TLDR:
- IMUX prices a $400M private placement under Nasdaq rules, with $200M upfront.
- Financing backs ENSURE Phase 3 readout by end-2026 and U.S. NDA in mid-2027.
- Company targets a Phase 3 PPMS start in 2026 alongside launch team buildout.
- Board names Simona Skerjanec interim chair and opens CEO search for MS launch.
- Deal issues 229.1M pre-funded warrants plus 229.1M warrants, closing Feb 17, 2026.
Immunic stock traded near $1.00 on Friday after it priced a private placement for up to $400 million. The shares gained about 15% as the deal funded late-stage trials and a near-term commercial transition. The company linked the raise to a 2026 PPMS start and a broader governance reset.
IMUX Stock Financing Prices At Market And Targets A February 17 Closing
Immunic structured the offering under Nasdaq rules and set total gross proceeds at up to $400 million. It secured $200 million upfront and tied another $200 million to future warrant exercises by participants. As a result, Immunic extended cash runway while keeping added capital optional.
The company will issue 229,076,000 pre-funded warrants priced at $0.873 and each carries a nominal exercise price. It will also issue up to 229,076,000 common warrants with a $0.873 exercise price for additional proceeds. Moreover, the common warrants expire 30 days after ENSURE data or on February 17, 2031.
Immunic expects to close the private placement on or about February 17, 2026, after customary conditions and final documentation. BVF Partners L.P. led the syndicate, and multiple specialist healthcare funds joined the placement alongside global asset managers. Meanwhile, Leerink Partners served as lead placement agent, with several firms supporting bookbuilding and allocations.
IMUX Stock Uses Proceeds To Advance Vidofludimus Calcium And Expand Late-Stage MS Plans
Immunic will direct proceeds toward Phase 3 ENSURE trials of vidofludimus calcium in relapsing multiple sclerosis. It continues to guide for top-line ENSURE results by the end of 2026, and it plans key analyses soon after. Next, Immunic targets an NDA submission in the United States in mid-2027 and frames a potential approval window in 2028.
Vidofludimus calcium pairs selective DHODH inhibition with Nurr1 activation, and Immunic positions it as a neuroprotective oral therapy. The company aims to reduce inflammatory injury, and it also targets pathways linked to neuronal survival and function. Therefore, Immunic frames the program around disability drivers that include relapse-linked worsening and progression without relapses.
Immunic also plans to initiate a Phase 3 program in primary progressive multiple sclerosis later in 2026. It expects the PPMS study to run about 3.5 to 4 years, which drives long-duration spending needs. Consequently, the financing supports parallel trial execution while Immunic builds medical, market-access, and launch capabilities.
IMUX Stock Board Changes And Royalty Swap Reshape Governance Ahead Of Commercial Transition
Immunic launched a CEO search focused on a leader with deep multiple sclerosis commercialization experience. Co-founder Daniel Vitt will shift into a senior role centered on scientific strategy and portfolio advancement across the pipeline. At the same time, he will stay on the board and support program execution through pivotal milestones.
The board elevated Simona Skerjanec to interim chair after she joined as a director in July 2024. Former chair Duane Nash remained on the board, and Thor Nagel joined as a new director. In addition, the board flagged further refreshment to align oversight with a commercial-stage operating model.
Immunic also agreed to a warrant exchange tied to Series B warrants from its May 2025 public offering. It granted participating holders rights to a portion of a 5% royalty on future net sales of vidofludimus calcium. In return, the company canceled those warrants and expects net proceeds plus cash to fund operations into late 2027.
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