Persistent negative free cash flow, with quarterly outflows ranging from $3.0 million to $5.9 million, underscores the company's total reliance on external financing to maintain clinical operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | -15.03M | -13.9M | -18.85M | -19.02M | -23.1M | -16.22M | -15.62M | -20.26M | -7.04M | -16.64M | -18.38M | -20.83M | -21.35M | -9.53M | -22.14M | -22.74M | -13.37M | -930.33K | 2.28M | -9.58M | -7.23M | -8.06M | -13.94M | -9.09M | -9.11M | -6.22M | -3.87M | -2.3M | -2.11M | -1.15M | -1.46M |
| Operating CF Margin % | - | - | - | - | -4619.38% | -3244.72% | -3123.74% | -4051.8% | -1408.34% | -3328.42% | -3675.87% | -4166.11% | -4270.6% | -1905.06% | - | -1137.12% | - | - | 91.25% | - | -64.29% | -65.46% | -556.26% | - | - | - | -113054.53% | -99999900% | -1212.83% | -952.32% | -1976.31% |
| Operating CF Growth % | 2.28% | 26.3% | 0.88% | 17.64% | -42.37% | -3.87% | 22.9% | -187.7% | 57.69% | 9.45% | 11.77% | 2.45% | -124.17% | 56.99% | 2.63% | -70.13% | -1336.84% | -140.78% | 123.81% | -32.49% | 10.32% | 42.15% | -53.39% | 0.25% | -46.41% | -60.96% | -68.11% | -8.87% | -82.94% | 21.05% | - |
| Net Income | -14.64M | -14.5M | -18.62M | -19.51M | -35.9M | -20.77M | -21.48M | -16.85M | -11.88M | -20.4M | -22.05M | -22.46M | -25.49M | -8.25M | -26.57M | -23.22M | -18.82M | -15.2M | -11.79M | 35.35M | -7.58M | -8.69M | -13.99M | -13.27M | -9.75M | -6.92M | -4.55M | -2.4M | -4.16M | -3.05M | -1.93M |
| Depreciation & Amortization | 667.52K | 698.9K | 718.12K | 720K | 731.63K | 702.92K | 741.52K | 721.66K | 356.86K | 553.01K | 1.02M | 424.97K | 369.33K | 339.23K | 281.49K | 169.36K | 165.48K | 117.15K | 69.47K | 230.74K | -341.29K | -321.39K | -275.68K | 100.53K | 82.44K | 68.84K | 39.48K | 0 | 24.29K | 24.17K | 18.55K |
| Stock-Based Compensation | 134.12K | 127.37K | 477.26K | 759.01K | 2.67M | 3.76M | 1.85M | 2.29M | 4.6M | 1.11M | 1.51M | 1.85M | 2.59M | 1.24M | 1.14M | 1.21M | 1.65M | 1.09M | 861.49K | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 1.28M | 286.64K | -183.58K | 462.38K | -26.5K | -1.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 437.06K | 99.74K | -61.98K | 793.58K | 7.69M | 591.36K | 4.16M | -2.4M | 1.1M | 2.2M | 1.02M | 821.82K | 92.1K | -2.58M | 4.34M | 123.14K | -548.2K | -2M | -1.26M | -47.87M | 168.66K | 220.2K | -241.5K | 3.81M | 971.12K | 726.93K | 559.75K | 200K | 1.83M | 1.98M | 642.36K |
| Working Capital Changes | -1.63M | -327.61K | -2.65M | -2.07M | 1.89M | -970.74K | -864.36K | -2.2M | -1.22M | -98.25K | 120.6K | -1.47M | 1.09M | -273.31K | -1.34M | -1.02M | 4.18M | 15.06M | 14.4M | 1.64M | 524.07K | 721.64K | 561.07K | 274.72K | -414.24K | -96.01K | 81.53K | -100K | 186.46K | -107.89K | -190.02K |
| Change in Receivables | 0 | 0 | 0 | 68.14K | -20.09K | -108.84K | 21.37K | 46.94K | -13.87K | -50.43K | 22.72K | 183.3K | 2.02K | -146.12K | 177.82K | 0 | 806.25K | 14.19M | 15M | 1.67M | -1.21M | 17.53K | -766.29K | -6.43K | -83.29K | 8.85K | -8.25K | 0 | 4.08K | -2.42K | -73.96K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.79K | 543.75K | -1.12M | -1.28M | -375.18K | -449.61K | 0 | -8.48K | 0 | 0 | -58.79K | 45.33K |
| Change in Payables | -2.35M | 0 | -3.06M | 0 | 1.04M | 302.4K | -618.1K | -157.69K | -396.23K | 537.88K | 48.75K | -859.18K | 1.76M | -887.33K | -1.34M | -538.38K | 2.36M | 1M | -643.95K | 358.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -20.92K | -280.57K | 9.83M | 11.01M | 8.28M | -30.12M | 7.92M | 5.94M | -1.63M | -10.99M | 9.06M | 13.33M | 9.54M | -29.14M | 1.47M | -11.09M | 5.21M | -1.7M | -1.09M | 13.21M | -3.05M | 3.79M | -5.58M | -111.85K | -98.62K | -124.32K | -122.11K | 0 | -31.93K | -3.81K | 128.74K |
| Capital Expenditures | -20.92K | -280.57K | -29.54K | -451.76K | -267.8K | -311.61K | -19.09K | -349.16K | -138.4K | -38.63K | -62.5K | -109.34K | -672.26K | -57.49K | -613.39K | -573.41K | -6.75K | -136.22K | -24.23K | -91.19K | -262.82K | -108.52K | -484.06K | -111.85K | -89.33K | -117.57K | -122.11K | 0 | -21.93K | -3.81K | -10.26K |
| CapEx % of Revenue | - | - | - | - | 53.56% | 62.32% | 3.82% | 69.83% | 27.68% | 7.73% | 12.5% | 21.87% | 134.45% | 11.5% | - | 28.67% | - | - | 0.97% | - | 2.34% | 0.88% | 19.31% | - | - | - | 3570.41% | - | 12.59% | 3.14% | 13.86% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.82M | 0 | 0 | 0 | 0 | 0 | 0 | 9.96M | -196.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 50K | 50K | 50K | 0 | -250K | 0 | 0 | 0 | -1.66M | -585.97K | 0 | -200K | 0 | -9.29K | -6.75K | 0 | 0 | -10K | 0 | 139K |
| Cash from Financing | 16.98M | 17.09M | 9.06M | -3.64M | 6.72M | 54.77M | 17.98M | 7.84M | 10.58M | 36.45M | 2.68M | 4.08M | 18.78M | 29.39M | 15.52M | 52.84M | 2.38M | 6.1M | -676.87K | -1.72M | 9M | 6M | 12.84M | 19.68M | 7.63M | 37.72K | 11.45M | 3.6M | 1.93M | 1.18M | 1.57M |
| Debt Issued (Net) | 0 | 0 | 0 | -6.42M | 0 | 566.04K | -5.2M | 0 | 9.72M | -2.6M | -4.1M | -3.65M | 4.99M | -296.91K | 4.72M | 2.02K | -108.33K | -234.74K | -676.87K | 911.6K | 9M | 6M | 0 | 0 | 0 | -114.78K | -5.72K | 0 | -13.24K | 590.98K | 1.15M |
| Equity Issued (Net) | 16.98M | 17.1M | 9.06M | 2.78M | 6.72M | 52.69M | 22.81M | 7.84M | 858.51K | 17.91M | 6.78M | 7.74M | 13.79M | 29.24M | 0 | 52.41M | 2.48M | 6.33M | 0 | -2.64M | -2.4K | 0 | 12.84M | 19.68M | 7.63M | 152.5K | 11.46M | 3.6M | 0 | 0 | 0 |
| Dividends Paid | 0 | -10.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.64M | -2.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.81K | 0 | 0 | 0 | 0 | 1.51M | 371.89K | 0 | 0 | 21.14M | 2.5K | 0 | 0 | 445.99K | 10.8M | 428.34K | 0 | 0 | 0 | 2.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.95M | 588K | 419.51K |
| Net Change in Cash | 1.92M | 2.91M | 34.2K | -11.65M | -8.09M | 8.42M | 10.29M | -6.48M | 1.91M | 8.82M | -6.64M | -3.42M | 6.97M | -9.27M | -5.15M | 19.01M | -5.78M | 3.47M | 518.85K | 1.9M | -1.28M | 1.73M | -6.69M | 10.48M | -1.58M | -6.31M | 7.46M | 1.3M | -212.43K | 20.42K | 239.69K |
| Free Cash Flow | -15.06M | -14.18M | -18.88M | -19.47M | -23.36M | -16.54M | -15.64M | -20.61M | -7.18M | -16.68M | -18.44M | -20.94M | -22.03M | -9.58M | -22.76M | -23.32M | -13.37M | -1.07M | 2.26M | -11.27M | -7.5M | -8.17M | -14.43M | -9.2M | -9.2M | -6.34M | -3.99M | -2.3M | -2.13M | -1.16M | -1.47M |
| FCF Margin % | - | - | - | - | -4672.94% | -3307.04% | -3127.55% | -4121.63% | -1436.02% | -3336.14% | -3688.37% | -4187.98% | -4405.06% | -1916.55% | - | -1165.79% | - | - | 90.28% | - | -66.62% | -66.34% | -575.57% | - | - | - | -116624.94% | -99999900% | -1225.42% | -955.46% | -1990.17% |
| FCF Growth % | 6.52% | 24.93% | 3.03% | 16.65% | -41.3% | -5.74% | 24.12% | -187.02% | 56.96% | 9.55% | 11.93% | 4.93% | -129.84% | 57.89% | 2.39% | -74.34% | -1153.96% | -147.25% | 120.02% | -50.41% | 8.29% | 43.34% | -56.79% | 0.01% | -45.1% | -58.98% | -73.42% | -7.76% | -84.23% | 21.34% | - |
| FCF per Share | -2.99 | -6.68 | -21.40 | -28.08 | -42.67 | -596.14 | -95.73 | -184.68 | -79.90 | -427.90 | -1946.17 | -2629.65 | -3266.39 | -1938.65 | -8064.35 | -13739.45 | -13320.85 | -1233.80 | 2741.21 | -12947.99 | -8611.83 | -9393.55 | -1288.08 | -17124.31 | -22311.89 | -18568.23 | -14204.47 | -10601.72 | -1471.15 | -8637.32 | -12363.75 |
| FCF Conversion (FCF/Net Income) | 1.03x | 0.96x | 1.01x | 0.97x | 0.64x | 0.78x | 0.73x | 1.20x | 0.59x | 0.82x | 0.83x | 0.93x | 0.84x | 1.15x | 0.83x | 0.98x | 0.71x | 0.06x | -0.19x | -0.27x | 0.95x | 0.93x | 1.00x | 0.68x | 0.93x | 0.90x | 0.85x | 0.96x | 0.50x | 0.38x | 0.76x |
| Interest Paid | 0 | 0 | 0 | 179.54K | 4.85M | 357.28K | 844.28K | 1.01M | 512.87K | 56.39K | 486.33K | 918.47K | 892.6K | 637.18K | 359.41K | 501.86K | 31.52K | 91.12K | 141.61K | 31.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 2.5K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 546K | 273.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
As reported in quarterly financial filings, Imunon's operating cash flow consistently tracks net losses, with the OCF/NI ratio fluctuating between 0.69 and 1.30, highlighting that cash outflows are driven primarily by R&D-related working capital movements rather than non-cash accounting adjustments or meaningful revenue-generating activities.
The tight correlation between net income and operating cash flow suggests that the company's losses are largely cash-based rather than driven by significant non-cash charges like depreciation. This indicates that the firm's burn rate is highly sensitive to clinical trial expenditures, leaving little room for operational efficiency gains until a major clinical milestone is achieved.
Based on historical financial data, Imunon has maintained a persistent negative free cash flow trajectory, with quarterly outflows ranging from $3.0 million to $5.9 million, underscoring the company's total reliance on external capital markets to fund its ongoing clinical development programs and general corporate overhead.
The absence of positive free cash flow is expected for a pre-revenue biotech, but the magnitude of these outflows relative to the $8.78 million cash balance suggests a very limited runway. Investors should monitor the monthly burn rate closely, as any delay in clinical milestones will likely necessitate further dilutive equity raises.
According to recent SEC filings, Imunon's working capital changes have been highly erratic, swinging from a $1.1 million outflow in 2025Q3 to an $853,000 inflow in 2025Q1, which reflects the timing of clinical trial payments and the management of accrued liabilities in a pre-revenue environment.
These fluctuations suggest that the company's cash position is susceptible to the timing of vendor invoices and clinical site payments. Such volatility complicates cash flow forecasting and may mask the underlying steady-state burn rate required to keep the GEN-1 program operational.
Financial statements indicate that stock-based compensation and non-cash adjustments have historically provided minor offsets to the company's cash burn, though these items remain insufficient to alter the fundamental reality of a business that is entirely dependent on external financing to sustain its research operations.
While stock-based compensation is a standard feature of biotech compensation, it does not alleviate the immediate liquidity pressure caused by cash-intensive clinical trials. Analysts should focus on the net cash burn rather than adjusted metrics, as the company's survival depends on actual cash availability for CRO and laboratory expenses.
Quick answers to the most common questions about buying IMNN stock.
Imunon, Inc. (IMNN) generated $-13.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Imunon, Inc. (IMNN) reported negative free cash flow of $14.2M in 2025, indicating capital requirements exceeded cash from operations.
Imunon, Inc. (IMNN) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Imunon, Inc. (IMNN) returned $0.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.