Immunic Announces Closing of Oversubscribed Private Placement Financing

Rhea-AI Summary

Immunic (Nasdaq: IMUX) closed an oversubscribed private placement on Feb 17, 2026, raising upfront gross proceeds of $200 million via issuance of 229,076,000 pre-funded warrants at $0.873 each, with warrants to purchase up to an additional $200 million.

Proceeds are intended to fund completion of the Phase 3 ENSURE trials in relapsing multiple sclerosis, initiate a Phase 3 trial in primary progressive multiple sclerosis, and support the company's transition toward a commercial organization, with cash runway expected into late 2027.

Positive

• Upfront proceeds of $200 million
• Potential additional $200 million via exercise of warrants
• Funding expected to support Phase 3 ENSURE completion
• Planned initiation of Phase 3 primary progressive MS trial
• Cash runway extended into late 2027

Negative

• Issuance of 229,076,000 pre-funded warrants could cause dilution
• Warrants exercisable at $0.873 may increase share count materially
• Company may need further financing after late 2027

News Market Reaction

+0.53%

6 alerts

+0.53% News Effect

+5.0% Peak Tracked

-14.9% Trough Tracked

+$579K Valuation Impact

$110M Market Cap

0.8x Rel. Volume

On the day this news was published, IMUX gained 0.53%, reflecting a mild positive market reaction. Argus tracked a peak move of +5.0% during that session. Argus tracked a trough of -14.9% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $579K to the company's valuation, bringing the market cap to $110M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Upfront proceeds: USD 200 million Additional potential proceeds: up to USD 200 million Maximum gross proceeds: up to USD 400 million +5 more

8 metrics

Upfront proceeds USD 200 million Private placement closing

Additional potential proceeds up to USD 200 million From warrant exercises

Maximum gross proceeds up to USD 400 million Total private placement size

Pre-funded warrants issued 229,076,000 Pre-funded warrants at $0.873 each

Pre-funded warrant price $0.873 Per pre-funded warrant

Common/warrant shares up to 229,076,000 Shares underlying additional warrants

Warrant exercise price $0.873 Per share (or pre-funded warrant)

Cash runway into late 2027 Operating and capital expenditures coverage

Market Reality Check

Price: $0.9747 Vol: Volume 63,928,575 is 12.5...

high vol

$0.9747 Last Close

Volume Volume 63,928,575 is 12.56x the 20-day average of 5,091,669, indicating exceptional trading interest ahead of the financing close. high

Technical Shares at 0.9125 are trading above the 200-day MA of 0.8, showing price strength versus longer-term trend before this news.

Peers on Argus

Within Biotechnology peers, moves were mixed: ABOS (+5.02%), CRVO (+3.51%), IRD ...

1 Up

Within Biotechnology peers, moves were mixed: ABOS (+5.02%), CRVO (+3.51%), IRD (+7.06%) gained, IGMS (-2.31%) fell, and ATRA was flat. IMUX’s setup appears more company-specific than sector-driven.

Previous Private placement Reports

1 past event · Latest: Feb 13 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Feb 13	Private placement pricing	Positive	+4.9%	Announced up to USD 400M private placement to fund Phase 3 and commercialization.

Pattern Detected

The only recent private placement announcement showed a positive price reaction, suggesting prior capital-raising news was absorbed constructively.

Recent Company History

Over recent months, Immunic has focused on advancing vidofludimus calcium and shoring up its balance sheet. A prior private placement on Feb 13, 2026 for up to USD 400 million, including USD 200 million upfront, aimed to fund Phase 3 ENSURE trials and commercial transition and was met with a +4.87% move. Earlier updates highlighted Phase 2 CALLIPER data and Phase 3 ENSURE enrollment, alongside liquidity pressures and capital raises in 2025, framing today’s closing as a continuation of that funding strategy.

Historical Comparison

+4.9% avg move · In the past 12 months, IMUX reported 1 private placement event with an average one-day move of 4.87%...

private placement

+4.9%

Average Historical Move private placement

In the past 12 months, IMUX reported 1 private placement event with an average one-day move of 4.87%. Today’s closing of the same financing continues that capital-raising pattern for late-stage programs.

The company moved from announcing an oversubscribed private placement for up to USD 400 million to formally closing the financing, securing upfront capital to complete Phase 3 ENSURE trials and begin its commercial transition.

Market Pulse Summary

This announcement finalizes an oversubscribed private placement that delivers USD 200 million upfron...

Analysis

This announcement finalizes an oversubscribed private placement that delivers USD 200 million upfront and potential for up to USD 200 million more via warrants, with proceeds expected to fund operations into late 2027. It follows earlier disclosures of liquidity pressures and the initial financing agreement. Investors may focus on execution of Phase 3 ENSURE and progressive MS programs, the warrant structure and expiration terms, and ongoing Nasdaq listing and governance developments as key watchpoints.

Key Terms

private placement, pre-funded warrants, warrants, exercise price, +3 more

7 terms

private placement financial

"announced the closing of its previously disclosed private placement financing."

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

pre-funded warrants financial

"issued an aggregate of 229,076,000 pre-funded warrants to purchase shares"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

warrants financial

"the company issued warrants to purchase up to an aggregate of 229,076,000 shares"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

exercise price financial

"at an exercise price of $0.873 per share, for up to an additional USD 200 million"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

phase 3 medical

"fund Completion of Phase 3 ENSURE Trials in Relapsing Multiple Sclerosis"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

relapsing multiple sclerosis medical

"Phase 3 ENSURE Trials in Relapsing Multiple Sclerosis, Initiation of Phase 3 Trial"

A form of multiple sclerosis in which the immune system intermittently attacks the protective coating around nerve fibers, causing episodes of new or worsening symptoms (relapses) followed by periods of partial or full recovery (remissions). For investors, relapsing multiple sclerosis defines a clear patient group and disease pattern that shapes demand for treatments, influences clinical trial design, regulatory approval paths, and the size and predictability of a drug’s revenue opportunity. Think of it like a light that flickers off and on rather than failing permanently.

primary progressive multiple sclerosis medical

"Initiation of Phase 3 Trial in Primary Progressive Multiple Sclerosis"

A form of multiple sclerosis in which symptoms steadily worsen from the start rather than coming in distinct flare-ups and recoveries; it reflects ongoing damage to the brain and spinal cord that leads to gradually increasing disability. For investors, it matters because this steady, progressive course creates a clear, high unmet medical need and influences the size and urgency of the market for treatments, the design and duration of clinical trials, regulatory pathways, and long-term revenue potential — like a market where customers need durable, ongoing solutions rather than occasional fixes.

AI-generated analysis. Not financial advice.

– Upfront Proceeds of USD 200 Million, with Potential for up to USD 200 Million in Additional Proceeds –

– Expected to Fund Completion of Phase 3 ENSURE Trials in Relapsing Multiple Sclerosis, Initiation of Phase 3 Trial in Primary Progressive Multiple Sclerosis, and Begin of Transition Into a Commercial Organization –

NEW YORK, Feb. 17, 2026 /PRNewswire/ -- Immunic, Inc. (Nasdaq: IMUX), a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic and gastrointestinal diseases, today announced the closing of its previously disclosed private placement financing.

The financing was led by BVF Partners L.P. and included participation from Aberdeen Investments, Avidity Partners, Coastlands Capital, EcoR1 Capital, Janus Henderson Investors, OrbiMed, RA Capital Management, TCGX, Trails Edge Capital Partners, Vivo Capital, Woodline Partners LP, and other institutional investors.

As previously disclosed, Immunic entered into a securities purchase agreement with select accredited investors for up to USD 400 million in gross proceeds through a private placement. Pursuant to the terms of the purchase agreement, the company issued an aggregate of 229,076,000 pre-funded warrants to purchase shares of the company's common stock at a price of $0.873 per pre-funded warrant, for upfront gross proceeds of USD 200 million. In addition, the company issued warrants to purchase up to an aggregate of 229,076,000 shares of the company's common stock (or pre-funded warrants in lieu thereof) at an exercise price of $0.873 per share, for up to an additional USD 200 million in gross proceeds to Immunic. These warrants will expire upon the earlier of (a) 30 days after the public announcement of top-line data from the phase 3 ENSURE trials or (b) February 17, 2031.

Immunic intends to use the net proceeds from the offering to fund its clinical trials and operations and for other general corporate purposes. The upfront proceeds from this private placement, combined with current cash, cash equivalents and marketable securities, are expected to fund operating and capital expenditures into late 2027.

Leerink Partners acted as lead placement agent in connection with the financing. Stifel, Guggenheim Securities, William Blair, LifeSci Capital, B. Riley Securities and Brookline Capital Markets, a division of Arcadia Securities, LLC, also acted as placement agents in connection with the financing.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the Securities Act), or applicable state securities laws and accordingly may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the SEC) or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic and gastrointestinal diseases. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 clinical trials for the treatment of relapsing multiple sclerosis, for which top-line data is expected to be available by the end of 2026. It has already shown therapeutic activity in phase 2 clinical trials in patients suffering from relapsing-remitting multiple sclerosis and progressive multiple sclerosis. Vidofludimus calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor-related 1 (Nurr1) activator, with additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH). IMU-856, which targets the protein Sirtuin 6 (SIRT6), is intended to restore intestinal barrier function and regenerate bowel epithelium, which could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease as well as inflammatory bowel disease, Graft-versus-Host-Disease and weight management. IMU-381, which currently is in preclinical testing, is a next generation molecule being developed to specifically address the needs of gastrointestinal diseases. For further information, please visit: www.imux.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing, development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to consummation of the proposed offering and the exercise of warrants to be issued in the offering, Immunic's development programs and the targeted diseases; the potential for vidofludimus calcium to safely and effectively target diseases; preclinical and clinical data for vidofludimus calcium; the feasibility of advancing vidofludimus calcium to a confirmatory phase 3 clinical trial in progressive multiple sclerosis; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus of the company and further updates with respect thereto; and the development and commercial potential of any product candidates of the company. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine – Russia conflict and the conflict in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the company's products or product candidates, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process, the impact of competitive products and technological changes, and the risk that warrants issued in this offering will not be exercised for cash in the future. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025, and in the company's subsequent filings with the SEC. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this press release.

Contact Information

Immunic, Inc.
Jessica Breu
Vice President Investor Relations and Communications
+49 89 2080 477 09
jessica.breu@imux.com

US IR Contact
Rx Communications Group
Paula Schwartz
+1 917 633 7790
immunic@rxir.com

US Media Contact
KCSA Strategic Communications
Caitlin Kasunich
+1 212 896 1241
ckasunich@kcsa.com

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SOURCE Immunic, Inc.

FAQ

How much did Immunic (IMUX) raise in the Feb 17, 2026 private placement?

Immunic raised upfront gross proceeds of $200 million in the private placement. According to the company, the deal also includes warrants convertible for up to an additional $200 million, for a potential total of $400 million in gross proceeds.

What securities did Immunic (IMUX) issue in the private placement and at what price?

Immunic issued 229,076,000 pre-funded warrants and warrants for up to 229,076,000 shares at $0.873 each. According to the company, the pre-funded warrants provided the upfront $200 million proceeds.

How will the Feb 2026 financing affect Immunic's (IMUX) clinical programs?

The financing is intended to fund completion of Phase 3 ENSURE trials and start a Phase 3 primary progressive MS trial. According to the company, proceeds are allocated to advance these pivotal trials and related operations.

When do Immunic's (IMUX) warrants expire and what triggers earlier expiry?

The warrants expire on Feb 17, 2031, or earlier upon 30 days after public top-line ENSURE data. According to the company, earlier exercise window is tied to announcement of Phase 3 top-line results.

How long is Immunic's (IMUX) cash runway after the private placement?

The company expects the upfront proceeds plus existing cash to fund operations into late 2027. According to the company, this runway covers operating and capital expenditures through that period but could change with trial outcomes or spending.