Immunic secures $200M injection as Phase 3 MS trials near data peak

Immunic (NASDAQ:IMUX) announced Wednesday that it ended the first quarter with $186.6 million in cash and cash equivalents, a significant increase from year-end 2025.

The balance sheet was bolstered by an oversubscribed private placement of up to $400 million, with $200 million received upfront.

Management expects this liquidity to fund operations into late 2027, covering the anticipated filing of a New Year Drug Application (NDA).

The company’s primary focus is the Phase 3 ENSURE program, evaluating vidofludimus calcium in patients with relapsing MS.

Immunic confirmed that top-line data from these trials are expected by the end of 2026.

If successful, the company plans to submit an NDA to the U.S. Food and Drug Administration (FDA) by mid-2027.

Beyond the clinical pipeline, the quarter saw significant corporate restructuring and leadership changes.

Michael A. Panzara was appointed Chief Medical Officer, bringing extensive neurology and MS drug development experience.

Additionally, the company executed a 1-for-10 reverse stock split, successfully regaining compliance with the Nasdaq’s minimum bid price requirement.

Financially, the company reported a net loss of $32.6 million for the quarter.

The increased loss compared to the prior year was attributed to accelerated research and development activities and general administrative expenses related to the late-stage ENSURE trials.

Immunic also strengthened its intellectual property portfolio, securing a key European patent for vidofludimus calcium dosing that is expected to extend protection until 2038.