Immunic Reports $26.8 Million Net Loss in Q2 2025, Increases Operating Expenses

Immunic, Inc. reported a net loss of $26.8 million for the second quarter of 2025, a 25% increase from the $21.4 million loss recorded in the same period of the previous year. For the first half of 2025, the company’s net loss was $52.3 million, slightly higher than the $51.0 million loss reported for the first half of 2024. The increase in losses is attributed to rising operating expenses, which totaled $27.1 million for the second quarter, up 19% from $22.8 million in the prior year. Research and development expenses rose by 17% to $21.4 million, driven primarily by increased external development costs related to the company's lead product candidate, vidofludimus calcium.

Immunic's financial position showed significant changes compared to the previous fiscal period. As of June 30, 2025, the company had cash and cash equivalents of approximately $55.3 million, an increase from $35.7 million at the end of 2024. The total assets rose to $61.4 million, up from $40.9 million at the end of the previous year. The increase in cash was bolstered by recent financing activities, including a $5.1 million offering in April 2025 and a $65 million offering in May 2025, which provided essential capital for ongoing clinical trials and operational expenses.

Strategically, Immunic has made notable advancements in its clinical pipeline, particularly with vidofludimus calcium, which is currently in Phase 3 trials for relapsing multiple sclerosis (RMS). The company completed enrollment for two identical Phase 3 ENSURE trials, with results expected by the end of 2026. Additionally, the Phase 2 CALLIPER trial for primary progressive multiple sclerosis (PPMS) has shown promising interim results, indicating a potential reduction in disability worsening. The company is also advancing its IMU-856 program, which targets gastrointestinal diseases, and has entered into a licensing agreement with Ludwig-Maximilians-University for new neuroinflammatory treatments.

Operationally, Immunic's employee count stood at approximately 90 as of July 31, 2025, reflecting the company's commitment to expanding its workforce to support its clinical development efforts. The company has not generated any revenue from product sales to date and continues to rely on external funding to support its operations. Immunic's accumulated deficit reached approximately $563.7 million as of June 30, 2025, highlighting the financial challenges faced by the company as it navigates the complexities of drug development and regulatory approval processes. Looking ahead, Immunic anticipates continued operating losses and significant expenses as it progresses its clinical programs, with the need for additional capital to sustain its operations over the next twelve months.