Immunic (IMUX) AI Stock Analysis

• Market Cap: $83.36M
• Dividend Yield: N/A
• Average Volume (3M): 1.88M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.59
• Revenue Growth: N/A
• EPS Growth: 51.02%
• Country: US
• Employees: 91
• Sector: Healthcare
• Sector Strength: 58
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 95,817,535
• 10 Day Avg. Volume: 3,971,599
• 30 Day Avg. Volume: 1,879,832
• PEG Ratio: -0.01
• Price to Book (P/B): 0.39
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.68
• Enterprise Value/Market Cap: -0.73
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 1.96K
• Enterprise Value/Ebitda: 0.16
• 1Y Price Target: $13.80
• Price Target Upside: 1625.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 37 Underperform
• Price Target: ―

Immunic's overall stock score is primarily impacted by its challenging financial performance, marked by high R&D costs without corresponding revenue. Technical analysis shows moderate short-term bullish signals, but long-term valuation remains unattractive due to negative earnings and lack of dividends. The company's ability to improve its financial position relies heavily on successful product commercialization or securing additional funding.

Positive Factors

Clinical Trial Data

IMUX reported positive disability outcome data from their Ph 2 CALLIPER study in progressive MS, which is supportive of a path forward.

Financing

IMUX successfully completed a financing for $65M in upfront proceeds to extend their cash runway.

Phase 2 Results

The company recently reported positive Phase 2 CALLIPER trial topline results for oral candidate vidofludimus calcium in progressive multiple sclerosis, importantly supporting neuroprotection benefit and effect on disease progression independent of relapse activity.

Negative Factors

Brain Volume Endpoint

The primary endpoint of brain volume did not show an effect, which can weigh negatively on perceptions of the study results.

Cash Position

The approximately $14.3M cash and equivalents through 1Q25 are not anticipated to fund operations for at least the next twelve months, necessitating the need for additional capital.

Financing Overhang

The company has a clear financing overhang, as an $80 million tranche from the January 2024 PIPE is only triggered if the stock trades at a 10-day volume-weighted price of $8.00 or above within 6 months following the Phase IIb CALLIPER release.

Immunic Business Overview & Revenue Model

Company Description

Immunic, Inc. (IMUX) is a clinical-stage biopharmaceutical company focused on developing a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases. The company's lead product candidate, IMU-838, is an orally available, selective immune modulator that targets diseases such as multiple sclerosis and inflammatory bowel disease. Immunic leverages its proprietary technology platforms to advance its pipeline of innovative therapies.

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
-31.00K	0.00	-111.00K	-77.00K	-85.00K	-39.00K
	EBIT
-101.00M	-98.05M	-99.22M	-119.49M	-91.67M	-48.97M
	EBITDA
-100.89M	-100.37M	-99.11M	-120.33M	-92.86M	-48.93M
	Net Income Common Stockholders
-96.40M	-100.51M	-93.61M	-154.30M	-92.79M	-43.96M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
14.30M	35.67M	46.67M	116.37M	86.86M	127.45M
	Total Assets
20.52M	40.87M	54.30M	127.75M	139.10M	167.86M
	Total Debt
210.00K	1.00M	1.33M	1.56M	584.00K	679.00K
	Net Debt
-14.09M	-34.66M	-45.34M	-105.18M	-86.28M	-126.77M
	Total Liabilities
210.00K	22.44M	25.37M	14.07M	11.98M	9.08M
	Stockholders Equity
-5.29M	18.43M	28.93M	113.68M	127.11M	158.78M
Cash Flow		Free Cash Flow
-82.85M	-85.03M	-71.16M	-65.26M	-83.30M	-46.27M
	Operating Cash Flow
-82.57M	-84.77M	-70.83M	-65.14M	-83.23M	-46.12M
	Investing Cash Flow
-280.00K	-264.00K	9.46M	-9.74M	-67.00K	-146.00K
	Financing Cash Flow
77.00K	74.54M	1.03M	95.76K	42.84K	144.43M

Immunic Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.80
• 50DMA: Negative
• 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 Negative. The current price of 0.8 is below the 20-day moving average (MA) of 0.84, below the 50-day MA of 0.95, and below the 200-day MA of 1.16, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 42.45 is Neutral, neither overbought nor oversold. The STOCH value of 69.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMUX.

Immunic Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	54 Neutral	$5.41B	3.27	-45.10%	3.29%	16.81%	0.02%
CCCC	48 Neutral	$107.93M	―	-45.55%	―	98.56%	37.97%
ZNTL	46 Neutral	$105.05M	―	-59.45%	―	―	48.92%
IMUX	37 Underperform	$83.36M	―	-246.26%	―	―	51.02%
PLRX	37 Underperform	$90.24M	―	-63.22%	―	-100.00%	-26.44%
VOR	33 Underperform	$27.49M	―	-125.43%	―	―	2.98%

Immunic Corporate Events

Immunic Announces $5.1 Million Securities Purchase Agreement

On April 9, 2025, Immunic, Inc. announced a securities purchase agreement with institutional and accredited investors for the issuance and sale of 5,666,667 shares of common stock, priced at $0.90 per share, generating gross proceeds of approximately $5.1 million. The offering, expected to close on April 10, 2025, aims to fund clinical trials, operations, and other corporate purposes, with Titan Partners Group acting as the sole placement agent. The net proceeds after expenses are anticipated to be around $4.6 million, impacting Immunic’s operational funding and market positioning.

Spark’s Take on IMUX Stock

According to Spark, TipRanks’ AI Analyst, IMUX is a Underperform.

Immunic’s financial performance is the most significant factor, with consistent net losses and negative cash flow posing a substantial risk. Technical analysis suggests a bearish trend but potential for an oversold bounce. Valuation is low due to negative earnings and no dividend, indicating high risk and limited immediate return prospects.

To see Spark’s full report on IMUX stock, click here.