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 announcement was made in a press release issued from Lawrenceville, N.J.

Deal Overview

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

In exchange, IMUNON will receive an equity ownership stake in VoxelDox, payments of up to USD 16.5 million contingent upon meeting development milestones, and significant royalties on future net sales of ThermoDox product following commercial approval.

Terms of the Transaction

According to the terms outlined in the announcement, upon completion of VoxelDox's financing, IMUNON will receive an equity interest of approximately 4.76% in VoxelDox. IMUNON also holds the potential to receive up to USD 16.5 million in aggregate development and sales-based milestone payments, as well as tiered royalties ranging from 3.5% to 6% on net sales of ThermoDox-related products, if approved.

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

IMUNON cautioned that its realization of any milestone or royalty payments, or of value from its equity position, is subject to VoxelDox's success in financing, developing, and, if applicable, commercializing the asset, and that there can be no assurance that any such value will be realized.

Strategic Rationale

The sale reinforces IMUNON's stated commitment to its core strategy of executing the pivotal Phase 3 OVATION 3 trial of IMNN-001, the company's lead clinical program. The transaction enables IMUNON to retain potential long-term economic participation in ThermoDox while dedicating its financial and operational resources to advancing IMNN-001.

Stacy R. Lindborg, Ph.D., President and Chief Executive Officer of IMUNON, said in the announcement, "We are pleased that ThermoDox has found a steward committed to advancing its development for the benefit of patients. This agreement is consistent with our previously announced strategy to identify a development partner for this promising drug candidate and demonstrates our disciplined approach to portfolio management and capital allocation. By creating a path to realize future value from a legacy asset that has been fully written off, the transaction allows our 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. We look forward to following VoxelDox's progress as it works to advance this technology for patients with glioblastoma."

Notably, the company characterized ThermoDox as a legacy asset that has been fully written off, meaning the potential milestone, royalty, and equity value represent upside on an asset no longer carried on IMUNON's balance sheet.

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, VoxelDox aims to localize treatment where it is needed most.

The company is initially focused on glioblastoma and describes its approach as targeted therapy with potential applications across a range of solid tumors. VoxelDox describes its mission as moving beyond precision in diagnosis to precision in delivery, advancing what it calls "precise medicine, one voxel at a time."

The planned Phase 1 clinical trial in glioblastoma patients, which the USD 2.5 million financing is intended to support, represents the first development step VoxelDox intends to take with the acquired asset.

IMUNON's Remaining Pipeline

IMUNON remains a clinical-stage biotechnology company focused on advancing a portfolio of innovative 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. The company is developing its non-viral DNA technology across two modalities.

The first modality, TheraPlas, is developed for the gene-based delivery of cytokines and other therapeutic proteins in the treatment of solid tumors where an immunological approach is deemed promising. The second modality, PlaCCine, is developed for the 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 the Phase 3 OVATION 3 clinical trial in frontline advanced ovarian cancer. Additionally, IMUNON has completed dosing in a first-in-human study of its COVID-19 booster vaccine, IMNN-101.

The company 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.

Looking Ahead

The agreement's completion hinges on VoxelDox securing its planned USD 2.5 million financing. If that financing closes, IMUNON will receive its approximately 4.76% equity stake in VoxelDox, and VoxelDox will proceed with initiation of the Phase 1 glioblastoma trial.

IMUNON's future receipts under the deal, the up-to-USD 16.5 million in milestone payments, the 3.5% to 6% tiered royalties, and any value from its equity position all remain contingent on VoxelDox's subsequent progress in developing and, if applicable, commercializing ThermoDox.

The company 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.

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