IMUX · Immunic, Inc.

Immunic's Q1 2026 results reflect increased investment in its lead asset vidofludimus calcium as the company approaches a pivotal data readout. R&D expenses rose to $25.6 million from $21.5 million in the prior year quarter, driven by a $2.9 million increase in external development costs for the vidofludimus calcium program and a $1.0 million increase in personnel expenses including stock compensation. G&A expenses increased to $7.6 million from $5.3 million, primarily due to a $2.0 million rise in personnel expenses, largely non-cash stock compensation. Net loss widened to $32.6 million ($1.08 per share) from $25.5 million ($2.51 per share) in Q1 2025, with the per-share impact moderated by a higher share count following the February 2026 private placement and subsequent reverse stock split. The company ended the quarter with $186.6 million in cash, which management expects to fund operations into late 2027, covering the completion of the phase 3 ENSURE trials and the planned NDA submission in mid-2027. The oversubscribed private placement of up to $400 million, with $200 million received upfront, signals strong investor confidence. Management highlighted the appointment of Dr. Michael Panzara as CMO and the initiation of a CEO search with commercial expertise, positioning the company for potential commercialization. The reverse stock split and regained Nasdaq compliance address listing requirements. Overall, the quarter underscores Immunic's focus on executing its late-stage clinical program while strengthening its leadership and balance sheet.