Biotech's Target Price 183.757% Higher Than Current
Research Report

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Disclosures for D. Boral Capital, IMUNON Inc., January 24, 2025

Analyst Certification I, Jason Kolbert, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Company-Specific Disclosures General Disclosures This report has been produced by D. Boral Capital LLC and is for informational purposes only. It does not constitute solicitation of the sale or purchase of securities or other investments. The information contained herein is derived from sources that are believed to be reliable. Prices, numbers, and similar data contained herein include past results, estimates, and forecasts, all of which may differ from actual data. These prices, numbers, and similar data may also change without prior notification. This research report does not guarantee future performance, and the information contained herein should be used solely at the discretion and responsibility of the client. Neither D. Boral Capital nor its affiliates accept any liability or responsibility for any results in connection with the use of such information. This research report does not consider specific financial situations, needs, or investment objectives of any client, and it is not intended to provide tax, legal, or investment advice. Clients are responsible for making final investment decisions and should do so after a careful examination of all documentation delivered prior to execution, explanatory documents pertaining to listed securities, etc., prospectuses, and other relevant documents. D. Boral Capital and its affiliates may make investment decisions based on this research report. In addition, D. Boral Capital and its affiliates, as well as employees, may trade in the securities mentioned in this research report, their derivatives, or other securities issued by the same issuing companies in this research report. This research report is distributed by D. Boral Capital and/or its affiliates. The information contained herein is for client use only. D. Boral Capital holds the copyright on this research report. Any unauthorized use or transmission of any part of this research report for any reason, whether by digital, mechanical, or any other means, is prohibited. If you have any questions, please contact your sales representative. Additional information is available upon request. Certain company names, product and/or service names that appear in this research report are trademarks or registered trademarks of D. Boral Capital or other companies mentioned in the report. Copyright 2025 D. Boral Capital LLC. D. Boral Capital rating definitions are expressed as the total return relative to the expected performance of S&P 500 over a 12-month period. BUY (B) - Total return expected to exceed S&P 500 by at least 10% HOLD (H) - Total return expected to be in-line with S&P 500 SELL (S) - Total return expected to underperform S&P 500 by at least 10%

In a January 24, 2025 research note, D. Boral Capital analyst Jason Kolbert maintained a Buy rating on IMUNON Inc. (IMNM:NASDAQ)with a US$29.00 target price, following management meetings that revealed positive data trends and readiness for pivotal trials of IMNN-001 in ovarian cancer.

The Phase 2 OVATION 2 trial's active treatment group is showing improved outcomes with better hazard ratios and overall survival metrics, while the standard of care arm remains consistent with historical benchmarks. Recent FDA meetings have indicated strong alignment with the pivotal Phase 3 trial design planned for early 2025.

IMNN-001, utilizing the company's TheraPlas platform, targets Stage III/IV epithelial ovarian cancer, addressing a significant unmet need as approximately 70% of cases are identified at advanced stages. The planned pivotal trial will be highly powered at 99% with a modest treatment effect assumed.

The analyst uses a 50% probability of success factor for IL12 in Ovarian Cancer and a 30% discount rate, with assumptions for additional capital raises in the final share count. The valuation is based on an equal-weighted average of Free Cash Flow to the firm, discounted EPS, and sum-of-the-parts models.

Key risks include clinical/regulatory risk, partnership and financial risk, commercial risk, legal and intellectual property risk, and market share risk. The company will need to raise capital to fund the pivotal study, which is identified as a critical success factor.

The share price at the time of the report of US$10.22 represents a potential return of 183.757% to D. Boral's US$29.00 target price.