Announcement • Feb 19

Immunic, Inc. Announces Positive Top-Line Data From Investigator-Sponsored Phase 2 Proof-of-Concept Clinical Trial of IMU-838 in Primary Sclerosing Cholangitis

Immunic, Inc. announced positive top-line data from an investigator-sponsored phase 2 proof-of-concept clinical trial of IMU-838 in primary sclerosing cholangitis (PSC). This single-arm, open-label, exploratory study was designed to investigate IMU-838's potential to improve various biochemical parameters in PSC patients and help determine whether any such activity warrants further investigation in randomized PSC trials. As previously announced, due to the COVID-19 pandemic, only 18 of the targeted 30 patients were enrolled in the study (intent-to-treat population, ITT), of whom only 11 patients completed the full IMU-838 treatment course and were evaluable over the 24-week treatment period (per-protocol population, PP). The PP population experienced a statistically significant decrease in serum alkaline phosphatase (ALP) levels (p=0.041) after 24 weeks of treatment using 30 mg IMU-838 once daily, as compared to baseline. A consistent individual pattern of a stable decrease in ALP values was observed in the PP population between baseline and week 24, without any single patient showing an increase of more than 20% of ALP. As per the definition of the primary objective of the study, 27.3% of the patients in the PP population had a clinically relevant reduction of serum ALP higher than 25% at week 24, without an increase in liver biochemistry of more than 33%, as compared to baseline. Biochemical endpoints, such as changes in serum ALP, have been used in PSC trials performed by third parties. Regarding the secondary objectives of the study, no changes in aspartate aminotransferase (AST), alanine aminotransferase (ALT), or total, direct or indirect bilirubin were observed in the ITT or PP populations, as compared to baseline. In addition, despite the limited scope of the data, encouraging results were observed regarding symptoms of inflammatory bowel disease, a common comorbidity for PSC patients, and patient assessments of health-related quality of life. The study also found that IMU-838 is a safe and well-tolerated oral drug for PSC patients and treatment-emergent adverse events were rare and generally mild. Study Background and Baseline Characteristics: The single-arm, open label, exploratory study was an investigator-sponsored trial led by Elizabeth Carey, M.D., Professor of Medicine, Division of Gastroenterology and Hepatology, Department of Internal Medicine, Mayo Clinic, who had received Investigator Investigational New Drug (IND) approval from the U.S. Food & Drug Administration (FDA) and had been granted Institutional Review Board (IRB) approval to conduct the study. The study was supported by a grant from the National Institutes of Health (NIH) and was conducted at two sites: Mayo Clinic, Phoenix, Arizona (Dr. Carey) and Mayo Clinic, Rochester, Minnesota (John E. Eaton, M.D.), both of which are tertiary referral centers for PSC patients. The study, for which Immunic provided the study medication, planned to enroll 30 patients with PSC, aged 18 to 75 years, who received 30 mg of IMU-838 once daily for a period of 24 weeks. Enrollment for the study took place between July 2019 and September 2020, but almost all enrollment occurred in 2019 and early 2020. During the COVID-19 pandemic, recruitment for this study was hampered, as patients with PSC are at a high risk of COVID-19 infections and were advised to avoid travel and unnecessary social contacts such as those required to participate in a clinical trial. Together with the investigators, Immunic determined to readout data of the 18 patients who were enrolled prior to the COVID-19 pandemic. The ongoing COVID-19 pandemic also triggered the principal investigator's decision to terminate the study in late 2020, before the intended recruitment goal of 30 patients was reached. A total of 18 patients started treatment of 30 mg IMU-838 once daily (intent-to-treat population, ITT, n=18). Of these 18 patients, 11 patients received the full 24-week treatment with IMU-838 (per-protocol population, PP, n=11). Due to the high number of discontinued patients during the COVID-19 pandemic and the fact that all discontinued patients in an ITT statistical analysis will be counted as treatment failures at week 24, this analysis focuses mainly on the 11-patient PP population. Primary Objective: The primary objective of this study was to determine whether IMU-838 reduces serum ALP in adult patients diagnosed with PSC. The main analysis for the primary objective was whether patients could achieve a reduction of ALP at week 24 which is greater or equal to 25%, as compared to baseline, while the AST increase at week 24 is no more than 33%, as compared to baseline. This positive primary outcome was achieved by 3 of 11 patients in the PP population (27.3%, 95% CI: 6-61%). By virtue of inclusion criteria, patients at baseline had to have an elevated ALP value of at least 1.5 times upper limit of normal (ULN). In addition, time from baseline was calculated as a continuous variable and treated as the primary predictor using a random intercept model which was adjusted for age at baseline and gender. For this longitudinal analysis of ALP from baseline to week 24 in the PP population, the ALP value statistically significantly (p=0.041) decreased by an average of 5.76 IU/L every 30 days (95% CI: -11.29, -0.23; statistical model). The time trend was not statistically significant in the ITT analysis (p=0.578) due to missing data following the high rate of treatment discontinuations during the COVID-19 pandemic. Secondary Objectives: Secondary objectives were to investigate the liver biochemistry parameters, AST, ALT, and total/direct/indirect bilirubin, as well as the concentrations of proinflammatory cytokines, as compared to baseline. The longitudinal analysis of both AST and ALT as well as total, direct and indirect bilirubin values showed a stable pattern in the PP population with no statistically significant change over time and the confidence interval to include the no-change scenario (AST: average 30 day change 1.22 IU/L, 95% CI: -0.53, 2.97, p=0.170; ALT: average 30 day change 0.85 IU/L, 95% CI -1.46, 3.15, p=0.467, total bilirubin: average 30 day change 0.00 mg/dL, 95% CI -0.01, 0.02, p=0.561, direct bilirubin: average 30 day change 0.00 mg/dL, 95% CI -0.01, 0.01, p=0.861, indirect bilirubin: average 30 day change 0.00 mg/dL, 95% CI -0.01, 0.01, p=0.556). Similar results were found in the ITT population. In addition, a decrease in the Ulcerative Colitis Clinical score was observed in evaluated patients, although the number of assessed patients was limited.

CEO salary percentage	n/a
CEO tenure	less than a year
CEO ownership	n/a
Management average tenure	3.4yrs
Board average tenure	5.7yrs

Name	Position	Tenure	Compensation	Ownership
Jason Tardio	COO & President	2yrs	US$1.20m	0.0092% € 16.3k
Daniel Vitt	Founder & Director	no data	US$2.30m	0.29% € 510.1k
Glenn Whaley	Chief Financial Officer	6.3yrs	US$1.06m	0.070% € 124.3k
Erik Lundgren	Chief Executive Officer	less than a year	no data	no data
Hella Kohlhof	Chief Scientific Officer	9.5yrs	no data	no data
Jessica Breu	Vice President of Investor Relations & Communications	no data	no data	no data
Inderpal Singh	General Counsel	5.1yrs	no data	no data
Patrick Walsh	Chief Business Officer	4.8yrs	no data	no data
Werner Gladdines	Chief Development Officer	2yrs	no data	no data
Michael A. Panzara	Chief Medical Officer	less than a year	no data	no data

Name	Position	Tenure	Compensation	Ownership
Daniel Vitt	Founder & Director	7.3yrs	US$2.30m	0.29% € 510.1k
Barclay Phillips	Lead Independent Director	6.7yrs	US$171.98k	0.21% € 365.7k
Michael Bonney	Chair of the Board	less than a year	no data	no data
Tamar Howson	Independent Director	6.8yrs	US$149.82k	0.21% € 365.7k
Jorg Neermann	Independent Director	7.3yrs	US$156.98k	0.15% € 260.4k
Paul Utz	Member of Scientific Medical Advisory Board	5.7yrs	no data	no data
Duane Nash	Director	7.5yrs	US$979.88k	0.026% € 46.9k
Bruce Sands	Member of Scientific Medical Advisory Board	5.7yrs	no data	no data
Fred Lublin	Member of Scientific Medical Advisory Board	5.7yrs	no data	no data
Richard Rudick	Independent Director	3.3yrs	US$149.48k	0.17% € 299.9k
Jon Congleton	Independent Director	less than a year	no data	no data
Simona Skerjanec	Independent Director	2yrs	US$149.14k	0.15% € 260.4k

Data	Last Updated (UTC time)
Company Analysis	2026/07/07 04:46
End of Day Share Price	2026/07/07 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
George Farmer	BMO Capital Markets Equity Research
William Wood	B. Riley Securities, Inc.
Tyler Bussian	Brookline Capital Markets

Immunic Management

Management criteria checks 2/4

Key information

Recent management updates

Immunic, Inc. Announces Board and Committee Changes

Immunic, Inc., Annual General Meeting, Jun 29, 2026

Immunic, Inc. Announces Chief Executive Officer Changes

Immunic, Inc. Appoints Michael W. Bonney as Chair of the Board of Directors, Effective May 16, 2026

Immunic, Inc. Chief Medical Officer Changes, Effective April 24, 2026

Immunic, Inc. Appoints Jon Congleton to Its Board of Directors, Effective March 27, 2026

Recent updates

Immunic, Inc. Announces Board and Committee Changes

Immunic, Inc., Annual General Meeting, Jun 29, 2026

Immunic, Inc. Announces Chief Executive Officer Changes

Immunic, Inc. Appoints Michael W. Bonney as Chair of the Board of Directors, Effective May 16, 2026

Immunic, Inc. Chief Medical Officer Changes, Effective April 24, 2026

Immunic, Inc. Appoints Jon Congleton to Its Board of Directors, Effective March 27, 2026

Immunic, Inc. announced that it has received $200.010837 million in funding from a group of investors

Immunic, Inc. Prioritizes Completion of the Ongoing Phase 3 Ensure Clinical Trials and Initiation of A Phase 3 Clinical Program in Primary Progressive Multiple Sclerosis

Immunic, Inc. announced that it expects to receive $200 million in funding from a group of investors

Immunic, Inc. Plans Transition of Daniel Vitt from CEO

Immunic to Present Additional Phase 2 Calliper Trial Data Foridofludimus Calcium At the Actrims Forum 2026, Reinforcing Its Potential in Progressive Multiple Sclerosis

Nasdaq Grants Immunic, Inc. an Additional 180-Day Grace Period to Regain Compliance with the Bid Price Rule

Immunic, Inc.'s Subsidiary Gliomic Therapeutics Inc. Announces Executive Appointments, Effective January 1, 2026

Forecast to breakeven in 2028

Immunic, Inc. Presents Key Vidofludimus Calcium Data At the 41st Congress of ECTRIMS, Highlighting Its Potential in Multiple Sclerosis

Immunic, Inc. Receives Notice of Allowance for United States Patent Protecting Vidofludimus Calcium's Dose Strengths in Progressive Multiple Sclerosis

Immunic, Inc. Receives Notice of Nasdaq Non-Compliance with Minimum Bid Price Requirement

Immunic, Inc. Reports New, Positive Long-Term Open-Label Extension Data from Phase 2 EMPhASIS Trial of Vidofludimus Calcium in Relapsing-Remitting Multiple Sclerosis

Immunic, Inc. Announces Completion of Enrollment for Both Phase 3 ENSURE Trials in Relapsing MS and Presents Additional Data Underlining Positive Outcome of Phase 2 Calliper Trial in Progressive MS

Immunic, Inc. has announced a Derivatives Offering.

Immunic, Inc. Announces Positive Data from Phase 2 Calliper Trial of Nurr1 (Nurr1) Activator,Idofludimus Calcium (Imu-838) in Patients with Progressive Multiple Sclerosis

Immunic, Inc., Annual General Meeting, Jun 04, 2025

Immunic, Inc. has completed a Follow-on Equity Offering in the amount of $5.1 million.

Immunic, Inc. has filed a Follow-on Equity Offering in the amount of $5.1 million.

Immunic, Inc.'s Oral IMU-856 Demonstrates Dose-Dependent Increase of GLP-1 in Celiac Disease Patients and Corresponding Effects in Preclinical Testing

No longer forecast to breakeven

New minor risk - Market cap size

Independent Director recently bought €95k worth of stock

No longer forecast to breakeven

Immunic, Inc. to Report Q3, 2024 Results on Nov 07, 2024

Immunic, Inc. Announces Positive Outcome of Interim Analysis of Phase 3 Ensure Program of Vidofludimus Calcium in Relapsing Multiple Sclerosis

Immunic, Inc. Announces First Patient Enrolled in Investigator-Sponsored Phase 2 Clinical Trial ofidofludimus Calcium in Patients with Post COVID Syndrome

New major risk - Financial position

New major risk - Share price stability

New minor risk - Profitability

No longer forecast to breakeven

New major risk - Financial position

Immunic, Inc. to Report Q2, 2024 Results on Aug 08, 2024

Immunic, Inc. Appoints Simona Skerjanec as Member of the Board

Immunic, Inc. Appoints Jason Tardio as Chief Operating Officer and President

New minor risk - Profitability

No longer forecast to breakeven

Immunic, Inc. to Report Q1, 2024 Results on May 08, 2024

Immunic Announces Publication of Extended Data From Phase 2 EMPhASIS Trial of Vidofludimus Calcium in Relapsing-Remitting Multiple Sclerosis in the Peer Reviewed Journal, Neurology® Neuroimmunology & Neuroinflammation

Immunic, Inc., Annual General Meeting, Jun 11, 2024

Immunic, Inc. to Report Fiscal Year 2023 Results on Feb 22, 2024

New major risk - Shareholder dilution

Immunic, Inc. announced that it expects to receive $240 million in funding from BVF Partners L.P., Avidity Partners, LLC, Janus Henderson Investors, Soleus Capital, RTW Investments, LP, Adage Capital Management, L.P.

Forecast to breakeven in 2026

New major risk - Financial position

Immunic, Inc. to Report Q3, 2023 Results on Nov 14, 2023

Immunic, Inc. Receives Notice of Allowance for United States Patent Protecting the Treatment of Relapsing Multiple Sclerosis Vidofludimus and Its Salts

Immunic, Inc. Presents Data From Phase 1b Clinical Trial of IMU-856 in Celiac Disease at the United European Gastroenterology Week 2023

Immunic Reports Positive Interim Data from Phase 2 Calliper Trial of Vidofludimus Calcium in Progressive Multiple Sclerosis

Immunic, Inc. Completes Enrollment of Its Phase 2 CallIPER Trial ofidofludimus Calcium in Progressive Multiple Sclerosis

New minor risk - Profitability

Immunic, Inc. to Report Q2, 2023 Results on Aug 03, 2023

Immunic, Inc. to Report Q1, 2023 Results on May 11, 2023

Immunic, Inc. Reports Positive Results From Phase 1b Clinical Trial of IMU-856 in Celiac Disease, Providing Clinical Proof-of-Concept for New Therapeutic Approach to Gastrointestinal Disorders

High number of new directors

Immunic, Inc. to Report Q4, 2022 Results on Feb 23, 2023

Independent Director recently bought €96k worth of stock

Immunic, Inc Reports New Data From Phase 2 EMPhASIS Trial of Vidofludimus Calcium in Relapsing-Remitting Multiple Sclerosis Supporting the Drug's Neuroprotective Potential

High number of new directors

Immunic, Inc. Provides Impairment Guidance for the Quarter Ending December 31, 2022

Immunic, Inc. to Report Q3, 2022 Results on Nov 03, 2022

Immunic, Inc. Reports Pre-Planned Phase 1b Interim Analysis of IMU-935 in Psoriasis Patients Confounded by High Placebo Rate

Immunic, Inc. announced that it expects to receive $59.949037 million in funding from a group of investors

Immunic, Inc Announces Positive Results from Single and Multiple Ascending Dose Parts of Its Phase 1 Clinical Trial of IMU-856 in Healthy Human Subjects