Immunic Inc
imux.comImmunic Inc (NASDAQ: IMUX) is a clinical-stage biopharmaceutical company that develops oral small molecule therapies targeting autoimmune and inflammatory diseases. The company generates no product revenue, funding operations through equity and warrant financings, including a February 2026 private placement priced at $0.87312 per pre-funded warrant unit. Immunic has no commercial products as of the 10-K filed February 26, 2026. Its lead program is vidofludimus calcium, in Phase 3 ENSURE trials for relapsing-remitting multiple sclerosis (RMS) with 1,121 patients enrolled in ENSURE-1 and 1,100 in ENSURE-2 across more than 100 sites in 15 countries, and completed Phase 2 CALLIPER in progressive multiple sclerosis (PMS). A second pipeline asset, IMU-856, is an oral SIRT6 modulator targeting intestinal barrier restoration in celiac disease, IBD, and graft-versus-host disease, with Phase 1b data reported. Research and development infrastructure is based in Germany and Australia.
Products & Services
Vidofludimus calcium: oral small molecule in Phase 3 (ENSURE program) for RMS and Phase 2 completed (CALLIPER) for PMS, targeting Nurr1 activation and neuroprotection. IMU-856: oral SIRT6 modulator in preclinical and Phase 1b stage for celiac disease, IBD, and graft-versus-host disease, targeting intestinal barrier restoration.
Revenue Model
Pre-revenue clinical-stage company. Operations are funded through equity financings, private placements, and warrant issuances. The company entered a royalty purchase agreement with participating Series B warrant holders as of the filing date. No product sales or licensing revenues are disclosed in the excerpts.
Customers & Markets
No commercial customers. End markets are patients with relapsing-remitting multiple sclerosis, progressive multiple sclerosis (primary progressive and non-active secondary progressive), celiac disease, inflammatory bowel disease, and graft-versus-host disease.
Geographic Exposure
Research and development operations in Germany and Australia. ENSURE Phase 3 trials conducted at more than 100 sites across 15 countries as of enrollment completion announced June 2025.
Financial Snapshot
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