What Immunic Therapeutics does

Immunic Therapeutics (NASDAQ: IMUX) is a late-stage clinical biopharmaceutical company developing orally administered small molecule therapies for chronic inflammatory and autoimmune diseases, with a primary focus on multiple sclerosis (MS). Founded in 2016 as Immunic AG in Gräfelfing, Germany, the company reached the public markets in 2019 via a reverse takeover with Vital Therapies and is now headquartered in New York, NY with an Australian operating subsidiary. Immunic employs 51–100 people across its U.S., German and Australian operations.

The company's lead asset is vidofludimus calcium (IMU-838), a small molecule that combines selective dihydroorotate dehydrogenase (DHODH) inhibition with Nurr1 receptor activation, positioning it as a first-in-class oral immunomodulator with both anti-inflammatory and neuroprotective mechanisms. It is being evaluated in two Phase 3 ENSURE trials in relapsing MS (top-line data expected end of 2026) with a planned NDA submission in mid-2027, and management has signalled intent to expand into primary progressive MS (PPMS), a separate underserved segment. The broader pipeline includes IMU-856, a Sirtuin 6 (SIRT6) modulator being explored for celiac disease, and the IMU-381 discovery-stage platform. European patent EP3713554 protects vidofludimus calcium dosing regimens through 2038.

Immunic is pre-revenue and has funded operations entirely through equity financings and a reverse merger, with cumulative net losses of $97.2 million in 2025 and $100.5 million in 2024. A $400 million private placement in February 2026, led by BVF Partners, is intended to fund the company through NDA submission. The commercial model under construction relies on a specialty pharmacy and neurology channel in the U.S., targeting a fragmented prescriber base (neurologists) and an MS patient population of approximately 1 million in the U.S. and roughly 2.8 million globally. The newly appointed CEO Erik Lundgren, CMO Dr. Michael Panzara and Board Chair Michael W. Bonney all bring prior MS franchise commercialization experience, including Ocrevus (Roche), LEMTRADA and AUBAGIO (Genzyme/Sanofi), and Biogen/Cubist, indicating the company is actively building a commercial-stage organization ahead of the anticipated launch window.

Name

Immunic Therapeutics

Legal name

Immunic, Inc.

Website

https://imux.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Immunic Therapeutics (NASDAQ: IMUX) is a late-stage clinical biopharmaceutical company developing orally administered small molecule therapies for multiple sclerosis and other chronic inflammatory and autoimmune diseases, with lead candidate vidofludimus calcium in Phase 3 trials and a planned NDA submission in mid-2027.

Ownership category

akta.pro rank

Product category

Biopharmaceutical Therapeutics

NAICS

Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Immunology & Inflammation Pharmaceuticals (HLAIAAAD)

akta.pro secondary industries

Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB), Transplant & Immunosuppression Specialty Pharmaceuticals (HLAIACAJ)

Keywords

• Oral small molecule therapeutics
• Multiple sclerosis treatments
• Immunology drug development
• Autoimmune disease therapies
• Neurodegenerative disease pipeline

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Product Sales: Pre-revenue biotechnology company preparing for commercialization of vidofludimus calcium for multiple sclerosis. Planned NDA submission in mid-2027 with potential approval in 2028. Revenue expected from product sales upon regulatory approval.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Immunic Therapeutics is a late-stage biotechnology company developing orally administered small molecule drug candidates targeting chronic inflammatory, autoimmune, and neurologic diseases. Its lead asset, vidofludimus calcium (IMU-838), is in Phase 3 ENSURE clinical trials for relapsing multiple sclerosis, with additional development planned for primary progressive MS, and combines first-in-class Nurr1 activation with selective DHODH inhibition.

Product overview

Immunic Therapeutics is a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic and autoimmune diseases. The company's development pipeline consists of three clinical-stage programs: (1) Vidofludimus Calcium (IMU-838) is the lead asset in Phase 3 clinical trials for relapsing multiple sclerosis with additional development planned for primary progressive MS; (2) IMU-856 is a selective Sirtuin 6 modulator targeting celiac disease and gastrointestinal disorders; and (3) IMU-381 represents an earlier-stage program addressing neurodegenerative, chronic inflammatory, and autoimmune diseases. The company is transitioning from an R&D-focused organization toward a commercial-stage company.

Differentiator

Problem solved

Functional benefit

Products and services

• Vidofludimus Calcium (IMU-838) An orally administered investigational small molecule combining neuroprotective effects as a first-in-class Nurr1 activator with anti-inflammatory and anti-viral effects via selective DHODH inhibition. Currently in Phase 3 ENSURE trials for relapsing multiple sclerosis and being evaluated for primary progressive MS.
• IMU-856 A selective Sirtuin 6 (Sirt6) modulator with novel binding characteristics being developed as an oral treatment for celiac disease and other gastrointestinal disorders, aiming to address unmet needs for patients with inflammatory bowel conditions.
• IMU-381 An earlier-stage research program intended to build a broader therapeutics platform addressing neurodegenerative, chronic inflammatory, and autoimmune-related diseases.

Quantifiable outcome

• 31% reduction in confirmed disability worsening in primary progressive MS patients (Phase 2 CALLIPER)
• +3 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat4 records

Key highlights7 records

Customer concentration

• Xx.com/ImmunicInc
• YouTubeyoutube.com/@immunictherapeutics/feature
• Facebookfacebook.com/ImmunicInc
• LinkedInlinkedin.com/company/immunic-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds14 records

Investors31 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Immunic Therapeutics