Immunic, Inc. Announces Closing of $5.1 Million Registered Direct Offering, Led by Aberdeen Investments

Rhea-AI Summary

Immunic (Nasdaq: IMUX) has successfully closed its previously announced registered direct offering, raising $5.1 million in gross proceeds through the sale of 5,666,667 shares of common stock at $0.90 per share. The offering, which closed on April 10, 2025, was led by Aberdeen Investments.

The biotechnology company, focused on developing oral small molecule therapies for chronic inflammatory and autoimmune diseases, plans to utilize the net proceeds to fund clinical trials, operations, and other general corporate purposes. Titan Partners Group, a division of American Capital Partners, served as the sole placement agent for the offering.

Positive

• Secured $5.1 million in additional funding
• Successfully closed registered direct offering with institutional investor participation

Negative

• Low share price of $0.90 indicates potential financial distress
• Offering likely causes significant shareholder dilution
• Small offering size ($5.1M) may not provide substantial runway

Insights

Biotech Investment Analyst

Immunic's $5.1 million registered direct offering provides a modest capital infusion for their clinical pipeline, but raises questions about the company's funding strategy. At $0.90 per share—a slight 2.7% discount to current market price—this raise represents approximately 6.1% of Immunic's $83.35 million market capitalization.

The dilutive impact is immediate, with 5.67 million new shares increasing the outstanding share count by roughly 6.8%. While any capital extension is valuable for clinical-stage biotechs, this amount appears insufficient to fundamentally change the company's financial trajectory. For context, mid-to-late stage clinical trials typically require tens of millions in funding.

Aberdeen Investments leading this round provides some validation, though the relatively small size suggests institutional appetite. The proceeds will extend Immunic's operational runway temporarily, but likely won't eliminate the need for additional financing if their inflammatory and autoimmune disease programs progress to more expensive later-stage trials.

For existing shareholders, this represents a necessary dilution to continue operations, but doesn't substantially strengthen the company's position. New investors may view the slight discount as a reasonable entry point, though the financing structure indicates the company had leverage in negotiations.

NEW YORK, April 10, 2025 /PRNewswire/ -- Immunic, Inc. ("Immunic" or the "Company") (Nasdaq: IMUX), a biotechnology company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases, today announced the closing of its previously announced registered direct offering of 5,666,667 shares of its common stock at a price of $0.90 per share, led by Aberdeen Investments. All securities in the offering were sold by Immunic.

The gross proceeds from the offering were approximately $5.1 million before deducting commissions and offering expenses. The offering closed on April 10, 2025.

The Company intends to use the net proceeds received from the offering to fund its clinical trials and operations and for other general corporate purposes.

Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for the offering.

The offering was made by Immunic pursuant to a shelf registration statement on Form S-3 (File No. 333-275717) previously filed with the Securities and Exchange Commission (the "SEC") on November 22, 2023, which became effective on May 31, 2024. The offering was made only by means of a prospectus supplement and the accompanying base prospectus that form a part of the registration statement. A final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying base prospectus relating to the offering, may be obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Immunic, Inc.

Immunic, Inc. (Nasdaq: IMUX) is a biotechnology company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 and phase 2 clinical trials for the treatment of relapsing and progressive multiple sclerosis, respectively, and has shown therapeutic activity in phase 2 clinical trials in patients suffering from relapsing-remitting multiple sclerosis, progressive multiple sclerosis and moderate-to-severe ulcerative colitis. 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). IMU-856, which targets the protein Sirtuin 6 (SIRT6), is intended to restore intestinal barrier function and regenerate bowel epithelium, which could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease as well as inflammatory bowel disease, Graft-versus-Host-Disease and weight management. IMU-381, which currently is in preclinical testing, is a next generation molecule being developed to specifically address the needs of gastrointestinal diseases. For further information, please visit: www.imux.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing, development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, Immunic's development programs and the targeted diseases; the potential for Immunic's development programs to safely and effectively target diseases; interpretation of preclinical and clinical data for Immunic's development programs and potential effects; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus of the company and further updates with respect thereto; the development and commercial potential of any product candidates of the company; and the company's expected cash runway. 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 macroeconomic 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, 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, 2024, filed with the SEC on March 31, 2025, 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

How much did Immunic (IMUX) raise in its April 2025 registered direct offering?

Immunic raised $5.1 million in gross proceeds through the sale of 5,666,667 shares at $0.90 per share.

What is the share price of IMUX's April 2025 registered direct offering?

The shares were priced at $0.90 per share in the registered direct offering.

How will Immunic use the proceeds from its April 2025 offering?

Immunic plans to use the net proceeds to fund clinical trials, operations, and other general corporate purposes.

Who led Immunic's April 2025 registered direct offering?

The offering was led by Aberdeen Investments, with Titan Partners Group acting as the sole placement agent.