Immunic, Inc. (IMUX) has announced an oversubscribed private placement of up to $400 million, a financing designed to support the company's transition from a late-stage R&D organization into a fully integrated commercial-stage biotechnology company.
The private placement, priced at-the-market under Nasdaq rules, will provide $200 million in upfront gross proceeds, with the potential for an additional $200 million through warrant exercises.
Private Placement Structure
Under the securities purchase agreement, Immunic will issue:
•229.07 million pre-funded warrants at $0.873 each, generating the initial $200 million.
•Additional warrants to purchase up to 229.07 million shares (or pre-funded warrants) at the same exercise price, enabling up to $200 million in further proceeds.
The warrants will expire on the earlier of 30 days after the announcement of Phase 3 ENSURE top-line data or February 17, 2031. The private placement is expected to close on or about February 17, 2026, subject to customary conditions.
Immunic expects that the proceeds from this financing, combined with existing cash and marketable securities, will fund operations into late 2027.
Additional Agreement on Series B Warrants
Separately, Immunic entered into a purchase and sale agreement with certain holders of Series B Warrants issued in May 2025. In exchange for cancellation of these warrants, the company granted the right to receive a portion of an aggregate 5% royalty on future net sales of Vidofludimus calcium. The agreement is also expected to close on or about February 17, 2026.
Immunic stated that proceeds from the financing will fund several major initiatives central to its commercial transformation, including:
•Completion of the Phase 3 ENSURE trials of Vidofludimus calcium in relapsing multiple sclerosis (RMS), with top-line data expected by end of 2026.
•Preparation for a potential U.S. NDA submission in mid-2027, targeting a possible approval in 2028.
•Initiation of a Phase 3 clinical program in primary progressive multiple sclerosis (PPMS) later this year, expected to take approximately 3.5 to 4 years to complete.
•Pre-commercial ramp-up, including expansion of medical and commercial teams.
Vidofludimus calcium, the company's lead asset, is designed to combine direct neuroprotective effects via Nurr1 activation with anti-inflammatory activity through selective DHODH inhibition-addressing both relapse-associated worsening and progression independent of relapse activity.
As part of the transition, Immunic announced several leadership updates:
•Simona Skerjanec, former SVP, Global Head of Neuroscience and Rare Diseases at Roche, has been elevated to Interim Chairperson of the Board.
•Thor Nagel, Principal at BVF Partners L.P., has joined the Board of Directors.
•The company will initiate a search for a new CEO with commercial expertise in the MS space.
•Current CEO and Co-Founder Dr. Daniel Vitt will transition to a senior scientific role while remaining on the Board.
The Board also plans further refreshment to align with Immunic's commercial objectives, with additional director changes expected ahead of the 2026 and 2027 annual meetings.
IMUX has traded between $0.50 and $1.39 over the past year. The stock closed Thursday's trading at $0.87, up 17.22%, and rose further in the pre-market trading to $1.12, up 28.72%.
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