Imunon shares fall 18.46% premarket as registered direct offering dilutes stockholders amid cash burn concerns.

Imunon Inc. (IMNN) fell 18.46% in premarket trading following the announcement of a $7.0 million registered direct offering priced at-the-market, involving the sale of 1.94 million shares and warrants. The offering, led by a single institutional investor, includes warrants exercisable at $3.482—below the offering price of $3.61—and pre-funded warrants with a nominal exercise price. The move, attributed to the company’s significant cash burn ($14.95 million negative free cash flow over 12 months), signals financial strain and equity dilution concerns. Investors likely reacted negatively to the issuance of new shares, which increases supply and dilutes ownership, while the offering price ($3.61) was slightly below the current market price ($3.63), further undermining confidence. The transaction, expected to close on December 31, 2025, underscores IMUNON’s ongoing need for capital amid its Phase 3 DNA-mediated immunotherapy development.