Immunic (IMUX)
Develops oral small-molecule candidates for multiple sclerosis and other inflammatory or autoimmune diseases.
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Its lead candidate, vidofludimus calcium, is in late-stage trials for relapsing MS, alongside earlier gastrointestinal and Nurr1-platform programs. Clinical development is organized across New York and a German R&D base, and depends on clinical results, regulatory review, and future funding.
Built around orally administered small molecules for chronic inflammatory and autoimmune diseases, the pipeline has no approved, marketed medicines. Vidofludimus calcium is the lead candidate, in late-stage ENSURE trials for relapsing multiple sclerosis, with a planned study in primary-progressive MS.
IMU-856 is an earlier gastrointestinal candidate targeting intestinal-barrier function, while IMU-381 is a preclinical Nurr1-platform program for neurologic, gastrointestinal, and other autoimmune diseases. Clinical development is coordinated from New York with R&D near Munich, Germany.
The operating model is shaped by progress in clinical trials, potential regulatory review, capital availability, intellectual-property protection, and competitive products. The current public company has traded on Nasdaq as IMUX since its 2019 successor transaction.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 17, 2026 | Wedbush | Initiate | Rating: —Target: — | Target: $45 |
| May 14, 2026 | Roth Capital | Target | Target: — | Target: $19 |
| Apr 30, 2026 | H.C. Wainwright | Target | Target: — | Target: $22 |
| Apr 16, 2026 | Stifel Nicolaus | Target | Target: — | Target: $2.50 |
| Apr 15, 2026 | D. Boral Capital | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $155.1M · Total debt $567.0K · Total assets $159.2M · Shareholders' equity $127.6M
- Revenue
- $0
- Operating income
- −$35.3M
- Net income
- −$34.1M
No dividends on record.
| Institutions | 61.85% | 8.44M shares | |
|---|---|---|---|
| 60 holders · as of Jun 30, 2026 | |||
| Insiders | 0.76% | 104.3K shares | |
| 7 holders · as of Jun 16, 2025 | |||
| Strategic holders | 8.48% | 1.16M shares | |
| 2 holders · as of May 6, 2026 | |||
| Other | 28.91% | 3.94M shares | |
| remainder | |||
13.64M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
A stock split fell inside the quarter, so quarter-on-quarter changes are not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Abrdn PLCInstitution | 6.04% | 824,393 | as of Jun 30, 2026 |
BVF Inc/ILInstitution | 5.61% | 765,295 | as of Jun 30, 2026 |
OrbiMed Advisors LLCInstitution | 5.55% | 756,860 | filed Aug 14, 2026 |
Integrated Core Strategies (US) LLCStrategic | 5.45% | 743,281 | filed May 6, 2026 |
Millennium Management LLCInstitution | 5.43% | 740,347 | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Novartis (ADR)
Self-administered anti-CD20 therapy for relapsing MS
- Bristol-Myers Squibb
Once-daily oral S1P therapy for relapsing MS
- Biogen
Oral fumarate therapies within a broad MS portfolio
- TG Therapeutics
Approved anti-CD20 treatment for relapsing MS
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Immunic | $10.94 | +1.02% | $147.5M | — | — | — | — |
| Novartis (ADR) | $140.88 | −0.07% | $267.96B | 21.3 | 15.0 | 4.8 | +0.9% |
| Bristol-Myers Squibb | $62.67 | +0.08% | $127.91B | 13.8 | 9.8 | 2.6 | +5.7% |
| Biogen | $221.77 | +1.23% | $32.37B | 38.8 | 16.7 | 3.3 | +3.4% |
| TG Therapeutics | $56.83 | −0.58% | $8.75B | 20.9 | 29.9 | 10.9 | +70.3% |
| Median | 21.1 | 15.9 | 4.0 | +4.6% |