As
filed with the Securities and Exchange Commission on May 30, 2025
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
Imunon,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
2834 |
|
52-1256615 |
(State
or other jurisdiction
of incorporation or organization) |
|
(Primary
Standard Industrial
Classification Code Number) |
|
(I.R.S.
Employer
Identification No.) |
997
Lenox Drive, Suite 100
Lawrenceville,
New Jersey 08648
(609)
896-9100
(Address,
including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Stacy
Lindborg
President
and Chief Executive Officer
Imunon,
Inc.
997
Lenox Drive, Suite 100
Lawrenceville,
NJ 08648
(609)
896-9100
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Jurgita Ashley
Thompson Hine LLP
3900 Key Center
127 Public Square
Cleveland, OH 44114
(216) 566-5500
Approximate
date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
|
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
|
Smaller
reporting company ☒ |
|
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date
as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
THE
INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. THE SELLING SECURITY HOLDERS IDENTIFIED IN THIS PROSPECTUS MAY NOT
SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PRELIMINARY
PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER
OR SALE IS NOT PERMITTED.
SUBJECT
TO COMPLETION, DATED MAY 30, 2025
PRELIMINARY
PROSPECTUS

IMUNON,
INC.
UP
TO 22,027,780 SHARES OF COMMON STOCK
This
prospectus relates to the offer and resale, from time to time, by the selling securityholders named in this prospectus (the “Selling
Securityholders”) of up to an aggregate of 22,027,780 shares of common stock, par value $0.01 per share, of Imunon, Inc. (the
“Common Stock”), consisting of (i) 2,777,779 shares of Common Stock, (ii) up to 4,444,444 shares of Common Stock issuable
upon the exercise of pre-funded warrants (the “Pre-Funded Warrants”), (iii) up to 14,444,446 shares of Common Stock
issuable upon the exercise of common warrants (the “Common Warrants”), and (iv) 361,111 shares of Common Stock issuable
upon the exercise of placement agent warrants (the “Placement Agent Warrants” and, together with the Pre-Funded Warrants
and the Common Warrants, the “Warrants”).
The
shares of Common Stock being registered for resale by the Selling Securityholders in the registration statement of which this prospectus
forms a part were issued and sold pursuant to a private placement (the “Private Placement”), which was priced at the
market at a combined purchase price per share of Common Stock and accompanying Warrant of $0.45 and closed on May 27, 2025. The Common
Warrants and Placement Agent Warrants will be exercisable upon receipt of Stockholder Approval (as defined below). We are filing the
registration statement of which is prospectus is a part pursuant to the registration rights agreement (the “Registration Rights
Agreement”), dated as of May 23, 2025, entered into with the purchasers in the Private Placement. In addition, the Company
issued to the placement agent for the Private Placement the Placement Agent Warrants to purchase up to an aggregate of 361,111 shares
of Common Stock, at an exercise price equal to $0.5625 per share.
We
will not receive any proceeds from the sale of the shares by the Selling Securityholders. Our registration of the shares of Common Stock
covered by this prospectus does not mean that the Selling Securityholders will offer or sell any of the shares of Common Stock.
We
will bear all costs, expenses and fees in connection with the registration of the shares of Common Stock. The Selling Securityholders
will bear all commissions and discounts, if any, attributable to their sales of the shares of Common Stock. The Selling Securityholders
and any of their permitted transferees may offer and sell the shares covered by this prospectus in a number of different ways and at
varying prices. The Securities and Exchange Commission may take a position that each of the Selling Securityholders is an “underwriter”
within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended (the “Securities Act”). Additional
information on the Selling Securityholders, and the times and manner in which they may offer and sell shares of our common stock under
this prospectus, is provided under “Selling Securityholders” and “Plan of Distribution” in this
prospectus.
Our
Common Stock is listed on Nasdaq under the symbol “IMNN.” On May 28, 2025, the last reported sale price of our Common
Stock was $1.52 per share.
Investing
in our securities involves a high degree of risk. You should carefully review the risks and uncertainties referenced under the heading
“Risk Factors” beginning on page 5 of this prospectus and in the other documents that are incorporated by reference into
this prospectus before purchasing any of the shares offered by this prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2025.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
As
used in this prospectus, unless the context otherwise requires or indicates, references to “the Company,” “we,”
“our,” “ourselves,” and “us” refer to Imunon, Inc.
This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the “SEC”),
under which the Selling Securityholders may, from time to time, sell the securities described in this prospectus in one or more offerings
or otherwise described under “Plan of Distribution.”
We
may also file a prospectus supplement or post-effective amendment to the registration statement of which this prospectus forms a part
that may contain material information relating to these offerings. Such prospectus supplement or post-effective amendment may also add,
update or change information contained in this prospectus with respect to that offering. If there is any inconsistency between the information
in this prospectus and the applicable prospectus supplement or post-effective amendment, you should rely on the prospectus supplement
or post-effective amendment, as applicable. Before purchasing any securities, you should carefully read this prospectus, any post-effective
amendment, and any applicable prospectus supplement, together with the additional information described under the headings “Where
You Can Find More Information” and “Incorporation by Reference.”
Neither
we, nor the Selling Securityholders, have authorized anyone to provide you with any information or to make any representations other
than those contained in this prospectus, any post-effective amendment, or any applicable prospectus supplement prepared by or on behalf
of us or to which we have referred you. We and the Selling Securityholders take no responsibility for, and can provide no assurance as
to the reliability of, any other information that others may give you. The Selling Securityholders will not make an offer to sell these
securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus,
any post-effective amendment and any applicable prospectus supplement to this prospectus is accurate only as of the date on its respective
cover and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference or,
in each case, any earlier date specified for such information, unless we indicate otherwise. Our business, financial condition, results
of operations and prospects may have changed since those dates. To the extent there is a conflict between the information contained in
this prospectus, on the one hand, and the information contained in any document incorporated by reference filed with the SEC before the
date of this prospectus, on the other hand, you should rely on the information in this prospectus. If any statement in a document incorporated
by reference is inconsistent with a statement in another document incorporated by reference having a later date, the statement in the
document having the later date modifies or supersedes the earlier statement.
This
prospectus incorporates by reference, and any post-effective amendment or any prospectus supplement may contain or incorporate by reference,
market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information.
Although we believe these sources are reliable, neither we nor the Selling Securityholders guarantee the accuracy or completeness of
this information and neither we nor the Selling Securityholders have independently verified this information. In addition, the market
and industry data and forecasts that may be included or incorporated by reference in this prospectus, any post-effective amendment or
any prospectus supplement may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various
factors, including those discussed under the heading “Risk Factors” contained in this prospectus, any post-effective
amendment and any applicable prospectus supplement, and under similar headings in other documents that are incorporated by reference
into this prospectus. Accordingly, investors should not place undue reliance on this information.
The
Company’s brand and product names contained in this prospectus are trademarks, registered trademarks, or service marks of Imunon,
Inc. or its subsidiary in the United States (“U.S.”) and certain other countries.
All
other trademarks, trade names and service marks appearing in this prospectus or the documents incorporated by reference herein are the
property of their respective owners. Use or display by us of other parties’ trademarks, trade dress or products is not intended
to and does not imply a relationship with, or endorsements or sponsorship of, us by the trademark or trade dress owner. Solely for convenience,
trademarks, tradenames and service marks referred to in this prospectus appear without the ® and ™ symbols, but those references
are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the
applicable owner will not assert its rights, to these trademarks and trade names.
PROSPECTUS
SUMMARY
This
summary highlights selected information from this prospectus and does not contain all of the information that is important to you in
making an investment decision. This summary is qualified in its entirety by the more detailed information included in or incorporated
by reference into this prospectus. Before making your investment decision with respect to our securities, you should carefully read the
entire prospectus, including the risks of investing in our securities discussed under the heading “Risk Factors” and under
similar headings in the other documents that are incorporated by reference into this prospectus. You should also carefully read the information
incorporated by reference into this prospectus, including our financial statements, and the exhibits to the registration statement of
which this prospectus is a part.
Business
Overview
Imunon
is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural
mechanisms with the aim to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating
approach from conventional therapies. Imunon is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®,
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 multiple clinical trials including one Phase II clinical trial (OVATION 2). 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 completed a first-in-human study of its COVID-19 booster vaccine (IMNN-101). The Company will continue
to leverage these modalities and to advance, either directly or through partnerships, the technological frontier of plasmid DNA to better
serve patients with difficult-to-treat conditions.
Private
Placement
On
May 23, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional
and accredited investors for the issuance and sale in the Private Placement of (i) 2,777,779 shares of Common Stock, (ii) Pre-Funded
Warrants to purchase up to 4,444,444 shares of Common Stock, at an exercise price of $0.0001 per share, and (iii) Common Warrants to
purchase up to 14,444,446 shares of Common Stock, at an exercise price of $0.45 per share. The Private Placement was priced at the market
at a combined purchase price per share and accompanying Common Warrant of $0.45. The Private Placement closed on May 27, 2025.
The
Pre-Funded Warrants are exercisable from the date of issuance until exercised in full. The Common Warrants will be exercisable upon receipt
of such approval as may be required by the applicable rules and regulations of Nasdaq (or any successor entity) from the stockholders
of the Company with respect to issuance of all of the Common Warrants and the shares of Common Stock upon the exercise thereof (“Stockholder
Approval,” and such date, the “Stockholder Approval Date”) and have a term of three years from the Stockholder
Approval Date. The Company agreed to hold a stockholder meeting on or prior to August 25, 2025 for the purpose of obtaining Stockholder
Approval and to file a proxy statement for such meeting by June 16, 2025 and to use the record date that was previously set on May 13,
2025 for the stockholder meeting to seek Stockholder Approval. If the Company does not obtain Stockholder Approval at the first meeting,
the Company will call a meeting every 90 days thereafter to seek Stockholder Approval until the earlier of the date on which Stockholder
Approval is obtained or the Common Warrants are no longer outstanding. In the event that we are unable to obtain the required Stockholder
Approval for the Common Warrants, such warrants will not be exercisable and therefore have no value.
A
holder of the Pre-Funded Warrants and the Common Warrants may not exercise any portion of such holder’s Pre-Funded Warrants or
Warrants to the extent that the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of
the holder, 9.99%) of the Company’s outstanding shares of Common Stock immediately after exercise, except that upon at least 61
days’ prior notice from the holder to the Company, the holder may increase the beneficial ownership limitation to up to 9.99% of
the number of shares of Common Stock outstanding immediately after giving effect to the exercise.
In
connection with the Private Placement, the Company entered into the Registration Rights Agreement, dated as of May 23, 2025, with the
purchasers in the Private Placement, pursuant to which the Company agreed to prepare and file a registration statement with the SEC registering
the resale of the shares of Common Stock and the shares of Common Stock underlying the Pre-Funded Warrants and the Common Warrants.
H.C.
Wainwright & Co., LLC acted as the Company’s lead placement agent, and Brookline Capital Markets, a division of Arcadia Securities,
LLC, acted as co-placement agent, in connection with the Private Placement, pursuant to that certain engagement letter, dated as of May
22, 2025, between the Company and H.C. Wainwright & Co., LLC (the “Engagement Letter”). In addition, the Company
issued to designees of H.C. Wainwright & Co., LLC the Placement Agent Warrants to purchase up to an aggregate of 361,111 shares of
Common Stock at an exercise price equal to $0.5625 per share. The Placement Agent Warrants have substantially the same terms as the Common
Warrants and will be exercisable upon receipt of Stockholder Approval.
Recent
Developments
On
March 24, 2025, we issued a press release announcing finalization of our Phase 3 study design for IMNN-001, a treatment for women with
newly diagnosed advanced ovarian cancer, and that the U.S. Food and Drug Administration is aligned with the protocol for the Phase 3
pivotal trial, called OVATION 3, of our lead candidate IMNN-001. On May 23, 2025, we issued a press release announcing new positive data
from our Phase 2 OVATION 2 Study of IMNN-001, an investigational therapy for the treatment of advanced ovarian cancer.
On
May 12, 2025, the Company entered into an exchange agreement (the “Exchange Agreement”) with the holders (the “Existing
Warrant Holders”) of certain warrants of the Company (the “Existing Warrants”) issued on August 1, 2024,
which were exercisable for an aggregate of 5,000,000 shares of Common Stock. Pursuant to the terms of the Exchange Agreement, the Company
issued to the Existing Warrant Holders an aggregate of 2,921,000 shares of Common Stock (the “Warrant Exchange Shares”),
on a one-for-one basis, in exchange for shares issuable under the Existing Warrants (the “Warrant Exchange”), in reliance
on an exemption from registration provided by Section 3(a)(9) of the Securities Act. The Warrant Exchange closed on May 13, 2025. The
number of Warrant Exchange Shares issued pursuant to the Exchange Agreement represented 19.98% of the shares of Common Stock outstanding
as of the date of the Exchange Agreement.
On
May 19, 2025, the Company received a letter from the staff (the “Staff”) of Nasdaq indicating that it is no longer
in compliance with the minimum stockholders’ equity requirement for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1),
which requires listed companies to maintain stockholders’ equity of at least $2,500,000 or meet the alternative compliance standards
relating to the market value of listed securities or net income from continuing operations, which the Company does not currently meet.
Nasdaq’s notice has no immediate effect on the listing of the Company’s Common Stock on Nasdaq, which continues to trade
under the symbol “IMNN.” Pursuant to the notice and the Listing Rules of Nasdaq, Nasdaq has provided the Company with 45
calendar days, or until July 3, 2025, to submit a plan to regain compliance with the minimum stockholders’ equity requirement.
If the Company’s plan to regain compliance is accepted, the Staff can grant an extension of up to 180 calendar days from the date
of the Notice to evidence compliance. If the Company’s plan to regain compliance is not accepted, or if it is accepted and the
Company does not regain compliance in the timeframe required by Nasdaq, the Staff could provide notice that the Company’s shares
of common stock are subject to delisting. In such an event, the Company would have the right to request a hearing before a Nasdaq Hearings
Panel. The Company is currently evaluating options to regain compliance and intends to timely submit a plan to regain compliance with
the minimum stockholders’ equity requirement. Although the Company intends to use all reasonable efforts to achieve compliance
with the minimum stockholders’ equity requirement, there can be no assurance that the Company will be able to regain compliance
with the minimum stockholders’ equity requirement or that the Company will otherwise be in compliance with other applicable Nasdaq
listing criteria. The notice is unrelated to the Company’s previously disclosed deficiency relating to Nasdaq’s minimum bid
price requirement.
On
November 26, 2024, we received a notice from the Staff notifying us that, based upon the closing bid price of our Common Stock, for the
30 consecutive business days prior to the notice, we no longer met the requirement to maintain a minimum closing bid price of $1.00 per
share, as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we were granted 180 calendar
days, or until May 27, 2025, to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of our
Common Stock was required to be $1.00 per share or more for a minimum of 10 consecutive business days at any time before May 27, 2025.
As of May 27, 2025, we were not eligible for an additional 180 calendar day compliance period, as we did not meet the required Nasdaq
initial listing standards, and, on May 28, 2025, we received a delisting notice from Nasdaq. We have requested an appeal with a Nasdaq
Hearings Panel. There can be no assurance the Staff will grant our request for continued listing.
Corporate
Information
We
were founded in 1982 and are a Delaware corporation. Our principal executive offices are located at 997 Lenox Drive, Suite 100, Lawrenceville,
NJ 08648. Our telephone number is (609) 896-9100. Our website is www.imunon.com. The information contained on or that can be accessed
through our website is not incorporated by reference into this prospectus, and you should not consider information on our website to
be part of this prospectus or in deciding to purchase our Common Stock.
THE
OFFERING
Shares
of Common Stock Offered by the Selling Securityholders |
|
Up
to 22,027,780 shares of Common Stock, consisting of: (i) up to 2,777,779 shares of Common Stock, (ii) up to 4,444,444 shares of Common
Stock issuable upon the exercise of the Pre-Funded Warrants, (iii) up to 14,444,446 shares of Common Stock issuable upon the exercise
of the Common Warrants, and (iv) 361,111 shares of Common Stock issuable upon the exercise of the Placement Agent Warrants. |
|
|
|
Use
of Proceeds |
|
We
will not receive any proceeds from any sale of the shares being offered for sale by the Selling Securityholders. We will, however,
receive the net proceeds of any Warrants exercised for cash. |
|
|
|
Risk
Factors |
|
Investing
in our securities involves a high degree of risk. See the “Risk Factors” section of this prospectus for a discussion
of factors that you should consider carefully before buying our securities. |
|
|
|
Trading
Symbol |
|
Our
Common Stock is listed on Nasdaq under the symbol “IMNN.” |
RISK
FACTORS
Investing
in our securities involves significant risk. Prior to making a decision about investing in our securities, you should carefully consider
the specific factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2024 filed with the SEC on February 27, 2025 and other filings we make with the SEC from time to time, which are incorporated
by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference
herein. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could suffer materially.
In such event, the trading price of our common stock could decline, and you might lose all or part of your investment.
Risks
Related Investing in our Common Stock
The
sale or availability for sale of shares issuable pursuant to this prospectus may depress the price of our Common Stock, dilute the interest
of our existing stockholders, and encourage short sales by third parties, which could further depress the price of our Common Stock.
To
the extent that the Selling Securityholders sell shares of our Common Stock pursuant to this prospectus, the market price of our Common
Stock may decrease due to the additional selling pressure in the market. In addition, the dilution from exercise of the Warrants may
cause stockholders to sell their shares of our Common Stock, which could further contribute to any decline in the price of our Common
Stock. Any downward pressure on the price of our Common Stock caused by the sale or potential sale of such shares could encourage short
sales by third parties. Such sales could place downward pressure on the price of our Common Stock by increasing the number of shares
of our Common Stock being sold, which could further contribute to any decline in the market price of our Common Stock.
Any
market activity involving short selling or other market making activities could result in negative impact to the market price for our
Common Stock.
Short
selling is a method used to capitalize on an expected decline in the market price of a security and could depress the price of our Common
Stock, which could further increase the potential for future short sales. Sales of our Common Stock could encourage short sales by market
participants, which could create negative market momentum. Continued short selling may bring about a temporary, or possibly long term,
decline in the market price of our Common Stock. The Company cannot predict the size of future issuances or sales of Common Stock or
the effect, if any, that future issuances and sales of Common Stock will have on its market price or the activities of short sellers.
Sales involving significant amounts of Common Stock, including issuances made in the ordinary course of the Company’s business,
or the perception that such sales could occur, may materially and adversely affect prevailing market prices of the Common Stock.
Our
Common Stock may be delisted from Nasdaq if we fail to comply with continued listing standards.
Our
Common Stock is currently traded on Nasdaq under the symbol “IMNN.” If we fail to comply with Nasdaq’s continued listing
standards, we may be delisted and our Common Stock will trade, if at all, only on the over-the-counter market, such as the OTC Bulletin
Board or OTCQX market, and then only if one or more registered broker-dealer market makers comply with quotation requirements. In addition,
delisting of our Common Stock could depress our stock price, substantially limit liquidity of our Common Stock and materially adversely
affect our ability to raise capital on terms acceptable to us, or at all. Further, delisting of our Common Stock would likely result
in our Common Stock becoming a “penny stock” under the Exchange Act.
On
November 26, 2024, we received a notice from the Staff notifying us that, based upon the closing bid price of our Common Stock, for the
30 consecutive business days prior to the notice, we no longer met the requirement to maintain a minimum closing bid price of $1.00 per
share, as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we were granted 180 calendar
days, or until May 27, 2025, to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of our
Common Stock was required to be $1.00 per share or more for a minimum of 10 consecutive business days at any time before May 27,
2025. As of May 27, 2025, we were not eligible for an additional 180 calendar day compliance period, as we did not meet the required
Nasdaq initial listing standards, and, on May 28, 2025, we received a delisting notice from Nasdaq. We have requested an
appeal with a Nasdaq Hearings Panel. There can be no assurance the Staff will grant our request for continued listing. In addition, on
May 19, 2025, we received a notice from the Staff notifying us that, because our stockholders’ equity was below $2.5 million as
reported on our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, we no longer meet the minimum stockholders’
equity requirement for continued listing on Nasdaq under Nasdaq Rule 5550(b)(1). Such notice is unrelated to our deficiency relating
to Nasdaq’s minimum bid price requirement and has no immediate effect on our continued listing on Nasdaq. For this deficiency,
we have until July 3, 2025 to submit a plan to regain compliance. If such compliance plan is accepted, Nasdaq may grant an extension
of 180 calendar days from the date of the notice. If the plan is not accepted, we may appeal the Staff’s determination to a Nasdaq
Hearings Panel. We are currently evaluating options to regain compliance and intend to timely submit a plan to regain compliance with
the minimum stockholders’ equity requirement. Although we intend to use all reasonable efforts to achieve compliance with all Nasdaq
listing standards, there can be no assurance that we will be able to regain compliance with the listing standards or that we will otherwise
be in compliance with other applicable Nasdaq listing criteria. Furthermore, Nasdaq may delist our Common Stock for public interest concerns,
even if we are able to regain compliance for continued listing on Nasdaq under the minimum closing bid price and stockholders’
equity listing requirements.
If
our Common Stock were to be delisted by Nasdaq, it may be eligible for quotation on an over-the-counter quotation system or on the pink
sheets. Upon any such delisting, our Common Stock would become subject to the regulations of the SEC relating to the market for penny
stocks. A penny stock is any equity security not traded on a national securities exchange that has a market price of less than $5.00
per share. The regulations applicable to penny stocks may severely affect the market liquidity for our Common Stock and could limit the
ability of stockholders to sell securities in the secondary market. In such a case, an investor may find it more difficult to dispose
of or obtain accurate quotations as to the market value of our Common Stock, and there can be no assurance that our Common Stock will
be eligible for trading or quotation on any alternative exchanges or markets.
Delisting
from Nasdaq could adversely affect our ability to raise additional financing through public or private sales of equity securities, would
significantly affect the ability of investors to trade our securities and would negatively affect the value and liquidity of our Common
Stock. Delisting could also have other negative results, including the potential loss of confidence by employees, the loss of institutional
investor interest and fewer business development opportunities.
We
will need to raise additional capital to fund our planned future operations, and we may be unable to secure such capital without significant
dilutive financing transactions, or at all. If we are not able to raise additional capital, we may not be able to complete the development,
testing and commercialization of our drug candidates and will not be able to continue as a going concern.
We
have not generated significant revenue and have incurred significant net losses in each year since our inception. For the quarter ended
March 31, 2025 and the year ended December 31, 2024, we incurred a net loss of $4.1 million and $18.6 million, respectively, and used
$2.8 million and $18.9 million, respectively, to fund operations. As of March 31, 2025, we have incurred approximately $411 million of
cumulative net losses. As of March 31, 2025 and December 31, 2024, we had cash and cash equivalents of $2.9 million and $5.9 million,
respectively.
We
have substantial future capital requirements, including to continue our research and development activities and advance our drug candidates
through various development stages, including the Phase 3 registrational trial of IMNN-001 in advanced ovarian cancer. We are unable
to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive
cash inflows from the commercialization and sale of a product. Our inability to complete any of our research and development activities,
preclinical studies or clinical trials in a timely manner or our failure to enter into collaborative agreements when appropriate could
significantly increase our capital requirements and could adversely impact our liquidity. While our estimated future capital requirements
are uncertain and could increase or decrease as a result of many factors, including the extent to which we choose to advance our research,
development activities, preclinical studies and clinical trials, or if we are in a position to pursue manufacturing or commercialization
activities, we will need significant additional capital to develop our drug candidates through development and clinical trials, obtain
regulatory approvals and manufacture and commercialize approved products, if any. We do not know whether we will be able to access additional
capital when needed or on terms favorable to us or our stockholders. Our inability to raise additional capital, or to do so on terms
reasonably acceptable to us, would jeopardize the future success of our business.
In
addition, our unaudited financial statements for the quarter ended March 31, 2025 and our audited financial statements for the year ended
December 31, 2024 were prepared under the assumption that we would continue as a going concern. However, we have concluded that there
is substantial doubt about our ability to continue as a going concern, therefore our independent registered public accounting firm included
a “going concern” explanatory paragraph in its report on our financial statements for the year ended December 31, 2024 included
in our Annual Report on Form 10-K for the year ended December 31, 2024, indicating that, without additional sources of funding, our cash
at December 31, 2024 is not sufficient for us to operate as a going concern for a period of at least one year from the date that the
financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024 were issued. Management’s
plans concerning these matters, including our need to raise additional capital, are described in the Quarterly Report on Form 10-Q for
the quarter ended March 31, 2025 and the Annual Report on Form 10-K for the year ended December 31, 2024, however, management cannot
assure you that its plans will be successful. If we cannot continue as a viable entity, our stockholders would likely lose most or all
of their investment in us.
We
have never paid dividends on our capital stock, and we do not anticipate paying dividends in the foreseeable future.
We
have never paid dividends on any of our capital stock and currently intend to retain any future earnings to fund the growth of our business.
We may also enter into credit agreements or other borrowing arrangements in the future that will restrict our ability to declare or pay
cash dividends on our Common Stock. Any determination to pay dividends in the future will be at the discretion of our board of directors
and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that
our board of directors may deem relevant. As a result, capital appreciation, if any, of the securities will be the sole source of gain,
if any, for the foreseeable future.
CAUTIONARY
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements contained or incorporated by reference in this prospectus may constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and releases issued by the SEC and within the meaning of Section 27A of the Securities
Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements
may relate to such matters as anticipated financial performance, business prospects, technological developments, product pipelines, clinical
trials and research and development activities, the adequacy of capital reserves and anticipated operating results and cash expenditures,
current and potential collaborations, strategic alternatives and other aspects of our present and future business operations and similar
matters. These statements involve known and unknown risks, uncertainties and other factors, many of which are outside of our control,
that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such
statements include, without limitation:
|
● |
any
statements regarding future operations, plans, regulatory filings or approvals, including the plans and objectives of management
for future operations or programs or proposed new products or services; |
|
● |
any
statements regarding the performance, or likely performance, or outcomes or economic benefit of any of our research and development
activities, proposed or potential clinical trials or new drug filing strategies or timelines, including whether any of our clinical
trials will be completed successfully within any specified time period or at all; |
|
● |
any
projections of earnings, cash resources, revenue, expense or other financial terms; |
|
● |
any
statements regarding the initiation, timing, progress and results of our research and development programs, preclinical studies,
any clinical trials and Investigational New Drug application, New Drug Application and other regulatory submissions; |
|
● |
any
statements regarding cost and timing of development and testing, capital structure, financial condition, working capital needs and
other financial items, including our ability to continue as a going concern; |
|
● |
any
statements regarding the implementation of our business model and integration of acquired technologies, assets or businesses and
existing or future collaborations, mergers, acquisitions or other strategic transactions; |
|
● |
any
statements regarding approaches to medical treatment, any introduction of new products by others, any possible licenses or acquisitions
of other technologies, assets or businesses, or possible actions by customers, suppliers, strategic partners, potential strategic
partners, competitors or regulatory authorities; |
|
● |
any
statements regarding development or success of our collaboration arrangements or future payments that may come due to us under these
arrangements; |
|
● |
any
statements regarding compliance with Nasdaq’s listing standards and our ability to remain listed on Nasdaq; and |
|
● |
any
statements regarding future economic conditions or performance and any statement of assumptions underlying any of the foregoing. |
In
some cases, you can identify forward-looking statements by terminology such as “expect,” “anticipate,” “estimate,”
“continue,” “plan,” “believe,” “could,” “intend,” “predict,”
“project,” “may,” “should,” “will,” “would” and words of similar import regarding
our expectations. Forward-looking statements are only predictions. Actual events or results may differ materially. Although we believe
that our expectations are based on reasonable assumptions within the bounds of our knowledge of our industry, business and operations,
we cannot guarantee that actual results will not differ materially from our expectations. In evaluating such forward-looking statements,
you should specifically consider various factors, including, but not limited to, the inherent uncertainty in the drug development process,
our ability to raise additional capital to fund our planned future operations and continue as a going concern, our ability to obtain
or maintain U.S. Food and Drug Administration and foreign regulatory approvals for our drug candidates, potential impact of the Russian
invasion of Ukraine and the unrest in the Middle East on our business, our ability to enroll patients in our clinical trials, risks relating
to third parties’ conduct of our clinical trials, risks relating to government, private health insurers and other third-party payers
coverage or reimbursement, risks relating to commercial potential of a drug candidate in development, changes in technologies for the
treatment of cancer, impact of development of competitive drug candidates by others, risks relating to intellectual property, volatility
in the market price of our Common Stock, potential inability remain listed on Nasdaq and the impact of adverse capital and credit market
conditions. These and other risks and assumptions are outlined under “Risk Factors” contained in this prospectus and
any related free writing prospectus, and in our most recent Annual Report on Form 10-K, as revised or supplemented by our subsequent
Quarterly Reports on Form 10-Q, incorporated by reference into this prospectus, as well as any amendments thereto reflected in subsequent
filings with the SEC. The discussion of risks and uncertainties set forth in this prospectus or referenced in those filings is not necessarily
a complete or exhaustive list of all risks facing us at any particular point in time. We operate in a highly competitive, highly regulated
and rapidly changing environment, and our business is in a state of evolution. Therefore, it is likely that new risks will emerge, and
the nature and elements of existing risks will change. It is not possible for management to predict all such risk factors or changes
therein or to assess either the impact of all such risk factors on our business or the extent to which any individual risk factor, combination
of factors or new or altered factors may cause results to differ materially from those contained in any forward-looking statement. Forward-looking
statements represent our estimates and assumptions only as of the date such forward-looking statements are made. You should carefully
read this prospectus and any related free writing prospectus, together with the information incorporated herein or therein by reference
as described under the section titled “Incorporation of Certain Information by Reference,” and with the understanding
that our actual future results may materially differ from what we expect.
Forward-looking
statements speak only as of the date they are made, and we assume no obligation to update any forward-looking statements publicly, or
to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new
information becomes available, except as required by law.
USE
OF PROCEEDS
All
shares of our Common Stock offered by this prospectus are being registered for resale by the Selling Securityholders identified herein.
We will not receive any of the proceeds from the sale of the shares of our Common Stock being offered for sale by the Selling Securityholders.
The
shares of Common Stock covered by the registration statement of which this prospectus is a part includes 14,805,557 shares of Common
Stock issuable upon exercise of the Common Warrants and the Placement Agent Warrants. If all such warrants are exercised in cash, then
we will receive gross proceeds of approximately $6.7 million. Proceeds to us from the exercise of such warrants will be used for general
corporate purposes, including working capital.
The
Selling Securityholders will pay any underwriting discounts and commissions and expenses incurred by the Selling Securityholders for
brokerage, accounting, tax or legal services or any other expenses incurred by the Selling Securityholders in disposing of the securities.
We will bear the costs, fees and expenses incurred in effecting the registration of the shares of Common Stock covered by this prospectus,
including all registration and filing fees, Nasdaq listing fees and fees and expenses of our counsel and our independent registered public
accounting firm.
DIVIDEND
POLICY
We
have never declared or paid any cash dividends on our Common Stock and we do not currently intend to pay any cash dividends on our Common
Stock in the foreseeable future. We expect to retain all available funds and future earnings, if any, to fund the development and growth
of our business. Any future determination to pay dividends, if any, on our Common Stock will be at the discretion of our board of directors
and will depend on, among other factors, the terms of any outstanding preferred stock, our results of operations, financial condition,
capital requirements and contractual restrictions.
SELLING
SECURITYHOLDERS
This
prospectus covers the resale or other disposition by the Selling Securityholders of the Common Stock and the shares of Common Stock underlying
the Warrants that were issued and sold pursuant to the Private Placement. The Selling Securityholders listed in the table below may from
time to time offer and sell any or all of the shares of Common Stock set forth below pursuant to this prospectus. When we refer to the
“Selling Securityholders” in this prospectus, we refer to the persons listed in the table below and the permitted transferees
that hold any of the Selling Securityholders’ interest in the shares of Common Stock after the date of this prospectus.
The
following table sets forth certain information concerning the Common Stock that may be offered from time to time by each Selling Securityholder
pursuant to this prospectus. The number of shares beneficially owned by each Selling Securityholder is determined under rules issued
by the SEC. Under these rules, beneficial ownership includes any shares as to which the individual or entity has sole or shared voting
power or investment power. Percentage ownership is based on 20,319,511 shares of common stock outstanding as of May 28,
2025. In computing the number of shares beneficially owned by an individual or entity and the percentage ownership of that person or
entity, shares of Common Stock subject to warrants or other rights held by such person or entity that are currently exercisable or convertible
or will become exercisable or convertible or will vest within 60 days of such date are considered outstanding, although these shares
are not considered outstanding for purposes of computing the percentage ownership of any other person. The percentages included in the
table below do not take into account the beneficial ownership limitations included in the Pre-Funded Warrants and the Common Warrants,
which provide that a holder of such warrants may not exercise any portion of such holder’s Pre-Funded Warrants or Common Warrants
to the extent that the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder,
9.99%) of the Company’s outstanding shares of Common Stock immediately after exercise, except that upon at least 61 days’
prior notice from the holder to the Company, the holder may increase the beneficial ownership limitation to up to 9.99% of the number
of shares of Common Stock outstanding immediately after giving effect to the exercise. Except as otherwise indicated, to our knowledge,
each of the Selling Securityholders listed has sole voting and investment power with respect to the shares beneficially owned by the
Selling Securityholder, subject to community property laws where applicable.
The
Selling Securityholders identified below may have sold, transferred or otherwise disposed of all or a portion of their securities included
in the table below in transactions exempt from the registration requirements of the Securities Act. Any changed or new information provided
to us by the Selling Securityholders, including regarding the identity of, and the securities held by, each Selling Securityholder, will
be set forth in a prospectus supplement or amendments to the registration statement of which this prospectus is a part, if and when necessary.
A Selling Securityholder may sell all, some or none of such securities in this offering. See “Plan of Distribution.”
For purposes of this table, we have assumed that the Selling Securityholders will have sold all of the securities covered by this prospectus
upon the completion of the offering.
The
Selling Securityholders do not have, and within the past three years have not had, any position, office or other material relationship
with us.
Selling Securityholder(1) | |
Number of Shares of Common Stock Beneficially Owned Prior to Offering | | |
Percentage of Shares Beneficially Owned Prior to Offering % | | |
Maximum Number of Shares of Common Stock to be Sold Pursuant to this Prospectus | | |
Number of Shares of Common Stock Beneficially Owned After Offering | | |
Percentage of Shares Beneficially Owned after Shares are Sold | |
Sabby Volatility Warrant Master Fund, Ltd.(2) | |
| 13,865,332 | | |
| 40.6 | % | |
| 13,333,332 | | |
| 532,000 | | |
| 2.6 | % |
Lincoln Alterative Strategies LLC(3) | |
| 5,000,001 | | |
| 21.1 | % | |
| 5,000,001 | | |
| — | | |
| — | |
Intracoastal Capital LLC(4) | |
| 3,333,336 | | |
| 14.8 | % | |
| 3,333,336 | | |
| — | | |
| — | |
Michael Vasinkevich(5) | |
| 231,562 | | |
| 1.1 | % | |
| 231,562 | | |
| — | | |
| — | |
Craig Schwabe(5) | |
| 12,187 | | |
| * | | |
| 12,187 | | |
| — | | |
| — | |
Charles Worthman(5) | |
| 3,611 | | |
| * | | |
| 3,611 | | |
| — | | |
| — | |
Michael Mirsky(5) | |
| 68,612 | | |
| * | | |
| 68,612 | | |
| — | | |
| — | |
Noam Rubinstein(5) | |
| 45,139 | | |
| * | | |
| 45,139 | | |
| — | | |
| — | |
*
Less than 1.0%.
| (1) | This
table and the information in the notes below are based upon information supplied by the Selling
Securityholders. |
| | |
| (2) | Consists
of 532,000 shares of Common Stock issuable upon exercise of Existing Warrants, 4,444,444
shares of Common Stock issuable upon exercise of the Pre-Funded Warrants and 8,888,888 shares
of Common Stock issuable upon exercise of the Common Warrants. Sabby Management, LLC, the
investment manager to Sabby Volatility Warrant Master Fund, Ltd. (“Sabby”),
has discretionary authority to vote and dispose of the shares held by Sabby and may be deemed
to be the beneficial owner of these shares. Hal Mintz, in his capacity as manager of Sabby
Management, LLC, may also be deemed to have investment discretion and voting power over the
shares held by Sabby. Sabby Management, LLC and Mr. Mintz each disclaim any beneficial ownership
of these shares. The address for Sabby is c/o Captiva (Cayman) Ltd., Governors Square, Bldg.
4, 2nd Floor, 23 Lime Tree Bay Avenue, P.O. Box 32315, Grand Cayman KY1-1209, Cayman
Islands. |
| | |
| (3) | Consists
of 1,666,667 shares of Common Stock and 3,333,334 shares of Common Stock issuable upon exercise
of the Common Warrants. Stephen Temes is the managing member of Lincoln Alternative
Strategies LLC (“LAS”), has discretionary authority to vote and dispose
of the shares held by LAS and may be deemed to be the beneficial owner of these shares. The
address for LAS is 404 Washington Ave. #650, Miami Beach, Florida 33139. |
| | |
| (4) | Consists
of 1,111,112 shares of Common Stock and 2,222,224 shares of Common Stock issuable upon exercise
of the Common Warrants. Mitchell P. Kopin and Daniel B. Asher, each of whom are managers
of Intracoastal Capital LLC (“Intracoastal”), have shared voting control
and investment discretion over the securities reported herein that are held by Intracoastal.
As a result, each of Mr. Kopin and Mr. Asher may be deemed to have beneficial ownership of
the securities reported herein that are held by Intracoastal. The address for Intracoastal
is 245 Palm Trail, Delray Beach, Florida 33483. |
| | |
| (5) | Each
of these Selling Securityholders is affiliated with H.C. Wainwright & Co., LLC, a registered
broker dealer with a registered address of 430 Park Ave, 3rd Floor, New York, New York 10022,
and has sole voting and dispositive power over the securities held. The number of shares
beneficially owned consists of shares of Common Stock issuable upon exercise of the Placement
Agent Warrants, which were received as compensation in connection with the Private Placement.
Each Selling Securityholder acquired the Placement Agent Warrants in the ordinary course
of business and, at the time the Placement Agent Warrants were acquired, each Selling Securityholder
had no agreement or understanding, directly or indirectly, with any person to distribute
such securities. H.C. Wainwright & Co., LLC served as our lead placement agent in connection
with the Private Placement, for which it received compensation. |
PLAN
OF DISTRIBUTION
Each
Selling Securityholder of the shares of the securities and any of their pledgees, assignees and successors-in-interest may, from time
to time, sell any or all of their securities covered hereby on Nasdaq or any other stock exchange, market or trading facility on which
the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Securityholder may
use any one or more of the following methods when selling securities:
| ● | ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| ● | block
trades in which the broker-dealer will attempt to sell the securities as agent but may position
and resell a portion of the block as principal to facilitate the transaction; |
| ● | purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
| ● | an
exchange distribution in accordance with the rules of the applicable exchange; |
| ● | privately
negotiated transactions; |
| ● | settlement
of short sales; |
| ● | in
transactions through broker-dealers that agree with the Selling Securityholders to sell a
specified number of such securities at a stipulated price per security; |
| ● | through
the writing or settlement of options or other hedging transactions, whether through an options
exchange or otherwise; |
| ● | to
or through one or more underwriters or dealers in a public offering and sale by them, whether
individually or through an underwriting syndicate led by one or more managing underwriters; |
| ● | through
agents; |
| ● | a
combination of any such methods of sale; or |
| ● | any
other method permitted pursuant to applicable law. |
The
Selling Securityholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if
available, rather than under this prospectus.
If
underwriters are used in the sale of any securities, such securities will be acquired by the underwriters for their own account and may
be resold from time to time in one or more transactions described above. Securities may be either offered to the public through underwriting
syndicates represented by managing underwriters or directly by underwriters.
If
a dealer is used in an offering of securities, the dealer may purchase the securities, as principal. The dealer may then resell the securities
to the public at varying prices to be determined by the dealer at the time of sale.
Securities
may be sold directly or through agents designated from time to time. We will name any agent involved in the offering and sale of such
securities and we will describe any commissions paid to the agent in the prospectus supplement. Unless the prospectus supplement states
otherwise, the agent will act on a best-efforts basis for the period of its appointment.
Underwriters,
dealers and agents may be entitled to indemnification by the Selling Securityholders and/or us against certain civil liabilities, including
liabilities under the Securities Act, or to contribution with respect to payments which the agents, broker-dealers or underwriters may
be required to make in respect thereof.
Underwriters,
dealers or agents may receive compensation in the form of discounts, concessions or commissions from the Selling Securityholders or the
purchasers, as their agents in connection with the sale of securities. If the shares are sold through underwriters, broker-dealers or
agents, the Selling Securityholders will be responsible for underwriting discounts or commissions or agent’s commissions. These
underwriters, dealers or agents may be considered to be underwriters under the Securities Act. As a result, discounts, commissions or
profits on resale received by the underwriters, dealers or agents may be treated as underwriting discounts and commissions. Each accompanying
prospectus supplement will identify any such underwriter, dealer or agent and describe any compensation received by them from the Selling
Securityholders. Any initial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed
from time to time.
In
connection with the sale of the securities or interests therein, the Selling Securityholders may enter into hedging transactions with
broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the
positions they assume. The Selling Securityholders may also sell securities short and deliver these securities to close out their short
positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Securityholders may
also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities
such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such
transaction).
The
Selling Securityholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. If the Selling Securityholders are deemed to be underwriters, the Selling Securityholders may be subject to
certain liabilities under statutes including, but not limited to, Section 11, 12 and 17 of the Securities Act and Section 10(b) and Rule
10b-5 under the Exchange Act.
The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the Selling Securityholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.
We
have agreed to keep this prospectus effective until all of the securities have been sold pursuant to this prospectus or Rule 144 under
the Securities Act or any other rule of similar effect.
In
order to comply with the securities laws of some states, if applicable, the shares may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states the shares may not be sold unless they have been registered or qualified
for sale or an exemption from registration or qualification requirements is available and is complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the Selling Securityholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
common stock by the Selling Securityholders or any other person. We will make copies of this prospectus available to the Selling Securityholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).
DESCRIPTION
OF CAPITAL STOCK
The
following summary of the general terms and provisions of our capital stock does not purport to be complete and is subject to, and qualified
in its entirety by, reference to our Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”)
and our Amended and Restated Bylaws (“Bylaws”), each of which is incorporated by reference as an exhibit to our most
recent Annual Report filed with the SEC, and applicable provisions of the Delaware General Corporation Law (the “DGCL”).
The summaries below do not purport to be complete statements of the relevant provisions of the Certificate of Incorporation, the Bylaws
or the DGCL.
Authorized
Capital Stock
Our
authorized capital stock consists of 112,500,000 shares of Common Stock, par value $0.01 per share and 100,000 shares of preferred stock,
par value $0.01 per share, all of which preferred stock is undesignated.
Common
Stock
Holders
of Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders and do not
have cumulative voting rights. Subject to any preferential rights of any outstanding preferred stock, holders of Common Stock are entitled
to receive ratably such dividends, if any, as may be declared from time to time by our board of directors out of funds legally available
therefor. In the event of a dissolution, liquidation or winding-up of the Company, holders of Common Stock are entitled to share ratably
in all assets remaining after payment of liabilities and any preferential rights of any outstanding preferred stock.
Holders
of Common Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions
applicable to our Common Stock. All outstanding shares of Common Stock are fully paid and non-assessable. The rights, preferences and
privileges of the holders of Common Stock are subject to, and may be adversely affected by, the rights of the holders of shares of any
series of preferred stock which may be designated and issued in the future.
Our
Common Stock is listed on Nasdaq under the symbol “IMNN.”
Transfer
Agent and Registrar
The
transfer agent and registrar for our Common Stock is Equiniti Trust Company, LLC. Equiniti Trust Company, LLC is located at 6201 15th
Avenue, Brooklyn, NY 11219. Their telephone number is (888) 999-0032.
Preferred
Stock
Undesignated
Preferred Stock
Pursuant
to our Certificate of Incorporation, our board of directors has the authority, without further action by the stockholders (unless such
stockholder action is required by applicable law or Nasdaq rules), to designate and issue shares of preferred stock in one or more series,
to establish from time to time the number of shares to be included in each such series, to fix the designations, powers (including voting),
privileges, preferences and relative participating, optional or other rights, if any, of the shares of each such series and the qualifications,
limitations or restrictions thereof and to increase or decrease the number of shares of any such series, but not below the number of
shares of such series then outstanding.
We
will fix the designations, powers (including voting), privileges, preferences and relative participating, optional or other rights, if
any, of the preferred stock of each series, as well as the qualifications, limitations or restrictions thereof, in the certificate of
designation relating to that series. The certificate of designation will describe the terms of the series of preferred stock. This description
will include:
|
● |
the
title and stated value; |
|
|
|
|
● |
the
number of shares we are offering; |
|
● |
the
liquidation preference per share; |
|
|
|
|
● |
the
purchase price; |
|
|
|
|
● |
the
dividend rate, period and payment date and method of calculation for dividends; |
|
|
|
|
● |
whether
dividends will be cumulative or non-cumulative and, if cumulative, the date from which dividends will accumulate; |
|
|
|
|
● |
the
procedures for any auction or remarketing, if any; |
|
|
|
|
● |
the
provisions for a sinking fund, if any; |
|
|
|
|
● |
the
provisions for redemption or repurchase, if applicable, and any restrictions on our ability to exercise those redemption and repurchase
rights; |
|
|
|
|
● |
any
listing of the preferred stock on any securities exchange or market; |
|
|
|
|
● |
whether
the preferred stock will be convertible into or exchangeable for other securities and, if applicable, the conversion price, or how
it will be calculated, and the conversion period; |
|
|
|
|
● |
voting
rights, if any, of the preferred stock; |
|
|
|
|
● |
preemptive
rights, if any; |
|
|
|
|
● |
restrictions
on transfer, sale or other assignment, if any; |
|
|
|
|
● |
liability
as to further calls or to assessment by the Company, if any; |
|
|
|
|
● |
a
discussion of any material U.S. federal income tax considerations applicable to the preferred stock; |
|
|
|
|
● |
the
relative ranking and preferences of the preferred stock as to dividend rights and rights if we liquidate, dissolve or wind up our
affairs; |
|
|
|
|
● |
any
limitations on the issuance of any class or series of preferred stock ranking senior to or on a parity with the series of preferred
stock as to dividend rights and rights if we liquidate, dissolve or wind up our affairs; and |
|
|
|
|
● |
any
other specific terms, preferences, rights or limitations of, or restrictions on, the preferred stock. |
The
DGCL provides that the holders of preferred stock will have the right to vote separately as a class or, in some cases, as a series on
an amendment to our Certificate of Incorporation if the amendment would change the par value or, unless our Certificate of Incorporation
provides otherwise, the number of authorized shares of the class or the powers, preferences or special rights of the class or series
so as to adversely affect the class or series, as the case may be. This right is in addition to any voting rights that may be provided
in the applicable certificate of designation.
Our
board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting
power or other rights of the holders of our Common Stock or other securities. Preferred stock could be issued quickly with terms designed
to delay or prevent a change in control of our Company or make removal of management more difficult. Additionally, the issuance of preferred
stock may have the effect of decreasing the market price of our Common Stock.
Anti-Takeover
Considerations and Special Provisions of Our Certificate of Incorporation, Our Bylaws and the Delaware General Corporation Law
Certificate
of Incorporation and Bylaws
A
number of provisions of our Certificate of Incorporation and Bylaws concern matters of corporate governance and the rights of our stockholders.
Provisions that grant our board of directors the ability to issue shares of preferred stock and to set the voting rights, preferences
and other terms thereof may discourage takeover attempts that are not first approved by our board of directors, including takeovers that
may be considered by some stockholders to be in their best interests, such as those attempts that might result in a premium over the
market price for the shares held by stockholders. Certain provisions could delay or impede the removal of incumbent directors even if
such removal would be beneficial to our stockholders, such as the classification of our board of directors and the lack of cumulative
voting.
Since
our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing
stockholders or another party to effect a change in management.
These
provisions may have the effect of deterring hostile takeovers or delaying changes in our control or in our management. These provisions
are intended to enhance the likelihood of continued stability in the composition of our board of directors and in the policies they implement
and to discourage certain types of transactions that may involve an actual or threatened change of our control. These provisions are
designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions also are intended to discourage certain tactics
that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for
our shares and, as a consequence, they also may inhibit fluctuations in the market price of our shares that could result from actual
or rumored takeover attempts.
These
provisions also could discourage or make more difficult a merger, tender offer or proxy contest, even if they could be favorable to the
interests of stockholders and could potentially depress the market price of our Common Stock. Our board of directors believes that these
provisions are appropriate to protect our interests and the interests of our stockholders.
Classification
of Board; No Cumulative Voting
Our
Certificate of Incorporation and Bylaws provide for our board of directors to be divided into three classes, with staggered three-year
terms. Only one class of directors is elected at each annual meeting of our stockholders, with the other classes continuing for the remainder
of their respective three-year terms. Because our stockholders do not have cumulative voting rights, our stockholders representing a
majority of the shares of Common Stock outstanding will be able to elect all of our directors due to be elected at each annual meeting
of our stockholders.
Meetings
of and Actions by Stockholders
Our
Bylaws provide that annual meetings of our stockholders may take place at the time and place designated by our board of directors. A
special meeting of our stockholders may be called at any time by our board of directors, the chairman of our board of directors or the
president. Our Bylaws provide that (i) our board of directors can fix separate record dates for determining stockholders entitled to
receive notice of a stockholder meeting and for determining stockholders entitled to vote at the meeting; (ii) we may hold a stockholder
meeting by means of remote communications; (iii) any stockholder seeking to have the stockholders authorize or take corporate action
by written consent shall, by written notice to the secretary of the Company, request that the board of directors fix a record date, and
that the board of directors shall adopt a resolution fixing the record date in all events within ten calendar days after a request is
received; and (iv) a written consent of stockholders shall not be effective unless a written consent signed by a sufficient number of
stockholders to take such action is received by us within 60 calendar days of the earliest dated written consent received.
Advance
Notice Requirements for Stockholder Proposals and Director Nominations
Our
Bylaws provide that stockholders seeking to bring business before an annual meeting of stockholders or to nominate candidates for election
as directors at an annual meeting of stockholders must provide timely notice in writing. To be timely, a stockholder’s notice must
be delivered to, or mailed and received by, the secretary of the Company at our principal executive offices not later than the close
of business on the 90th calendar day, nor earlier than the close of business on the 120th calendar day in advance of the date specified
in the Company’s proxy statement released to stockholders in connection with the previous year’s annual meeting of stockholders.
If the date of the annual meeting is more than 30 calendar days before or after such anniversary date, notice by the stockholder to be
timely must be so not earlier than the close of business on the 120th calendar day in advance of such date of annual meeting and not
later than the close of business on the later of the 90th calendar day in advance of such date of annual meeting or the tenth calendar
day following the date on which public announcement of the date of the meeting is made. In no event shall the public announcement of
an adjournment or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of an advance
notice by any stockholder. Any stockholder that proposes director nominations or other business must be a stockholder of record at the
time the advance notice is delivered by such stockholder to us and entitled to vote at the meeting. Our Bylaws also specify requirements
as to the form and content of a stockholder’s notice. These provisions may preclude stockholders from bringing matters before an
annual meeting of stockholders or from making nominations for the election of directors at an annual meeting of stockholders. Unless
otherwise required by law, any director nomination or other business shall not be made or transacted if the stockholder (or a qualified
representative of the stockholder) does not appear at the meeting to present the director nominee or other proposed business.
Filling
of Board Vacancies
Our
Certificate of Incorporation and Bylaws provide that the authorized size of our board of directors shall be determined by the board of
directors by board resolution from time to time and that our board of directors has the exclusive power to fill any vacancies and newly
created directorships resulting from any increase in the authorized number of directors and the stockholders do not have the power to
fill such vacancies. Vacancies in our board of directors and newly created directorships resulting from any increase in the authorized
number of directors on our board of directors may be filled by a majority of the directors remaining in office, even though that number
may be less than a quorum of our board of directors, or by a sole remaining director. A director so elected to fill a vacancy shall serve
for the remaining term of the predecessor he or she replaced and until his or her successor is elected and has qualified, or until his
or her earlier resignation, removal or death.
Amendment
of the Certificate of Incorporation
Our
Certificate of Incorporation may be amended, altered, changed or repealed at a meeting of our stockholders entitled to vote thereon by
the affirmative vote of a majority of the outstanding stock entitled to vote thereon and a majority of the outstanding stock of each
class entitled to vote thereon as a class, in the manner prescribed by the DGCL.
Amendment
of the Bylaws
Our
Bylaws may be amended or repealed, or new Bylaws may be adopted, by either our board of directors or the affirmative vote of at least
66 2/3 percent of the voting power of our outstanding shares of capital stock.
Section
203 of the Delaware General Corporation Law
We
are subject to Section 203 of the DGCL, which prohibits a Delaware corporation from engaging in any business combination with any interested
stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:
|
● |
Before
such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in
the stockholder becoming an interested stockholder; |
|
● |
Upon
completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned
at least 85 percent of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes
of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares
owned (i) by persons who are directors and also officers and (ii) pursuant to employee stock plans in which employee participants
do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange
offer; and |
|
|
|
|
● |
On
or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting
of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3 percent of the outstanding voting stock
that is not owned by the interested stockholder. |
In
general, Section 203 defines a business combination to include the following:
|
● |
any
merger or consolidation involving the corporation and the interested stockholder; |
|
|
|
|
● |
any
sale, lease, transfer, pledge or other disposition of ten percent or more of the assets of the corporation to or with the interested
stockholder; |
|
|
|
|
● |
subject
to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation
to the interested stockholder; |
|
|
|
|
● |
any
transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series
of the corporation beneficially owned by the interested stockholder; and |
|
|
|
|
● |
the
receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or
through the corporation. |
In
general, Section 203 of the DGCL defines an “interested stockholder” as an entity or person who, together with the entity’s
or person’s affiliates and associates, beneficially owns, or is an affiliate of the corporation and within three years prior to
the time of determination of interested stockholder status did own, 15 percent or more of the outstanding voting stock of the corporation.
A
Delaware corporation may “opt out” of these provisions with an express provision in its Certificate of Incorporation. We
have not opted out of these provisions, which may as a result, discourage or prevent mergers or other takeover or change of control attempts
of us.
LEGAL
MATTERS
The
validity of the securities being offered hereby will be passed upon by Thompson Hine LLP.
EXPERTS
The
financial statements incorporated in this prospectus by reference to our Annual Report on Form 10-K for the year ended December
31, 2024 have been so incorporated in reliance on the report of WithumSmith+Brown, PC, an independent registered public accounting firm,
which report includes an explanatory paragraph about the existence of substantial doubt concerning the Company’s ability to continue
as a going concern, given on the authority of said firm as experts in auditing and accounting.
WHERE
YOU CAN FIND MORE INFORMATION
We
file reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information
statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is http://www.sec.gov.
Our
web site address is http://www.imunon.com. There we make available free of charge, on or through the investor relations section
of our website, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports
filed pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material
with the SEC. The information on our web site, however, is not, and should not be deemed to be, a part of this prospectus. All website
addresses in this prospectus are intended to be inactive textual references only.
This
prospectus is part of a registration statement we filed with the SEC. This prospectus does not contain all of the information set forth
in the registration statement and the exhibits to the registration statement. The registration statement, its exhibits and the documents
incorporated by reference in this prospectus and their exhibits, all contain information that is material to the offering of the securities
hereby. Whenever a reference is made in this prospectus to any of our contracts or other documents, the reference may not be complete.
You should refer to the exhibits that are a part of the registration statement in order to review a copy of the contract or documents.
The full registration statement and exhibits may be obtained from the SEC or us, as provided below. You may inspect a copy of the registration
statement through the SEC’s website, as provided above.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
The
SEC’s rules allow us to “incorporate by reference” information into this prospectus, which means that we can disclose
important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference
is deemed to be part of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede
that information.
We
incorporate by reference into this prospectus and the registration statement of which this prospectus is a part the information or documents
listed below (except in each case the information contained in such document to the extent “furnished” and not “filed”)
that we have filed with the SEC:
|
● |
Our
Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 27, 2025; |
|
|
|
|
● |
Our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 12, 2025; |
|
|
|
|
● |
Our
Current Reports on Form 8-K filed with the SEC on February
10, 2025, March
24, 2025, May
13, 2025, May
20, 2025, May
22, 2025, May
27, 2025, and May 30, 2025, excluding any information furnished in such reports
under Item 2.02, Item 7.01 or Item 9.01; and |
|
|
|
|
● |
Description
of Securities of the Company, incorporated herein by reference to Exhibit 4.7 to the Annual Report on Form 10-K of the Company for
the fiscal year ended December 31, 2024. |
In
addition, all documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination
of the offering (excluding any information furnished rather than filed), shall be deemed to be incorporated by reference into this prospectus.
Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will
be deemed to be modified or superseded for purposes hereof to the extent that a statement contained in this prospectus or any other subsequently
filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement
so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.
You
may request a free copy of any of the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically
incorporated by reference in the documents) by writing or telephoning us at the following address:
Imunon,
Inc.
997
Lenox Drive, Suite 100
Lawrenceville,
NJ 08648
(609)
896-9100
Exhibits
to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus.
The
documents incorporated by reference may be accessed at our website: http://www.imunon.com.

IMUNON,
INC.
UP
TO 22,027,780 SHARES OF COMMON STOCK
PROSPECTUS
,
2025
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution
The
following table sets forth the estimated costs and expenses payable by the registrant in connection with the offering of the securities
being registered.
SEC registration fee | |
$ |
1,619 | |
Accounting fees and expenses | |
|
10,000 | |
Legal fees and expenses | |
|
50,000 | |
Miscellaneous expenses | |
|
5,000 | |
Total | |
$ |
66,619 | |
Item
14. Indemnification of Directors and Officers
The
Company is incorporated under the laws of the State of Delaware. Our Bylaws provide that we shall, to the maximum extent and in the manner
permitted by the Delaware General Corporation Law (the “DGCL”), indemnify each of our directors and officers against
expenses (including attorneys’ fees), judgments, fines, settlements and other amounts actually and reasonably incurred in connection
with any proceeding, arising by reason of the fact that such person is or was an agent of the Company; provided, however, that the Company
may modify the extent of such indemnification by individual contracts with its directors and executive officers and, provided, further,
that the Company shall not be required to indemnify any director or officer in connection with any proceeding (or part thereof) initiated
by such person unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized in advance
by our board of directors, (iii) such indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested
in the corporation under the DGCL or (iv) such indemnification is required to be made pursuant to an individual contract.
The
DGCL provides that a Delaware corporation has the power generally to indemnify its current and former directors, officers, employees
and other agents (each, a “corporation agent”) against expenses and liabilities, including amounts paid in settlement, in
connection with any proceeding involving such person by reason of his being a corporation agent, other than a proceeding by or in the
right of the corporation, if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed
to the best interests of the corporation and, with respect to any criminal proceeding, such person had no reasonable cause to believe
such person’s conduct was unlawful.
In
the case of an action brought by or in the right of the corporation, indemnification of a corporation agent is permitted if such person
acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation.
However, no indemnification is permitted in respect of any claim, issue or matter as to which such person shall have been adjudged to
be liable to the corporation, unless and only to the extent that the court in which such proceeding was brought shall determine upon
application that despite the adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably
entitled to such indemnification.
To
the extent that a corporation agent has been successful on the merits or otherwise in the defense of such proceeding, whether or not
by or in the right of the corporation, or in the defense of any claim, issue or matter therein, the corporation is required to indemnify
such person for expenses in connection therewith. Under the DGCL, the corporation may advance expenses incurred by a corporation agent
in connection with a proceeding, provided that the corporation agent undertakes to repay such amount if it shall ultimately be determined
that such person is not entitled to indemnification. Our Bylaws require us to advance expenses to any director or officer entitled to
indemnification, provided that such person undertakes to repay the advancement if it is determined in a final judicial decision from
which there is no appeal that such person is not entitled to indemnification.
The
power to indemnify and advance the expenses under the DGCL does not exclude other rights to which a corporation agent may be entitled
to under our Certificate of Incorporation, Bylaws, agreement, vote of stockholders or disinterested directors or otherwise. Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company
pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
Our
Bylaws permit us to secure insurance on behalf of our directors, officers, employees and agents for any expense, liability or loss incurred
in such capacities, whether or not the Company would have the power to indemnify such person against such liability under the provisions
of the DGCL. We maintain general liability insurance that covers certain liabilities of our directors and officers arising out of claims
based on acts or omissions in their capacities as directors or officers.
The
purpose of these provisions is to assist us in retaining qualified individuals to serve as our directors, officers, employees and agents
by limiting their exposure to personal liability for serving as such.
Item
15. Recent Sales of Unregistered Securities
On
July 30, 2024, we entered into a securities purchase agreement with certain institutional and other accredited investors, pursuant to
which we issued and sold 5,000,000 shares of our Common Stock in a registered direct offering and warrants to purchase 5,000,000 shares
of Common Stock in a concurrent private placement, for a combined purchase price of $2.00 per share of Common Stock and accompanying
warrant. The closing of the private placement took place on August 1, 2024 and we received total gross proceeds of $10.0 million. H.C.
Wainwright & Co., LLC acted as the lead placement agent, and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted
as co-placement agent for the registered direct offering and concurrent private placement. The placement agents were entitled to fees
equal to 7.0% of the gross proceeds from the registered direct offering and concurrent private placement. The sales and issuances of
securities in the transaction were not registered under the Securities Act in reliance upon the exemption from registration provided
by Section 4(a)(2) thereof or Regulation D promulgated thereunder. The recipients of the securities in each of these transactions represented
their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution
thereof, and appropriate legends were placed upon the stock certificates issued in these transactions. All recipients had adequate access,
through their relationships with us, to information about us.
On
December 7, 2023, we granted (i) an option to purchase 80,000 shares of the Common Stock with an exercise price of $0.88 per share and
(ii) a restricted stock award of 20,000 restricted shares to Dr. Sébastien Hazard, our then-Executive Vice President and Chief
Medical Officer, as an “inducement” grant pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. On October 7, 2024, we
granted: (i) an inducement stock option to purchase 60,000 shares of the Common Stock with an exercise price of $1.02 per share to one
individual hired by the Company during the fourth quarter of 2024 and (ii) an inducement stock option to purchase 50,000 shares of the
Common Stock with an exercise price of $1.02 per share to Susan Eylward, our General Counsel, in each case as an “inducement”
grant pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. On February 18, 2025, we granted an inducement stock option to purchase
100,000 shares of Common Stock with an exercise price of $0.862 to Dr. Douglas Faller, our Chief Medical Officer, as an “inducement”
grant pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The grants of these awards were exempt from registration under the Securities
Act, pursuant to Section 4(a)(2) thereof as a transaction by an issuer not involving a public offering.
On
May 12, 2025, the Company entered into an exchange agreement (the “Exchange Agreement”) with the holders (the “Existing
Warrant Holders”) of certain warrants of the Company (the “Existing Warrants”) issued on August 1, 2024,
which were exercisable for an aggregate of 5,000,000 shares of Common Stock. Pursuant to the terms of the Exchange Agreement, the Company
issued to the Existing Warrant Holders an aggregate of 2,921,000 shares of Common Stock (the “Warrant Exchange Shares”),
on a one-for-one basis, in exchange for shares issuable under the Existing Warrants (the “Warrant Exchange”). The
Warrant Exchange closed on May 13, 2025. The number of Warrant Exchange Shares issued pursuant to the Exchange Agreement represented
19.98% of the shares of Common Stock outstanding as of the date of the Exchange Agreement. The Warrant Exchange was completed, and the
Warrant Exchange Shares were issued in reliance on, the exemption from registration provided by Section 3(a)(9) of the Securities Act,
on the basis that (a) the Warrant Exchange Shares are being issued in exchange for other outstanding securities of the Company; (b) there
will be no additional consideration delivered by the Existing Warrant Holders in connection with the Warrant Exchange; and (c) there
were no commissions or other remuneration paid by the Company in connection with the Warrant Exchange.
On
May 23, 2025, the Company entered into the Purchase Agreement with certain purchasers for the issuance and sale in a Private Placement
of (i) 2,777,779 shares of Common Stock, (ii) Pre-Funded Warrants to purchase up to 4,444,444 shares of Common Stock, at an exercise
price of $0.0001 per share, and (iii) Common Warrants to purchase up to 14,444,446 shares of Common Stock, at an exercise price of $0.45
per share. The Private Placement was priced at the market at a combined purchase price per share and accompanying Common Warrant of $0.45
and closed on May 27, 2025. In connection with the Private Placement, the Company issued to designees of H.C. Wainwright & Co., LLC
the Placement Agent Warrants to purchase up to an aggregate of 361,111 shares of Common Stock at an exercise price equal to $0.5625 per
share. The issuance of the shares of Common Stock and the Warrants were, and the shares of Common Stock issuable upon the exercise of
the Warrants will be, issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act and/or
Regulation D promulgated thereunder.
Item
16. Exhibits and Financial Statement Schedules
(a)
The exhibits set forth below have been or are being filed herewith and are numbered in accordance with Item 601 of Regulation S-K.
(b)
Financial statement schedules have been omitted, as the information required to be set forth therein is included in the consolidated
financial statements or notes thereto incorporated by reference into the prospectus forming part of this registration statement.
EXHIBIT
NO. |
|
DESCRIPTION |
|
|
|
2.1* |
|
Asset Purchase Agreement dated as of June 6, 2014, by and between Imunon, Inc. and EGEN, Inc., incorporated herein by reference to Exhibit 2.1 to the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2014 (SEC File No. 001-15911). |
|
|
|
2.2 |
|
Amendment to Asset Purchase Agreement between Celsion Corporation and EGWU, Inc., dated March 28, 2019 incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on April 1, 2019 (SEC File No. 001-15911). |
|
|
|
3.1 |
|
Amended and Restated Certificate of Incorporation of Imunon, dated March 24, 2023, incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed on March 24, 2023 (SEC File No. 001-15911). |
|
|
|
3.2 |
|
Amended and Restated Bylaws of the Company, effective on March 15, 2024, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company, filed on March 18, 2024 (SEC File No. 001-15911). |
|
|
|
4.1 |
|
Form of Representative’s Common Stock Purchase Warrant, incorporated herein by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company, filed on October 31, 2017 (SEC File No. 001-15911). |
|
|
|
4.2 |
|
Form of Placement Agent Common Stock Purchase Warrant incorporated herein by reference to Exhibit 4.4 to the Current Report on Form 8-K of the Company, filed on July 11, 2017 (SEC File No. 001-15911). |
|
|
|
4.3 |
|
Form of Amended and Restated Warrant (issued under First Amendment of Venture Loan and Security Agreement, dated as of August 1, 2020, by and among Imunon, Inc., Horizon Funding I, LLC, Horizon Funding Trust 2019-1, and Horizon Technology Finance Corporation, as Collateral Agent), incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company, filed on September 4, 2020 (SEC File No. 001-15911). |
4.4 |
|
Form of Exchange Warrant, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company, filed on March 13, 2020 (SEC File No. 001-15911). |
|
|
|
4.5 |
|
Warrant to purchase Shares of Common Stock of Celsion Corporation between Celsion Corporation and EGWU, Inc., dated March 28, 2019, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2019 (SEC File No. 001-15911). |
|
|
|
4.6 |
|
Form of Warrant, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company filed on July 31, 2024 (SEC File No. 001-15911). |
|
|
|
4.7 |
|
Description of Securities of the Company, incorporated by reference to Exhibit 4.7 to the Annual Report on Form 10-K of the Company for the year ended December 31, 2024 (SEC File No. 001-15911). |
|
|
|
4.8 |
|
Form of Pre-Funded Warrant, dated May 27, 2025, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company filed on May 27, 2025 (SEC File No. 001-15911). |
|
|
|
4.9 |
|
Form of Common Warrant, dated May 27, 2025, incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed on May 27, 2025 (SEC File No. 001-15911). |
|
|
|
4.10 |
|
Form of Placement Agent Warrant, dated May 27, 2025, incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of the Company filed on May 27, 2025 (SEC File No. 001-15911). |
|
|
|
5.1+ |
|
Opinion of Thompson Hine LLP. |
|
|
|
10.1** |
|
Imunon, Inc. 2007 Stock Incentive Plan, as amended, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on May 16, 2017 (SEC File No. 001-15911). |
|
|
|
10.2 |
|
Form Inducement Offer to Exercise Common Stock Purchase Warrants, incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2017 (SEC File No. 001-15911). |
|
|
|
10.3** |
|
Imunon, Inc. 2018 Stock Incentive Plan, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed May 15, 2018 (SEC File No. 001-15911). |
|
|
|
10.4** |
|
First Amendment to the Imunon, Inc. 2018 Stock Incentive Plan, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on May 15, 2019 (SEC File No. 001-15911). |
|
|
|
10.5** |
|
Second Amendment to the Imunon, Inc. 2018 Stock Incentive Plan, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on June 16, 2020 (SEC File No. 001-15911). |
|
|
|
10.6** |
|
Third Amendment to the Celsion Corporation 2018 Stock Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed with the Commission on June 10, 2021 (SEC File No. 001-15911). |
10.7** |
|
Imunon, Inc. 2018 Stock Incentive Plan, as amended as of June 14, 2023, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed with the Commission on June 15, 2023 (SEC File No. 001-15911). |
|
|
|
10.8** |
|
Form of Incentive Stock Option Grant Agreement under the 2018 Stock Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (SEC File No. 001-15911). |
|
|
|
10.9** |
|
Form of Restricted Stock Agreement under the 2018 Stock Incentive Plan, incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (SEC File No. 001-15911). |
|
|
|
10.10** |
|
Form of Nonqualified Stock Option and Restricted Stock Grant Agreement for employment inducement awards, incorporated by reference to Exhibit 99.1 to the Company’s Registration Statement on Form S-8 filed on August 29, 2024 (No. 333-281833). |
|
|
|
10.11** |
|
Employment Offer Letter, entered into on June 15, 2010, between the Company and Jeffrey W. Church, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on June 18, 2010 (SEC File No. 001-15911). |
|
|
|
10.12** |
|
Employment Offer Letter effective as of June 2, 2014, between the Company and Khursheed Anwer incorporated herein by reference to Exhibit 10.27 to the Annual Report of the Company for the year ended December 31, 2014 (SEC File No. 001-15911). |
|
|
|
10.13** |
|
Employment Agreement between the Company and Michael H. Tardugno, effective as of July 18, 2022, incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed with the Commission on July 19, 2022 (SEC File No. 001-15911). |
|
|
|
10.14** |
|
Employment Agreement between the Company Corporation and Corinne Le Goff, effective as of July 18, 2022 incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed with the Commission on July 19, 2022 (SEC File No. 001-15911). |
|
|
|
10.15** |
|
Amended and Restated Change in Control Agreement dated as of September 6, 2016, by and between the Company and Michael H. Tardugno, incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2016 (SEC File No. 001-15911). |
|
|
|
10.16** |
|
Employment Agreement, dated as of May 3, 2024, between the Company and Stacy Lindborg, Ph.D., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on May 8, 2024 (SEC File No. 001-15911). |
|
|
|
10.17** |
|
Retirement and Consulting Agreement, dated May 17, 2024, between Imunon, Inc. and Jeffrey Church, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on May 20, 2024 (SEC File No. 001-15911). |
|
|
|
10.18** |
|
Consulting Agreement, dated April 15, 2024, by and between Imunon, Inc. and Monomoy Advisors, LLC incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed on May 20, 2024 (SEC File No. 001-15911). |
|
|
|
10.19** |
|
Offer Letter of Employment, dated October 2, 2024, between Imunon, Inc. and Susan Eylward, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on October 7, 2024 (SEC File No. 001-15911). |
10.20** |
|
Separation Agreement, dated August 9, 2024 by and between the Company and Sébastien Hazard, M.D., incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2024 (SEC file No. 001-15911). |
|
|
|
10.21 |
|
Lease Agreement, executed July 21, 2011, by and between Imunon, Inc. and Brandywine Operating Partnership, L.P., incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on July 25, 2011 (SEC File No. 001-15911). |
|
|
|
10.22 |
|
First Amendment to Lease Agreement, executed April 20, 2017, by and between Imunon, Inc. and Lenox Drive Office Park, LLC, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 10-Q of the Company filed on November 14, 2017 (SEC File No. 001-15911). |
|
|
|
10.23 |
|
Second Amendment to Lease Agreement, dated January 9, 2019, by and between Celsion Corporation and Lenox Drive Office Park, LLC, successor in interest to Brandywine Operating Partnership, L.P., incorporated herein by reference to Exhibit 10-Q to the Current Report on Form 10-Q of the Company for the quarter ended March 31, 2019 (SEC File No. 001-15911). |
|
|
|
10.24 |
|
Lease Agreement dated January 15, 2018, by and between Imunon, Inc. and HudsonAlpha Institute of Biotechnology for office and lab space located in Huntsville, Alabama incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2018 (SEC File No. 001-15911). |
|
|
|
10.25 |
|
Settlement Agreement and Release, by and between the plaintiff to the shareholder action captioned O’Connor v. Braun, et al., N.J. Super., Dkt. No. MERC-00068-19, William J. O’Connor, derivatively on behalf of Imunon, Inc. and individually on behalf of himself and all other similarly situated stockholders of Imunon, Inc. and defendants, incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company, filed on June 16, 2020 (SEC File No. 001-15911). |
|
|
|
10.26 |
|
Form of Exercise Agreement, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on March 13, 2020 (SEC File No. 001-15911). |
|
|
|
10.27 |
|
At the Market Offering Agreement, dated May 25, 2022 by and between Celsion Corporation and H.C. Wainwright & Co. LLC, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on May 25, 2022, (SEC File No. 001-15911). |
|
|
|
10.28 |
|
Amendment No. 1, dated May 15, 2024, to At the Market Offering Agreement, by and between Imunon, Inc. and H.C. Wainwright & Co. LLC, incorporated by reference to Exhibit 1.3 to the Company’s Registration Statement on Form S-3 (SEC No. 333-279425) filed on May 15, 2024. |
|
|
|
10.29 |
|
Form of Securities Purchase Agreement, dated as of July 30, 2024, by and among the Company and each purchaser party thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on July 31, 2024 (SEC File No. 001-15911). |
|
|
|
10.30 |
|
Form of Exchange Agreement, dated May 12, 2025, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on May 13, 2025 (SEC File No. 001-15911). |
|
|
|
10.31 |
|
Form of Securities Purchase Agreement, dated May 23, 2025, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on May 27, 2025 (SEC File No. 001-15911). |
* |
|
Portions
of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act
of 1934, amended, and the omitted material has been separately filed with the Securities and Exchange Commission. |
** |
|
Management
contract or compensatory plan or arrangement. |
+ |
|
Filed
herewith. |
Item
17. Undertakings
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee”
table in the effective registration statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;
provided,
however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section
13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and
(ii)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the
offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date
an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the
registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date.
(5)
That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b)
as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use.
(6)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that
is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(7)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
(8)
The undersigned registrant hereby undertakes that:
(i)
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed
as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
it was declared effective.
(ii)
For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Lawrenceville, State of New Jersey, on May 30, 2025.
|
IMUNON,
INC. |
|
|
|
|
By: |
/s/
Stacy R. Lindborg |
|
|
Stacy
R. Lindborg, Ph.D. |
|
|
President
and Chief Executive Officer |
POWER
OF ATTORNEY
KNOW
ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Stacy Lindborg, David Gaiero, and Susan
Eylward and each of them, as his or her true and lawful attorneys-in-fact and agents, each with the full power of substitution and resubstitution,
for him or her and in his or her name, place or stead, in any and all capacities, to (i) act on, sign and file with the Securities and
Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all schedules
and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, together with
all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may
be necessary or appropriate in connection therewith, (iii) act on and file any supplement to any prospectus included in this registration
statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, and
(iv) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and
on the dates indicated.
Name |
|
Position |
|
Date |
|
|
|
|
|
/s/
Stacy R. Lindborg |
|
President,
Chief Executive Officer and |
|
May
30, 2025 |
Stacy
R. Lindborg, Ph.D. |
|
Director
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/
David Gaiero |
|
Chief
Financial Officer |
|
May
30, 2025 |
David
Gaiero |
|
(Principal
Financial and Accounting Officer) |
|
|
|
|
|
|
|
/s/
Michael H. Tardugno |
|
Executive
Chairman and Director |
|
May
30, 2025 |
Michael
H. Tardugno |
|
|
|
|
|
|
|
|
|
/s/
Frederick J. Fritz |
|
Director |
|
May
30, 2025 |
Frederick
J. Fritz |
|
|
|
|
|
|
|
|
|
/s/
James E. Dentzer |
|
Director |
|
May
30, 2025 |
James
E. Dentzer |
|
|
|
|
|
|
|
|
|
/s/
Donald Braun |
|
Director |
|
May
30, 2025 |
Donald
Braun, Ph.D. |
|
|
|
|
|
|
|
|
|
/s/
Christine Pellizzari |
|
Director |
|
May
30, 2025 |
Christine
Pellizzari, J.D. |
|
|
|
|
Exhibit
5.1
May
30, 2025
Imunon,
Inc.
997
Lenox Drive, Suite 100
Lawrenceville,
New Jersey 08648
Re: |
Registration
Statement on Form S-1 |
Ladies
and Gentlemen:
We
have acted as counsel to Imunon, Inc., a Delaware corporation (the “Company”), in connection with the preparation
and filing by the Company of a Registration Statement on Form S-1 (the “Registration Statement”), with the U.S. Securities
and Exchange Commission (the “Commission”) pursuant to the Securities Act of 1933, as amended (the “Securities
Act”), relating to the proposed resale of up to 22,027,780 shares (the “Selling Holder Shares”) of common
stock, par value $0.01 per share (the “Common Stock”), consisting of (i) 2,777,779 shares of Common Stock (the “Shares”),
(ii) up to 4,444,444 shares of Common Stock (the “Pre-Funded Warrant Shares”) reserved for issuance upon the exercise
of outstanding pre-funded warrants (the “Pre-Funded Warrants”), (iii) up to 14,444,446 shares of Common Stock (the
“Common Warrant Shares”) reserved for issuance upon the exercise of outstanding common warrants (the “Common
Warrants”), and (iv) up to 361,111 shares of Common Stock (the “Placement Agent Warrant Shares” and, collectively
with the Pre-Funded Warrant Shares and the Common Warrant Shares, the “Warrant Shares”) reserved for issuance upon
the exercise of outstanding placement agent warrants (the “Placement Agent Warrants” and, collectively with the
Pre-Funded Warrants and the Common Warrants, the “Warrants”), by the selling securityholders listed in the Registration
Statement, all of which Selling Holder Shares may be sold from time to time and on a delayed or continuous basis, as described in the
prospectus that forms a part of the Registration Statement (the “Prospectus”).
In
connection with this opinion, we have examined originals or copies (certified or otherwise identified to our satisfaction) of (i) the
Company’s Amended and Restated Certificate of Incorporation, (ii) the Company’s Amended and Restated Bylaws, (iii) the Registration
Statement and the Prospectus, (iv) the Warrants, and (v) such corporate records, agreements, documents, and other instruments, and such
certificates or comparable documents of public officials or of officers and representatives of the Company, as we have deemed relevant
and necessary as a basis for the opinion hereinafter set forth. In such examination, we have assumed the genuineness of all signatures,
the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as certified, conformed or photostatic copies, and the authenticity of the originals of such
latter documents. As to certain questions of fact material to this opinion, we have relied upon certificates or comparable documents
of public officials and officers and representatives of the Company and have not sought to independently verify such facts.
On
the basis of the foregoing, and in reliance thereon, we are of the opinion that:
|
1. |
The
Shares are validly issued, fully paid and non-assessable. |
|
|
|
|
2. |
The
Warrant Shares, when and if issued upon exercise of the Warrants in accordance with the terms of the Warrants, will be validly issued,
fully paid and non-assessable. |
The
opinion expressed herein is limited to the General Corporation Law of the State of Delaware and, with respect to the enforceability of
the Warrants, the laws of the State of New York, and we express no opinion as to the effect on the matters covered by this opinion of
the laws of any other jurisdiction. We express no opinion as to (a) any provision for liquidated damages, default interest, late charges,
monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty,
(b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies or judicial relief, (c) waivers of rights
or defenses, (d) any provision requiring the payment of attorneys’ fees, where such payment is contrary to law or public policy,
(e) the creation, validity, attachment, perfection or priority of any lien or security interest, (f) advance waivers of claims, defenses,
rights granted by law or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law or
other procedural rights, (g) waivers of broadly or vaguely stated rights, (h) provisions for exclusivity, election or cumulation of rights
or remedies, (i) provisions authorizing or validating conclusive or discretionary determinations, (j) grants of setoff rights, (k) proxies,
powers and trusts, (l) provisions prohibiting, restricting or requiring consent to assignment or transfer of any right or property and
(m) the severability, if invalid, of provisions to the foregoing effect. Our opinions set forth above are subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other similar laws of general application affecting the rights and remedies of creditors
and to general principles of equity.
This
opinion letter is expressly limited to the matters set forth above, and we render no opinion, whether by implication or otherwise, as
to any other matters relating to the Company, the Selling Holder Shares, the Registration Statement or the Prospectus.
We
hereby consent to being named in the Registration Statement and in the Prospectus under the caption “Legal Matters” and to
the use of this opinion for filing with said Registration Statement as Exhibit 5.1 thereto. In giving this consent, we do not hereby
admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended,
or the rules and regulations of the Commission promulgated thereunder.
Very
truly yours,
/s/
Thompson Hine LLP
Thompson
Hine LLP

Exhibit
23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement to Form
S-1 of our report dated February 26, 2025 (which includes explanatory paragraphs relating to the Company’s ability to continue
as a going concern), relating to the consolidated financial statements of Imunon, Inc. as of December 31, 2024 and 2023 appearing in
the entity’s Annual Report on Form 10-K for the year ended December 31, 2024. We also consent to the reference to us under the
caption “Experts” in the Prospectus.
/s/
WithumSmith+Brown, PC
East
Brunswick, New Jersey
May
30, 2025
Exhibit
107
Calculation
of Filing Fee Tables
Form
S-1
(Form
Type)
Imunon,
Inc.
(Exact
Name of Registrant as Specified in its Charter)
Table
1: Newly Registered Securities
| |
Security Type | |
Security Class Title | |
Fee Calculation Rule | |
Amount Registered(1) | | |
Proposed Maximum Offering Price Per Unit(2) | | |
Maximum Aggregate Offering Price | | |
Fee Rate | | |
Amount of Registration Fee | |
Fees to be Paid | |
Equity | |
Common stock, par value $0.01 per share (“Common Stock”) | |
Other(2) | |
| 22,027,780 | | |
$ | 0.48 | | |
$ | 10,573,334.40 | | |
| 0.00015310 | | |
$ | 1,618.78 | |
| |
Total Offering Amount | | |
| | | |
$ | 10,573,334.40 | | |
| | | |
$ | 1,618.78 | |
| |
Total Fees Previously Paid | | |
| | | |
| | | |
| | | |
| — | |
| |
Total Fee Offsets | | |
| | | |
| | | |
| | | |
| — | |
| |
Net Fee Due | | |
| | | |
| | | |
| | | |
$ | 1,618.78 | |
(1)
|
Represents
an aggregate of 22,027,780 shares of Common Stock, which includes 19,250,001 shares of Common Stock that may be issued upon the exercise
of warrants, held by the selling securityholders named in the prospectus that forms a part of this registration statement (this “Registration
Statement”). Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this Registration
Statement also covers (i) such additional number of shares of Common Stock issuable upon stock splits, stock dividends, reclassifications,
recapitalizations, combinations or similar events or (ii) such reduced number of shares of Common Stock in respect of any reverse
stock splits, stock dividends, reclassifications, recapitalizations, combinations or similar events, in each case with respect to
the shares of Common Stock being registered pursuant to this Registration Statement. |
|
|
(2)
|
Estimated
solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act and calculated based
upon the average of the high and low prices of the Common Stock on The Nasdaq Stock Market LLC on May 22, 2025, which date
is within five business days prior to the filing of this Registration Statement. |
Imunon (NASDAQ:IMNN)
Historical Stock Chart
From Jun 2025 to Jul 2025
Imunon (NASDAQ:IMNN)
Historical Stock Chart
From Jul 2024 to Jul 2025