Immunic (IMUX) AI Stock Analysis

• Market Cap: $79.98M
• Dividend Yield: N/A
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.19
• Revenue Growth: N/A
• EPS Growth: 30.16%
• Country: US
• Employees: 91
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.13
• Shares Outstanding: 120,284,720
• 10 Day Avg. Volume: 1,452,958
• 30 Day Avg. Volume: 1,456,106
• PEG Ratio: 0.02
• Price to Book (P/B): 5.44
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.18
• Enterprise Value/Market Cap: 1.71
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -3.90K
• Enterprise Value/Ebitda: -1.31
• 1Y Price Target: $4.25
• Price Target Upside: 543.94% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.33
• Revenue Forecast (FY): $12.50M

• Rating: 44 Neutral
• Price Target: $0.67 ▲(1.36% Upside)

The score is weighed down primarily by weak financial performance (no revenue, large losses, and significant cash burn with worsening free cash flow) and a negative corporate event tied to Nasdaq bid-price compliance. Technicals provide only modest near-term support, while valuation offers limited support due to ongoing losses and no dividend.

Positive Factors

Oral small-molecule lead candidate

Immunic’s lead is an oral DHODH small molecule, a durable competitive advantage versus injectable biologics: oral delivery lowers manufacturing and distribution complexity, aids chronic outpatient use, and improves patient adoption potential across autoimmune indications if trials succeed.

Very low financial leverage

Extremely low debt reduces insolvency and interest burdens, preserving financial optionality during prolonged R&D cycles. This structural strength improves ability to raise equity on less onerous terms and supports sustained clinical programs without immediate refinancing pressure from lenders.

Focused pipeline in chronic immune diseases

A concentrated R&D focus on autoimmune and inflammatory indications builds domain expertise and operational efficiencies. Targeting large, chronic markets like MS and IBD gives structural commercial upside and optionality across indications if clinical data are positive, supporting long-term value creation.

Negative Factors

No revenue and persistent large losses

A pre-commercial model with deep, recurring losses means the company must rely on financing for runway. Sustained negative profitability erodes shareholder value, raises dilution risk, and leaves long-term viability contingent on successful trial outcomes and eventual product commercialization.

Accelerating cash burn and weak cash generation

Material and worsening free cash flow indicates rapidly depleting runway and intensifies the need for capital raises. Repeated financing can dilute shareholders and constrain strategic choices; it also reduces negotiating leverage with partners and limits internal funding of multiple clinical programs.

Nasdaq listing compliance and dilution risk

Transfer to the Capital Market plus a looming reverse-split option signals persistent share-price weakness and governance/listing risk. Such actions can reduce investor confidence, concentrate ownership, and precede or accompany dilutive financings, impacting long-term shareholder value and capital strategy.

Immunic Business Overview & Revenue Model

Company Description

Immunic, Inc., a clinical-stage biopharmaceutical company, develops a pipeline of selective oral immunology therapies for the treatment of chronic inflammatory and autoimmune diseases. Its lead development program is IMU-838, which is in Phase 2 clinical for treatment of relapsing-remitting multiple sclerosis, inflammatory bowel disease, and other chronic inflammatory and autoimmune diseases, as well as to treat coronavirus disease. The company is also developing IMU-935, an inverse agonist of ROR?t; and IMU-856 for the restoration of the intestinal barrier function in patients suffering from diseases, such as inflammatory bowel disease, irritable bowel syndrome with diarrhea, immune checkpoint inhibitor induced colitis, and other intestinal barrier function diseases. Immunic, Inc. is headquartered in New York, New York.

How the Company Makes Money

Immunic makes money primarily through the development and commercialization of its drug candidates. The company focuses on advancing its pipeline through clinical trials, with the aim of achieving regulatory approval and subsequently marketing these therapies. Revenue is anticipated to be generated through direct sales, licensing agreements, and partnerships with larger pharmaceutical companies, which may include upfront payments, milestone payments, and royalties on sales. As a clinical-stage company, Immunic may also rely on funding from investors, grants, or other financial instruments to support its research and development activities.

Immunic Financial Statement Overview

Summary

Immunic's financials reflect the typical profile of a biotech company in the R&D phase, with no revenues, high operating losses, and dependence on external financing. The firm's financial health is challenged by persistent negative cash flows and shrinking cash reserves, posing a significant risk to long-term sustainability without successful product commercialization or additional funding.

Income Statement

Immunic has consistently reported zero revenue, indicating no commercialized products or services. The consistent and significant net losses highlight the company's high R&D and operational costs typical for early-stage biotech firms. The lack of revenue growth and persistent negative profit margins suggest challenges in transitioning from research to revenue generation.

Balance Sheet

Immunic's balance sheet shows a high equity ratio, indicating reliance on equity financing. The debt-to-equity ratio is low, suggesting limited leverage risk. However, the company's declining equity and asset base over time may constrain future funding and operational capabilities. The cash reserves, though decreasing, still represent a significant portion of total assets.

Cash Flow

The company's cash flow is heavily negative, driven by substantial operating cash outflows. Though free cash flow is negative, indicative of high cash burn, Immunic has managed to secure financing to support operations. However, the sustainability of this financing amidst declining cash reserves remains a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-35.00K	0.00	-111.00K	0.00	0.00	0.00
EBITDA	-104.54M	-97.92M	-99.11M	-86.44M	-91.58M	-48.93M
Net Income	-103.05M	-100.51M	-93.61M	-120.41M	-92.94M	-44.02M
Balance Sheet
Total Assets	40.70M	40.87M	54.30M	127.75M	139.10M	167.86M
Cash, Cash Equivalents and Short-Term Investments	35.13M	35.67M	46.67M	116.37M	86.86M	127.45M
Total Debt	126.00K	1.00M	1.33M	1.56M	992.00K	976.00K
Total Liabilities	30.20M	22.44M	25.37M	14.07M	11.98M	9.08M
Stockholders Equity	10.50M	18.43M	28.93M	113.68M	127.11M	158.78M
Cash Flow
Free Cash Flow	-89.64M	-85.03M	-71.16M	-65.26M	-83.30M	-46.27M
Operating Cash Flow	-89.49M	-84.77M	-70.83M	-65.14M	-83.23M	-46.12M
Investing Cash Flow	-153.00K	-264.00K	9.46M	-9.74M	-67.00K	-146.00K
Financing Cash Flow	65.59M	74.54M	1.03M	95.76M	42.84M	144.43M

Immunic Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.66
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMUX, the sentiment is Positive. The current price of 0.66 is above the 20-day moving average (MA) of 0.60, below the 50-day MA of 0.66, and below the 200-day MA of 0.84, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.41 is Neutral, neither overbought nor oversold. The STOCH value of 76.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMUX.

Immunic Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NRXP	50 Neutral	$65.72M	-0.90	―	―	―	-9.32%
VTVT	48 Neutral	$142.59M	-11.23	-54.87%	―	-98.30%	26.62%
IMUX	44 Neutral	$79.98M	―	-398.50%	―	―	30.16%
EQ	44 Neutral	$70.03M	-1.74	-90.24%	―	-90.43%	-382.07%
HOWL	44 Neutral	$27.89M	-0.35	-122.43%	―	-100.00%	-8.30%
ATYR	42 Neutral	$66.92M	-0.85	-103.22%	―	-19.15%	10.90%

Immunic Corporate Events

Immunic Transfers Listing to Nasdaq Capital Market for Compliance

On January 5, 2026, Immunic, Inc. received approval to transfer the listing of its common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market, effective at the opening of trading on January 7, 2026, while continuing to trade under the symbol IMUX. The move follows a June 27, 2025 notice that Immunic had fallen out of compliance with Nasdaq’s $1.00 minimum bid price requirement and had not remedied the deficiency by the December 24, 2025 deadline; the transfer grants the company an additional 180-day grace period, until June 22, 2026, to lift its share price back above $1.00 for at least 10 consecutive business days or face potential delisting, and Immunic has informed Nasdaq it will seek to implement a reverse stock split if needed to regain compliance.

The most recent analyst rating on (IMUX) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Immunic stock, see the IMUX Stock Forecast page.