# EDGAR Filing Document

**Accession Number:** 0001280776
**File Stem:** 0001193805-25-001164
**Filing Date:** 2025-8
**Character Count:** 33571
**Document Hash:** fd9694e7c58b72542c17619086a0be6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-25-001164.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001193805-25-001164

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMMUNIC, INC.
- **CENTRAL INDEX KEY:** 0001280776
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 562358443
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36201
- **FILM NUMBER:** 251191442

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 AVENUE OF THE AMERICAS
- **STREET 2:** SUITE 200
- **CITY:** NEW YORK
- **STATE:** X1
- **ZIP:** 10036
- **BUSINESS PHONE:** (332) 255-9818

**MAIL ADDRESS:**
- **STREET 1:** 1200 AVENUE OF THE AMERICAS
- **STREET 2:** SUITE 200
- **CITY:** NEW YORK
- **STATE:** X1
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VITAL THERAPIES INC
- **DATE OF NAME CHANGE:** 20040219

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 7, 2025**

**IMMUNIC, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36201** | **56-2358443** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**1200 Avenue of the Americas, Suite 200**

**New York, NY 10036**

**USA**

**(Address of principal executive offices)**

**Registrant's telephone number, including area code: (332) 255-9818**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common Stock, par value $0.0001 | IMUX | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ☐ No ☐

**Item 2.02. Results of Operations and Financial Condition**

On August 7, 2025, Immunic, Inc. (the "Company") issued a press release, a copy of which is furnished herewith as Exhibit 99.1, announcing the Company's financial results for the quarter ended June 30, 2025 and providing a corporate update (the "Press Release").

The information contained in Item 2.02 of this Current Report on Form 8-K, including the Press Release, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference into any of the Company's filings with the Securities and Exchange Commission (the "SEC"), except as shall be expressly set forth by specific reference in any such filing.

**Item 8.01. Other Events**

On August 7, 2025, the Company posted an updated presentation (the "Presentation") on its website. A copy of the Presentation is filed herewith as Exhibit 99.2 and is incorporated herein by reference.

***Cautionary Note Regarding Forward-Looking Statements***

 ****

Certain statements in this Current Report on Form 8-K, the Press Release and the Presentation are "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing, development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to the Company's development programs and the targeted diseases; the potential for the Company's development programs to safely and effectively target diseases; preclinical and clinical data for the Company development programs; the feasibility of advancing vidofludimus calcium to a confirmatory phase 3 clinical trial in progressive multiple sclerosis; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus of the Company and further updates with respect thereto; and the development and commercial potential of any product candidates of the Company. The Company may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine – Russia conflict and the conflict in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, and the ability to raise sufficient capital to continue as a going concern, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the company's products or product candidates, the protection and market exclusivity provided by the Company's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025, and in the Company's subsequent filings with the SEC. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings.

The statements made in this Current Report on Form 8-K, the Press Release and the Presentation speak only as of the date stated herein, and subsequent events and developments may cause the Company's expectations and beliefs to change. While the Company may elect to update these forward-looking statements publicly at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date after the date stated herein.

**Item 9.01. Financial Statements and Exhibits**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Press Release, dated August 7, 2025.](e664768_ex99-1.htm) |
| 99.2 | [Presentation, dated August 7, 2025.](e664768_ex99-2.htm) |
| 104 | Cover Page to this Current Report on Form 8-K in Inline XBRL. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: August 7, 2025 | **Immunic, Inc.** | **Immunic, Inc.** |
|  | By: | */s/ Daniel Vitt* |
|  |  | Daniel Vitt |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

![](image1.jpg)

**Immunic, Inc. Reports Second Quarter 2025 Financial Results and Provides Corporate Update**

 

*– Vidofludimus Calcium Substantially Reduced 24-Week Confirmed Disability Worsening in Phase 2 CALLIPER Trial in Overall Progressive Multiple Sclerosis Study Population and Across Subtypes, Reinforcing the Drug's Neuroprotective Potential and Ability to Slow Disease Progression –*

*– Completed Enrollment for Both Phase 3 ENSURE Trials of Vidofludimus Calcium in Relapsing Multiple Sclerosis; Top-Line Data Expected by End of 2026 –*

 

*– New Long-Term Open-Label Extension Data From Phase 2 EMPhASIS Trial in Relapsing-Remitting Multiple Sclerosis Showed High Rates of Patients Remaining Free of 12-Week and 24-Week Confirmed Disability Worsening –*

 

*– Strengthened Balance Sheet with Two Financings Totaling $70.1 Million in Gross Proceeds –*

**NEW YORK, August 7, 2025 – Immunic** **, Inc. (Nasdaq: IMUX),** a biotechnology company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases, today announced financial results for the second quarter and six months ended June 30, 2025, and provided a corporate update.

"During the second quarter and more recently, we have made substantial clinical progress in advancing our potentially transformative lead asset, vidofludimus calcium (IMU-838), an orally available nuclear receptor-related 1 (Nurr1) activator," stated Daniel Vitt, Ph.D., Chief Executive Officer of Immunic. "Most notable was the on-time completion of enrollment of our twin phase 3 ENSURE trials, bringing us one step closer to delivering a novel treatment option for people living with relapsing multiple sclerosis (RMS). The unique neuroprotective effects observed to date also support the phase 3 ENSURE trials, where confirmed disability worsening will be analyzed. Top-line data from both trials, expected by the end of 2026, will allow for a synchronized readout and a pooled analysis of this clinical endpoint. The growing body of evidence we have amassed continues to strengthen our confidence that, if approved, vidofludimus calcium, with a distinct combination of neuroprotective, anti-inflammatory and anti-viral properties observed, as well as a well-established safety and tolerability profile, has the potential to emerge as a differentiated oral therapy that addresses the complex pathophysiology of multiple sclerosis (MS)."

"We also reported strong results from our phase 2 CALLIPER trial in progressive multiple sclerosis (PMS), showing a 23.8% reduction in time to 24-week confirmed disability worsening (24wCDW) in the overall study population compared to placebo. In the high unmet need subgroup of primary progressive MS (PPMS), this effect was 31.3%, exceeding outcomes observed in previous PPMS trials. In another high unmet need subtype, non-active SPMS (naSPMS), the reduction was 19.2%. Moreover, patients without gadolinium-enhancing lesions at baseline, who often do not benefit from existing treatments, saw 24wCDW reductions of 33.7% for the overall PMS population, as well as 34.4% and 29.8% for the PPMS and naSPMS subgroups, respectively. Since time to 24wCDW is a recognized regulatory endpoint for assessing clinical benefit in PMS, we believe these findings strongly support advancing vidofludimus calcium into phase 3 development in progressive forms of MS. With only one approved treatment currently available for PPMS, vidofludimus calcium may be a highly promising option for this underserved $6+ billion market, where reduction of disease progression would allow patients to remain more independent, manage symptoms more easily and achieve better long-term outcomes."

![](image1.jpg)

Management noted that, among the continued stream of positive data for vidofludimus calcium was the new readout from the long-term open-label extension (OLE) phase of the phase 2 EMPhASIS trial in relapsing-remitting multiple sclerosis (RRMS), which further reinforced the strong efficacy signals previously observed in this trial. Data showed that at week 144, 92.3% of patients remained free of 12-week confirmed disability worsening (12wCDW), and 92.7% were free of 24wCDW. This, and previously announced results across the MS program—including the top-line EMPhASIS and CALLIPER data—further support the potential of vidofludimus calcium to slow disease progression. These findings also continue to highlight its neuroprotective effects, which are believed to be mediated through activation of the Nurr1 target. Based on the strength of the data, a total of five abstracts have been selected for presentation at the 41st Congress of the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) in September, including one oral presentation and one late-breaking poster – a major achievement for the company.

Dr. Vitt added, "Beyond vidofludimus calcium, compelling clinical and preclinical data for IMU-856, our orally available and systemically acting small molecule modulator that targets sirtuin 6 (SIRT6), indicates the drug's strong promise as a potential novel therapeutic for gastrointestinal disorders. Based on encouraging data available to date, we are preparing for further clinical testing while exploring potential financing, licensing, or partnership opportunities to advance the program. Additionally, IMU-856 has shown potential as an oral treatment option for weight management. More specifically, a post hoc analysis of our phase 1b clinical trial results showed up to a 250% increase in GLP-1 levels versus placebo in fasting celiac disease patients, mimicking natural post-meal responses and suggesting that IMU-856 may activate enteroendocrine pathways physiologically, offering a broader mechanism than current injectable incretin mimetics. If validated in future trials, this once-daily oral small molecule could become a convenient treatment alternative for weight management."

**Second Quarter 2025 and Subsequent Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· April 2025: Announced positive data from the phase 2 CALLIPER trial of vidofludimus calcium in patients
with PMS. The results demonstrated reduced relative risks of 24wCDW events in the overall study population as well as PMS subtypes compared
to placebo. Notably, the drug showed a consistent reduction of disability worsening in subpopulations without inflammatory lesions at
baseline and reduced 24wCDW in patients without gadolinium-enhancing lesions at baseline. Vidofludimus calcium substantially reduced the
annualized rate of thalamic brain volume loss and the volume of new/enlarging T2 lesions compared to placebo. No new safety signals were
identified, confirming the favorable safety and tolerability profile already observed in previous clinical trials.

&nbsp;&nbsp;&nbsp;&nbsp;· April 2025: Announced a $5.1 million registered direct offering led by Aberdeen Investments.

&nbsp;&nbsp;&nbsp;&nbsp;· May 2025: Announced an oversubscribed $65 million underwritten public offering. The company may receive
up to an aggregate of $130 million of additional proceeds if the Series A Warrants and Series B Warrants are exercised in full for cash.
The financing was co-led by BVF Partners and Coastlands Capital, and included participation from Aberdeen Investments, Adage Capital Partners
LP, Janus Henderson Investors, and other institutional investors.

![](image1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· June 2025: Announced additional data underlining the positive outcome of the phase 2 CALLIPER trial of
vidofludimus calcium in patients with PMS. The data for the secondary endpoint of time to 24wCDW, based on the Expanded Disability Status
Scale (EDSS), further reinforced the neuroprotective potential of vidofludimus calcium. Similarly, consistent with the top-line data,
further analyses of subpopulations – both with and without inflammatory gadolinium-enhanced lesion activity at baseline –
continued to demonstrate promising results.

&nbsp;&nbsp;&nbsp;&nbsp;· June 2025: Announced the on-time completion of enrollment for both phase 3 ENSURE trials of vidofludimus
calcium in patients with RMS. In total, 1,121 patients in ENSURE-1 and 1,100 patients in ENSURE-2 have been randomized at more than 100
sites in 15 countries.

&nbsp;&nbsp;&nbsp;&nbsp;· June 2025: Reported new, long-term OLE data from the phase 2 EMPhASIS trial of vidofludimus calcium in
patients with RRMS. At week 144, 92.3% of patients remained free of 12wCDW and 92.7% remaining free of 24wCDW. Vidofludimus calcium continued
to demonstrate a favorable safety and tolerability profile with long-term data available up to 5.5 years.

**Anticipated Clinical Milestones**

&nbsp;&nbsp;&nbsp;&nbsp;· **Vidofludimus calcium in MS:** Top-line data from the twin phase 3 ENSURE-1 and ENSURE-2 trials is
expected by the end of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· **IMU-856**: The company is preparing for further clinical testing of IMU-856, contingent on financing,
licensing or partnering.

**Financial and Operating Results**

**Research and Development (R&D) Expenses** were $21.4 million for the three months ended June 30, 2025, as compared to $18.3 million for the three months ended June 30, 2024. The $3.0 million increase reflects (i) a $2.6 million increase in external development costs related to the vidofludimus calcium programs and (ii) a $0.6 million increase in personnel expenses. The increase was offset by a $0.2 million decrease related costs across numerous categories.

For the six months ended June 30, 2025, R&D expenses were $42.9 million, as compared to $37.1 million for the six months ended June 30, 2024. The $5.8 million increase reflects a $7.3 million increase in external development costs related to the vidofludimus calcium programs. The increase was offset by a $1.5 million decrease in external development costs related to IMU-856 due to the completion of the phase 1b clinical trial in celiac disease patients in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· General and Administrative (G&A) Expenses were $5.7 million for the three months ended June 30, 2025,
as compared to $4.5 million for the same period ended June 30, 2024. The $1.2 million increase was due to (i) a $0.8 million increase
in personnel expenses and (ii) a $0.4 million increase in legal and consultancy expenses.

For the six months ended June 30, 2025, G&A expenses were $11.0 million, as compared to $9.6 million for the same period ended June 30, 2024. The $1.4 million increase was due to (i) a $0.7 million increase related to personnel expenses, (ii) a $0.5 million increase in legal and consultancy expenses and (iii) a $0.2 million increase related costs across numerous categories.

&nbsp;&nbsp;&nbsp;&nbsp;· Interest Income was $0.2 million for the three months ended June 30, 2025, as compared to $1.0 million
for the three months ended June 30, 2024. The $0.8 million decrease was due to a lower average cash balance.

![](image1.jpg)

For the six months ended June 30, 2025, interest income was $0.4 million, as compared to $2.2 million for the same period ended June 30, 2024. The $1.8 million decrease was due to a lower average cash balance.

&nbsp;&nbsp;&nbsp;&nbsp;· The **Change in Fair Value of the Tranche Rights** of $4.8 million in the six months ended June 30,
2024, was a non-cash charge related to the change in value of the tranche rights associated with the January 2024 Financing from January
8, 2024 until March 4, 2024. These tranches were initially classified as a liability because the company did not have a sufficient number
of authorized shares to issue in tranche 2 and tranche 3 of the offering. But these tranche rights were reclassified to equity on March
4, 2024, when stockholders approved the increase in authorized shares from 130 million to 500 million shares of common stock and therefore
the tranche 2 and tranche 3 rights needed to be revalued to fair value upon the reclass to equity. There was no change in fair value of
the tranche rights recognized in the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Other Income (Expense) was $0.02 million for the three months ended June 30, 2025, as compared to $0.4
million for the same period ended June 30, 2024. The $0.4 million decrease was primarily attributable to activity across numerous categories.

For the six months ended June 30, 2025, Other Income (Expense) was $1.2 million, as compared to ($1.7 million) for the same period ending June 30, 2024. The $2.8 million increase was primarily attributable to (i) a $1.7 million expense related to the portion of deal costs from the January 2024 Financing related to the tranche rights that were established at the time of the deal closing in 2024, (ii) a $1.0 million grant income of the German Federal Ministry of Finance recognized in the first quarter 2025 and (iii) a $0.1 million increase across numerous categories.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net Loss** for the three months ended June 30, 2025, was approximately $27.0 million, or $0.20 per
basic and diluted share, based on 132,175,202 weighted average common shares outstanding, compared to a net loss of approximately $21.4
million, or $0.21 per basic and diluted share, based on 101,272,580 weighted average common shares outstanding for the same period ended
June 30, 2024.

Net loss for the six months ended June 30, 2025, was approximately $52.3 million, or $0.45 per basic and diluted share, based on 116,844,985 weighted average common shares outstanding, compared to a net loss of approximately $51.0 million or $0.51 per basic and diluted share, based on 99,607,158 weighted average common shares outstanding for the same period ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cash and Cash Equivalents** as of June 30, 2025 were $55.3 million. With this cash, the company does
not have adequate liquidity to fund its operations for at least twelve months from June 30, 2025, without raising additional capital.

**About Immunic, Inc.**

Immunic, Inc. (Nasdaq: IMUX) is a biotechnology company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 clinical trials for the treatment of relapsing multiple sclerosis, for which top-line data is expected to be available by the end of 2026. It has already shown therapeutic activity in phase 2 clinical trials in patients suffering from relapsing-remitting multiple sclerosis and progressive multiple sclerosis. Vidofludimus calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor related 1 (Nurr1) activator, with additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH). IMU-856, which targets the protein Sirtuin 6 (SIRT6), is intended to restore intestinal barrier function and regenerate bowel epithelium, which could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease as well as inflammatory bowel disease, Graft-versus-Host-Disease and weight management. IMU-381, which currently is in preclinical testing, is a next generation molecule being developed to specifically address the needs of gastrointestinal diseases. For further information, please visit: www.imux.com.

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing, development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Immunic's development programs and the targeted diseases; the potential for Immunic's development programs to safely and effectively target diseases; preclinical and clinical data for Immunic's development programs; the feasibility of advancing vidofludimus calcium to a confirmatory phase 3 clinical trial in progressive multiple sclerosis; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus of the company and further updates with respect thereto; and the development and commercial potential of any product candidates of the company. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine – Russia conflict and the conflict in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, and the ability to raise sufficient capital to continue as a going concern, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the company's products or product candidates, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025, and in the company's subsequent filings with the SEC. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this press release.

**Contact Information**

<br> **Immunic, Inc.**<br> Jessica Breu<br> Vice President Investor Relations and Communications<br> +49 89 2080 477 09<br> jessica.breu@imux.com

**US IR Contact**<br> Rx Communications Group<br> Paula Schwartz<br> +1 917 633 7790<br> immunic@rxir.com

**US Media Contact**<br> KCSA Strategic Communications<br> Caitlin Kasunich<br> +1 212 896 1241<br> ckasunich@kcsa.com

**Financials**

**Immunic, Inc.**

**Condensed Consolidated Statements of Operations**

(In thousands, except share and per share amounts)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months**<br> **Ended June 30,** | **Three Months**<br> **Ended June 30,** | **Six Months**<br> **Ended June 30,** | **Six Months**<br> **Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | $21369 | $18323 | $42902 | $37059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5714 | 4491 | 11006 | 9636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 27083 | 22814 | 53908 | 46695 |
| Loss from operations | (27083) | (22814) | (53908) | (46695) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 241 | 998 | 424 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of the tranche rights |  |  |  | (4796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 22 | 436 | 1191 | (1658) |
| Total other income (expense) | 263 | 1434 | 1615 | (4269) |
| Net loss | $(26820) | $(21380) | $(52293) | $(50964) |
| Net loss per share, basic and diluted | $(0.20) | $(0.21) | $(0.45) | $(0.51) |
| Weighted-average common shares outstanding, basic and diluted | 132175202 | 101272580 | 116844985 | 99607158 |

---

![](image1.jpg)

**Immunic, Inc.**

**Condensed Consolidated Balance Sheets**

(In thousands, except share and per share amounts)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | | **December 31, 2024** |
|  | **June 30, 2025**<br>**(Unaudited)** | |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $55310 | $35668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets and prepaid expenses | 4532 | 3664 |
| Total current assets | 59842 | 39332 |
| Property and equipment, net | 612 | 545 |
| Right-of-use assets | 975 | 991 |
| Total assets | $61429 | $40868 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $7893 | $7846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 18113 | 12913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 1307 | 1416 |
| Total current liabilities | 27313 | 22175 |
| Long term liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 205 | 264 |
| Total long-term liabilities | 205 | 264 |
| Total liabilities | 27518 | 22439 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| Preferred stock, $0.0001 par value; 20,000,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.0001 par value; 500,000,000 shares authorized as of June 30, 2025 and December 31, 2024, and 98,650,590 and 90,150,869 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 595069 | 525611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 2525 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (563692) | (511399) |
| Total stockholders' equity | 33911 | 18429 |
| Total liabilities and stockholders' equity | $61429 | $40868 |

---

## Exhibit 99.2

![](slide1.jpg)

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![](slide4.jpg)

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