Biotechnology Value Group Nears 10% of Immunic via Shares and Warrants

Rhea-AI Filing Summary

Biotechnology Value Fund and related entities reported combined beneficial ownership in Immunic, Inc. As of June 30, 2025 the Reporting Persons and a Partners managed account held 8,580,151 pre-funded warrants exercisable for shares and 13,335,000 new pre-funded warrants accompanied by Series A and Series B warrants. After applicable exercise blockers, BVF beneficially owned 6,268,162 shares (approximately 6.4%), BVF2 owned 3,027,105 shares (approximately 3.2%), Trading Fund OS owned 315,231 shares (0.3%) and certain aggregate entities may be deemed to own between 9.5% and 9.99% of outstanding shares. Series A and B warrants have a $0.75 exercise price; Series A expire December 31, 2025, Series B expire five years from issuance and have conditions tied to a $1.25 VWAP target. Multiple vehicles disclaim ownership of others' holdings; exercise is limited by contractual 9.9%/9.99% blockers.

Positive

• Transparent disclosure of share positions, pre-funded warrants, Series A and B warrants and applicable exercise blockers
• Clear contractual limits (9.9%/9.99% blockers) that prevent immediate conversion into control-changing positions
• Defined exercise prices and expirations for Series A ($0.75, expires Dec 31, 2025) and Series B ($0.75, expires five years from issuance)

Negative

• Substantial contingent share exposure via 13,335,000 New Pre-Funded Warrants plus 13,335,000 Series A and 13,335,000 Series B warrants could create future dilution if blockers lift
• Aggregate ownership near 10% thresholds (some entities ~9.99%) which may constrain additional acquisitions and trigger disclosure or regulatory considerations
• Series A expiration soon (Dec 31, 2025) which could prompt exercises or alternative conversions before year-end

Insights

Securities Analyst

TL;DR: BVF group holds a meaningful minority position with sizeable warrant exposure constrained by contractual blockers.

The filing discloses a layered ownership structure: direct share holdings plus extensive pre-funded and priced warrants. Material points for investors are the 6.4% stake by BVF and the aggregate positions that bring related entities to near-10% ownership thresholds. The presence of 9.9%/9.99% exercise blockers prevents immediate dilution or control shifts but limits liquidity/convertibility timing. Series A expiry on December 31, 2025 and the VWAP-linked Series B conversion terms create potential future share supply depending on market price action.

Corporate Governance/Risk Specialist

TL;DR: Complex ownership and blocker mechanics reduce near-term control risk but create contingent future dilution.

The reporting group uses multiple entities and managed accounts, with disclaimers of cross-beneficial ownership typical of pooled investment structures. The New Pre-Funded Warrants and Series A/B structure coupled with contractual blockers mean that while current voting power is limited (approx. 9.99% for some entities), aggregate economic exposure is larger and convertible subject to conditions. From a governance perspective, disclosures are comprehensive, but watchers should note the conditional nature of conversion rights and expiry timelines that could alter ownership concentration by year-end.

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, $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

BIOTECHNOLOGY VALUE 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,268,162.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,268,162.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,268,162.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

BVF I 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 6,268,162.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,268,162.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,268,162.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

BIOTECHNOLOGY VALUE FUND II 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 3,027,105.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,027,105.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,027,105.00

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)

3.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

BVF II 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 3,027,105.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,027,105.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,027,105.00

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)

3.2 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Biotechnology Value Trading Fund OS 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 315,231.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 315,231.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

315,231.00

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)

0.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

BVF Partners OS Ltd.

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 315,231.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 315,231.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

315,231.00

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)

0.3 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

BVF GP HOLDINGS 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 9,295,267.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,295,267.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,295,267.00

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)

9.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

BVF PARTNERS L P/IL

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 9,785,178.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,785,178.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,785,178.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

BVF INC/IL

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 9,785,178.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,785,178.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,785,178.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

LAMPERT MARK N

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 9,785,178.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,785,178.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,785,178.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: IMMUNIC, INC.
(b)	Address of issuer's principal executive offices:
Item 2.
(a)	Name of person filing: Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: Biotechnology Value Fund, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104
(c)	Citizenship: Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert 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: As of the close of business on June 30, 2025, the Reporting Persons and a certain Partners managed account (the "Partners Managed Account") held certain Pre-Funded Warrants (the "Pre-Funded Warrants") exercisable for an aggregate of 8,580,151 Shares. The Pre-Funded Warrants are exercisable immediately, do not expire, and have an exercise price of $0.0001 per Share. The Reporting Persons and the Partners Managed Account may not exercise any portion of the Pre-Funded Warrants they hold to the extent that, after giving effect to such issuance after exercise, they (together with their Attribution Parties (as defined in the Securities Purchase Agreement, dated January 4, 2024, by and among the Issuer and the investors that are signatories thereto)), would beneficially own in excess of 9.9% of the Shares outstanding (the "Warrants Blocker"). As of the close of business on June 30, 2025, the Warrants Blocker prohibited the exercise of all the Pre-Funded Warrants held by the Reporting Persons and the Partners Managed Account. As of the close of business on June 30, 2025, the Reporting Persons and the Partners Managed Account held certain Pre-Funded Warrants (the "New Pre-Funded Warrants") exercisable for an aggregate of 13,335,000 Shares. The New Pre-Funded Warrants are accompanied by Series A Warrants and Series B Warrants (each of which are defined and described below). The New Pre-Funded Warrants are exercisable immediately, do not expire, and have an exercise price of $0.0001 per Share. A holder of New Pre-Funded Warrants will not be entitled to exercise any portion of such New Pre-Funded Warrants that, upon giving effect to such exercise, would cause the aggregate number of Shares beneficially owned by such holder (together with its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with the holder for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to exceed 9.99% of the total number of then issued and outstanding Shares, as such percentage ownership is determined in accordance with the terms of the New Pre-Funded Warrants (the "New Warrants Blocker"). As of the close of business on June 30, 2025, the New Warrants Blocker limited the exercise of the New Pre-Funded Warrants to 2,132,206 out of the 13,335,000 Shares underlying the New Pre-Funded Warrants held by the Reporting Persons and the Partners Managed Account. As of the close of business on June 30, 2025, the Reporting Persons and the Partners Managed Account held certain Series A warrants (the "Series A Warrants") exercisable for an aggregate of 13,335,000 Shares and Series B warrants (the "Series B Warrants") exercisable for an aggregate of 13,335,000 Shares. The Series A Warrants are exercisable immediately at an exercise price of $0.75 per Share and expire on December 31, 2025. The Series B Warrants are exercisable at any time from the earlier of (i) October 1, 2025, (ii) the first day following any five trading days during which the volume weighted average price for Shares during such five trading day period is $1.25 or greater (the "VWAP Target"), or (iii) immediately prior to the consummation of a Fundamental Transaction (as defined in the Series B Warrants) for one Share at an exercise price of $0.75 per Share and expire five years from the date of issuance. In addition, the Series A Warrants and Series B Warrants will immediately expire in proportion to the extent that the corresponding New Pre-Funded Warrants are exercised prior to September 30, 2025; provided that this term will not apply to the Series B Warrants immediately as of the date of achievement of the VWAP Target. A holder of the Series A Warrants and Series B Warrants will not be entitled to exercise any portion of such warrant that, upon giving effect to such exercise, would cause the aggregate number of Shares beneficially owned by such holder (together with its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with the holder for purposes of Section 13(d) of the Exchange Act) to exceed 9.99% of the number of Shares outstanding immediately after giving effect to the exercise (the "Series A and B Blocker"). As of the close of business on June 30, 2025, the Series A and B Blocker prohibited the exercise of all the Series A Warrants and Series B Warrants held by the Reporting Persons and the Partners Managed Account. If the holder is not permitted to exercise a Series A Warrant or a Series B Warrant for Shares due to the Series A and B Warrants Blocker, then the holder may exercise such warrant at an exercise price of $0.7499 for an equivalent number of pre-funded warrants with an exercise price of $0.0001 in substantially the same form as the New Pre-Funded Warrants. As of the close of business on June 30, 2025 (i) BVF beneficially owned 6,268,162 Shares, including 2,132,206 Shares underlying certain New Pre-Funded Warrants held by it, and excluding (a) 4,685,315 Shares underlying certain New Pre-Funded Warrants held by it, (b) 4,496,000 Shares underlying the Pre-Funded Warrants held by it, (c) 6,817,521 Shares underlying the Series A Warrants held by it, and (d) and 6,817,521 Shares underlying the Series B Warrants held by it, (ii) BVF2 beneficially owned 3,027,105 Shares, excluding (a) 5,278,894 Shares underlying the New Pre-Funded Warrants held by it, (b) 3,514,428 Shares underlying the Pre-Funded Warrants held by it, (c) 5,278,894 Shares underlying the Series A Warrants held by it, and (d) 5,278,894 Shares underlying the Series B Warrants held by it, and (iii) Trading Fund OS beneficially owned 315,231 Shares, excluding (a) 912,813 Shares underlying the New Pre-Funded Warrants held by it, (b) 444,452 Shares underlying the Pre-Funded Warrants held by it, (c) 912,813 Shares underlying the Series A Warrants held by it, and (d) 912,813 Shares underlying the Series B Warrants held by it. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 6,268,162 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 3,027,105 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 315,231 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 9,295,267 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 9,785,178 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in a certain Partners Managed Account, including 174,680 Shares held in the Partners Managed Account, which excludes (a) 325,772 Shares underlying the New Pre-Funded Warrants held in the Partners Managed Account, (b) 125,271 Shares underlying the Pre-Funded Warrants held in the Partners Managed Account, (c) 325,772 Shares underlying the Series A Warrants held by it, and (d) 325,772 Shares underlying the Series B Warrants held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 9,785,178 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 9,785,178 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
(b)	Percent of class: The following percentages are based on a denominator that is the sum of (i) 95,817,536 Shares outstanding as of May 14, 2025, which is the total number of Shares outstanding as reported in the Issuer's Prospectus Supplement filed with the Securities and Exchange Commission on May 30, 2025 and (ii) 2,132,206 Shares issuable upon the exercise of certain New Pre-Funded Warrants owned by the Reporting Persons, as applicable. As of the close of business on June 30, 2025, (i) BVF beneficially owned approximately 6.4% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 3.2% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 6.4% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 3.2% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 9.5% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 9.99% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
Item 5.	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. BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on January 18, 2024.
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.

BIOTECHNOLOGY VALUE FUND L P

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

BVF I GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

BIOTECHNOLOGY VALUE FUND II LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

BVF II GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

Biotechnology Value Trading Fund OS LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

BVF Partners OS Ltd.

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

BVF GP HOLDINGS LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

BVF PARTNERS L P/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

BVF INC/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2025

LAMPERT MARK N

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert
Date:	08/14/2025

FAQ

What stake does Biotechnology Value Fund report in Immunic (IMUX)?

As of June 30, 2025 BVF beneficially owned 6,268,162 shares (≈6.4%) and related entities collectively may be deemed to beneficially own up to 9.99%.

How many warrants do the Reporting Persons hold and what are the exercise terms?

They hold pre-funded warrants exercisable for 8,580,151 shares and New Pre-Funded Warrants for 13,335,000 shares. Series A and B warrants each cover 13,335,000 shares at an exercise price of $0.75. Series A expire on Dec 31, 2025; Series B expire five years from issuance with VWAP-based early exercise conditions.

What are the exercise blockers mentioned in the filing?

Contractual blockers limit exercises so holders cannot convert warrants if doing so would cause beneficial ownership to exceed 9.9% or 9.99% (Warrants Blocker, New Warrants Blocker, Series A and B Blocker).

Are the Reporting Persons able to exercise all their warrants as of June 30, 2025?

No. As of June 30, 2025 the Warrants Blocker and Series A/B Blocker prevented exercise of all Pre-Funded Warrants and all Series A and B Warrants for the Reporting Persons; the New Warrants Blocker limited exercise to 2,132,206 of the 13,335,000 underlying shares.

What could change the Reporting Persons' ownership percentage?

Lifting of contractual blockers, exercise of pre-funded or priced warrants, or market events that trigger Series B VWAP conditions could increase converted shares and change ownership percentages.