--- title: "Imunon agrees to swap $1,200,000 of Streeterville note for Series B preferred" url: "https://aibio.space/news/imunon-agrees-swap-1-200-000-streeterville-note-series-b-preferred/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-09-29" section: "Financings" tickers: "NASDAQ:IMNN" source: "https://www.sec.gov/Archives/edgar/data/749647/000149315226044792/form8-k.htm" summary: "Imunon will exchange $1,200,000 of a Streeterville note for 120 Series B preferred shares that cannot convert into common stock but carry an 8% return. Cas" --- By the aibio.space news desk. Sources - [Imunon, Inc. 8-K (2026-09-29)](https://www.sec.gov/Archives/edgar/data/749647/000149315226044792/form8-k.htm) - [Imunon, Inc. 10-K (2026-03-31): business](https://www.sec.gov/Archives/edgar/data/749647/000149315226013850/form10-k.htm) - [Imunon, Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/749647/000149315226013850/) [IMNN](https://aibio.space/companies/imunon/) 2026-09-29 # Imunon agrees to swap $1,200,000 of Streeterville note for Series B preferred Tickers [IMNN](https://aibio.space/companies/imunon/) Imunon will exchange $1,200,000 of a Streeterville note for 120 Series B preferred shares that cannot convert into common stock but carry an 8% return. Cash and cash equivalents were $6.9 million at June 30, 2026. ## Key facts - **Company**: Imunon, Inc. (NASDAQ: IMNN) - **News type**: Financings - **Primary source**: [Imunon, Inc. 8-K (2026-09-29)](https://www.sec.gov/Archives/edgar/data/749647/000149315226044792/form8-k.htm) *Trading screens with price charts. CC0, via rawpixel. The picture shows the field, not the companies named.* Imunon, Inc. (Nasdaq: [IMNN](https://aibio.space/companies/imunon/)) has agreed to exchange $1,200,000 of principal, plus accrued and unpaid interest, from a secured note held by Streeterville Capital, LLC for 120 shares of a new class of preferred stock, priced at $10,000 per share. The exchange agreement was signed on September 28, 2026, and the company disclosed it in an 8-K dated September 29, 2026. The exchange reduces what Imunon owes under Secured Promissory Note A-1. No other term of that note changes, and the note stays in force. ## The June financing behind the note Streeterville's June 2, 2026 securities purchase agreement covered three instruments. Streeterville bought 250 shares of Series A Preferred Stock at $10,000 a share, for $2,500,000 in aggregate proceeds. It also took Secured Promissory Note A-1, with an original principal amount of $2,720,000, and Secured Promissory Note B, with an original principal amount of $5,000,000. The 8-K describes changes only to the A-1 Note. It does not say what has happened to Note B. The 8-K names no underwriter, placement agent or financial advisor for these transactions, and it names no counsel. Streeterville is the only counterparty it identifies. ## Terms of the Series B preferred Imunon designated 200 shares of Series B Preferred Stock in a certificate of designation filed with the Delaware Secretary of State on September 28, 2026. Each share has a stated value of $12,000, against the $10,000 per share exchange price, and accrues a return of 8% a year. The company can pay that return in cash or in more Series B shares, so the balance can grow without new cash. The Series B cannot convert into common stock or any other class, so the exchange does not add common shares directly. The holders have no general voting rights, except on matters that would materially and adversely affect the Series B's rights. The company may redeem the shares at 110% of their liquidation amount, and it is subject to customary covenants while they are outstanding. If an event of default occurs, the return rises by 15% a year, and that step-up can apply to up to three separate events. The 8-K says the exchanged shares are issued in a private transaction under Section 4(a)(2) of the Securities Act. It does not set a closing date for the exchange. ## Cash and losses Imunon's 10-K for 2025 reports a net loss of $14.5 million, down from $18.6 million in 2024. Research and development expense was $7.8 million, against $11.6 million a year earlier. Cash used in operations was $13.9 million in 2025 and $18.9 million in 2024. Cash and cash equivalents were $8.8 million at the end of 2025, compared with $5.9 million at the end of 2024. At June 30, 2026, the balance was $6.9 million. That is below the $13.9 million used in operations across all of 2025. The company is swapping part of a note for preferred stock that carries a return it can pay in additional shares. ## The programs Imunon develops non-viral DNA technology. Its lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer. The 10-K says IMNN-001 has completed one Phase II trial, OVATION 2, and is in a Phase 3 trial, OVATION 3. The business overview gives no results from OVATION 2. The company's other platforms are TheraPlas, for proteins and cytokines in solid tumors, and PlaCCine, for viral antigens intended to elicit an immune response. The 10-K also says Imunon has completed dosing in a first-in-human study of IMNN-101, a COVID-19 booster vaccine candidate. ## What comes next The 8-K sets no timetable for the OVATION 3 trial or for any results. Investors will need the company's next filings to see how the Series B shares are carried and whether the Note B balance changes. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story IMNN Imunon, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/imunon-agrees-swap-1-200-000-streeterville-note-series-b-preferred/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Imunon agrees to swap $1,200,000 of Streeterville note for Series B preferred", 2026-09-29, https://aibio.space/news/imunon-agrees-swap-1-200-000-streeterville-note-series-b-preferred/