximately $28,550 to $30,903.

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of September 30, 2024:


2024	$	157,544
2025		543,009
2026		362,976
2027		370,236
2028 and thereafter		30,903
Subtotal future lease payments		1,464,668
Less: imputed interest		(198,492	)
Total lease liabilities	$	1,266,176

Weighted average remaining life		2.91

Weighted average discount rate		9.98	%

For the three-month and nine-month periods ended September 30, 2024, operating lease expense was $164,944 and $479,401, respectively, and cash paid for operating leases included in operating cash flows was $162,956 and $488,047, respectively.

For the three-month and nine-month periods ended September 30, 2023, operating lease expense was $163,201 and $487,923, respectively, and cash paid for operating leases included in operating cash flows was $162,808 and $489,993, respectively.

Summary of Investment Securities Gross Unrealized Gains (Losses) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in debt securities with unrealized gains - Fair Value		$ 9,857,087
Investments in debt securities with unrealized gains - Unrealized Holding Gains		$ 60,796

Stockholders’ Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders’ Equity

Note 9. Stockholders’ Equity

On May 15, 2024, the Company filed with the SEC a shelf registration statement on Form S-3 (the “2024 Registration Statement”) for the offer and sale of up to $75 million of its securities. The 2024 Registration Statement was declared effective on May 22, 2024. The 2024 Registration Statement is intended to provide the Company with flexibility to raise capital in the future for general corporate purposes. However, the Company’s ability to offer and sell its securities in a primary offering on the 2024 Registration Statement is limited by General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”), which limits the amount that the Company can offer to up to one-third of its public float during any trailing 12-month period. The Company would be no longer subject to the Baby Shelf Limitation if its public float exceeds $75 million.

At the Market Offering Agreement

On May 15, 2024, the Company amended the At the Market Offering Agreement, dated as of May 25, 2022 (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”) as sales agent. Pursuant to the terms of the amended ATM Agreement, 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 $5,500,000. The Company intends to use the net proceeds from any offering under the amended ATM Agreement for general corporate purposes, including research and development activities, capital expenditures and working capital.

On July 30, 2024, the Company notified Wainwright that it was suspending its use of and terminating the “at the market offering” sales agreement prospectus (the “ATM Prospectus”), related to the potential issuance from time to time of the Company’s common stock pursuant to the ATM Agreement, by and between the Company and Wainwright. Notwithstanding the termination of the ATM Prospectus, the ATM Agreement remains in full force and effect.

On September 3, 2024, the Company filed a new prospectus supplement to the 2024 Registration Statement with the SEC for an aggregate offering price of up to $5,500,000 related to the potential issuance from time to time of the Company’s common stock pursuant to the ATM Agreement with Wainwright as sales agent.

The Company sold 88,796 shares of common stock under the ATM Agreement for net proceeds of $99,506 during the first nine months of 2024. During the first nine months of 2023, the Company sold 1,878,488 shares of common stock under the ATM Agreement for net proceeds of $2,750,658.

July 2024 Offering

On July 30, 2024, the Company entered into the July 2024 Purchase Agreement with the Purchasers, pursuant to which the Company issued, in a registered direct offering, an aggregate of 5,000,000 shares of the Company’s common stock at an offering price of $2.00 per share for gross proceeds of $10.0 million before the deduction of placement agent fees and offering expenses. In a concurrent private placement and also pursuant to the July 2024 Purchase Agreement, the Company issued to the Purchasers the Warrants to purchase an aggregate of 5,000,000 shares of its common stock at an exercise price of $2.00 per share.

The Warrants became exercisable immediately after issuance for a term of five and one-half years following the date of issuance. The closing of the July 2024 Offering occurred on August 1, 2024.

In connection with the July 2024 Offering, the Company entered into an engagement letter agreement with Wainwright, pursuant to which the Company agreed to pay Wainwright and any other placement agents for the July 2024 Offering a cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the July 2024 Offering and reimburse the placement agent for certain of their expenses in an amount not to exceed $85,000. Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-placement agent in the July 2024 Offering.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Summary of Stock Options Awards and Restricted Stock Grants (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average exercise price, granted	$ 1.13	$ 2.03
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning balance	1,063,482
Weighted average exercise price, beginning balance	$ 2.62
Options outstanding, granted	929,335
Weighted average exercise price, granted	$ 1.13
Options outstanding, vested and issued
Weighted average exercise price, vested and issued
Options outstanding, Terminated	(460,378)
Weighted average exercise price, Terminated	$ 1.58
Options outstanding, ending balance	1,532,439
Weighted average exercise price, ending balance	$ 2.02
Weighted average contractual terms	9 years
Options outstanding, aggregate intrinsic value	$ 27,548
Options outstanding, exercisable	887,894
Weighted average exercise price, exercisable	$ 2.62
Weighted average contractual terms, exercisable	8 years 6 months
Options outstanding, aggregate intrinsic value, exercisable	$ 14,958
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested stock awards, beginning balance	32,100
Weighted average grant date fair value, beginning balance	$ 1.23
Non-vested stock awards, granted	25,000
Weighted average grant date fair value, granted	$ 1.06
Non-vested stock awards, vested and issued	(12,100)
Weighted average grant date fair value, vested and issued	$ 1.84
Non-vested stock awards, Terminated	(20,000)
Weighted average grant date fair value, Terminated	$ 0.88
Non-vested stock awards, ending balance	25,000
Weighted average grant date fair value, ending balance	$ 1.06

Investment in Debt Securities - Available for Sale

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment in Debt Securities - Available for Sale

Note 5. Investment in Debt Securities - Available for Sale

Investments in debt securities - available for sale with a fair value of $0 and $9,857,087 as of September 30, 2024 and December 31, 2023, 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.

The Company reviews its debt securities classified as short-term investments on a regular basis for impairment. For debt securities in unrealized loss positions, the Company determines whether any portion of the decline in fair value below the amortized cost basis is due to credit-related factors if it neither intends to sell nor anticipates that it is more likely than not that it will be required to sell prior to recovery of the amortized cost basis. The Company considers factors such as the extent to which the market value has been less than the cost, any noted failure of the issuer to make scheduled payments, changes to the rating of the security and other relevant credit-related factors in determining whether or not a credit loss exists. During the first nine months of 2024 and 2023, the Company did not recognize an allowance for credit-related losses on any of its investments.

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

	September 30, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Short-term investments
U.S. Treasury securities	$	-	$	-	$	9,796,291	$	9,857,087

	September 30, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Short-term investment maturities
Within 3 months	$	-	$	-	$	2,467,518	$	2,490,775
Between 3 and 12 months		-		-		7,328,773		7,366,312
Total	$	-	$	-	$	9,796,291	$	9,857,087

The following table shows for the Company’s investment in available-for-sale debt securities: 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 September 30, 2024 and December 31, 2023. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.

	September 30, 2024				December 31, 2023
Available-for-sale securities (all unrealized holding gains are less than 12 months at date of measurement)	Fair Value		Unrealized Holding Gains		Fair Value		Unrealized Holding Gains

Investments in debt securities with unrealized gains	$	-	$	-	$	9,857,087	$	60,796

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


	For the Three Months Ended September 30,
	2024		2023
Interest and dividends accrued and paid	$	115,992	$	264,284
Realized gains (losses) on investment in debt securities		-		163,170
Investment income, net	$	115,992	$	427,454


	For the Nine Months Ended September 30,
	2024		2023
Interest and dividends accrued and paid	$	361,264	$	935,284
Realized gains (losses) on investment in debt securities		61,983		26,913
Investment income, net	$	423,247	$	962,197

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Payments and Maturity of Operating Lease Liabilities

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of September 30, 2024:


2024	$	157,544
2025		543,009
2026		362,976
2027		370,236
2028 and thereafter		30,903
Subtotal future lease payments		1,464,668
Less: imputed interest		(198,492	)
Total lease liabilities	$	1,266,176

Weighted average remaining life		2.91

Weighted average discount rate		9.98	%

Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Other Accrued Liabilities

Other accrued liabilities at September 30, 2024 and December 31, 2023 include the following:

Schedule of Other Accrued Liabilities

	September 30, 2024		December 31, 2023
Amounts due to contract research organizations and other contractual agreements	$	1,054,000	$	1,442,659
Accrued payroll and related benefits		1,456,736		1,693,383
Accrued professional fees		42,694		234,479
Other		20,000		20,000
Total	$	2,573,430	$	3,390,521

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Summary of Warrant Activity (Details)	9 Months Ended
Summary of Warrant Activity (Details)	Sep. 30, 2024 USD ($) $ / shares shares
Warrants
Number of Warrants Issued, Warrants outstanding, Beginning balance \| shares	160,060
Weighted Average Exercise Price, Warrants outstanding, Beginning balance \| $ / shares	$ 18.86
Number of Warrants Issued, Warrants issued \| shares	5,000,000
Weighted Average Exercise Price, Warrants issued \| $ / shares	$ 2.00
Number of Warrants Issued, Warrants expired \| shares	(5,000)
Weighted Average Exercise Price, Warrants expired \| $ / shares	$ 11.85
Number of Warrants Issued, Warrants outstanding, Ending balance \| shares	5,155,060
Weighted Average Exercise Price, Warrants outstanding, Ending balance \| $ / shares	$ 2.51
Aggregate intrinsic value of outstanding warrants \| $
Weighted average remaining contractual terms (years)	5 years 2 months 12 days

Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Interest and dividends accrued and paid	$ 115,992	$ 264,284	$ 361,264	$ 935,284
Realized gains (losses) on investment in debt securities		163,170	61,983	26,913
Investment income, net	$ 115,992	$ 427,454	$ 423,247	$ 962,197

Schedule of Assumptions Used to Determine Fair Value of Options Granted (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate		3.72%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.72%
Expected volatility	101.74%	107.03%
Expected life (in years)	9 years	9 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.31%
Expected volatility	115.81%	113.64%
Expected life (in years)	10 years	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options Awards and Restricted Stock Grants

A summary of stock option awards and restricted stock grants, inclusive of awards granted under the 2018 Stock Plan and Inducement Option Grants for the nine-month periods ended September 30, 2024 is presented below.

	Stock Options					Restricted Stock Awards					Weighted Average
	Options Outstanding			Weighted Average Exercise Price		Non-vested Restricted Stock Outstanding			Weighted Average Grant Date Fair Value		Contractual Terms of Equity Awards (in years)
Equity awards outstanding at January 1, 2024		1,063,482		$	2.62		32,100		$	1.23

Equity awards granted		929,335		$	1.13		25,000		$	1.06

Equity Awards vested and issued		-			-		(12,100	)	$	1.84

Equity awards terminated		(460,378	)	$	1.58		(20,000	)	$	0.88

Equity awards outstanding at September 30, 2024		1,532,439		$	2.02		25,000		$	1.06		9.0

Aggregate intrinsic value of outstanding equity awards at September 30, 2024	$	27,548

Equity awards exercisable at September 30 2024		887,894		$	2.62							8.5

Aggregate intrinsic value of equity awards exercisable at September 30, 2024	$	14,958

Schedule of Assumptions Used to Determine Fair Value of Options Granted

The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from the Company’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model:

	For the Nine Months Ended September 30,
	2024			2023
Risk-free interest rate		3.72 to 4.31	%		3.72	%
Expected volatility		101.74 to 115.81	%		107.03 to 113.64	%
Expected life (in years)		9.0 to 10.0			9.0 to 10.0
Expected dividend yield		0.0	%		0.0	%

New Accounting Pronouncements

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

Note 3. New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) and are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to its operations.

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the income tax disclosures within the condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company does not plan to early adopt and is currently evaluating this ASU to determine its impact on the Company’s disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Basis of Presentation (Details Narrative) - USD ($)			3 Months Ended		9 Months Ended
Basis of Presentation (Details Narrative) - USD ($)	Sep. 03, 2024	Jul. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss			$ 4,845,475	$ 3,476,614	$ 14,563,017	$ 14,626,844
Cash to fund operation					14,433,986	15,249,883
Cumulative net loss			403,000,000		403,000,000
Cash and cash equivalents, short-term investments, and interest receivable			$ 10,300,000		10,300,000
Proceeds from Issuance of Common Stock	$ 5,500,000				$ 9,063,715	$ 2,751,190
Securities Purchase Agreement [Member] \| July Offering [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues		5,000,000
Share Price		$ 2.00
Proceeds from Issuance of Common Stock		$ 10,000,000.0
Securities Purchase Agreement [Member] \| July 2024 Registered Direct Offering [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues		5,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.00

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13. Commitments and Contingencies

In February 2021, a derivative shareholder lawsuit was filed against the Company, as the nominal defendant, and certain of its directors and officers as defendants in the U.S. District Court for the District of New Jersey, captioned Fidler v. Michael H. Tardugno, et al., Case No. 3:21-cv-02662. The plaintiff alleged breach of fiduciary duty and other claims arising out of alleged statements made by certain of the Company’s directors and/or officers regarding ThermoDox^®. The Company believed it had meritorious defenses to these claims and vigorously contested this suit. In June 2024, the U.S. District Court issued an Order for Dismissal without prejudice for this derivative shareholder lawsuit.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	112,500,000	112,500,000
Common stock, shares issued	14,500,707	9,399,811
Common stock, shares outstanding	14,500,685	9,399,789
Treasury stock, shares	22	22

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 3,293,209	$ 1,980,693	$ 9,406,715	$ 7,734,897
General and administrative	1,668,258	1,923,375	5,579,549	7,327,906
Total operating expenses	4,961,467	3,904,068	14,986,264	15,062,803
Loss from operations	(4,961,467)	(3,904,068)	(14,986,264)	(15,062,803)
Other income (expense):
Investment income, net	115,992	427,454	423,247	962,197
Interest expense on loan facility				(197,080)
Loss on extinguishment of debt				(329,158)
Total other income (expense), net	115,992	427,454	423,247	435,959
Net loss	$ (4,845,475)	$ (3,476,614)	$ (14,563,017)	$ (14,626,844)
Net loss per common share
Basic	$ (0.34)	$ (0.37)	$ (1.39)	$ (1.64)
Diluted	$ (0.34)	$ (0.37)	$ (1.39)	$ (1.64)
Weighted average shares outstanding
Basic	14,445,240	9,376,872	10,503,367	8,926,114
Diluted	14,445,240	9,376,872	10,503,367	8,926,114

Related Party Transaction (Details Narrative)	Nov. 16, 2022 USD ($)
Convertible Note Purchase Agreement [Member] \| Transomic Technologies, Inc. [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertable and warrants	$ 375,000

Net Loss per Common Share (Details Narrative) - shares	9 Months Ended
Net Loss per Common Share (Details Narrative) - shares	Sep. 30, 2024	Sep. 30, 2023
Net loss per common share
Anti-dilutive securities	6,712,499	1,147,960

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value		$ 9,857,087
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value		9,857,087
Fair Value, Recurring [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value		9,857,087
Fair Value, Recurring [Member] \| US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value		9,857,087
Fair Value, Recurring [Member] \| US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value
Fair Value, Recurring [Member] \| US Treasury Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in debt securities - available for sale, at fair value

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-15911
Entity Registrant Name	Imunon, Inc.
Entity Central Index Key	0000749647
Entity Tax Identification Number	52-1256615
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	997 Lenox Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Lawrenceville
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08648
City Area Code	(609)
Local Phone Number	896-9100
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	IMNN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,500,685
Entity Listing, Par Value Per Share	$ 0.01

Warrants

9 Months Ended

Sep. 30, 2024

Warrants

Warrants

Note 11. Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification.

This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company has analyzed the Warrants issued in the July 2024 Offering and determined they are considered to be freestanding instruments and do not exhibit any of the characteristics in ASC 480 and therefore are not classified as liabilities under ASC 480. The Warrants meet all of the requirements for equity classification under ASC 815 and therefore are classified as equity.

The following is a summary of all warrant activity for the nine-month period ended September 30, 2024:

Summary of Warrant Activity

Warrants	Number of Warrants Issued			Weighted Average Exercise Price

Warrants outstanding at December 31, 2023		160,060		$	18.86

Warrants issued during the nine months ended September 30, 2024		5,000,000			2.00

Warrants expired during the nine months ended September 30, 2024		(5,000	)		11.85

Warrants outstanding at September 30, 2024		5,155,060		$	2.51

Aggregate intrinsic value of outstanding warrants at September 30, 2024	$	-

Weighted average remaining contractual terms at September 30, 2024		5.2 years

Other Accrued Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Other Accrued Liabilities

Note 7. Other Accrued Liabilities

Other accrued liabilities at September 30, 2024 and December 31, 2023 include the following:

Schedule of Other Accrued Liabilities

	September 30, 2024		December 31, 2023
Amounts due to contract research organizations and other contractual agreements	$	1,054,000	$	1,442,659
Accrued payroll and related benefits		1,456,736		1,693,383
Accrued professional fees		42,694		234,479
Other		20,000		20,000
Total	$	2,573,430	$	3,390,521

Related Party Transaction

9 Months Ended

Sep. 30, 2024

Related Party Transaction

Note 14. Related Party Transaction

On November 16, 2022 the Company entered into a convertible note purchase agreement with Transomic Technologies, Inc. (“Transomic”) whereby the Company purchased $375,000 of convertible notes secured by certain assets held by Transomic and warrants. Imunon purchased products from Transomic for research and development purposes – primarily delivery vectors for its vaccine program. As a result of this investment in Transomic, Imunon’s executive chairman, Mr. Michael Tardugno, was appointed to the Board of Directors of Transomic. The Company disclosed the notes receivable as a related party transaction. In December 2023, Transomic filed a formal certificate of dissolution of the company resulting in a complete write-off of the convertible note and related warrants.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 74,362	$ 397,980,023	$ (85,188)	$ 26,494	$ (368,667,825)	$ 29,327,866
Balance, shares at Dec. 31, 2022	7,436,219		22
Net loss					(14,626,844)	(14,626,844)
Sale of equity through equity financing facilities, net of issuance costs	$ 18,785	2,731,873				2,750,658
Sale of equity through equity financing facilities, net of issuance costs, shares	1,878,488
Stock-based compensation expense		625,589				625,589
Realized and unrealized gains (losses), net, on investments securities				(6,059)		(6,059)
Issuance of common stock for restricted stock	$ 532					532
Issuance of common stock upon exercise of restricted stock, shares	53,200
Balance at Sep. 30, 2023	$ 93,679	401,337,485	$ (85,188)	20,435	(383,294,669)	18,071,742
Balance, shares at Sep. 30, 2023	9,367,907		22
Balance at Jun. 30, 2023	$ 92,520	401,163,818	$ (85,188)	162,045	(379,818,055)	21,515,140
Balance, shares at Jun. 30, 2023	9,252,003		22
Net loss					(3,476,614)	(3,476,614)
Sale of equity through equity financing facilities, net of issuance costs	$ 629	77,103				77,732
Sale of equity through equity financing facilities, net of issuance costs, shares	62,904
Issuance of common stock upon exercise of restricted stock	$ 530					530
Issuance of common stock upon exercise of restricted stock, shares	53,000
Stock-based compensation expense		96,564				96,564
Realized and unrealized gains (losses), net, on investments securities				(141,610)		(141,610)
Balance at Sep. 30, 2023	$ 93,679	401,337,485	$ (85,188)	20,435	(383,294,669)	18,071,742
Balance, shares at Sep. 30, 2023	9,367,907		22
Balance at Dec. 31, 2023	$ 93,998	401,500,838	$ (85,188)	60,796	(388,182,802)	13,387,642
Balance, shares at Dec. 31, 2023	9,399,811		22
Net loss					(14,563,017)	(14,563,017)
Sale of equity through equity financing facilities, net of issuance costs	$ 50,888	9,012,827				9,063,715
Sale of equity through equity financing facilities, net of issuance costs, shares	5,088,796
Stock-based compensation expense		364,056				364,056
Realized and unrealized gains (losses), net, on investments securities				(60,796)		(60,796)
Issuance of common stock upon exercise of restricted stock	$ 121					121
Issuance of common stock upon exercise of restricted stock, shares	12,100
Balance at Sep. 30, 2024	$ 145,007	410,877,721	$ (85,188)		(402,745,819)	8,191,721
Balance, shares at Sep. 30, 2024	14,500,707		22
Balance at Jun. 30, 2024	$ 94,009	401,632,757	$ (85,188)		(397,900,344)	3,741,234
Balance, shares at Jun. 30, 2024	9,400,911		22
Net loss					(4,845,475)	(4,845,475)
Sale of equity through equity financing facilities, net of issuance costs	$ 50,888	9,012,827				9,063,715
Sale of equity through equity financing facilities, net of issuance costs, shares	5,088,796
Issuance of common stock upon exercise of restricted stock	$ 110					110
Issuance of common stock upon exercise of restricted stock, shares	11,000
Stock-based compensation expense		232,137				232,137
Balance at Sep. 30, 2024	$ 145,007	$ 410,877,721	$ (85,188)		$ (402,745,819)	$ 8,191,721
Balance, shares at Sep. 30, 2024	14,500,707		22

Schedule of Lease Payments and Maturity of Operating Lease Liabilities (Details)	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 157,544
2025	543,009
2026	362,976
2027	370,236
2028 and thereafter	30,903
Subtotal future lease payments	1,464,668
Less: imputed interest	(198,492)
Total lease liabilities	$ 1,266,176
Operating lease, weighted average remaining lease term	2 years 10 months 28 days
Operating lease, weighted average discount rate, percent	9.98%

Investment in Debt Securities - Available for Sale (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Debt securities, available for sale, current		$ 9,857,087

Schedule of Cost, Fair Value and Maturities of Short Term Investments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Short-term investments - Fair Value		$ 9,857,087
Short-term investment maturities - Within 3 months, cost		2,467,518
Short-term investment maturities - Within 3 months, fair value		2,490,775
Short-term investment maturities - Between 3-12 months, cost		7,328,773
Short-term investment maturities - Between 3-12 months, fair value		7,366,312
Short-term investment maturities - cost		9,796,291
Short-term investment maturities - fair value		9,857,087
US Treasury Securities [Member]
Marketable Securities [Line Items]
Short-term investments - Cost		9,796,291
Short-term investments - Fair Value		$ 9,857,087

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 10,311,935	$ 5,838,566
Investment in debt securities - available for sale, at fair value		9,857,087
Advances and deposits on clinical programs and other current assets	2,220,471	2,545,051
Total current assets	12,532,406	18,240,704
Property and equipment, net (at cost, less accumulated depreciation and amortization)	563,602	751,906
Other assets:
Deferred income tax asset		1,280,385
Operating lease right-of-use assets, net	1,245,182	1,595,074
Deposits and other assets	50,000	50,000
Total other assets	1,295,182	2,925,459
Total assets	14,391,190	21,918,069
Current liabilities:
Accounts payable – trade	2,359,863	3,515,192
Other accrued liabilities	2,573,430	3,390,521
Operating lease liabilities - current portion	508,450	485,421
Total current liabilities	5,441,743	7,391,134
Operating lease liabilities - non-current portion	757,726	1,139,293
Total liabilities	6,199,469	8,530,427
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $0.01 par value (100,000 shares authorized, and no shares issued or outstanding at September 30, 2024 and December 31, 2023)
Common stock - $0.01 par value (112,500,000 shares authorized; 14,500,707 and 9,399,811 shares issued at September 30, 2024 and December 31, 2023, respectively, and 14,500,685 and 9,399,789 shares outstanding at September 30, 2024 and December 31, 2023, respectively)	145,007	93,998
Additional paid-in capital	410,877,721	401,500,838
Accumulated other comprehensive loss		60,796
Accumulated deficit	(402,745,819)	(388,182,802)
Total stockholders’ equity before treasury stock	8,276,909	13,472,830
Treasury stock, at cost (22 shares at September 30, 2024 and December 31, 2023)	(85,188)	(85,188)
Total stockholders’ equity	8,191,721	13,387,642
Total liabilities and stockholders’ equity	$ 14,391,190	$ 21,918,069

Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 14, 2023	Jun. 10, 2021	Jun. 15, 2020	May 14, 2019	May 15, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted, weighted average exercise price	$ 1.13	$ 2.03
Unrecognized share based compensation	$ 0.5
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	1,535,272
Inducement Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, reserved for future issuance	22,167
Stock Options and Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation	$ 0.4	$ 0.6
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	0.2	0.2
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	$ 0.2	$ 0.4
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share based compensation, period	3 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share based compensation, period	4 years
2018 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, shares authorized							180,000
Shares available for issuance	439,801
Stock options, strike price description	Options are generally granted with strike prices equal to the fair market value of a share of Imunon common stock on the date of grant. Incentive stock options may be granted to purchase shares of common stock at a price not less than 100% of the fair market value of the underlying shares on the date of grant, provided that the exercise price of any incentive stock option granted to an eligible employee owning more than 10% of the outstanding stock of Imunon must be at least 110% of such fair market value on the date of grant. Only officers and key employees may receive incentive stock options.
Common stock, reserved for future issuance	1,975,073
2018 Stock Incentive Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance			1,030,000	513,333	166,667	80,000
2018 Stock Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance			1,970,000	940,000	426,667	260,000
Inducement Option Grants [Member] \| Board of Directors Chairman [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted, weighted average exercise price	$ 1.59
Inducement Option Grants [Member] \| Board of Directors Chairman [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued	91,350
Inducement Option Grants [Member] \| Board of Directors Chairman [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued	294,751

Schedule of Other Accrued Liabilities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Amounts due to contract research organizations and other contractual agreements	$ 1,054,000	$ 1,442,659
Accrued payroll and related benefits	1,456,736	1,693,383
Accrued professional fees	42,694	234,479
Other	20,000	20,000
Total	$ 2,573,430	$ 3,390,521

Leases (Details Narrative)	1 Months Ended		3 Months Ended		9 Months Ended
Leases (Details Narrative)	Aug. 31, 2023 USD ($) ft²	Jan. 31, 2023 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, term	24 months	60 months
Operating lease, cost			$ 164,944	$ 163,201	$ 479,401	$ 487,923
Operating lease, payments			$ 162,956	$ 162,808	$ 488,047	$ 489,993
Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land \| ft²	9,850	11,420
Lease Agreement [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent	$ 22,983	$ 28,550
Lease Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent	$ 23,394	$ 30,903

Net Loss per Common Share

9 Months Ended

Sep. 30, 2024

Net loss per common share

Net Loss per Common Share

Note 4. Net Loss per Common Share

Basic loss per common share is calculated based upon the net loss available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated after adjusting the denominator of the basic earnings per share computation for the effects of all dilutive potential common shares outstanding during the period. The dilutive effects of preferred stock, options and warrants and their equivalents are computed using the treasury stock method.

The total number of shares of common stock issuable upon exercise of warrants, stock option grants and equity awards were 6,712,499 and 1,147,960 shares for the nine months ended September 30, 2024 and 2023, respectively. For the three-month and nine-month periods ended September 30, 2024 and 2023, diluted loss per common share was the same as basic loss per common share as the other warrants, and equity awards that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive. The Company did not pay any dividends during the first nine months of 2024 or 2023.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value are summarized below.

	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 September 30, 2024
U.S. treasury obligations, available for sale	$	-	$	-	$	-	$	-

Recurring items as of December 31, 2023
U.S. treasury obligations, available for sale	$	9,857,087	$	9,857,087	$	-	$	-

Notes Payable (Details Narrative) - Silicon Valley Bank [Member] - USD ($)		1 Months Ended	9 Months Ended
	Jun. 18, 2021	Aug. 31, 2020	Sep. 30, 2023
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000
Proceeds from line of credit loan	6,000,000	$ 10,000,000
Repayments of lines of credit		$ 5,000,000
Restricted cash	$ 6,000,000.0
Final payment percentage	3.00%
Long term line of credit	$ 10,000,000
Financing fees and expenses	$ 243,370
End of term charge percentage	3.00%
Interest expense debt	$ 300,000		$ 334,212
Interest expense			197,080
Amortization of debt issuance costs			329,158
Gain (loss) on contract termination			$ 329,158

Stockholders’ Equity (Details Narrative) - USD ($)				3 Months Ended		9 Months Ended
Stockholders’ Equity (Details Narrative) - USD ($)	Sep. 03, 2024	Jul. 30, 2024	May 15, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Stock issued during period, value, new issues			$ 75,000,000	$ 9,063,715	$ 77,732	$ 9,063,715	$ 2,750,658
Proceeds from issuance of common stock	$ 5,500,000					$ 9,063,715	$ 2,751,190
Market Offering Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued during period, value, new issues			$ 5,500,000
ATM Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares sold						88,796	1,878,488
Proceeds from sale of stock						$ 99,506	$ 2,750,658
Securities Purchase Agreement [Member] \| July Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock		$ 10,000,000.0
Stock issued, shares		5,000,000
Share price		$ 2.00
Placement agent fee description		In connection with the July 2024 Offering, the Company entered into an engagement letter agreement with Wainwright, pursuant to which the Company agreed to pay Wainwright and any other placement agents for the July 2024 Offering a cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the July 2024 Offering and reimburse the placement agent for certain of their expenses in an amount not to exceed $85,000. Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-placement agent in the July 2024 Offering.
Securities Purchase Agreement [Member] \| July Offering [Member] \| Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued, shares		5,000,000
Share price		$ 2.00

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (4,845,475)	$ (3,476,614)	$ (14,563,017)	$ (14,626,844)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment in Debt Securities - Available for Sale (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Cost, Fair Value and Maturities of Short Term Investments

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

	September 30, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Short-term investments
U.S. Treasury securities	$	-	$	-	$	9,796,291	$	9,857,087

	September 30, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Short-term investment maturities
Within 3 months	$	-	$	-	$	2,467,518	$	2,490,775
Between 3 and 12 months		-		-		7,328,773		7,366,312
Total	$	-	$	-	$	9,796,291	$	9,857,087

Summary of Investment Securities Gross Unrealized Gains (Losses)

	September 30, 2024				December 31, 2023
Available-for-sale securities (all unrealized holding gains are less than 12 months at date of measurement)	Fair Value		Unrealized Holding Gains		Fair Value		Unrealized Holding Gains

Investments in debt securities with unrealized gains	$	-	$	-	$	9,857,087	$	60,796

Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends

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


	For the Three Months Ended September 30,
	2024		2023
Interest and dividends accrued and paid	$	115,992	$	264,284
Realized gains (losses) on investment in debt securities		-		163,170
Investment income, net	$	115,992	$	427,454


	For the Nine Months Ended September 30,
	2024		2023
Interest and dividends accrued and paid	$	361,264	$	935,284
Realized gains (losses) on investment in debt securities		61,983		26,913
Investment income, net	$	423,247	$	962,197

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 10. Stock-Based Compensation

The Company has long-term compensation plans that permit the granting of equity-based awards in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, other stock awards, and performance awards.

At the 2018 Annual Stockholders Meeting of the Company held on May 15, 2018, stockholders approved the Imunon, Inc. 2018 Stock Incentive Plan (the “2018 Plan”). The 2018 Plan, as adopted, permits the granting of 180,000 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.
	●	At the 2023 Annual Stockholders Meeting of the Company held on June 14, 2023, stockholders approved an amendment to the 2018 Plan, as previously amended, whereby the Company increased the number of shares of common stock available by 1,030,000 to a total of 1,970,000 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 September 30, 2024, the Compensation Committee of the Board of Directors approved the grant of (i) inducement stock options (the “Inducement Option Grants”) to purchase a total of 294,751 shares of Imunon common stock and (ii) inducement restricted stock awards (the “Inducement Stock Grants”) totaling 91,350 shares of Imunon common stock. Each Inducement Option Grant has a weighted exercise price of $1.59 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 September 30, 2024, there was a total of 1,975,073 shares of Imunon common stock reserved for issuance under the 2018 Plan, which was comprised of 1,535,272 shares of Imunon common stock subject to equity awards previously granted under the 2018 Plan and the Company’s 2007 Stock Incentive Plan and 439,801 shares of Imunon common stock available for future issuance under the 2018 Plan. As of September 30, 2024, there was a total of 22,167 shares of Imunon common stock subject to outstanding inducement awards.

Total compensation cost related to stock options and restricted stock awards amounted to approximately $0.4 million and $0.6 million for the nine-month periods ended September 30, 2024 and 2023, respectively. Of these amounts, approximately $0.2 million for the nine-month periods ended September 30, 2024 and 2023 was charged to research and development, and $0.2 million and $0.4 million were charged to general and administrative expenses during the nine-month periods ended September 30, 2024 and 2023, respectively.

	Stock Options					Restricted Stock Awards					Weighted Average
	Options Outstanding			Weighted Average Exercise Price		Non-vested Restricted Stock Outstanding			Weighted Average Grant Date Fair Value		Contractual Terms of Equity Awards (in years)
Equity awards outstanding at January 1, 2024		1,063,482		$	2.62		32,100		$	1.23

Equity awards granted		929,335		$	1.13		25,000		$	1.06

Equity Awards vested and issued		-			-		(12,100	)	$	1.84

Equity awards terminated		(460,378	)	$	1.58		(20,000	)	$	0.88

Equity awards outstanding at September 30, 2024		1,532,439		$	2.02		25,000		$	1.06		9.0

Aggregate intrinsic value of outstanding equity awards at September 30, 2024	$	27,548

Equity awards exercisable at September 30 2024		887,894		$	2.62							8.5

Aggregate intrinsic value of equity awards exercisable at September 30, 2024	$	14,958

As of September 30, 2024, there was $0.5 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a period of three to four years. The weighted average grant date fair values of the stock options granted were $1.13 and $2.03 during the nine-month periods ended September 30, 2024 and 2023, respectively.

	For the Nine Months Ended September 30,
	2024			2023
Risk-free interest rate		3.72 to 4.31	%		3.72	%
Expected volatility		101.74 to 115.81	%		107.03 to 113.64	%
Expected life (in years)		9.0 to 10.0			9.0 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. The risk-free interest rate is derived from values assigned to U.S. Treasury bonds with terms that approximate the expected option lives in effect at the time of grant.

Warrants (Tables)

9 Months Ended

Sep. 30, 2024

Warrants

Summary of Warrant Activity

The following is a summary of all warrant activity for the nine-month period ended September 30, 2024:

Summary of Warrant Activity

Warrants	Number of Warrants Issued			Weighted Average Exercise Price

Warrants outstanding at December 31, 2023		160,060		$	18.86

Warrants issued during the nine months ended September 30, 2024		5,000,000			2.00

Warrants expired during the nine months ended September 30, 2024		(5,000	)		11.85

Warrants outstanding at September 30, 2024		5,155,060		$	2.51

Aggregate intrinsic value of outstanding warrants at September 30, 2024	$	-

Weighted average remaining contractual terms at September 30, 2024		5.2 years

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in:
Change in realized and unrealized losses on available for sale securities, net		$ (141,610)		$ (6,059)
Net loss	(4,845,475)	(3,476,614)	(14,563,017)	(14,626,844)
Total comprehensive loss	$ (4,845,475)	$ (3,618,224)	$ (14,563,017)	$ (14,632,903)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Business Description

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Business Description

Note 1. Business Description

Imunon, Inc. (“Imunon” or the “Company”) is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms with the aim to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. Imunon is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®, is developed for the coding of proteins and cytokines in the treatment of solid tumors where an immunological approach is deemed promising. The second modality, PlaCCine®, is developed for the coding of viral antigens that can elicit a strong immunological response. This technology may represent a promising platform for the development of vaccines in infectious diseases.

The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer that has completed Phase II clinical studies. 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 has entered a first-in-human study of its COVID-19 booster vaccine (IMNN-101). The Company will continue to leverage these modalities and to advance the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions.

Notes Payable

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Notes Payable

Note 8. 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 Technology Finance Corporation pursuant to a loan agreement entered into on June 27, 2018, under which the Company had drawn down $10 million and repaid $5 million in August 2020. Concurrently with this transaction, the Company used $6.0 million of other available funds to establish a restricted cash account which served as security for the SVB Loan Facility.

The SVB Loan Facility was in the form of money market secured indebtedness bearing interest at a calculated WSJ prime-based variable rate. A final payment equal to 3% of the total $10 million commitment amount was 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 were 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 was recorded and classified as debt discount and was 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 was 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 were amortized as interest expense using the effective interest method over the life of the loan. During the nine months ended September 30, 2023, the Company incurred interest expense of $197,080 and amortized $329,158, as interest expense for debt discounts and end-of-term fee in connection with the SVB Loan Facility.

On April 21, 2023, the Company repaid the outstanding principal balance, an early termination fee and the end-of-term charges in full satisfaction of the SVB Loan Facility.

During the nine months ended September 30, 2023, the Company recorded a loss of $329,158 on the early termination of the SVB Loan Facility which represented the early termination fee and the end of the term fees, net of previously amortized interest expense totaling $334,212 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Note 2. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. During the nine months ended September 30, 2024, there have been no changes to the Company’s accounting policies. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, all adjustments, consisting only of normal recurring accruals considered necessary for a fair presentation, have been included in the accompanying unaudited condensed consolidated financial statements. Operating results for the nine months ended September 30, 2024 and 2023, are not necessarily indicative of the results that may be expected for any other interim period(s) or for any full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 28, 2024.

The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the condensed consolidated financial statements and accompanying notes.

Going Concern Uncertainty.

Since inception, the Company has incurred substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s drug candidates, and applications and submissions to the U.S. Food and Drug Administration (“FDA”). The Company has not generated significant revenue and has incurred significant net losses in each year since inception. For the nine months ended September 30, 2024, the Company had a net loss of $14.6 million and used $14.4 million cash to fund operations. As of September 30, 2024, the Company has incurred approximately $403 million of cumulative net losses. As of September 30, 2024, the Company had $10.3 million in cash and cash equivalents, short-term investments, and interest receivable to fund its operations.

On July 30, 2024, the Company entered into a Securities Purchase Agreement (the “July 2024 Purchase Agreement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”), pursuant to which the Company issued, in a registered direct offering, an aggregate of 5,000,000 shares of the Company’s common stock at an offering price of $2.00 per share for gross proceeds of $10.0 million before the deduction of placement agent fees and offering expenses. In a concurrent private placement (together with the registered direct offering, the “July 2024 Offering”) and also pursuant to the July 2024 Purchase Agreement, the Company issued to the purchasers unregistered warrants (the “Warrants”) to purchase an aggregate of 5,000,000 shares of common stock at an exercise price of $2.00 per share. The warrants were exercisable immediately after issuance for a term of five and one-half years following the date of issuance. The closing of the July 2024 Offering occurred on August 1, 2024.

The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, financial markets in the U.S., the Russian invasion of Ukraine and the unrest in the Middle East. The Company continues to monitor its operating activities in light of these events, and it is possible that these events could result in a variety of risks to the business. The specific impact, if any, is not readily determinable as of the date of these condensed consolidated financial statements.

The Company has based its estimates on assumptions that may prove to be wrong. The Company may need to obtain additional funds sooner or in greater amounts than it currently anticipates. Potential sources of financing include strategic relationships, public or private sales of the Company’s shares or debt, the sale of the Company’s New Jersey net operating losses and other sources. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of existing stockholders may be diluted.

The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company’s control. These factors include the progress of research activities; the number and scope of research programs; the progress of preclinical and clinical development activities; the progress of the development efforts of parties with whom the Company has entered into research and development agreements; the costs associated with additional clinical trials of drug candidates; the ability to achieve milestones under licensing arrangements; the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and the costs and timing of regulatory approvals.

A fundamental component of the ability to continue as a going concern is the Company’s ability to raise capital as required, as to which no assurances can be provided. To address the additional funding requirements of the Company, management has undertaken the following initiatives:

	●	it has assessed its current expenditures and will be reducing the current spending requirements where necessary;

	●	it may pursue additional capital funding in the public and private markets through equity sales and/or debt facilities;

	●	it may pursue possible partnerships and collaborations; and

	●	it may pursue potential out licensing for its drug candidates.

The Company’s ability to continue as a going concern may depend on the Company’s ability to raise additional capital, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue. There are no assurances that these future funding and operating efforts will be successful. If management is unsuccessful in these efforts, the Company’s current capital is not expected to be sufficient to fund the Company’s operations for the next twelve months.