Immunic, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $25.6 million, a slight increase from a net loss of $24.4 million in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $77.9 million, compared to a loss of $75.3 million for the same period in 2024. The increase in losses is attributed to rising operating expenses, which totaled $79.9 million for the nine months, up from $72.4 million in the prior year. The company has not generated any revenue from product sales, maintaining an accumulated deficit of approximately $589.3 million as of September 30, 2025.
Operating expenses for the third quarter of 2025 were $26.0 million, a marginal increase from $25.7 million in the previous year. Research and development expenses decreased by 6% to $20.0 million, primarily due to reduced external development costs related to the IMU-856 program. Conversely, general and administrative expenses rose by 37% to $6.0 million, driven by increased personnel costs and stock-based compensation. The company’s interest income also fell significantly, down 46% to $0.4 million, reflecting a lower average cash balance.
Immunic has made strategic advancements in its clinical development programs, particularly with its lead candidate, vidofludimus calcium (IMU-838), which is currently in Phase 3 trials for relapsing multiple sclerosis (RMS). The company completed enrollment for two identical Phase 3 ENSURE trials, with top-line data expected by the end of 2026. Additionally, the company is preparing for further clinical testing of its IMU-856 program, which targets gastrointestinal diseases, and has initiated preclinical testing for its next-generation molecule, IMU-381.
As of September 30, 2025, Immunic had cash and cash equivalents of approximately $35.1 million, a decrease from $35.7 million at the end of 2024. The company raised $65.5 million through financing activities in the first nine months of 2025, primarily from two equity offerings. However, Immunic has indicated that it does not have sufficient liquidity to fund its operations for the next twelve months without raising additional capital, which poses a significant risk to its ongoing clinical development programs. The company is actively exploring various funding options, including equity financing and strategic collaborations, to support its operations and development pipeline.
About IMMUNIC, INC.
Immunic, Inc. is a biotechnology company focused on developing oral immunology therapies for chronic inflammatory and autoimmune diseases, primarily multiple sclerosis. Its pipeline includes small molecule drugs targeting neuroprotection, immune modulation, and gastrointestinal regeneration. The company aims to provide disease-modifying treatments with neuroprotective, anti-inflammatory, and antiviral effects, leveraging clinical trials and strategic collaborations to address high unmet medical needs in neurology and gastroenterology markets.
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