Immunic 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Drug developer and clinical-stage sponsor. Conducts preclinical research and clinical trials through contract research organizations and external sites. Has not reached commercialization or manufacturing at commercial scale.

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.

Source: SEC 10-K, filed 2026-02-26

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