Detailed financial statements for Imunon, Inc. (IMNN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Imunon, Inc. is a clinical-stage biotechnology company dedicated to the development and commercialization of DNA-based immunotherapies, vaccines, and directed chemotherapies. The company's pipeline features GEN-1, a DNA-based immunotherapy specifically designed for the localized treatment of ovarian cancer, and ThermoDox, a proprietary heat-activated liposomal formulation of doxorubicin, currently in development for various cancer indications.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.41, IMNN has negative trailing earnings (P/E not meaningful) and an ROE of -314.89%. Market capitalisation stands at $6M.
Balance sheet quality for IMNN: current ratio of 2.3, net cash position of $7.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $500000 | $500000 | $500000 | $500000 | $500000 | $500000 | $500000 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $500000 | $500000 | $500000 | $500000 | $500000 | $500000 | $500000 | 0 | 0 | 0 |
| Research & Development | $14.6M | $13.1M | $11.9M | $13.1M | $11.3M | $10.6M | $11.7M | $11.3M | $11.6M | $7.8M |
| Selling, General & Admin | $6.5M | $5.9M | $9.7M | $8.0M | $7.6M | $10.9M | $13.7M | $9.7M | $7.5M | $6.9M |
| Operating Expenses | $21.1M | $19.0M | $21.6M | $21.1M | $19.0M | $21.5M | $25.4M | $21.0M | $19.1M | $14.7M |
| Operating Income | -$20.6M | -$18.5M | -$21.1M | -$20.6M | -$18.5M | -$21.0M | -$24.9M | -$21.0M | -$19.1M | -$14.7M |
| EBITDA | -$20.3M | -$19.8M | -$21.2M | -$16.6M | -$21.3M | -$20.9M | -$31.7M | -$19.9M | -$17.9M | -$13.8M |
| Interest Expense | $722993 | $91756 | $712025 | $1.4M | $1.3M | $569881 | $5.0M | $197080 | 0 | 0 |
| Pre-tax Income | -$22.1M | -$20.4M | -$22.3M | -$18.7M | -$23.3M | -$22.2M | -$37.5M | -$20.8M | -$18.6M | -$14.5M |
| Income Tax | 0 | 0 | -$10.4M | -$1.8M | -$1.8M | -$1.4M | -$1.6M | -$1.3M | 0 | 0 |
| Net Income | -$22.1M | -$20.4M | -$11.9M | -$16.9M | -$21.5M | -$20.8M | -$35.9M | -$19.5M | -$18.6M | -$14.5M |
| EPS | $-2328.26 | $-532.22 | $-132.23 | $-151.01 | $-131.51 | $-748.77 | $-65.55 | $-28.14 | $-21.10 | $-6.83 |
| EPS (Diluted) | $-2328.26 | $-532.22 | $-132.23 | $-151.01 | $-131.51 | $-748.77 | $-65.55 | $-28.14 | $-21.10 | $-6.83 |
| Shares Outstanding (Diluted) | $9476 | $38983 | $89868 | $111590 | $163357 | $27737 | $547627 | $693474 | $882292 | $2.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$166544 | 0 |
| Operating Income | -$3.5M | -$4.3M | -$4.3M | -$2.8M |
| EBITDA | -$3.3M | -$4.1M | -$4.1M | -$2.7M |
| Net Income | -$3.4M | -$4.2M | -$4.2M | -$2.8M |
| EPS | $-1.16 | $-1.99 | $-0.84 | $-0.54 |
| EPS (Diluted) | $-1.16 | $-1.99 | $-0.84 | $-0.54 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.6M | $11.4M | $13.4M | $6.9M | $17.2M | $19.6M | $11.5M | $5.8M | $5.9M | $8.8M |
| Short-term Investments | $1.7M | $12.7M | $14.3M | $8.0M | 0 | $29.8M | $21.3M | $9.9M | 0 | 0 |
| Receivables | $4008 | $54440 | $68309 | $21369 | 0 | $108844 | $128932 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.5M | $24.3M | $28.1M | $16.2M | $18.8M | $51.9M | $36.8M | $18.2M | $8.0M | $10.7M |
| Property, Plant & Equipment | $462836 | $175771 | $184627 | $1.8M | $1.3M | $1.2M | $704177 | $2.3M | $1.7M | $1.6M |
| Goodwill | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $23.8M | $21.0M | $16.3M | $16.1M | $13.5M | $13.4M | 0 | 0 | 0 | 0 |
| Total Assets | $30.8M | $47.5M | $46.9M | $38.3M | $37.5M | $74.0M | $44.0M | $21.9M | $9.7M | $12.3M |
| Accounts Payable | $2.9M | $3.4M | $3.0M | $2.9M | $2.2M | $2.5M | $3.6M | $3.5M | $1.3M | $1.4M |
| Short-term Debt | $2.6M | 0 | 0 | $1.8M | $1.1M | 0 | $1.4M | 0 | 0 | 0 |
| Total Current Liabilities | $8.4M | $6.2M | $6.1M | $7.9M | $6.8M | $6.8M | $10.0M | $7.4M | $4.8M | $4.6M |
| Long-term Debt | 0 | 0 | $9.4M | $8.0M | $3.9M | $5.9M | $4.6M | 0 | 0 | $602000 |
| Total Liabilities | $24.1M | $20.8M | $26.0M | $23.7M | $18.9M | $18.3M | $14.6M | $8.5M | $5.5M | $5.2M |
| Retained Earnings | -$241.4M | -$261.8M | -$273.7M | -$290.5M | -$312.0M | -$332.8M | -$368.7M | -$388.2M | -$406.8M | -$421.3M |
| Total Equity | $6.7M | $26.7M | $20.9M | $14.6M | $18.6M | $55.8M | $29.3M | $13.4M | $4.2M | $7.1M |
| Total Debt | $2.6M | 0 | $9.4M | $11.3M | $6.2M | $6.6M | $6.3M | $1.6M | $1.1M | $1.0M |
| Net Debt | -$1.7M | -$24.2M | -$18.2M | -$3.5M | -$11.0M | -$42.8M | -$26.5M | -$14.1M | -$4.7M | -$7.8M |
| Working Capital | -$3.9M | $18.1M | $22.0M | $8.3M | $12.1M | $45.2M | $26.7M | $10.8M | $3.2M | $6.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $5.3M | $8.8M | $4.8M | $6.9M |
| Total Assets | $9.0M | $12.3M | $8.0M | $15.0M |
| Total Liabilities | $4.9M | $5.2M | $4.7M | $10.8M |
| Total Equity | $4.1M | $7.1M | $3.4M | $4.2M |
| Total Debt | $1.1M | $1.0M | $911752 | $7.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$22.1M | -$20.4M | -$11.9M | -$16.9M | -$21.5M | -$20.8M | -$35.9M | -$19.5M | -$18.6M | -$14.5M |
| Depreciation & Amortization | $1.0M | $553010 | $356859 | $721665 | $741524 | $702918 | $731629 | $720005 | $718116 | $698900 |
| Stock-based Compensation | $1.5M | $1.1M | $4.6M | $2.3M | $1.9M | $3.8M | $2.7M | $759013 | $477256 | $127374 |
| Change in Working Capital | $120604 | -$98254 | -$1.2M | -$2.2M | -$864360 | -$970744 | $1.9M | -$2.1M | -$2.6M | -$327614 |
| Operating Cash Flow | -$18.4M | -$16.6M | -$7.0M | -$20.3M | -$15.6M | -$16.2M | -$23.1M | -$19.0M | -$18.9M | -$13.9M |
| Capital Expenditure | -$62503 | -$38629 | -$138399 | -$349158 | -$19092 | -$311613 | -$267800 | -$451759 | -$29541 | -$280572 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$10277 |
| Free Cash Flow | -$18.4M | -$16.7M | -$7.2M | -$20.6M | -$15.6M | -$16.5M | -$23.4M | -$19.5M | -$18.9M | -$14.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.4M | -$3.7M | -$4.0M | -$3.99B |
| Capital Expenditure | $3 | -$3589 | -$4 | -$69.1M |
| Free Cash Flow | -$4.4M | -$3.7M | -$4.0M | -$4.06B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $11479 | 0 | $93.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | -100.0% | | |
| Net Income Growth (YoY) | | +7.5% | +41.8% | -41.8% | -27.5% | +3.3% | -72.8% | +45.6% | +4.6% | +22.2% |
| EPS Growth (YoY) | | +77.1% | +75.2% | -14.2% | +12.9% | -469.4% | +91.2% | +57.1% | +25.0% | +67.6% |
| Shares Change (YoY) | | +311.4% | +130.5% | +24.2% | +46.4% | -83.0% | +1874.4% | +26.6% | +27.2% | +140.6% |
| FCF Growth (YoY) | | +9.5% | +57.0% | -187.0% | +24.1% | -5.7% | -41.3% | +16.7% | +3.0% | +24.9% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | | | |
| Operating Margin | -4130.0% | -3693.7% | -4213.0% | -4113.1% | -3697.3% | -4201.4% | -4984.3% | | | |
| EBITDA Margin | -4061.6% | -3951.5% | -4246.7% | -3310.6% | -4259.1% | -4176.0% | -6341.0% | | | |
| Net Margin | -4410.7% | -4080.4% | -2376.7% | -3370.3% | -4296.7% | -4153.9% | -7179.6% | | | |
| FCF Margin | -3688.4% | -3336.1% | -1436.0% | -4121.6% | -3127.6% | -3307.0% | -4672.9% | | | |
| Effective Tax Rate | -0.0% | -0.0% | 46.7% | 9.7% | 7.9% | 6.2% | 4.2% | 6.2% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1946.17 | $-427.90 | $-79.90 | $-184.68 | $-95.73 | $-596.14 | $-42.67 | $-28.08 | $-21.40 | $-6.68 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9476 | $38983 | $89868 | $111590 | $163357 | $27737 | $547627 | $693474 | $882292 | $2.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -314.89% |
| Return on Invested Capital | -122.18% |
| Return on Assets | -98.17% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 1.87 |
| Current Ratio | 1.82 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.41 | -1.19 | -2.40 | -2.55 | -1.21 | -0.16 | -0.31 | -0.36 | -0.68 | -0.56 |
| P/B | 1.33 | 0.93 | 1.37 | 2.95 | 1.40 | 0.06 | 0.38 | 0.53 | 2.96 | 1.15 |
| P/S | 17.91 | 49.47 | 57.02 | 85.87 | 52.19 | 6.74 | 22.18 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -4130.0% | -3693.7% | -4213.0% | -4113.1% | -3697.3% | -4201.4% | -4984.3% | 0.0% | 0.0% | 0.0% |
| Net Margin | -4410.7% | -4080.4% | -2376.7% | -3370.3% | -4296.7% | -4153.9% | -7179.6% | 0.0% | 0.0% | 0.0% |