Immunic, Inc. (IMUX)
NASDAQ:IMUX
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Immunic
(NASDAQ:IMUX)
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Rating:46Neutral
Price Target:
$1.00
▼(-2.91% Downside)
Action:ReiteratedDate:03/31/26
The score is primarily constrained by weak financial performance (no revenue, sustained losses, heavy cash burn, and negative equity), which elevates funding and execution risk. Technicals are mixed but not decisively bearish, while corporate events provide some support via substantial financing and leadership additions, partially offset by listing-compliance risk. Valuation signals remain challenged due to negative earnings and no dividend data.
Positive Factors
Secured financing / runway
The $200M oversubscribed financing materially reduces near-term refinancing risk and funds completion of pivotal MS programs through late 2027. This gives management breathing room to finish phase 3 readouts and position the company for regulatory/ commercial decisions without immediate cash pressure.
Negative Factors
Pre-revenue and sustained losses
The company remains pre-revenue with multi-year, large net losses and no operating leverage. Persistent losses erode capital and shareholder equity over time, meaning long-term viability depends on successful trial outcomes or continual external financing, increasing dilution and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Secured financing / runway
The $200M oversubscribed financing materially reduces near-term refinancing risk and funds completion of pivotal MS programs through late 2027. This gives management breathing room to finish phase 3 readouts and position the company for regulatory/ commercial decisions without immediate cash pressure.
Read all positive factors
Immunic (IMUX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$134.38M
Dividend YieldN/A
Average Volume (3M)3.07M
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue GrowthN/A
EPS Growth30.16%
CountryUS
Employees91
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.10
Shares Outstanding130,464,830
10 Day Avg. Volume2,092,158
30 Day Avg. Volume3,065,532
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)-124.52
Price to Sales (P/S)0.00
P/FCF Ratio-9.67
Enterprise Value/Market Cap0.71
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-2.26K
Enterprise Value/Ebitda-0.96
Forecast
1Y Price Target
$5.00Price Target Upside385.44% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.36
Revenue Forecast (FY)N/A
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 c...
How the Company Makes Money
null...
Immunic Earnings Call Summary
Earnings Call Date:Nov 07, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The earnings call presented significant positive developments, including strengthened leadership, progress in key clinical trials, and potential market impact of vidofludimus calcium. However, challenges such as increased R&D expenses and net losses were also noted. The sentiment leans slightly positive due to the promising clinical trial results and potential market opportunities.Positive Updates
Strengthened Management and Board
Appointment of Jason Tardio as President and COO and Simona Skerjanec to the Board, enhancing the team's expertise in drug commercialization and development.
Negative Updates
Increased R&D Expenses
R&D expenses increased to $21.4 million for Q3 2024 compared to $19.8 million in Q3 2023.
Read all updates
Q3-2024 Updates
Positive
Negative
Strengthened Management and Board
Appointment of Jason Tardio as President and COO and Simona Skerjanec to the Board, enhancing the team's expertise in drug commercialization and development.
Read all positive updates
Company Guidance
During the Q3 2024 earnings call for Immunic, the company provided several key metrics and guidance concerning its financial status and clinical development programs. Immunic ended the quarter with $59.1 million in cash, which is expected to fund operations into Q3 2025. R&D expenses were reported at $21.4 million for the quarter, reflecting an increase from the previous year due to costs associated with clinical trials, offset by savings from deprioritized programs. The net loss for the quarter was approximately $24.4 million or $0.24 per share. Significant clinical milestones were also discussed, including the anticipated top-line data from the Phase II CALLIPER trial in progressive MS expected in April 2025, and the continuation of the Phase III ENSURE trials in relapsing MS, with the first trial completion expected by Q2 2026. The company also highlighted ongoing interest from pharmaceutical companies for potential partnerships, driven by the innovative profile and market potential of their lead asset, vidofludimus calcium.Immunic Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -168.00K | 0.00 | -111.00K | 0.00 | 0.00 |
| EBITDA | -97.00M | -97.92M | -99.11M | -86.44M | -91.58M |
| Net Income | -97.17M | -100.51M | -93.61M | -120.41M | -92.94M |
Balance Sheet | |||||
| Total Assets | 24.05M | 40.87M | 54.30M | 127.75M | 139.10M |
| Cash, Cash Equivalents and Short-Term Investments | 15.48M | 35.67M | 46.67M | 116.37M | 86.86M |
| Total Debt | 684.00K | 1.00M | 1.33M | 1.56M | 992.00K |
| Total Liabilities | 30.73M | 22.44M | 25.37M | 14.07M | 11.98M |
| Stockholders Equity | -6.67M | 18.43M | 28.93M | 113.68M | 127.11M |
Cash Flow | |||||
| Free Cash Flow | -85.97M | -85.03M | -71.16M | -65.26M | -83.30M |
| Operating Cash Flow | -85.81M | -84.77M | -70.83M | -65.14M | -83.23M |
| Investing Cash Flow | -161.00K | -264.00K | 9.46M | -9.74M | -67.00K |
| Financing Cash Flow | 65.58M | 74.54M | 1.03M | 95.76M | 42.84M |
Immunic Technical Analysis
Neutral
1.03
Price Trends
0.94
Positive
0.80
Positive
0.83
Positive
Market Momentum
0.05
Positive
45.59
Neutral
25.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMUX, the sentiment is Neutral. The current price of 1.03 is below the 20-day moving average (MA) of 1.20, above the 50-day MA of 0.94, and above the 200-day MA of 0.83, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 45.59 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IMUX.
Immunic Risk Analysis
Immunic disclosed 74 risk factors in its most recent earnings report. Immunic reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Immunic Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $69.11M | -2.03 | 138.71% | ― | ― | -9.32% | |
52 Neutral | $110.65M | -6.36 | -119.19% | ― | -90.43% | -382.07% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $153.39M | -12.49 | -100.49% | ― | -98.30% | 26.62% | |
46 Neutral | $134.38M | ― | -1197.81% | ― | ― | 30.16% | |
45 Neutral | $38.73M | -0.48 | -122.43% | ― | -100.00% | -8.30% | |
44 Neutral | $71.67M | ― | -99.62% | ― | -19.15% | 10.90% |
* Healthcare Sector Average
IMUX
Immunic
1.03
-0.03
-3.29%
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0.73
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EQ
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Immunic Corporate Events
Business Operations and StrategyExecutive/Board Changes
Immunic Adds Veteran Biopharma Leader to Board
Positive
Mar 31, 2026
Immunic, Inc., a late-stage biotechnology company focused on oral therapies for neurologic diseases, has its lead candidate vidofludimus calcium in phase 3 clinical trials for relapsing multiple sclerosis, with top-line data expected by the end of...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Immunic Secures $200M Financing to Advance MS Programs
Positive
Feb 13, 2026
On February 12-13, 2026, Immunic, Inc. announced an oversubscribed private placement of pre-funded warrants and common stock warrants that will deliver $200 million in upfront gross proceeds, with the potential for an additional $200 million if th...
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Immunic Transfers Listing to Nasdaq Capital Market for Compliance
Negative
Jan 6, 2026
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 un...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.