Immunic, Inc. (Nasdaq: IMUX), a New York-based biotechnology company, announced a private placement of up to USD 400 million in gross proceeds. The Immunic private placement consists of USD 200 million in upfront proceeds, with the potential for up to USD 200 million in additional proceeds contingent on the exercise of warrants. The transaction is expected to close on or about February 17, 2026. The company stated that the proceeds, combined with existing cash, cash equivalents, and marketable securities, are expected to fund operating and capital expenditures to late 2027. Specifically, the Immunic 400 million funding is intended to support completion of the Phase III ENSURE trials in relapsing multiple sclerosis, initiation of a Phase III clinical program in primary progressive multiple sclerosis, and the company's transition into a commercial-stage organization, including pre-commercial ramp-up and expansion of medical and commercial teams.
The financing was structured as a securities purchase agreement with select accredited investors, priced at the market under Nasdaq rules. Immunic will issue an aggregate of 229,076,000 pre-funded warrants to purchase shares of common stock at a price of USD 0.873 per pre-funded warrant, generating the initial USD 200 million in upfront gross proceeds. In addition, the company will issue warrants to purchase up to an aggregate of 229,076,000 shares of common stock (or pre-funded warrants in lieu thereof) at an exercise price of USD 0.873 per share, representing up to USD 200 million in additional gross proceeds. These warrants expire upon the earlier of 30 days after the public announcement of top-line data from the Phase III ENSURE trials or February 17, 2031. The financing was led by existing investor BVF Partners L.P., whose principal, Thor Nagel, was concurrently appointed to Immunic's board of directors. Participating investors included Aberdeen Investments, Avidity Partners, Coastlands Capital, EcoR1 Capital, Janus Henderson Investors, OrbiMed, RA Capital Management, TCGX, Trails Edge Capital Partners, Vivo Capital, Woodline Partners LP, and other institutional investors. Leerink Partners acted as lead placement agent. Stifel, Guggenheim Securities, William Blair, LifeSci Capital, B. Riley Securities, and Brookline Capital Markets (a division of Arcadia Securities, LLC) also acted as placement agents. Separately, on February 12, 2026, Immunic entered into a purchase and sale agreement with certain holders of warrants issued in its May 2025 public offering (the Series B Warrants), under which the company issued to such holders the right to receive a portion of an aggregate 5% royalty on future net sales of vidofludimus calcium in exchange for cancellation of those Series B Warrants. This transaction is also expected to close on or about February 17, 2026.
Company Overview and Pipeline
Immunic is a late-stage biotechnology company focused on developing oral therapies for neurologic and gastrointestinal diseases. The company's lead asset is vidofludimus calcium (IMU-838), an oral small molecule currently in Phase III clinical trials for the treatment of relapsing multiple sclerosis. Vidofludimus calcium acts through a dual mechanism: it functions as a first-in-class nuclear receptor-related 1 (Nurr1) activator, which is intended to provide direct neuroprotective effects by enhancing neuronal survival and function, while also selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH) to reduce inflammatory damage. This mechanism is designed to address two biological drivers of disability progression in Immunic multiple sclerosis patients — relapse-associated worsening (RAW) and progression independent of relapse activity (PIRA).
The ENSURE Phase 3 trials in relapsing multiple sclerosis are ongoing, with top-line data expected by the end of 2026. Following data readout, Immunic plans to submit a New Drug Application (NDA) in the United States in mid-2027, targeting a potential regulatory approval date in 2028. Vidofludimus calcium has previously shown therapeutic activity in Phase II clinical trials in patients with relapsing-remitting multiple sclerosis and progressive multiple sclerosis. In addition to the relapsing MS program, Immunic is working toward initiation of a Phase III clinical program in primary progressive multiple sclerosis, which is expected to begin later in 2026 and is estimated to take approximately 3.5 to 4 years to complete.