IMUX Stock — Immunic Inc.: Cash, EV, Pipeline

What they do

We are headquartered in New York City with our main operations in Gräfelfing near Munich, Germany. We had 92 employees as of February 1, 2026. We are pursuing clinical development of orally administered, small molecule programs, each of which has unique features intended to directly address the unmet needs of patients with serious chronic inflammatory and autoimmune diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$7.75

Market cap

$105.7M

Cash

$155.1M

Enterprise value

-$49.4M

Balance sheet

Cash	$155.1M
Debt	$0.0M
Net cash	$155.1M
Enterprise value	-$49.4M
Basic shares	20.0M shares
Fully diluted shares	59.0M shares
Fully diluted market cap	$457.2M
Cash per share	$7.77
Quarterly burn	$31.0M
Cash runway	5.0 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

20.0M

Pre-funded warrants

28.9M

Options

6.2M

RSUs

0.0M

Warrants

3.4M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.6M

FDSO

59.0M

Cap table as of 2026-06-30.

Price history

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Next catalyst

vidofludimus calcium · Dec 1-31 · guided in 24d

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDDec 1-31 in 24d	vidofludimus calcium Phase 3 ENSURE-1 and ENSURE-2 in relapsing multiple sclerosis	Phase 3	relapsing multiple sclerosis	end of 2026
Dec 13, 2026 - Jan 24, 2027 in 5 wks	IMU-838 tablets	Phase 3	Multiple Sclerosis	—
Dec 13, 2026 - Jan 24, 2027 in 5 wks	IMU-838 tablets	Phase 3	Multiple Sclerosis, Relapsing-Remitting	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Vidofludimus calcium

Phase 3 · Active Modality: oral small molecule

Aliases IMU-838

Target DHODH; Nurr1 (neuroprotective transcription factor)

Indications

Relapsing multiple sclerosis (RMS) (Phase 3)
Progressive multiple sclerosis (PMS) (Phase 2)

Catalysts

— 2026
— 2026

Status note Lead candidate. ENSURE-1 (1,121 pts) and ENSURE-2 (1,100 pts), 30 mg daily vs placebo; enrollment completed June 2025; if positive, NDA submission targeted mid-2027. Phase 2 CALLIPER in progressive MS reported 2025 (PBVC primary not met; directionally favorable disability outcomes); Phase 3 in PMS planned.

IMU-856

Phase 1 · Active Modality: oral small molecule (SIRT6 modulator)

Target SIRT6

Partnerships Daiichi Sankyo: option and license agreement (2018); option exercised January 2020 for exclusive worldwide commercialization rights; development/regulatory/sales milestones and royalties

Indications

Celiac disease (Phase 1)
IBD / GvHD / other intestinal barrier-function diseases (Preclinical)

Status note Phase 1b in celiac disease showed positive effects on gut architecture, symptoms, biomarkers, and nutrient absorption. Exploring strategic alternatives (financing, licensing, or partnering); further clinical testing contingent on such a transaction.

IMU-381

Preclinical · Active Modality: small molecule (next-generation Nurr1 platform)

Target Nurr1

Indications

Neurologic, gastrointestinal and other autoimmune diseases (Preclinical)

Status note Preclinical testing of next-generation Nurr1 platform molecules.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	IMU-838 tablets
Lead indication	Multiple Sclerosis
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05134441	Phase 3	Active, not recruiting	Sponsor	Immunic AG	—	Multiple Sclerosis	—
NCT05201638	Phase 3	Active, not recruiting	Sponsor	Immunic AG	—	Multiple Sclerosis, Relapsing-Remitting	—
NCT03846219	Phase 2	Active, not recruiting	Sponsor	Immunic AG	—	Relapsing-Remitting Multiple Sclerosis (RRMS)	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Immunic AG on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	765,295	-6,887,677	0.30%	2026-08-14
Braidwell LP	645,010	+645,010	0.37%	2026-08-14
Ikarian Capital	67,464	-607,198	0.17%	2026-08-14
ADAR1 Capital Management	0	-30,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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IMUX — Immunic Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

IMUX — Immunic Inc.