IMMUNIC, INC.

Listed Company

IMUXCIK 0001280776NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-97.17M

Total Assets

—

Equity

—

Shares Out

13.62M

Op. Cash Flow

$-85.81M

Business

IMMUNIC, INC. is a biotechnology company developing a clinical pipeline of selective oral small-molecule immunology therapies for chronic inflammatory and autoimmune diseases. Its main product candidates include vidofludimus calcium (IMU-838) for multiple sclerosis, IMU-856 targeting intestinal barrier repair for gastrointestinal disorders and weight management, and IMU-381 as a next-generation gastrointestinal candidate. The company organizes activities around clinical development programs, preclinical research, formulation and manufacturing partnerships, and licensing arrangements. It conducts research and development primarily through operations in Germany and Australia, and runs multicenter clinical trials across North America, Europe and other international markets.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	82	80	83	71	61
General and administrative	21	18	16	15	13
Total operating expenses	103	98	99	119	92
Loss from operations	−103	−98	−99	−119	−92
Interest income	1	3	3	1	66,000
Change in fair value of the tranche rights	0	−5	0	—	—
Other income (expense), net	5	−1	3	−2	−1
Total other income (expense), net	6	−2	6	−919,000	−1
Net loss	−97	−101	−94	−120	−93
Net loss per share, basic (in usd per share)	−0.62	−1	−2.11	−3.78	−3.93
Net loss per share, diluted (in usd per share)	−0.62	−1	−2.11	−3.78	−3.93
Weighted-average common shares outstanding, basic (in shares)	156	100	44	32	24
Weighted-average common shares outstanding, diluted (in shares)	156	100	44	32	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	16	36	47	107	87
Prepaid expenses and other current assets	7	4	6	9	18
Total current assets	23	39	53	126	105
Property and equipment, net	608,000	545,000	466,000	294,000	152,000
Right of use asset, net	575,000	991,000	1	2	948,000
Total assets	24	41	54	128	139
Accounts payable	10	8	5	4	4
Accrued expenses	19	13	19	8	7
Other current liabilities	2	1	966,000	810,000	585,000
Total current liabilities	31	22	25	13	11
Operating lease liabilities	107,000	264,000	639,000	992,000	584,000
Total long-term liabilities	107,000	264,000	639,000	992,000	584,000
Total liabilities	31	22	25	14	12
Commitments and contingencies (note 9)	—	—	—	—	—
Preferred stock, $0.0001 par value; 20,000,000 authorized and no shares issued or outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively, and 120,382,625 and 90,150,869 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	9,000	8,000	4,000	4,000	3,000
Additional paid-in capital	599	526	436	428	324
Accumulated other comprehensive income	3	4	4	3	−252,000
Accumulated deficit	−609	−511	−411	−317	−197
Total stockholders equity (deficit)	−7	18	29	114	127
Total liabilities and stockholders equity (deficit)	24	41	54	128	139

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	168,000	134,000	111,000	77,000	85,000
Non-cash lease expense	497,000	234,000	—	—	—
Stock-based compensation	9	9	7	8	6
Change in fair value of tranche rights	0	5	0	—	—
Fees expensed as part of January 2024 Financing	0	2	0	—	—
Foreign currency loss	0	30,000	523,000	5	4
Other current assets and prepaid expenses	−3	2	4	7	−13
Accounts payable	1	3	817,000	799,000	176,000
Operating lease liabilities	−506,000	−257,000	—	—	—
Other liabilities	−209,000	416,000	96,000	1	3
Accrued expenses	4	−5	10	−124,000	170,000
Net cash used in operating activities	−86	−85	−71	−65	−83
Purchases of property and equipment	−161,000	−264,000	−334,000	−112,000	−67,000
Net cash used in investing activities	−161,000	−264,000	9	−10	−67,000
Proceeds from public offering of common stock through At The Market offering, net of issuance costs	0	191,000	853,000	—	—
Proceeds from shares issued in connection with the Company's employee stock purchase plan	182,000	77,000	129,000	182,000	92,000
Net cash provided by financing activities	66	75	1	96	43
Effect of exchange rate changes on cash and cash equivalents	205,000	−517,000	262,000	−993,000	−130,000
Net change in cash and cash equivalents	−20	−11	−60	20	−41
Conversion of tranche rights liability to equity upon increase in authorized shares	0	28	0	—	—
Operating lease right-of use asset obtained in exchange for lease obligation	0	448,000	544,000	974,000	435,000

Filings

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