IMMUNIC, INC. IMUX
Immunic, Inc. ("Immunic," "we," "us," "our" or the "Company") is a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic and gastrointestinal diseases. We are headquartered in New York City with our main operations in Gräfelfing near Munich, Germany. We had 92 employees as of February 1, 2026.
We are pursuing clinical development of orally administered, small molecule programs, each of which has unique features intended to directly address the unmet needs of patients with serious chronic inflammatory and autoimmune diseases. These include the vidofludimus calcium (IMU-838) program, which is in Phase 3 clinical development for patients with relapsing multiple sclerosis ("RMS"), and which has shown therapeutic activity in Phase 2 clinical trials in patients suffering from relapsing-remitting multiple sclerosis ("RRMS"), progressive multiple sclerosis ("PMS") and other diseases; the IMU-856 program, which is targeted to regenerate bowel epithelium and restore intestinal barrier function, which could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease, inflammatory bowel disease ("IBD"), and Graft-versus-Host-Disease ("GvHD"); and the IMU-381 program, which comprises next-generation molecules in preclinical testing for neurologic, gastrointestinal and other autoimmune diseases leveraging our nuclear receptor-related 1 ("Nurr1") platform.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $82.0M | $80.0M | $83.2M | $71.3M | $61.1M | $38.6M | $22.5M | $9.6M | $39.3M | $30.0M |
| SG&A | $21.2M | $18.0M | $16.0M | $15.3M | $13.3M | $10.3M | $14.5M | $2.4M | $13.3M | $11.2M |
| Total operating expenses | $103.2M | $98.1M | $99.2M | $119.5M | $91.7M | $49.0M | $37.0M | $12.0M | $52.7M | $41.3M |
| Operating income | -$103.2M | -$98.1M | -$99.2M | -$119.5M | -$91.7M | -$49.0M | -$37.0M | -$12.0M | -$52.7M | -$41.3M |
| Pre-tax income | -$97.2M | — | — | — | — | — | — | -$41.5M | -$52.1M | -$41.0M |
| Income tax | $0 | — | — | — | — | — | — | — | — | — |
| Net income | -$97.2M | -$100.5M | -$93.6M | -$120.4M | -$92.9M | -$44.0M | -$34.9M | -$11.5M | -$52.1M | -$41.0M |
| EPS, basic | -0.62 | -1.00 | -2.11 | -3.78 | -3.93 | -2.81 | — | — | — | — |
| EPS, diluted | -0.62 | -1.00 | -2.11 | -3.78 | -3.93 | -2.81 | -4.52 | -13.63 | -1.31 | -1.31 |
| Shares, diluted (wtd. avg.) | 155.7M | 100.2M | 44.3M | 31.8M | 23.7M | 15.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $15.5M | $35.7M | $46.7M | $106.7M | $86.9M | $127.5M | $29.4M | $13.1M | $4.5M | $60.0M |
| Total current assets | $22.9M | $39.3M | $52.5M | $125.9M | $105.0M | $133.7M | $32.2M | $13.3M | $58.1M | $61.5M |
| Property, plant and equipment | $608.0K | $545.0K | $466.0K | $294.0K | $152.0K | $203.0K | $80.0K | $40.0K | $2.2M | $2.5M |
| Goodwill | — | — | — | $0 | $33.0M | $33.0M | $33.0M | $0 | — | — |
| Total assets | $24.1M | $40.9M | $54.3M | $127.8M | $139.1M | $167.9M | $66.0M | $13.4M | $60.4M | $64.0M |
| Accounts payable | $10.1M | $7.8M | $5.1M | $4.3M | $3.7M | $3.7M | $2.4M | $1.4M | $1.0M | $780.0K |
| Total current liabilities | $30.6M | $22.2M | $24.7M | $13.1M | $11.4M | $8.4M | $7.1M | $1.9M | $10.3M | $5.5M |
| Total liabilities | $30.7M | $22.4M | $25.4M | $14.1M | $12.0M | $9.1M | $7.6M | $1.9M | — | — |
| Retained earnings | -$608.6M | -$511.4M | -$410.9M | -$317.3M | -$196.9M | -$103.9M | -$59.9M | -$25.0M | -$296.0M | -$243.8M |
| Total equity | -$6.7M | $18.4M | $28.9M | $113.7M | $127.1M | $158.8M | $58.4M | -$25.7M | -$13.3M | $58.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$85.8M | -$84.8M | -$70.8M | -$65.1M | -$83.2M | -$46.1M | -$28.5M | -$9.7M | -$40.4M | -$35.8M |
| Depreciation and amortisation | $168.0K | $134.0K | $111.0K | $77.0K | $85.0K | $39.0K | $50.0K | $15.0K | $998.0K | $1.8M |
| Stock-based compensation | $8.9M | $8.5M | $7.1M | $7.9M | $5.9M | $2.7M | $6.5M | $0 | $5.5M | $4.7M |
| Capital expenditure | $161.0K | $264.0K | $334.0K | $112.0K | $67.0K | $146.0K | $55.0K | $32.0K | $685.0K | $556.0K |
| Investing cash flow | -$161.0K | -$264.0K | $9.5M | -$9.7M | -$67.0K | -$146.0K | $10.5M | -$32.0K | -$678.0K | -$21.0K |
| Financing cash flow | $65.6M | $74.5M | $1.0M | $95.8M | $42.8M | $144.4M | $34.9M | $19.3M | $38.0M | $12.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193805-26-000493.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$41.0M | -$52.1M | -$11.5M | -$34.9M | -$44.0M | -$92.9M | -$120.4M | -$93.6M | -$100.5M | -$97.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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