[SCHEDULE 13G/A] IMMUNIC, INC. Amended Passive Investment Disclosure
Soleus Capital reports 4.9% stake in Immunic
Soleus Capital Master Fund, L.P. and related entities report beneficial ownership of 679,200 shares of Immunic, Inc. common stock, representing 4.9% of the class.
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Soleus Capital Master Fund, L.P. and related entities report beneficial ownership of 679,200 shares of Immunic, Inc. common stock, representing 4.9% of the class. The group reports shared voting and dispositive power over all 679,200 shares and no sole power.
The 679,200 shares include 114,600 shares issuable on exercise of pre-funded warrants at $0.0001 per share and 114,600 shares issuable on exercise of common warrants at $0.873220 per share. The 4.9% ownership is based on 13,644,467 shares outstanding as of July 31, 2026. Various Soleus-affiliated entities and Guy Levy disclaim beneficial ownership except for purposes of Section 13(d).
Key Figures
Beneficially owned shares:679,200 sharesOwnership percentage:4.9%Shares outstanding:13,644,467 shares+4 more
7 metrics
Beneficially owned shares679,200 sharesImmunic common stock reported by Soleus Capital group
Ownership percentage4.9%Portion of Immunic common stock class beneficially owned
Shares outstanding13,644,467 sharesImmunic common stock outstanding as of July 31, 2026
Pre-funded warrant exercise price$0.0001 per shareExercise price for 114,600 shares via pre-funded warrants
Common Warrant exercise price$0.873220 per shareExercise price for 114,600 shares via Common Warrants
Shares via pre-funded warrants114,600 sharesImmunic shares issuable upon exercise of pre-funded warrants
Shares via Common Warrants114,600 sharesImmunic shares issuable upon exercise of Common Warrants
Key Terms
pre-funded warrants, Common Warrants, beneficial ownership, shared dispositive power, +1 more
5 terms
pre-funded warrantsfinancial
"includes (x) 114,600 shares of the common stock...upon the exercise of pre-funded warrants"
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.
Common Warrantsfinancial
"and (y) 114,600 shares of Common Stock issuable upon the exercise of the Common Warrants"
A common warrant is a tradable instrument that gives its holder the right to buy a company’s common shares at a fixed price within a set time period, similar to a coupon that can be redeemed later to purchase stock. Investors care because exercising warrants can boost potential gains if the stock rises, but it can also dilute existing shareholders by increasing the number of shares outstanding, which can lower per-share value.
beneficial ownershipfinancial
"disclaims beneficial ownership of these shares held by Master Fund"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared dispositive powerfinancial
"8 | Shared Dispositive Power 679,200.00"
Section 13(d) of the Securities Exchange Act of 1934regulatory
"for the purpose of determining their obligations under Section 13(d) of the Securities Exchange Act of 1934"
Section 13(d) of the Securities Exchange Act of 1934 is a U.S. rule that requires anyone who buys more than 5% of a public company’s shares to publicly disclose who they are, how many shares they own, and their intentions toward the company. For investors, this is like a neighborhood alert when someone acquires a large stake in a building: it reveals potential changes in control or strategy that could affect the stock’s price, governance, or future direction.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What percentage of Immunic, Inc. (IMUX) does Soleus Capital report owning?
Soleus Capital and affiliated entities report beneficial ownership of 4.9% of Immunic’s common stock. This is based on 679,200 shares versus 13,644,467 shares outstanding as of July 31, 2026.
How many Immunic, Inc. (IMUX) shares does Soleus Capital beneficially own?
The Soleus group reports beneficial ownership of 679,200 shares of Immunic common stock. All of these shares are subject to shared voting and dispositive power, with no sole voting or dispositive authority reported.
What warrants linked to Immunic, Inc. (IMUX) are included in Soleus Capital’s holdings?
The reported 679,200 shares include 114,600 shares issuable on pre-funded warrants at $0.0001 and 114,600 shares issuable on common warrants at $0.873220 per share, all held by Soleus Capital Master Fund, L.P.
On what share count does the 4.9% Immunic (IMUX) ownership figure rely?
The 4.9% beneficial ownership is calculated using 13,644,467 shares of Immunic common stock outstanding as of July 31, 2026, as stated on the issuer’s Form 10-Q cover page.
Do Soleus Capital affiliates and Guy Levy fully admit beneficial ownership of IMUX shares?
Soleus Capital entities and Guy Levy disclaim beneficial ownership of the Immunic shares held by the Master Fund, except for determining obligations under Section 13(d) of the Exchange Act.
Does Soleus Capital have sole or shared voting power over Immunic (IMUX) shares?
The Soleus group reports 0 shares with sole voting power and 679,200 shares with shared voting power. They similarly report shared dispositive power over 679,200 shares and no sole dispositive power.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
IMMUNIC, INC.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
4525EP200
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
4525EP200
1
Names of Reporting Persons
Soleus Capital Master Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
679,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
679,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
679,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
FI
Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Soleus Capital Master Fund, L.P. ("Master Fund"). Soleus Capital, LLC ("Soleus Capital") is the sole general partner of Master Fund, Soleus Capital Group, LLC ("SCG") is the sole managing member of Soleus Capital, Soleus Capital Management, L.P. ("SCM") is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.
(2) The number of shares reported in the table above includes (x) 114,600 shares of the common stock, par value $0.0001 per share ("Common Stock"), of Immunic, Inc. (the "Issuer"), issuable upon the exercise of pre-funded warrants held by Master Fund that are exercisable at an exercise price of $0.0001 per share of Common Stock (the "PFWs"), and (y) 114,600 shares of Common Stock issuable upon the exercise of warrants held by Master Fund that are exercisable at an exercise price of $0.873220 per share of Common Stock (the "Common Warrants").
(3) The percentage set forth in row 11 is calculated based upon 13,644,467 shares of Common Stock outstanding as of July 31, 2026, as reported on the cover of the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, filed with the Securities and Exchange Commission on August 11, 2026 (the "Form 10-Q").
SCHEDULE 13G
CUSIP Number(s):
4525EP200
1
Names of Reporting Persons
Soleus Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
679,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
679,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
679,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.
(2) The number of shares reported in the table above includes (x) 114,600 shares of Common Stock issuable upon the exercise of the PFWs and (y) 114,600 shares of Common Stock issuable upon the exercise of the Common Warrants.
(3) The percentage set forth in row 11 is calculated based upon 13,644,467 shares of Common Stock outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.
SCHEDULE 13G
CUSIP Number(s):
4525EP200
1
Names of Reporting Persons
Soleus Capital Group, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
679,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
679,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
679,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.
(2) The number of shares reported in the table above includes (x) 114,600 shares of Common Stock issuable upon the exercise of the PFWs and (y) 114,600 shares of Common Stock issuable upon the exercise of the Common Warrants.
(3) The percentage set forth in row 11 is calculated based upon 13,644,467 shares of Common Stock outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.
SCHEDULE 13G
CUSIP Number(s):
4525EP200
1
Names of Reporting Persons
Soleus Capital Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
679,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
679,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
679,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.
(2) The number of shares reported in the table above includes (x) 114,600 shares of Common Stock issuable upon the exercise of the PFWs and (y) 114,600 shares of Common Stock issuable upon the exercise of the Common Warrants.
(3) The percentage set forth in row 11 is calculated based upon 13,644,467 shares of Common Stock outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.
SCHEDULE 13G
CUSIP Number(s):
4525EP200
1
Names of Reporting Persons
Soleus GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
679,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
679,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
679,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.
(2) The number of shares reported in the table above includes (x) 114,600 shares of Common Stock issuable upon the exercise of the PFWs and (y) 114,600 shares of Common Stock issuable upon the exercise of the Common Warrants.
(3) The percentage set forth in row 11 is calculated based upon 13,644,467 shares of Common Stock outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.
SCHEDULE 13G
CUSIP Number(s):
4525EP200
1
Names of Reporting Persons
Guy Levy
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
679,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
679,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
679,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons \s the beneficial owner of such shares for any other purpose.
(2) The number of shares reported in the table above includes (x) 114,600 shares of Common Stock issuable upon the exercise of the PFWs and (y) 114,600 shares of Common Stock issuable upon the exercise of the Common Warrants.
(3) The percentage set forth in row 11 is calculated based upon 13,644,467 shares of Common Stock outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
IMMUNIC, INC.
(b)
Address of issuer's principal executive offices:
1200 Avenue of the Americas, Suite 200, New York, NY 10036
Item 2.
(a)
Name of person filing:
Soleus Capital Master Fund, L.P.
Soleus Capital, LLC
Soleus Capital Group, LLC
Soleus Capital Management, L.P.
Soleus GP, LLC
Guy Levy
(b)
Address or principal business office or, if none, residence:
Soleus Capital Master Fund, L.P., 100 Field Point Road, Suite 200, Greenwich, CT 06830
Soleus Capital, LLC, 100 Field Point Road, Suite 200, Greenwich, CT 06830
Soleus Capital Group, LLC, 100 Field Point Road, Suite 200, Greenwich, CT 06830
Soleus Capital Management, L.P., 100 Field Point Road, Suite 200, Greenwich, CT 06830
Soleus GP, LLC, 100 Field Point Road, Suite 200, Greenwich, CT 06830
Guy Levy, c/o Soleus Capital Management, L.P., 100 Field Point Road, Suite 200, Greenwich, CT 06830
(c)
Citizenship:
Soleus Capital Master Fund, L.P. - Cayman Islands
Soleus Capital, LLC - Delaware
Soleus Capital Group, LLC - Delaware
Soleus Capital Management, L.P. - Delaware
Soleus GP, LLC - Delaware
Guy Levy - United States
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
4525EP200
Item 4.
Ownership
(a)
Amount beneficially owned:
The information in rows 5 through 9 and 11 on the cover pages to this Schedule 13G, including the footnotes thereto, is hereby incorporated by reference.
679,200
(b)
Percent of class:
4.9 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
679,200
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
679,200
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Soleus Capital Master Fund, L.P.
Signature:
/s/ Guy Levy
Name/Title:
Guy Levy / Managing Member of the Managing Member of the General Partner of Soleus Capital Master Fund, L.P.
Date:
08/13/2026
Soleus Capital, LLC
Signature:
/s/ Guy Levy
Name/Title:
Guy Levy / Managing Member of the Managing Member of Soleus Capital, LLC
Date:
08/13/2026
Soleus Capital Group, LLC
Signature:
/s/ Guy Levy
Name/Title:
Guy Levy / Managing Member
Date:
08/13/2026
Soleus Capital Management, L.P.
Signature:
/s/ Guy Levy
Name/Title:
Guy Levy / Managing Member of the General Partner of Soleus Capital Management, L.P.
