Immunic, Inc. announces its 2023 annual financial results and corporate update

Immunic, Inc., a biotechnology company specializing in the development of oral therapies for chronic inflammatory and autoimmune diseases, has shared its financial results for the year ended December 31, 2023 while providing a corporate update. Highlights include a significant strengthening of cash reserves in January 2024 through a private placement, raising up to $240 million. This funding extends the liquidity period until the third quarter of 2025, following the initial tranche of $80 million.

Interim analysis of the phase 2 CALLIPER study demonstrated neuroprotective activity of Vidofludimus Calcium in patients with progressive multiple sclerosis (MS), valid for all subpopulations and disease subtypes. The company also continues its phase 3 ENSURE program on relapsing multiple sclerosis.

Since November, Immunic has expanded the Vidofludimus Calcium patent portfolio, enhancing its protection with newly granted patents in the United States until 2041, unless further extension. Additionally, positive results from the phase 1b clinical trial of the key IMU-856 program in the treatment of celiac disease have been presented at prestigious medical conferences, highlighting significant improvements compared to placebo.

The financial aspect remains central, with research and development expenses amounting to $83.2 million for the year 2023, and a net loss of $93.6 million. Nevertheless, with the current funds, including those from the January 2024 placement, Immunic expects to fund its operations until the third quarter of 2025.