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• Vidofludimoid (IMU-838): An oral small molecule drug candidate being developed for chronic autoimmune and inflammatory diseases such as Multiple Sclerosis, Crohn's Disease, and Psoriasis.
• IMU-935: An oral selective inverse agonist of RORγt being developed for the treatment of autoimmune diseases.
• IMU-856: An oral small molecule drug candidate targeting Sirtuin 6 (SIRT6) to restore intestinal barrier function, currently in preclinical development for gastrointestinal diseases.

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Immunic (symbol: IMUX) is a biopharmaceutical company in the research and development stage, focused on developing oral therapies for chronic inflammatory and autoimmune diseases. As an R&D-stage company, Immunic does not currently have approved products for sale and therefore does not sell directly to individuals or traditional pharmaceutical distributors.

Historically, Immunic's primary source of revenue has been grant income. Based on their financial filings, a major customer providing this grant funding, which can be considered an "other company" in the context of revenue generation, has been:

• German Federal Ministry of Education and Research (BMBF)

The BMBF is a governmental entity and does not have a stock symbol.

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Dr. Daniel Vitt, Chief Executive Officer and Director

Dr. Vitt co-founded Immunic in January 2017 and has served as CEO, President, and Director since its reverse takeover transaction with Vital Therapies in 2019. He previously co-founded 4SC AG in 1997, a publicly traded company where he served as Chief Scientific Officer and Chief Development Officer, growing it from a research-stage startup to an advanced therapeutic development organization with multiple clinical-stage candidates. Dr. Vitt is also a member of the advisory board of the venture capital fund "Wachstumsfond Bayern 2."

Glenn Whaley, Chief Financial Officer

Mr. Whaley joined Immunic in December 2019 as Principal Accounting Officer and Controller, was promoted to Vice President Finance, Principal Financial and Accounting Officer in April 2020, and became Chief Financial Officer in March 2022. He brings over 30 years of experience in accounting and finance. Prior to Immunic, he held roles of increasing responsibility at Pernix Therapeutics, serving as Vice President of Finance. He was also Vice President of Finance for Alvogen, Inc., and Corporate Controller for ImClone Systems, a biopharmaceutical company.

Jason Tardio, President and Chief Operating Officer

Mr. Tardio joined Immunic as Chief Operating Officer and President in July 2024. He previously served as Chief Operating Officer of Ovid Therapeutics Inc., where he led all functions of its commercial business, emphasizing the transition from a pre-commercial entity to a fully integrated, program-oriented commercial enterprise. Prior to Ovid, he was Vice President, Head of the Multiple Sclerosis Franchise at Novartis AG, where he successfully launched MAYZENT®. Mr. Tardio also spent nine years at Biogen Inc., holding various sales and marketing roles, and played a key role in launching AVONEX® PEN and PLEGRIDY® for relapsing forms of MS.

Dr. Andreas Muehler, Chief Medical Officer

Dr. Muehler joined Immunic in August 2016 and has over 25 years of leadership experience in the pharmaceutical industry across preclinical and clinical development, business development, licensing, private equity, and medical affairs marketing. He previously served as President and CEO of MicroMRI, Inc. and President of CAD Sciences, which he subsequently sold to iCAD Medical in 2006. Dr. Muehler also served as CEO and Vice President, Corporate Development at Cellectar Inc.

Dr. Hella Kohlhof, Chief Scientific Officer

Dr. Kohlhof joined Immunic in January 2017 as Chief Scientific Officer and is responsible for the company's scientific strategy. She also serves as Managing Director of Immunic's research subsidiary, Immunic Research GmbH. Dr. Kohlhof brings a strong scientific background in immunology and oncology and experience in drug development. In 2008, she joined 4SC AG as a scientific group leader, working on preclinical and clinical projects, including IMU-838 and IMU-935, and held positions including Director of Development Projects, responsible for 4SC's entire product development pipeline.

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Immunic (IMUX) is developing several product candidates for various inflammatory and autoimmune diseases:

• IMU-838 (Vidofludimus Calcium):
  • For Progressive Multiple Sclerosis (PPMS), the addressable market is over $6 billion.
  • The multiple sclerosis therapeutics market in the U.S. is approximately $20.9 billion.
  • For Inflammatory Bowel Disease (IBD), which includes ulcerative colitis and Crohn's disease, the gastroenterology market in the U.S. is $37.6 billion.
• IMU-856:
  • For weight management/obesity, the global market is expected to reach more than $170 billion by 2031.
• IMU-935:
  • No specific market size information was found.

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Immunic (NASDAQ: IMUX) is a biotechnology company with several key programs in its clinical pipeline that are expected to drive future revenue growth over the next 2-3 years. The primary drivers are centered around the successful development and potential commercialization of its lead drug candidates.

1. Commercialization of Vidofludimus Calcium (IMU-838) for Relapsing Multiple Sclerosis (RMS)

   The most significant driver of future revenue growth for Immunic is the potential approval and commercialization of vidofludimus calcium (IMU-838) for the treatment of relapsing multiple sclerosis (RMS). The company is conducting twin Phase 3 ENSURE trials for this indication, and an interim analysis indicated that the trials are not futile and should continue as planned. Top-line data from the first ENSURE trial is anticipated by the second quarter of 2026, with the second trial's results expected in the second half of 2026. If approved, vidofludimus calcium has a projected peak sales potential ranging from USD 2 billion to USD 6 billion, reflecting its significant market opportunity. Immunic is already ramping up efforts in preparation for a potential commercial launch.

2. Potential Expansion of Vidofludimus Calcium (IMU-838) into Progressive Multiple Sclerosis (PMS)

   Another crucial driver is the potential expansion of vidofludimus calcium (IMU-838) into progressive multiple sclerosis (PMS). Immunic's Phase 2 CALLIPER trial for vidofludimus calcium in PMS is ongoing, with top-line data expected in April 2025. Preliminary results from this trial have shown a reduction in neurofilament light chain (NfL) levels, hinting at potential neuroprotective effects of the drug. Positive outcomes from this trial could lead to further clinical development and eventually open up another substantial market for IMU-838, positioning it as a unique treatment with combined anti-inflammatory, antiviral, and neuroprotective effects.

3. Advancement and Potential Commercialization of IMU-856 for Gastrointestinal Diseases

   Immunic's pipeline also includes IMU-856, a program targeting the regeneration of bowel epithelium and restoration of intestinal barrier function. This drug candidate holds potential for treating various gastrointestinal diseases, including celiac disease, inflammatory bowel disease, Graft-versus-Host-Disease, and could even have applications in weight management. The progression of this program through clinical trials and towards commercialization represents a distinct revenue stream outside of multiple sclerosis, diversifying Immunic's future growth opportunities.

4. Strategic Partnerships and Collaborations

   Immunic has reported ongoing interest from other pharmaceutical companies for potential partnerships, driven by the innovative profile and market potential of its lead asset, vidofludimus calcium. Such strategic collaborations could lead to significant upfront payments, milestone payments, and future royalty revenues upon successful development and commercialization of its pipeline assets. These partnerships can also provide non-dilutive funding and leverage the resources and expertise of larger pharmaceutical companies, accelerating market access and revenue generation.

5. Realization of Positive Analyst Revenue Forecasts

   Analysts covering Immunic anticipate significant revenue growth in the coming years. While the company reported no product revenues in 2024, some Wall Street analysts forecast Immunic's revenue for 2026 to be approximately $1.6 billion. Furthermore, analysts expect Immunic to become profitable over the next three years, with positive profits of approximately US$52 million projected for 2027. These forecasts are predicated on the successful progression of Immunic's clinical pipeline, particularly the approval and market entry of vidofludimus calcium, indicating that the market expects these pipeline advancements to translate into substantial top-line growth.

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Share Issuance

• Immunic closed an oversubscribed $65 million underwritten public offering in June 2025, which included pre-funded warrants and Series A and B warrants, with potential for up to an additional $130 million if all warrants are exercised in full.
• In April 2025, the company completed a $5.1 million registered direct offering, selling 5,666,667 shares of common stock at $0.90 per share.
• In January 2024, Immunic announced a private placement that could raise up to $240 million in a three-tranche offering, with the first tranche providing $80 million upfront.

Inbound Investments

• The $65 million public offering in June 2025 was co-led by BVF Partners and Coastlands Capital, and included participation from Aberdeen Investments, Adage Capital Partners LP, and Janus Henderson Investors, among others.
• Aberdeen Investments led the $5.1 million registered direct offering that closed in April 2025.
• The private placement announced in January 2024, with potential proceeds of up to $240 million, was led by BVF Partners L.P., and involved Avidity Partners and Janus Henderson Investors.

Capital Expenditures

• For the last 12 months, Immunic's capital expenditures amounted to -$136,000.
• The company's primary focus for capital allocation is funding clinical trials and operations for its pipeline of orally administered therapies for chronic inflammatory and autoimmune diseases.
• Research and Development expenses increased in the second quarter of 2025 due to advancing the vidofludimus calcium programs.