Immunic Stock Jumps After Pricing $400 Million Private Placement

Immunic Inc (NASDAQ:IMUX) is surging Friday after the late‑stage biotech announced a private placement of up to $400 million.

• Immunic stock is gaining positive traction. Why are IMUX shares climbing?

A Look At The Deal

The financing was led by existing investor BVF Partners and included a strong lineup of institutional backers such as OrbiMed, RA Capital, Janus Henderson, Avidity Partners and EcoR1 Capital.

The structure provides $200 million upfront through pre‑funded warrants priced at 87 cents each, with the potential for another $200 million if accompanying warrants are exercised. Those warrants expire either 30 days after top‑line Phase 3 ENSURE data is released or in February 2031, whichever comes first.

How Immunic Plans To Use The Cash

The new capital is expected to fund Immunic through late 2027 and support several major priorities. A large portion will go toward completing the Phase 3 ENSURE trials of vidofludimus calcium in relapsing multiple sclerosis, with top‑line data still expected by the end of 2026. If the results are positive, the company plans to file for approval in mid‑2027 and is targeting a potential regulatory green light in 2028.

The financing will also allow Immunic to launch a Phase 3 program in primary progressive multiple sclerosis (PPMS) later this year, a study that is expected to run for roughly three and a half to four years.

IMUX Price Action: Immunic shares were up 26.43% at $1.10 at the time of publication on Friday.

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