IMMUNIC, INC.
IMUX evidence brief
What we can confirm
- BioSniper Score:
- 7.6 / 10
- Market Cap:
- $155.8M
- Lead Asset:
- imu-856 (Phase 3)
What it means
What to watch
Prepared research question
What matters most for IMUX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · IMUX
IMMUNIC, Inc. (IMUX) is a late-stage biotechnology company developing oral small-molecule therapies for neurologic and inflammatory diseases, with its lead asset vidofludimus calcium (IMU-838) in Phase 3 trials for multiple sclerosis.
Key risk: Net loss and cash burn
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$155.8M
Cash Runway
—
Lead Asset
imu-856 (Phase 3)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates for IMMUNIC, INC..
IMMUNIC, Inc. (IMUX) is a late-stage biotechnology company developing oral small-molecule therapies for neurologic and inflammatory diseases, with its lead asset vidofludimus calcium (IMU-838) in Phase 3 trials for multiple sclerosis.
- Lead drug vidofludimus calcium (IMU-838) is a Nurr1 activator being evaluated in Phase 3 ENSURE trials for relapsing MS and Phase 2 CALLIPER trial for progressive MS [news · published 2025-06-05].
- Cash and equivalents of $155.1M as of 2026-06-30, with net income of -$34.1M and shareholders' equity of $127.6M [sec].
- In February 2026, the company announced an oversubscribed private placement expected to raise up to $400M to support late-stage MS trials and potential commercialization [news · published 2026-02-15].
- Pipeline candidate IMU-856, a SIRT6 modulator, is in Phase 3 for celiac disease and other indications, with a global commercialization partnership with Daiichi Sankyo [pipeline].
- Phase 3 ENSURE-1 and ENSURE-2 trials for relapsing MS started in November 2021 and January 2022, respectively [catalyst].
What works
- Vidofludimus calcium has generated positive Phase 2 data in both relapsing-remitting and progressive MS, supporting advancement to Phase 3 [news · published 2025-06-05].
- The company secured up to $400M in private placement funding in early 2026, providing substantial capital for late-stage trials and pre-commercialization activities [news · published 2026-02-15].
- A partnership with Daiichi Sankyo for IMU-856 provides a global commercialization pathway and potential milestone payments [pipeline].
What to weigh
- The company reported a net loss of $34.1M for the period ending 2026-06-30, indicating ongoing operating deficits [sec].
- Phase 3 ENSURE trials for relapsing MS began in 2021-2022, and key data readouts are still awaited, with results expected by year-end 2026 [news · published 2026-08-11].
- The pipeline is heavily concentrated on vidofludimus calcium, with limited diversification across other programs [news · published 2026-05-28].
From the filings
Quoted directly from source documents.
Immunic is a late-stage biotechnology company developing oral therapies for neurologic diseases.
“Immunic, Inc.(Nasdaq: IMUX), a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic diseases”
News · May 28, 2026
Phase 3 ENSURE trials for relapsing MS have completed enrollment.
“announced the completion of enrollment for both phase 3 ENSURE trials of lead asset, nuclear receptor-related 1 (Nurr1) activator, vidofludimus calcium (IMU-838), in patients with relapsing multiple sclerosis”
News · June 5, 2025
Private placement expected to raise up to $400M.
“announced an oversubscribed private placement of pre-funded and common warrants expected to raise up to US$400,000,000”
News · February 15, 2026
Catalyst timeline
- 2021-11-18 · Phase 3 ENSURE-1 trial start for relapsing MS — Multi-center, randomized, double-blinded study of IMU-838 versus placebo.
- 2022-01-12 · Phase 3 ENSURE-2 trial start for relapsing MS — Second Phase 3 study of IMU-838 versus placebo in relapsing MS.
Risks & what to watch (3)›
Key risks
- Net loss and cash burn — Net loss of $34.1M as of 2026-06-30; cash runway depends on trial timelines and future financing [sec].
- Phase 3 trial outcome uncertainty
- Pipeline concentration — Heavy reliance on vidofludimus calcium; limited pipeline diversification [news · published 2026-05-28].
What to watch
- Phase 3 ENSURE trial results for vidofludimus calcium in relapsing MS, expected by year-end 2026 [news · published 2026-08-11].
- Progress of Phase 3 program for IMU-856 in celiac disease and partnership milestones with Daiichi Sankyo [pipeline].
- Cash runway and potential need for additional financing given net loss of $34.1M as of 2026-06-30 [sec].
- Leadership changes and commercialization preparations following the $400M private placement [news · published 2026-02-15].
Sources: Catalysts · News · Pipeline · Generated October 2, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.25 · 0% dilution
Lead: Phase 3
2 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
78
Total value held
$77.8M
| Holder | Shares | Value |
|---|---|---|
| avidity partners management lp | 7,369,352 | $13.9M |
| aberdeen group plc | 8,243,941 | $9.2M |
| bvf inc/il | 7,652,972 | $8.5M |
| vanguard capital management llc | 5,138,316 | $5.7M |
| soleus capital management, l.p. | 4,500,000 | $5.0M |
| laurion capital management lp | 3,882,162 | $4.3M |
| millennium management llc | 3,779,922 | $4.2M |
| morgan stanley | 3,288,540 | $3.7M |
| nantahala capital management, llc | 2,506,491 | $2.8M |
| 683 capital management, llc | 2,450,000 | $2.7M |
Showing top 10 of 78 institutional holders of IMMUNIC, INC.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 7.7%
- Days to cover
- 2.9
- Shares short
- 8,954,740
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IMUX short interestGovernance
Frequently asked questions
What is the AI investment thesis for IMMUNIC, INC.?
IMMUNIC, Inc. (IMUX) is a late-stage biotechnology company developing oral small-molecule therapies for neurologic and inflammatory diseases, with its lead asset vidofludimus calcium (IMU-838) in Phase 3 trials for multiple sclerosis.
What is IMMUNIC, INC.'s lead drug candidate?
IMMUNIC, INC.'s most advanced tracked candidate is imu-856 (Phase 3) for celiac disease, inflammatory bowel disease, Graft-versus-Host-Disease, and weight management.
Who is the CEO of IMMUNIC, INC.?
Mr. Erik Lundgren is the chief executive officer of IMMUNIC, INC. (IMUX).
Where is IMMUNIC, INC. headquartered?
IMMUNIC, INC. (IMUX) is headquartered in New York, NY, United States.
What therapeutic areas does IMMUNIC, INC. focus on?
IMMUNIC, INC. develops therapies across Neurology, Immunology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.