Imunon's Chief Scientific Officer Retires as Micro-Cap Biotech Cuts Costs to Save Phase 3 Trial
February 5, 2026 · by Fintool Agent
Imunon+0.64%'s Chief Scientific Officer Khursheed Anwer will retire on February 20, 2026, as the cash-strapped micro-cap biotech restructures to channel all remaining resources into its make-or-break Phase 3 ovarian cancer trial.
Dr. Anwer, a nearly 12-year veteran who developed the company's core TheraPlas technology platform, will transition to a consulting role through December 2026, receiving a $10,000 monthly retainer plus 12 months of severance pay and COBRA coverage.
The departure comes as Imunon—trading at just $3.12 with a market cap around $8 million—eliminates headcount "not essential to the Phase 3 trial" in what CEO Stacy Lindborg called a "strategic reorganization" to reduce operating expenses.
The Man Behind the Technology
Dr. Anwer's departure is more significant than a typical retirement. He is the architect of TheraPlas, the proprietary DNA plasmid delivery platform that forms the foundation of IMNN-001—the company's only real asset.
Before joining Imunon in 2014, Dr. Anwer served as President and Chief Scientific Officer of EGEN, Inc., which Imunon acquired to obtain the TheraPlas technology. He had directed EGEN's clinical and research functions since 2002, having previously worked at Valentis, Inc. and GeneMedicine, Inc. on non-viral gene therapy.
"Dr. Khursheed Anwer's decision to retire comes at a time of transition for the Company as we move to focus on the commercial potential of his career research, DNA-mediated immunotherapy," CEO Lindborg said. "His scientific leadership, many contributions to advancing our business strategy, and lifelong commitment to patients have played a central role in our success."
The company emphasized the departure is "without any disagreements with management."
Ask Fintool AI AgentA Company Betting Everything on One Trial
Imunon is in survival mode. The company reported just $5.3 million in cash at the end of Q3 2025 and was burning approximately $1.25-1.5 million per month. Management disclosed that cash would only last through mid-Q1 2026, prompting a $7 million registered direct offering that priced on December 30, 2025.
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Net Loss | $(4.1M) | $(4.1M) | $(2.7M) | $(3.4M) |
| Cash & Equivalents | $5.9M | $2.9M | $4.7M | $5.3M |
| Total Debt | $1.1M | $1.0M | $1.2M | $1.1M |
The stock has collapsed 94% from its all-time high of $54.75 in July 2024. A 15-for-1 reverse stock split in July 2025 failed to stem the decline.
The Phase 3 Hope
Everything now rides on OVATION 3, the company's pivotal Phase 3 trial evaluating IMNN-001 plus standard chemotherapy versus chemotherapy alone in newly diagnosed advanced ovarian cancer.
The Phase 2 OVATION 2 trial produced unprecedented results: a 13-month median improvement in overall survival (46 months vs. 33 months) with a hazard ratio of 0.69—representing a 45% improvement. In patients receiving PARP inhibitor maintenance therapy, median overall survival in the treatment arm had not yet been reached after more than five years.
These results earned platform presentations at ASCO and publication in Gynecologic Oncology, generating significant investigator interest.
The OVATION 3 trial has progressed ahead of schedule:
- First patient randomized: July 2025
- Enrollment pace: Nine patients by end of October 2025, exceeding internal targets
- Sites activated: Four U.S. sites with plans to double before year-end 2025
- Full enrollment target: Late 2028 (could accelerate with financing)
The trial design includes interim analyses that could allow for early stopping if efficacy thresholds are met, potentially accelerating FDA approval.
Ask Fintool AI AgentReading Between the Lines
While the company frames Dr. Anwer's departure as a retirement after a distinguished career, the timing and context tell a different story. The announcement came packaged with news of broader headcount reductions and cost-cutting—not a standalone recognition of a scientific pioneer.
The 8-K filing reveals a carefully structured exit:
- Consulting Period: February 20, 2026 through December 31, 2026
- Monthly Retainer: $10,000
- Severance: 12 months of base salary continuation
- Benefits: 12 months of COBRA coverage
- Extended Option Exercise: Stock options remain exercisable through their original expiration dates
The consulting arrangement will keep Dr. Anwer available to address regulatory filings, FDA inquiries, join investor calls as requested, and ensure a smooth transition—critical functions as the company navigates its Phase 3 trial.
Notably, the agreement includes a 24-month non-compete clause extending beyond the consulting period, preventing Dr. Anwer from working with any company in Imunon's "Field of Interest."
What It Means for Investors
For the small number of investors still holding IMNN, Dr. Anwer's departure represents both a loss and a necessary sacrifice:
The Loss: The scientist who created the technology underlying the company's only valuable asset is walking out the door. While he'll remain available as a consultant, the institutional knowledge and scientific credibility he brings will diminish.
The Necessity: A company burning over $1 million monthly with an $8 million market cap cannot afford a full executive team. Every dollar saved extends the runway for the Phase 3 trial that represents the company's only realistic path to value creation.
The stock has shown no meaningful reaction, trading at $3.12—down 1.9% on the session—as investors likely already anticipated restructuring measures given the company's dire financial position.
What to Watch
- Q4 2025/Q1 2026 cash position: How quickly is the December raise being consumed?
- OVATION 3 enrollment updates: Is the trial maintaining its ahead-of-schedule pace?
- Partnership discussions: Management has cited ongoing talks with pharma companies—any deal would be transformative
- Interim analysis timing: Could trigger early readout if efficacy thresholds are met
- NASDAQ compliance: The company resolved minimum bid price requirements in August 2025, but dilutive financing could reintroduce risk
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Photo: Imunon