Immunic, Inc. Announces 1-for-10 Reverse Stock Split

Rhea-AI Summary

Immunic (Nasdaq: IMUX) will effect a 1-for-10 reverse stock split at 12:01 a.m. ET on April 27, 2026, reducing outstanding shares from approximately 136 million to 13.6 million. The split is intended to help meet contractual obligations under a February 12, 2026 securities purchase agreement.

No fractional shares will be issued; fractional interests will be aggregated, sold, and cash paid to holders. The split does not change authorized shares, par value, or ownership percentages except for cash-in-lieu for fractions. Outstanding equity awards will be proportionally adjusted.

Positive

• Reduces outstanding shares from approximately 136M to 13.6M
• Designed to satisfy contractual obligations from the Feb 12, 2026 securities purchase agreement
• Board retained flexibility by previously authorizing a 1-for-10 to 1-for-30 range

Negative

• Reverse split may lead to cash-in-lieu payments for fractional holders, reducing share count for some participants
• No change to authorized shares or par value; split is cosmetic and does not alter capital structure economically

News Market Reaction – IMUX

+2.03%

3 alerts

+2.03% News Effect

+7.3% Peak Tracked

-15.9% Trough Tracked

+$2M Valuation Impact

$117.42M Market Cap

0.1x Rel. Volume

On the day this news was published, IMUX gained 2.03%, reflecting a moderate positive market reaction. Argus tracked a peak move of +7.3% during that session. Argus tracked a trough of -15.9% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $2M to the company's valuation, bringing the market cap to $117.42M at that time.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement implements a 1-for-10 reverse stock split, cutting issued and outstanding common s...

Analysis

This announcement implements a 1-for-10 reverse stock split, cutting issued and outstanding common shares from roughly 136M to 13.6M while keeping ownership percentages largely intact aside from cash in lieu of fractional shares. It follows stockholder approval in April 2026 and an earlier S-3 registering 458,152,000 resale shares tied to warrants. Investors may watch how post-split trading, warrant exercises, and future regulatory filings interact with Immunic’s late-stage neurology pipeline milestones.

Key Figures

Reverse split ratio: 1-for-10 Share count reduction: 136M to 13.6M Approved ratio range: 1-for-10 to 1-for-30 +5 more

8 metrics

Reverse split ratio 1-for-10 Final ratio selected by board for April 27, 2026 split

Share count reduction 136M to 13.6M Approximate issued and outstanding common shares post-split

Approved ratio range 1-for-10 to 1-for-30 Range authorized by stockholders at April 14, 2026 meeting

Shares outstanding 136,214,825 Common shares outstanding as of April 16, 2026 (10-K/A)

Non-affiliate equity value $83.1M Non-affiliate market value based on June 30, 2025 price (10-K/A)

Registered resale shares 458,152,000 shares Common stock registered on S-3 for resale by selling stockholders

Private placement proceeds $200.0M Gross proceeds from February 17, 2026 private placement

Ownership stake 9.9% Avidity Partners-related beneficial ownership of 13,958,410 shares (Schedule 13G)

Historical Context

5 past events · Latest: 2026-04-09 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
2026-04-09	Conference participation	Positive	+8.4%	Announced scientific and medical conference presentations for lead asset vidofludimus calcium.
2026-04-01	Listing compliance	Positive	+3.6%	Regained compliance with Nasdaq minimum bid price requirement after 20 days above $1.00.
2026-03-31	Board appointment	Positive	+7.8%	Added experienced biopharma executive Jon Congleton to the board and compensation chair role.
2026-03-10	Patent granted	Positive	+3.2%	European patent granted for dosing regimens of vidofludimus calcium, protecting into 2038.
2026-03-03	Investor conferences	Positive	+0.9%	Planned participation in March investor conferences with leadership presentations and meetings.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

All five recent news events were followed by positive 24-hour price reactions, suggesting shares have tended to respond constructively to company updates on governance, IP, conferences, and listing status.

Recent Company History

Over the last two months, Immunic announced participation in scientific and investor conferences, regained compliance with Nasdaq’s $1.00 bid requirement, strengthened its board with Jon Congleton, and secured a key European patent extending protection potentially into the 2040s. Each event saw a positive 24-hour move between 0.94% and 8.4%. Today’s reverse stock split follows this sequence of corporate and regulatory steps aimed at supporting its late-stage neurology pipeline and listing status.

Key Terms

reverse stock split, cusip, nasdaq capital market, securities purchase agreement, +4 more

8 terms

reverse stock split financial

"today announced that it will effect a reverse stock split of its outstanding shares"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

cusip technical

"The new CUSIP number for the split-adjusted common stock will be 4525EP200."

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

nasdaq capital market regulatory

"will continue to be traded on the Nasdaq Capital Market under the symbol "IMUX""

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

securities purchase agreement financial

"contractual obligations under the securities purchase agreement entered into between the Company"

A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.

fractional shares financial

"No fractional shares will be issued in connection with the reverse stock split."

Fractional shares are portions of a whole share of a stock or fund, allowing investors to own less than one full unit. They make it possible to invest a specific dollar amount rather than buy whole shares, like buying a slice of a pizza instead of the entire pie. For investors this lowers the cost barrier, helps with diversification, and lets you reinvest dividends or purchase expensive stocks in small, precise amounts.

View in glossary

transfer agent financial

"the Company's transfer agent shall aggregate all fractional shares of common stock"

A transfer agent is a financial service that keeps the official record of who owns a company's shares, handles the buying and selling of those shares on paper or electronically, and issues or cancels stock certificates. Think of it as the company’s records keeper and mailroom combined—investors rely on it to make sure dividends, shareholder mailings, ownership changes, and proxy voting are processed accurately and securely, which protects ownership rights and helps prevent errors or fraud.

par value financial

"will not reduce the number of authorized shares of common stock or change the par value"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

restricted stock units financial

"All outstanding stock options, warrants, restricted stock units, and similar securities"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, April 23, 2026 /PRNewswire/ -- Immunic, Inc. (Nasdaq: IMUX), a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic diseases (the "Company" or "Immunic"), today announced that it will effect a reverse stock split of its outstanding shares of common stock, effective as of 12:01 a.m. Eastern Time on April 27, 2026.

Immunic's common stock will continue to be traded on the Nasdaq Capital Market under the symbol "IMUX" and will begin trading on a reverse stock split-adjusted basis at the opening of the Nasdaq Capital Market on April 27, 2026. The new CUSIP number for the split-adjusted common stock will be 4525EP200.

At the Company's special meeting of stockholders on April 14, 2026, the stockholders approved a proposal to amend the Company's certificate of incorporation to effect a reverse split of the Company's outstanding common stock at a ratio in the range of 1-for-10 to 1-for-30, with such final ratio to be determined at the discretion of the Board of Directors (the "Board"). The specific 1-for-10 ratio was subsequently determined by the Board. The reverse stock split is primarily intended to allow Immunic to meet its contractual obligations under the securities purchase agreement entered into between the Company and certain institutional and accredited investors on February 12, 2026.

Immunic has filed an amendment to its certificate of incorporation, which was accepted for filing by the Department of State of Delaware on April 22, 2026. Upon the effectiveness of the reverse stock split at 12:01 a.m. on April 27, 2026, every ten shares of issued and outstanding common stock will automatically be combined and converted into one issued and outstanding share of common stock. No fractional shares will be issued in connection with the reverse stock split. In lieu thereof, the Company's transfer agent shall aggregate all fractional shares of common stock that would otherwise have been issued as a result of the reverse stock split into whole shares of common stock and shall arrange for the sale of such whole shares on the open market at then-prevailing prices. Stockholders of record who otherwise would be entitled to receive fractional shares because they hold a number of shares of common stock not evenly divisible by the reverse stock split ratio shall be entitled to receive, in lieu thereof, a cash payment equal to such holder's allocable share of the total proceeds of such sales, without interest, and such cash payment shall be made as soon as practicable following the effective time of the reverse stock split. The reverse stock split will reduce the number of issued and outstanding shares of Immunic's common stock from approximately 136 million to approximately 13.6 million.

The reverse stock split will not reduce the number of authorized shares of common stock or change the par value of the common stock. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of Immunic's shares of common stock (except to the extent that the reverse stock split would result in some of the stockholders receiving cash in lieu of fractional shares). The common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. All outstanding stock options, warrants, restricted stock units, and similar securities entitling their holders to receive or purchase shares of common stock will be proportionally adjusted as a result of the reverse stock split, both in terms of their exercise prices or other stock price thresholds and as well as to the number of underlying shares, as required by the terms of each security.

Detailed information about the reverse stock split can be found in the definitive proxy statement filed with the Securities and Exchange Commission on March 2, 2026, a copy of which is available on the Company's website under the Investor Relations page.

About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic diseases. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 clinical trials for the treatment of relapsing multiple sclerosis, for which top-line data is expected to be available by the end of 2026. It has already shown therapeutic activity in phase 2 clinical trials in relapsing-remitting multiple sclerosis, progressive multiple sclerosis and other diseases. Vidofludimus calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor-related 1 (Nurr1) activator, with additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH). The company's development pipeline also includes earlier-stage programs, including IMU-856 and IMU-381, aimed at building a broader therapeutics platform addressing neurodegenerative, chronic inflammatory, and autoimmune-related diseases. For further information, please visit: www.imux.com.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements made herein that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "to be," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Examples of such statements include, but are not limited to, statements relating to the timing and consummation of the Company's reverse stock split. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine – Russia conflict and the conflict in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, and the ability to raise sufficient capital to continue as a going concern, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the company's products or product candidates, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026, and in the company's subsequent filings with the SEC. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this press release.

Contact Information

Immunic, Inc.
Jessica Breu
Vice President Investor Relations and Communications
+49 89 2080 477 09
jessica.breu@imux.com

US IR Contact
Rx Communications Group
Paula Schwartz
+1 917 633 7790
immunic@rxir.com

US Media Contact
KCSA Strategic Communications
Caitlin Kasunich
+1 212 896 1241
ckasunich@kcsa.com

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SOURCE Immunic, Inc.

FAQ

What is the effective date of Immunic's (IMUX) 1-for-10 reverse stock split?

The reverse split becomes effective at 12:01 a.m. ET on April 27, 2026. According to the company, trading on Nasdaq will begin on a split-adjusted basis at the market open that same day.

How many Immunic (IMUX) shares will be outstanding after the 1-for-10 reverse split?

Post-split outstanding shares will be approximately 13.6 million. According to the company, this reflects combining every ten issued and outstanding shares into one share.

Will Immunic (IMUX) shareholders receive fractional shares after the reverse split?

Shareholders will not receive fractional shares; they will receive cash in lieu for fractional interests. According to the company, the transfer agent will aggregate fractions, sell whole shares, and distribute proceeds without interest.

Will the reverse split change Immunic's (IMUX) ownership percentages or authorized shares?

The reverse split will not change ownership percentages or authorized shares, except for cash paid for fractions. According to the company, the split does not alter par value and treats holders uniformly.

How will options, warrants, and RSUs for Immunic (IMUX) be affected by the 1-for-10 split?

All outstanding options, warrants, and RSUs will be proportionally adjusted for share counts and exercise prices. According to the company, adjustments will follow the terms of each security to reflect the 1-for-10 ratio.