Analysts Offer Insights on Healthcare Companies: Novan (NASDAQ: NOVN) and Immunic (NASDAQ: IMUX)We continue to view vidofludimus calcium as a potent next-generation DHODH inhibitor and additional Nurr1 activation may provide additionalneuroprotection over teriflunomide without the need for liver monitoring. However, with $35 million in cash as of the end of the third quarter, funds to fuel studies of vidofludimus calcium beyond the Phase III ENSURE studies in RMS continue to be a bottleneck for the company, though the company has cited an additional tranched $130 million in potential capital to fund company operations. Nonetheless, we view a potential partnership with Immunic for development of vidofludimus calcium in additional indications beyond RMS as worthwhile, and expect positive data from the Phase III ENSURE studies by year-end 2026, which evaluate vidofludimus calcium against placebo, not teriflunomide, to be a major catalyst for shares and reiterate our Outperform rating.