IMUNON Strikes Up to $16.5 Million ThermoDox Licensing Deal With VoxelDox to Prioritize US Ovarian Cancer Program

Deal Structure and Key Terms

IMUNON, Inc. (Nasdaq: IMNN), a clinical-stage biotechnology company developing DNA-mediated immunotherapies, announced on October 21, 2026, that it has entered into an agreement to sell its rights to ThermoDox, a heat-activated liposomal formulation of doxorubicin, to VoxelDox Therapeutics, Inc.

The transaction was disclosed in a press release issued from Lawrenceville, N.J.

Agreement Overview

Under the agreement, IMUNON will receive an equity ownership stake in VoxelDox of approximately 4.76%, contingent payments of up to USD 16.5 million tied to meeting development and sales-based milestones, and tiered royalties ranging from 3.5% to 6% on future net sales of ThermoDox-related products, if approved.

The milestone payments are described in the announcement as aggregate development and sales-based milestone payments. The realization of any milestone or royalty payments, or of value from IMUNON's equity position, is subject to VoxelDox's success in financing, developing, and, if applicable, commercializing the asset. The company stated that there can be no assurance that any such value will be realized.

Closing Conditions and Planned Glioblastoma Trial

The closing of the transaction is contingent upon VoxelDox completing a planned USD 2.5 million financing to support initiation of a Phase 1 clinical trial in patients with glioblastoma. The two companies announced the agreement in advance of closing to provide visibility into the intended transaction and IMUNON's continued strategic focus.

VoxelDox intends to advance the development of ThermoDox for the treatment of glioblastoma multiforme (GBM), which IMUNON describes as a difficult-to-treat form of brain cancer.

Strategic Rationale for IMUNON

The sale allows IMUNON to retain potential long-term economic participation in ThermoDox while dedicating its financial and operational resources to advancing IMNN-001, the company's lead clinical program. According to the announcement, the transaction creates a path to realize future value from a legacy asset that has been fully written off, subject to achievement of development milestones in the planned Phase 1 glioblastoma trial.

Stacy R. Lindborg, Ph.D., President and Chief Executive Officer of IMUNON, said the company is pleased that ThermoDox has found a steward committed to advancing its development for the benefit of patients. She noted that the agreement is consistent with the company's previously announced strategy to identify a development partner for the drug candidate and demonstrates a disciplined approach to portfolio management and capital allocation.

By creating a path to realize future value from the legacy asset, the transaction allows the organization to remain singularly focused on the successful execution of the pivotal Phase 3 OVATION 3 trial of IMNN-001 in frontline advanced ovarian cancer, she said, adding that IMUNON looks forward to following VoxelDox's progress as it works to advance the technology for patients with glioblastoma.

About VoxelDox Therapeutics

VoxelDox Therapeutics is an emerging biotechnology company developing a precision oncology platform that integrates voxel-level measurement, heat-activated drug delivery, and image-guided treatment optimization. By combining spatially controlled thermal energy with temperature-sensitive therapeutics, the company aims to localize treatment where it is needed most.

VoxelDox is initially focused on glioblastoma and is advancing a targeted therapy approach with potential applications across a range of solid tumors. The company describes its mission as moving beyond precision in diagnosis to precision in delivery.

IMUNON's Remaining Pipeline and Focus

IMUNON is a clinical-stage biotechnology company focused on advancing treatments that harness the body's natural mechanisms to generate safe, effective, and durable responses across a broad array of human diseases, an approach the company describes as differentiating from conventional therapies. Its non-viral DNA technology is being developed across two modalities.

The first, TheraPlas, is developed for gene-based delivery of cytokines and other therapeutic proteins in the treatment of solid tumors where an immunological approach is deemed promising.

The second, PlaCCine, is developed for gene delivery of viral antigens that can elicit a strong immunological response.

The company's lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer. IMNN-001 works by instructing the body to produce safe and durable levels of cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site.

The program has completed multiple clinical trials, including one Phase 2 clinical trial (OVATION 2), and is currently being studied in a Phase 3 clinical trial (OVATION 3).

Additionally, IMUNON has completed dosing in a first-in-human study of its COVID-19 booster vaccine, IMNN-101. The company has stated it will continue to leverage these modalities and to advance, either directly or through partnership, the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions.

Forward-Looking Considerations

IMUNON noted in its release that forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and that all statements other than statements of historical fact, including expectations regarding the timing and enrollment of the company's clinical trials, are subject to the uncertainties described in that section of the release.

The company cautioned that IMUNON's realization of any value from the transaction depends entirely on VoxelDox's ability to finance, develop, and, if applicable, commercialize ThermoDox, with no assurance that milestone payments, royalties, or equity value will ever materialize.