Immunic, Inc. (IMUX) Bundle
A Brief History of Immunic, Inc.
Immunic, Inc., established in 2016, is a clinical-stage biopharmaceutical company focused on developing innovative therapies for autoimmune diseases. The company's journey has been marked by significant milestones and challenges, particularly in its research and clinical development efforts.
Company Milestones
- 2016: Founding year of Immunic, Inc.
- 2019: Completed the acquisition of Vital Therapies, enhancing its clinical pipeline.
- 2020: Initiated Phase 2 clinical trials for its lead product candidate, vidofludimus calcium.
- 2024: Secured $80 million in a private placement financing to advance its clinical programs.
Financial Performance
As of September 30, 2024, Immunic reported an accumulated deficit of approximately $486.2 million, compared to $410.9 million at the end of 2023. The net loss for the nine months ended September 30, 2024, was $75.3 million, reflecting ongoing investments in research and development.
| Financial Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Accumulated Deficit | $486.2 million | $410.9 million |
| Net Loss (9 months) | $75.3 million | $72.0 million |
| Cash and Cash Equivalents | $59.1 million | $46.7 million |
Research and Development Focus
Immunic's primary focus remains on its three lead product candidates:
- Vidofludimus calcium (IMU-838): Targeting progressive multiple sclerosis.
- IMU-856: Aimed at treating celiac disease.
- IMU-381: Under development for treating autoimmune diseases.
Recent Financing Activities
In January 2024, Immunic entered into a Securities Purchase Agreement, resulting in gross proceeds of approximately $80 million from the first tranche of a three-tranche financing. The second tranche could yield an additional $80 million, contingent upon specific performance metrics related to stock price and trading volume.
| Financing Tranche | Amount | Price per Share |
|---|---|---|
| First Tranche | $80 million | $1.43 |
| Second Tranche (conditional) | $80 million | $1.716 |
Operating Expenses
For the nine months ended September 30, 2024, Immunic reported total operating expenses of $72.4 million, a decrease from $75.8 million for the same period in 2023. This decline was primarily driven by reduced research and development costs associated with deprioritized programs.
| Expense Type | 2024 | 2023 |
|---|---|---|
| Research and Development | $21.4 million | $19.8 million |
| General and Administrative | $4.4 million | $3.8 million |
| Total Operating Expenses | $25.7 million | $23.6 million |
A Who Owns Immunic, Inc. (IMUX)
Major Shareholders
As of 2024, Immunic, Inc. (IMUX) has several major shareholders, including institutional investors and individual stakeholders. The following table summarizes the ownership structure:
| Shareholder | Ownership Percentage | Number of Shares Held | Type of Ownership |
|---|---|---|---|
| BVF Partners L.P. | 15.1% | 13,607,000 | Institutional |
| Janus Henderson Investors | 9.2% | 8,267,000 | Institutional |
| Avidity Partners | 7.8% | 7,034,000 | Institutional |
| RTW Investments | 6.5% | 5,823,000 | Institutional |
| Adage Capital Management | 5.9% | 5,292,000 | Institutional |
| Board of Directors & Management | 4.7% | 4,250,000 | Insider |
Institutional Ownership
Institutional investors hold a significant portion of Immunic's shares, reflecting confidence in the company's future potential. The total institutional ownership is estimated at approximately 60% of total shares outstanding. The following table provides a detailed view of institutional ownership:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BVF Partners L.P. | 13,607,000 | 15.1% |
| Janus Henderson Investors | 8,267,000 | 9.2% |
| Avidity Partners | 7,034,000 | 7.8% |
| RTW Investments | 5,823,000 | 6.5% |
| Adage Capital Management | 5,292,000 | 5.9% |
| Other Institutions | 15,000,000 | 16.7% |
Recent Financing Activities
In January 2024, Immunic completed a significant financing round, raising approximately $80 million through a private placement. The financing was structured in three tranches, with the first tranche executed at a price of $1.43 per share. The details are as follows:
| Tranche | Amount Raised | Price per Share | Conditions |
|---|---|---|---|
| First Tranche | $80 million | $1.43 | Closed on January 8, 2024 |
| Second Tranche | $80 million (conditional) | $1.716 | Dependent on Phase 2b trial data release |
| Third Tranche | $80 million (conditional) | Same as second tranche | Subject to trading volume conditions |
Current Financial Position
As of September 30, 2024, Immunic reported cash and cash equivalents of approximately $59.1 million. The company has incurred significant losses since its inception, with an accumulated deficit of approximately $486.2 million. The financial performance is summarized below:
| Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $59.1 million |
| Accumulated Deficit | $(486.2 million) |
| Net Loss (Q3 2024) | $(24.37 million) |
| Net Loss (YTD 2024) | $(75.33 million) |
Immunic, Inc. (IMUX) Mission Statement
Overview
Immunic, Inc. is dedicated to developing innovative therapies to address unmet medical needs in chronic inflammatory and autoimmune diseases. The company's mission is to leverage its expertise in small molecule drug development to create effective treatments for patients suffering from serious conditions such as multiple sclerosis and inflammatory bowel diseases.
Core Values
- Patient-Centric Approach: Focused on improving patient outcomes through targeted therapies.
- Scientific Excellence: Committed to rigorous scientific research and clinical development.
- Integrity: Upholding ethical standards in all business practices.
- Collaboration: Building strategic partnerships to enhance research and development capabilities.
Strategic Initiatives
Immunic is pursuing several strategic initiatives to fulfill its mission:
- Executing clinical trials for its lead product candidates, vidofludimus calcium (IMU-838), IMU-856, and IMU-381.
- Exploring additional indications for existing compounds through preclinical research.
- Preparing for potential commercial launches by engaging in pre-commercial activities.
- Seeking strategic collaborations to enhance development and commercialization efforts.
Financial Overview
As of September 30, 2024, Immunic reported an accumulated deficit of approximately $486.2 million. The company has incurred operating losses since its inception in 2016, with significant expenses related to research and development.
| Financial Metric | Value |
|---|---|
| Net Loss (Q3 2024) | $24.368 million |
| Net Loss (Nine Months Ended Sept 30, 2024) | $75.332 million |
| Cash and Cash Equivalents (Sept 30, 2024) | $59.1 million |
| Cumulative Cash Raised (since inception) | $430.9 million |
| Operating Expenses (Q3 2024) | $25.726 million |
| Operating Expenses (Nine Months Ended Sept 30, 2024) | $72.421 million |
Recent Developments
In January 2024, Immunic completed a private placement financing, raising approximately $80 million in the first tranche, with potential additional funding of up to $240 million through subsequent tranches, depending on clinical trial results and stock performance conditions. The first tranche was priced at $1.43 per share.
Clinical Trials
Immunic is actively engaged in clinical trials for its lead candidates:
- Vidofludimus Calcium (IMU-838): Currently in Phase 3 trials for relapsing multiple sclerosis and Phase 2 for progressive multiple sclerosis.
- IMU-856: Focused on gastrointestinal diseases, with preparations for Phase 2 trials.
- IMU-381: A next-generation candidate targeting gastrointestinal conditions.
Market Position
Immunic operates in a highly competitive biopharmaceutical landscape, focusing on the development of therapies for chronic inflammatory and autoimmune diseases. The company aims to position itself as a leader in innovative treatments through strategic partnerships and a robust clinical pipeline.
Conclusion
Immunic, Inc. remains committed to its mission of advancing treatment options for patients with chronic inflammatory and autoimmune diseases, leveraging scientific innovation and strategic collaborations to drive its development programs forward.
How Immunic, Inc. (IMUX) Works
Company Overview
Immunic, Inc. (IMUX) focuses on the development of orally administered small molecule programs to address chronic inflammatory and autoimmune diseases. As of 2024, the company is advancing three lead product candidates: vidofludimus calcium (IMU-838), IMU-856, and IMU-381.
Financial Performance
As of September 30, 2024, Immunic reported an accumulated deficit of approximately $486.2 million. The company has not generated any revenue from product sales and has incurred operating losses since its inception in 2016.
| Financial Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $59.1 million | $46.7 million |
| Net Loss | $75.3 million | $72.0 million |
| Operating Expenses | $72.4 million | $75.8 million |
| Research and Development Expenses | $58.4 million | $63.9 million |
| General and Administrative Expenses | $14.0 million | $11.9 million |
Recent Financing Activities
Immunic entered into a Securities Purchase Agreement on January 4, 2024, for a three-tranche private placement of up to $240 million. The first tranche closed on January 8, 2024, raising $80 million at a price of $1.43 per share.
The second tranche is conditional, requiring the release of topline data from a Phase 2b clinical trial, expected around April 2025. If conditions are met, it will raise an additional $80 million at $1.716 per share.
Clinical Development Programs
Immunic is currently executing clinical trial programs for its product candidates:
- Vidofludimus calcium (IMU-838) for relapsing and progressive multiple sclerosis.
- IMU-856 aimed at regenerating bowel epithelium and restoring intestinal barrier function.
- IMU-381, a next-generation molecule for gastrointestinal diseases.
Operating Expenses Breakdown
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Research and Development | $21.4 million | $19.8 million |
| General and Administrative | $4.4 million | $3.8 million |
| Total Operating Expenses | $25.7 million | $23.6 million |
Liquidity and Capital Resources
As of September 30, 2024, Immunic had cash and cash equivalents of approximately $59.1 million. The company does not have adequate liquidity to fund its operations for the next twelve months without raising additional capital.
From inception through September 30, 2024, the company has raised approximately $430.9 million through various equity offerings.
Future Expectations
Immunic anticipates continued significant expenses and operating losses as it advances its clinical development programs. The company is evaluating strategic collaborations to enhance its research and development capabilities.
How Immunic, Inc. (IMUX) Makes Money
Business Model Overview
Immunic, Inc. (IMUX) operates primarily in the biopharmaceutical sector, focusing on the development of small molecule drugs targeting chronic inflammatory and autoimmune diseases. The company has no products approved for commercial sale and has not generated any revenue from product sales as of 2024. Its business model is heavily reliant on funding through various financial instruments, including equity offerings and private placements.
Funding Sources
Immunic has raised significant capital through various financing activities:
- In 2024, the company initiated a three-tranche private placement, securing gross proceeds of approximately $80 million in the first tranche, which closed on January 8, 2024, at a price of $1.43 per share.
- The second tranche is a conditional mandatory purchase, projected to provide an additional $80 million at a price of $1.716 per share, contingent upon specific conditions being met, including the release of clinical trial data expected in April 2025.
- The potential third tranche could yield another $80 million, dependent on the same conditions as the second tranche.
Financial Performance
As of September 30, 2024, Immunic reported an accumulated deficit of approximately $486.2 million. The company's financials for the nine months ended September 30, 2024, are summarized in the following table:
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $(75,332,000) | $(72,040,000) |
| Research and Development Expenses | $58,429,000 | $63,931,000 |
| General and Administrative Expenses | $13,992,000 | $11,911,000 |
| Total Operating Expenses | $72,421,000 | $75,842,000 |
| Interest Income | $2,961,000 | $2,534,000 |
| Net Loss Per Share | $(0.75) | $(1.63) |
| Weighted Average Shares Outstanding | 99,998,245 | 44,227,264 |
Operating Expenses Breakdown
Operating expenses for the three months ended September 30, 2024, are detailed below:
| Expense Category | 2024 (Q3) | 2023 (Q3) |
|---|---|---|
| Research and Development | $21,370,000 | $19,796,000 |
| General and Administrative | $4,356,000 | $3,774,000 |
| Total Operating Expenses | $25,726,000 | $23,570,000 |
Cash Flow and Liquidity
As of September 30, 2024, Immunic reported cash and cash equivalents of approximately $59.1 million. The net cash used in operating activities for the nine months ended September 30, 2024, was $(61,803,000).
Future Financial Outlook
Immunic anticipates continued operating losses as it progresses with its clinical trials, particularly the Phase 3 ENSURE and Phase 2 CALLIPER programs for its lead product candidate, vidofludimus calcium (IMU-838). The company is also preparing for potential commercialization of its product candidates, pending successful clinical outcomes and regulatory approvals.
The financial requirements for ongoing operations remain significant, and future capital injections will be critical for sustaining its development programs. The company has raised a total of approximately $430.9 million since its inception in 2016 through various funding rounds.
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Resources:
- Immunic, Inc. (IMUX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Immunic, Inc. (IMUX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Immunic, Inc. (IMUX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.