Imunon, Inc., a pharmaceutical company headquartered in Lawrenceville, NJ, has been notified by the Nasdaq Stock Market that its stock price has not met the minimum required bid price of $1.00 for 30 consecutive business days. The notification, received on Monday, does not immediately affect Imunon's listing on the Nasdaq Capital Market, where its shares continue to trade under the ticker symbol "IMNN".
According to Nasdaq Listing Rule 5550(a)(2), Imunon has until May 27, 2025, to achieve compliance. To regain compliance, Imunon's common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days before the deadline. If the company fails to meet this requirement by May 27, 2025, it may be eligible for an additional 180-day period to regain compliance, provided it meets other Nasdaq initial listing standards, with the exception of the bid price.
In the event Imunon does not regain compliance within the allotted time frame or does not meet the criteria for an additional compliance period, Nasdaq will notify the company of a potential delisting. Imunon would then have the opportunity to appeal the decision.
In other recent news, Imunon has been making significant strides in its ovarian cancer research. The biotech firm reported encouraging results from its Phase 2 OVATION 2 study, revealing an 11.1-month median overall survival improvement in advanced ovarian cancer patients. In addition, the company has announced plans to initiate a Phase 3 trial in the first quarter of 2025.
Imunon's financial report for the third quarter of 2024 showed a net loss of $4.9 million, but the company maintains adequate capital to fund operations until the third quarter of 2025. H.C. Wainwright, an independent analyst firm, reiterated a Buy rating for Imunon shares and set a price target of $12.00, reflecting confidence in the company's future.
InvestingPro Insights
Recent data from InvestingPro sheds light on Imunon's (IMNN) current financial situation, providing context to the company's Nasdaq listing challenges. As of the last twelve months ending Q3 2024, Imunon reported an operating income of -$20.95 million, indicating significant financial strain. This aligns with an InvestingPro Tip noting that the company is "quickly burning through cash."
Despite these challenges, Imunon's stock has shown recent volatility, with a significant 21.18% return over the last week. However, this short-term gain contrasts sharply with the longer-term trend, as another InvestingPro Tip highlights that the "stock has taken a big hit over the last six months," which is confirmed by the -45.11% price total return over that period.
These insights underscore the company's struggle to maintain its Nasdaq listing and the urgency of its need to address its financial performance. Investors seeking a more comprehensive analysis can find 11 additional InvestingPro Tips for Imunon, offering a deeper understanding of the company's financial health and market position.
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