Avidity Group Reports 5,615,811 Shares (5.9%) in Immunic IMUX

Rhea-AI Filing Summary

Avidity-related reporting persons disclosed an aggregate 5,615,811 share position in Immunic, Inc. (IMUX), equal to 5.9% of the outstanding common stock, held with shared voting and dispositive power. The filing shows no reporting person claims sole voting or dispositive authority over these shares. A separate entity, Avidity Private Master Fund I LP, is shown with 4,699,411 shares (4.9%).

The statement explains the reported securities are directly owned by advisory clients of Avidity Partners Management LP and that none of those advisory clients may be deemed to beneficially own more than 5% of the class. The reporting persons include a disclaimer of beneficial ownership except to the extent of pecuniary interest and certify the holdings were not acquired to change or influence control of the issuer.

Positive

• Avidity group reports a material institutional stake of 5,615,811 shares (5.9%) in Immunic (IMUX)
• Avidity Private Master Fund I LP holds 4,699,411 shares (4.9%), showing substantial related-party investment
• Filing includes certification that the holdings were not acquired to change or influence control of the issuer

Negative

• No reporting person has sole voting or dispositive power; all authority is reported as shared
• Securities are directly owned by advisory clients, and the filing states none of those clients may be deemed to beneficially own more than 5% individually, complicating ownership attribution
• Reporting persons disclaim beneficial ownership except to the extent of pecuniary interest, limiting clarity on control implications

Insights

Institutional Portfolio Manager

TL;DR: Avidity reports a material institutional stake of 5.9% in IMUX, but power is shared and holdings are held for advisory clients, limiting direct control.

The filing discloses an aggregate 5,615,811 share position (5.9%) across Avidity entities with only shared voting and dispositive power and no sole authority. That size typically requires disclosure and signals meaningful economic exposure, but the statement that securities are directly owned by advisory clients and that none of those clients individually exceed 5% reduces the likelihood that any single client or Avidity itself exercises unilateral control. The certification that holdings were not acquired to influence control further frames this as a passive/investment disclosure rather than an activist intent.Impact rating: 0

Corporate Governance Expert

TL;DR: The structure and disclaimers indicate presence of a substantial stake without a clear change in governance influence.

The report makes clear that multiple affiliated entities and an individual (Michael Gregory) are reporting the position, and that all reported shares reflect shared voting and dispositive power. Item 6 and the signature comments explicitly state the securities are held for advisory clients and disclaim broader beneficial ownership, which is important for interpreting whether the filing creates a control narrative. From a governance perspective, the combination of a >5% aggregate holding and explicit disclaimers suggests monitoring by investors and issuers but not an immediate corporate-control action.Impact rating: 0

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

IMMUNIC, INC.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

4525EP101

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Avidity Partners Management LP

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 5,615,811.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,615,811.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,615,811.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Avidity Partners Management (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 5,615,811.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,615,811.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,615,811.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Avidity Capital Partners Fund (GP) LP

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 5,615,811.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,615,811.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,615,811.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Avidity Capital Partners (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 5,615,811.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,615,811.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,615,811.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Avidity Private Master Fund I LP

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 4,699,411.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,699,411.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,699,411.00

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

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Michael Gregory

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 5,615,811.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,615,811.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,615,811.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

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, USA
Item 2.
(a)	Name of person filing: Avidity Partners Management LP Avidity Partners Management (GP) LLC Avidity Capital Partners Fund (GP) LP Avidity Capital Partners (GP) LLC Avidity Private Master Fund I LP Michael Gregory
(b)	Address or principal business office or, if none, residence: Avidity Partners Management LP 2828 N Harwood Street, Suite 1220 Dallas, Texas 75201 United States of America Avidity Partners Management (GP) LLC 2828 N Harwood Street, Suite 1220 Dallas, Texas 75201 United States of America Avidity Capital Partners Fund (GP) LP 2828 N Harwood Street, Suite 1220 Dallas, Texas 75201 United States of America Avidity Capital Partners (GP) LLC 2828 N Harwood Street, Suite 1220 Dallas, Texas 75201 United States of America Avidity Private Master Fund I LP 2828 N Harwood Street, Suite 1220 Dallas, Texas 75201 United States of America Michael Gregory c/o Avidity Partners Management LP 2828 N Harwood Street, Suite 1220 Dallas, Texas 75201 United States of America
(c)	Citizenship: Avidity Partners Management LP - Delaware Avidity Partners Management (GP) LLC - Delaware Avidity Capital Partners Fund (GP) LP - Delaware Avidity Capital Partners (GP) LLC - Delaware Avidity Private Master Fund I LP - Cayman Islands Michael Gregory - United States
(d)	Title of class of securities: Common Stock, $0.0001 par value
(e)	CUSIP No.: 4525EP101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Avidity Partners Management LP - 5,615,811 Avidity Partners Management (GP) LLC - 5,615,811 Avidity Capital Partners Fund (GP) LP - 5,615,811 Avidity Capital Partners (GP) LLC - 5,615,811 Avidity Private Master Fund I LP - 4,699,411 Michael Gregory - 5,615,811
(b)	Percent of class: Avidity Partners Management LP - 5.9% Avidity Partners Management (GP) LLC - 5.9% Avidity Capital Partners Fund (GP) LP - 5.9% Avidity Capital Partners (GP) LLC - 5.9% Avidity Private Master Fund I LP - 4.9% Michael Gregory - 5.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Avidity Partners Management LP - 0 Avidity Partners Management (GP) LLC - 0 Avidity Capital Partners Fund (GP) LP - 0 Avidity Capital Partners (GP) LLC - 0 Avidity Private Master Fund I LP - 0 Michael Gregory - 0
	(ii) Shared power to vote or to direct the vote: Avidity Partners Management LP - 5,615,811 Avidity Partners Management (GP) LLC - 5,615,811 Avidity Capital Partners Fund (GP) LP - 5,615,811 Avidity Capital Partners (GP) LLC - 5,615,811 Avidity Private Master Fund I LP - 4,699,411 Michael Gregory - 5,615,811
	(iii) Sole power to dispose or to direct the disposition of: Avidity Partners Management LP - 0 Avidity Partners Management (GP) LLC - 0 Avidity Capital Partners Fund (GP) LP - 0 Avidity Capital Partners (GP) LLC - 0 Avidity Private Master Fund I LP - 0 Michael Gregory - 0
	(iv) Shared power to dispose or to direct the disposition of: Avidity Partners Management LP - 5,615,811 Avidity Partners Management (GP) LLC - 5,615,811 Avidity Capital Partners Fund (GP) LP - 5,615,811 Avidity Capital Partners (GP) LLC - 5,615,811 Avidity Private Master Fund I LP - 4,699,411 Michael Gregory - 5,615,811
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 4 are directly owned by advisory clients of Avidity Partners Management LP. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, $0.0001 par value.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
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.

Avidity Partners Management LP

Signature:	By: Avidity Partners Management (GP) LLC, its general partner, By: /s/ Michael Gregory
Name/Title:	Michael Gregory/Managing Member
Date:	08/14/2025

Avidity Partners Management (GP) LLC

Signature:	/s/ Michael Gregory
Name/Title:	Michael Gregory/Managing Member
Date:	08/14/2025

Avidity Capital Partners Fund (GP) LP

Signature:	By: Avidity Capital Partners (GP) LLC, its general partner, By: /s/ Michael Gregory
Name/Title:	Michael Gregory/Managing Member
Date:	08/14/2025

Avidity Capital Partners (GP) LLC

Signature:	/s/ Michael Gregory
Name/Title:	Michael Gregory/Managing Member
Date:	08/14/2025

Avidity Private Master Fund I LP

Signature:	By: Avidity Capital Partners Fund (GP) LP, its general partner, By: Avidity Capital Partners (GP) LLC, its general partner, By: /s/ Michael Gregory
Name/Title:	Michael Gregory/Managing Member
Date:	08/14/2025

Michael Gregory

Signature:	/s/ Michael Gregory
Name/Title:	Michael Gregory
Date:	08/14/2025

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

[Exhibit A - Joint Filing Agreement] [Exhibit B - Control Person Identification]

FAQ

How many IMUX shares does Avidity report owning?

The Avidity reporting persons disclose an aggregate position of 5,615,811 shares of Immunic (IMUX).

What percentage of IMUX does the Avidity group own?

The reported aggregate position represents 5.9% of the outstanding common stock.

Does any reporting person have sole voting or dispositive power over the IMUX shares?

No; the filing shows 0 shares of sole voting or dispositive power and reports only shared voting and dispositive power.

Are the shares held directly or on behalf of clients?

The filing states the securities are directly owned by advisory clients of Avidity Partners Management LP and that none of those clients may be deemed to beneficially own more than 5%.

Who signed the Schedule 13G/A for Avidity?

The filing is signed by Michael Gregory as Managing Member on behalf of the Avidity reporting entities.