Immunic, Inc. Announces Q1 2024 Financial Results and Corporate Updates

Immunic, Inc. revealed its financial outcomes for Q1 2024 and provided updates on ongoing projects and corporate strategies. The company, known for developing small molecule therapies for chronic inflammatory and autoimmune diseases, reported a significantly enhanced balance sheet due to a three-tranche private placement totaling up to $240 million. This strategic financial move extends Immunic's cash runway into the third quarter of 2025, based on the initial $80 million tranche.

Noteworthy developments include the issuance of a fourth U.S. patent for the use of its leading drug candidate, vidofludimus calcium, in treating multiple sclerosis. The company’s twin phase 3 ENSURE trials in Relapsing Multiple Sclerosis and phase 2 CALLIPER trial in Progressive Multiple Sclerosis remain active. The corporate update highlighted the neuroprotective potential of vidofludimus calcium and its differentiating factors from existing treatments, potentially setting a new standard in multiple sclerosis care.

In addition to its MS focus, Immunic is preparing for phase 2 trials of IMU-856, targeted at treating celiac disease by restoring gut barrier functions. This follows positive outcomes from phase 1b trials, suggesting potential benefits over placebo in various dimensions of celiac disease pathophysiology.

Financial specifics included a reduction in research and development expenses compared to the previous year, alongside an increase in general and administrative expenses due to personnel growth. The net loss for the quarter was reported at approximately $29.6 million. The company closed the quarter with $97.3 million in cash and equivalents, expected to fund operations into Q3 2025.