Erik Lundgren becomes Immunic (Nasdaq: IMUX) CEO with milestone-tied pay
Rhea-AI Filing Summary
Immunic, Inc. has appointed biopharmaceutical executive Erik Lundgren as Chief Executive Officer effective May 22, 2026, with employment beginning June 1, 2026, succeeding Daniel Vitt, Ph.D., who remains on the Board and continues to lead scientific strategy and portfolio advancement.
Lundgren’s employment agreement provides a yearly base salary of $685,000, eligibility for a yearly bonus of at least 60% of base salary, and a guaranteed full-year 2026 bonus at not less than that level, paid in six monthly installments of $68,500 each. He may receive an additional $200,000 cash bonus if the pending phase 3 trial for relapsing multiple sclerosis supports a New Drug Application and he remains employed through March 31, 2027, plus a separate $250,000 cash bonus within one month of the effective date.
Severance protections include lump-sum payments and equity vesting enhancements if he is terminated without cause, resigns for Good Reason, or is not renewed, with richer benefits during a Change of Control Period. The Compensation Committee also granted Lundgren an option to purchase 1,000,000 shares of common stock under the 2026 Inducement Equity Compensation Plan, with 25% vesting on the one-year anniversary of May 22, 2026 and the remainder vesting monthly over 36 months at an exercise price equal to the closing stock price on the approval date.
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Insights
Immunic installs a commercially focused CEO with a heavily performance- and event-linked pay package.
Immunic is shifting leadership by appointing Erik Lundgren as CEO while retaining former CEO Daniel Vitt, Ph.D., on the Board with responsibility for scientific strategy. Lundgren’s background at Genentech and Roche, including work on Ocrevus, aligns with the company’s multiple sclerosis focus.
The cash and equity package is sizable but tied to milestones. It combines a $685,000 base salary, at least 60% bonus target, and an extra $200,000 tied to phase 3 success supporting a New Drug Application by March 31, 2027, plus a $250,000 sign-on bonus. The 1,000,000-share option grant vests over four years, emphasizing retention through late-stage development.
Severance and Change of Control terms provide income protection and full equity acceleration, with a notably large 34‑month salary severance if Lundgren resigns following a Clinical Trial Failure Event on or before March 31, 2027. These structures underscore the importance of the upcoming phase 3 multiple sclerosis data and potential strategic outcomes, while also adding fixed and contingent obligations for the company.
8-K Event Classification
Key Figures
Key Terms
Change of Control Period financial
Clinical Trial Failure Event financial
New Drug Application medical
Inducement Equity Compensation Plan financial
NASDAQ Listing Rule 5635(c)(4) regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Appointment of Erik Lundgren as Chief Executive Officer
On May 22, 2026 (the “Effective Date”), Immunic, Inc. (the "Company") appointed Erik Lundgren, as Chief Executive Officer of the Company, with his start of employment beginning on June 1, 2026.
Erik Lundgren, age 48, served as Senior Vice President, Commercial Portfolio Organization at Genentech, Inc., a member of the Roche Group, from May 2024 to May 2026, where he led and oversaw the commercial strategy across all therapeutic areas of the company's portfolio. Prior to that role, Mr. Lundgren was the General Manager of Roche s.r.o. from April 2021 to May 2024. Mr. Lundgren was the Lifecycle Leader for Huntington’s disease at Roche from January 2018 to May 2021. Prior to that, Mr. Lundgren served in roles of increasing responsibility at Genentech from May 2007 to December 2017, including serving as Senior Marketing Director supporting the launch and commercialization of Ocrevus® (ocrelizumab). Mr. Lundgren began his career in the consulting industry. Mr. Lundgren earned his Bachelor of Arts in Public Policy from Duke University and his Master of Business Administration from Harvard Business School.
In connection with his appointment as Chief Executive Officer, Mr. Lundgren entered into an employment agreement with the Company, dated as of May 22, 2026 (the “Employment Agreement”). Pursuant to the Employment Agreement, Mr. Lundgren will receive a yearly base salary of $685,000, subject to periodic review and adjustments made by the Company, and be eligible for a yearly bonus amount of not less than 60% of the yearly base salary upon achievement of certain individual and company goals. For the fiscal year ending December 31, 2026, the Company will pay Mr. Lundgren’s annual bonus in full (without proration) at no less than 60% of the yearly base salary, in six monthly installments of no less than sixty-eight thousand and five hundred dollars ($68,500) each. In addition, if (i) the pending Phase 3 trial for relapsing multiple sclerosis meets its primary efficacy and safety goals in a manner that, as reasonably determined by the Company’s Board of Directors (the “Board”), justifies the submission of a New Drug Application with the U.S. Food and Drug Administration for relapsing multiple sclerosis, and (ii) Mr. Lundgren remains an employee of the Company in good standing through March 31, 2027, the Company shall pay to Mr. Lundgren an additional cash bonus of two hundred thousand dollars ($200,000), which shall be paid on the first ordinary payroll date after such conditions are both met. Additionally, the Company has agreed to enter into a separate letter agreement promptly after the execution of the Employment Agreement, pursuant to which the Company shall pay Mr. Lundgren a cash bonus of two hundred and fifty thousand dollars ($250,000) within one month of the Effective Date. Mr. Lundgren is also entitled to: (i) participate in all employee benefit plans, (ii) reimbursement for certain reasonable business-related or employment-related expenses, and (iii) thirty (30) days paid vacation per year.
Pursuant to the Employment Agreement, if: (i) Mr. Lundgren is terminated without “cause” (as such term is defined in the Employment Agreement), (ii) Mr. Lundgren resigns for “Good Reason” (as such term is defined in the Employment Agreement), or (iii) the Company elects not to renew the term of Mr. Lundgren’s employment with the Company, subject to the terms and limitations in the Employment Agreement, and such termination occurs outside of a Change of Control Period (as defined in the Employment Agreement), Mr. Lundgren would be entitled to receive (a) a lump sum payment in an amount equal to the sum of Mr. Lundgren’s earned but unpaid base salary through the date of termination, plus his accrued but unused vacation days at the base salary in effect as of the date of termination, plus any other benefits or rights Mr. Lundgren has accrued or earned through the date of termination, in accordance with the terms of the applicable fringe or employee benefit plans and programs of the Company, (b) a lump sum severance payment equal to twelve (12) months of base salary, plus an amount equal to 100% of Mr. Lundgren’s then-current target bonus; provided, that if Mr. Lundgren’s employment is terminated by Mr. Lundgren as a result of a Clinical Trial Failure Event on or prior to March 31, 2027, the severance payment shall instead be equal to thirty-four (34) months of base salary, (c) full acceleration of 100% of unvested equity awards, which would remain exercisable for twelve (12) months, (d) reimbursement of COBRA premiums for twelve (12) months, and (e) accrued but unpaid annual bonus, if any, for the fiscal year ended prior to the date of termination, payable at the same time annual bonuses for such fiscal year are paid to other key employees of the Company. If such a termination occurs during the Change of Control Period, or if Mr. Lundgren incurs a qualifying termination prior to a Change of Control that entitles him to severance payments outside of the Change of Control Period and a Change of Control occurs within sixty (60) days following his date of termination, Mr. Lundgren would be entitled to receive: the enhanced Change of Control severance payments (less, in the case of the sixty-day lookback, any amounts already paid): (a) a lump sum payment in an amount equal to the sum of Mr. Lundgren’s earned but unpaid base salary through the date of termination, plus his accrued but unused vacation days at the base salary in effect as of the date of termination, plus any other benefits or rights Mr. Lundgren has accrued or earned through the date of termination, in accordance with the terms of the applicable fringe or employee benefit plans and programs of the Company, (b) a lump sum severance payment equal to eighteen (18) months of base salary, (c) a lump sum payment equal to 150% of Mr. Lundgren’s target annual bonus (without proration), (d) full acceleration of 100% of unvested equity awards, which would remain exercisable for eighteen (18) months, (e) reimbursement of COBRA premiums for eighteen (18) months, and (f) accrued but unpaid annual bonus, if any, for the fiscal year ended prior to the date of termination, payable at the same time annual bonuses for such fiscal year are paid to other key employees of the Company. Receipt of severance benefits in either case is conditioned upon Mr. Lundgren’s execution and non-revocation of a release of claims in favor of the Company.
Effective May 22, 2026, the Compensation Committee of the Board approved a grant to Mr. Lundgren of an initial equity option to purchase 1,000,000 shares of common stock of the Company under the Immunic, Inc. 2026 Inducement Equity Compensation Plan (the “Options”). The Options were granted as an inducement material to Mr. Lundgren’s commencement of employment pursuant to NASDAQ Listing Rule 5635(c)(4). The Options will be time vested, with twenty-five percent (25%) vesting on the one-year anniversary of the Effective Date and the remaining seventy-five percent (75%) vesting on a monthly basis in thirty-six (36) equal installments. The exercise price of the Options is the closing price of the Company’s common stock on the date the Options were approved by the Compensation Committee.
There is no relationship or agreement between Mr. Lundgren and any other person pursuant to which he was appointed as an officer of the Company and there is no family relationship between Mr. Lundgren and any of the Company’s directors or executive officers. The Company is not aware of any transaction involving Mr. Lundgren which would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act, other than as set forth in this Current Report on Form 8-K. The Company will enter into a customary indemnity agreement with Mr. Lundgren, consistent with the form filed as Exhibit 10.7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Commission on February 26, 2025.
The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Resignation of Dr. Daniel Vitt
On May 22, 2026, Daniel Vitt, resigned as the Chief Executive Officer of the Company, effective June 1, 2026. The resignation of Dr. Vitt was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Board is deeply grateful for Dr. Vitt service, dedication, and contributions to the Company. Dr. Vitt will continue to serve as a member of the Company’s Board, and retain responsibility for scientific strategy and portfolio advancement. There are no changes to the Company’s compensation arrangements with Dr. Vitt at this time.
Item 7.01 Regulation FD Disclosure.
On May 27, 2026, the Company issued a press release announcing the appointment of Mr. Lundgren as Chief Executive Officer and the resignation of Dr. Vitt. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. The information set forth in this Item 7.01 and in Exhibit 99.1 is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 7.01 and in Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
| Exhibit | Description |
| 10.1 | Employment Agreement, dated May 22, 2026, by and between Immunic, Inc. and Erik Lundgren |
| 99.1 | Press Release dated May 27, 2026. |
| 104 | Cover Page to this Current Report on Form 8-K in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Dated: May 27, 2026 | Immunic, Inc. | |
| By: | /s/ Erik Lundgren | |
| Erik Lundgren | ||
| Chief Executive Officer | ||
Immunic Appoints Distinguished
Biopharmaceutical Executive
Erik Lundgren as Chief Executive Officer
– Proven Leader with Deep Multiple Sclerosis Expertise; Played Key Role in the Launch of Ocrevus® –
– Will Leverage Senior Global Executive and Commercial Experience to Support Immunic’s Transition Toward a Commercial-Stage Multiple Sclerosis Company –
NEW YORK, May 27, 2026 – Immunic, Inc. (Nasdaq: IMUX), a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic diseases, today announced the appointment of distinguished biopharmaceutical executive Erik Lundgren as Chief Executive Officer, effective May 22, 2026, with employment beginning on June 1, 2026. Mr. Lundgren succeeds Daniel Vitt, Ph.D., who will retain responsibility for scientific strategy and portfolio advancement while remaining a member of Immunic's Board of Directors.
Mr. Lundgren will lead Immunic as the company advances vidofludimus calcium through late-stage clinical development, including the pivotal phase 3 ENSURE program in relapsing multiple sclerosis (RMS) and the planned phase 3 program in primary progressive multiple sclerosis (PPMS), while also preparing for potential new drug application (NDA) filing, regulatory approval and commercialization.
“Immunic has evolved into a global late-stage biotechnology company built around its lead asset, vidofludimus calcium, which we believe represents one of the most compelling and differentiated opportunities in multiple sclerosis (MS) today,” stated Michael W. Bonney, Chair of Immunic’s Board of Directors. “As we look to our next phase of growth, including the pivotal phase 3 RMS data readout expected by year-end, preparations for NDA filing in this indication and potential commercialization thereafter, Erik’s experience will be invaluable. I look forward to working with him as we continue transitioning Immunic toward a commercial-stage neurology company and deliver a potential next-generation treatment option for people living with MS.”
“I am truly honored to be joining Immunic at such an exciting and pivotal moment,” stated Mr. Lundgren. “Over the past decade, the treatment landscape for MS has advanced meaningfully, broadening what is possible for people living with this complex disease. Yet a large unmet need remains, particularly for treatment options with the potential to slow disability progression and preserve neurological function. Vidofludimus calcium’s potential to treat MS by targeting both immunological and neuroprotective pathways, along with a safety and tolerability profile that appears favorable to date, offers a differentiated approach within the MS therapeutic landscape, with the chance to impact both relapsing and progressive forms of the disease. Having spent my career focused on bringing innovative medicines to patients, including those with MS, I believe Immunic is uniquely positioned to advance this important program through late-stage development and potential commercialization. I look forward to working alongside the talented team at Immunic to help realize that vision.”
“Erik is highly accomplished and possesses the strategic, operational and commercial know-how needed to steer Immunic at this critical juncture,” added Dr. Vitt. “His deep expertise in MS, including his role in helping shape the launch of Ocrevus®, combined with his long tenure and broad experience across Genentech and Roche, will be instrumental as we advance vidofludimus calcium through the pivotal phase 3 ENSURE readout in RMS and continue preparations for our planned phase 3 program in PPMS. As we approach these important milestones and continue our evolution toward becoming a commercial-stage biotechnology company, I am convinced that Erik is the right leader to guide Immunic into its next chapter. I look forward to continuing to support the company's scientific strategy and working alongside Erik and the Board to realize the full potential of our pipeline.”
Mr. Lundgren brings nearly two decades of biopharmaceutical experience spanning commercial strategy, product launches, global portfolio leadership, marketing and general management, with particular expertise in MS. He most recently served as Senior Vice President, Commercial Portfolio Organization at Genentech (a member of the Roche Group), where he led and oversaw the commercial strategy across all therapeutic areas of the company's broad portfolio. Prior to this role, he served as General Manager of Roche Czech Republic, where he led full operations and commercial strategy. Earlier, he served as Lifecycle Leader for Huntington's disease within Roche's neuroscience portfolio.
Mr. Lundgren spent more than a decade at Genentech in roles of increasing responsibility, including serving as Senior Marketing Director supporting the launch and commercialization of Ocrevus® (ocrelizumab), a foundational treatment for RMS and PPMS and one of the most successful launches in neurology. He also held commercial leadership roles supporting the launches of oncology medicines, including Kadcyla® (ado-trastuzumab emtansine) and Zelboraf® (vemurafenib), and led various sales teams within Genentech's oncology franchise.
Mr. Lundgren earned his Bachelor of Arts in Public Policy from Duke University and his Master of Business Administration from Harvard Business School.
The Compensation Committee of Immunic's Board of Directors granted Mr. Lundgren an initial equity option to purchase 1,000,000 shares of common stock of the company under the Immunic, Inc. 2026 Inducement Equity Compensation Plan (the “Options”). The Options were granted as an inducement material to Mr. Lundgren’s commencement of employment pursuant to NASDAQ Listing Rule 5635(c)(4). The Options will be time vested, with 25% vesting on the one-year anniversary of May 22, 2026 and the remainder vesting on a monthly basis in 36 equal installments.
About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic 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 relapsing-remitting multiple sclerosis, progressive multiple sclerosis and other diseases. 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). The company’s development pipeline also includes earlier-stage programs, including IMU-856 and IMU-381, aimed at building a broader therapeutics platform addressing neurodegenerative, chronic inflammatory, and autoimmune-related diseases. For further information, please visit: www.imux.com.
Cautionary Statement 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 expectations regarding Immunic's development programs and the targeted diseases; the potential for Immunic's development programs to safely and effectively target diseases; preclinical and clinical data for Immunic's development programs; the timing of current and future clinical trials, anticipated clinical milestones and regulatory approvals; the nature, strategy and focus of the company and further updates with respect thereto; the development and commercial potential of any product candidates of the company; expectations regarding the capitalization, resources and ownership structure of the company; the executive and board structure of the company; and the appointment of Mr. Lundgren and his integration into 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 macroeconomic 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, and the ability to raise sufficient capital to continue as a going concern, 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 and the impact of competitive products and technological changes. 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, 2025, filed with the SEC on February 26, 2026, 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