Immunic, INC.: management transactions · United States · SEC (Form 4)

About Immunic, INC.

Immunic, Inc. (Nasdaq: IMUX) is a United States-listed biotechnology company traded on the NASDAQ market, focused on developing orally administered small-molecule therapies for neurologic, gastrointestinal, chronic inflammatory, and autoimmune diseases. For investors, the company should be viewed as a clinical-stage biotech with meaningful pipeline optionality, but also with the customary binary risk profile of late-stage drug development and no approved commercial product to date. The company’s roots go back to Immunic AG, which was founded in 2016 in Planegg-Martinsried near Munich, Germany. Immunic, Inc. is the publicly listed parent vehicle and is headquartered in New York, United States, while much of its research and development activity is conducted through its German subsidiary. That transatlantic structure combines a U.S. capital markets presence with a European scientific base, which is relevant for understanding both its operating footprint and its financing strategy. Immunic’s business model is centered on three pipeline programs. The lead asset is vidofludimus calcium (IMU-838), an orally available Nurr1 activator in Phase 3 development for relapsing multiple sclerosis (RMS). Management has stated that the ENSURE-1 and ENSURE-2 studies have completed enrollment and that top-line data are expected by the end of 2026. This asset is the key value driver for the equity and the main catalyst to watch. The company is also advancing IMU-856, designed to restore intestinal barrier function and potentially applicable across a range of gastrointestinal disorders, and IMU-381, a preclinical next-generation molecule platform aimed at neurologic, gastrointestinal, and autoimmune diseases. Competitively, Immunic operates in a crowded and highly specialized market where large pharmaceutical companies and well-funded biotech peers compete in multiple sclerosis, neuroimmunology, and inflammatory disease. Its differentiation lies in its oral dosing profile, its mechanistic approach, and the potential to address several disease areas from a common discovery platform. At the same time, the company remains exposed to substantial clinical, regulatory, manufacturing, and financing risk, and it has not yet generated product revenue. Recent company developments underscore both progress and capital intensity. In February 2026, Immunic announced an oversubscribed private placement of up to $200 million, with the potential for additional proceeds, aimed at funding completion of the Phase 3 ENSURE trials, initiating a Phase 3 program in primary progressive multiple sclerosis, and supporting a transition toward a commercial-stage organization. The company also reported encouraging Phase 2 CALLIPER data in progressive MS and continued to highlight patent and pipeline milestones. Overall, IMUX remains a development-stage biotechnology story with high sensitivity to clinical readouts, financing news, and execution on its lead MS program.