Immunic reports Q1 2026 results after $200 million upfront private placement

Immunic, Inc. announced financial results for the first quarter ended March 31, 2026, and provided a corporate update. In February, the company closed an oversubscribed private placement financing of up to $400 million in gross proceeds, with $200 million received upfront, and said the initial proceeds are expected to fund operations through the completion of the phase 3 ENSURE trials in relapsing multiple sclerosis and a planned U.S. New Drug Application submission in mid-2027.

The company said it continued to execute the phase 3 ENSURE trials of vidofludimus calcium (IMU-838) in relapsing multiple sclerosis, with top-line data expected by the end of 2026. It also said the funds will support continued investment in its development organization and launch readiness, as well as its plan to initiate a confirmatory phase 3 program in primary progressive multiple sclerosis later this year.

Under the previously disclosed securities purchase agreement, the company issued 229,076,000 pre-funded warrants at a price of $0.873 per pre-funded warrant for upfront gross proceeds of $200 million. It also issued warrants to purchase up to 229,076,000 shares of common stock, or pre-funded warrants in lieu thereof, at an exercise price of $0.873 per share, for up to an additional $200 million in gross proceeds. These warrants will expire upon the earlier of 30 days after the public announcement of top-line data from the phase 3 ENSURE trials or February 17, 2031.

The upfront proceeds from the private placement, combined with current cash, cash equivalents and marketable securities, are expected to fund operating and capital expenditures into late 2027. The company said the upfront proceeds are expected to fund completion of the phase 3 ENSURE trials in relapsing multiple sclerosis, initiation of a phase 3 trial in primary progressive multiple sclerosis, and the begin of transition into a commercial organization.

In April 2026, the company appointed Michael A. Panzara, M.D., M.P.H., as Chief Medical Officer to lead clinical development, medical affairs, and regulatory affairs. In March 2026, it appointed Jon Congleton to the Board of Directors. In April 2026, the company effected a 1-for-10 reverse stock split as of April 27, 2026, and regained compliance with the Nasdaq minimum bid price requirement following receipt of written notice on March 27, 2026.

The company also announced in March 2026 that it was granted a key European patent directed to label-relevant dosing regimens of vidofludimus calcium. The patent is expected to provide protection into 2038 and may be eligible for a Supplementary Protection Certificate, which could extend market exclusivity potential.