Immunic, Inc. reports a Schedule 13G filing showing 11,454,000 shares beneficially owned by Trails Edge entities and Ortav Yehudai. The filing states this equals 8.7% of the class as of the Event Date February 17, 2026.
Ownership consists of 5,727,000 shares underlying pre-funded warrants and 5,727,000 shares underlying warrants held directly by Trails Edge Biotechnology. The filing cites 120,284,724 shares outstanding as of November 11, 2025 for the percentage calculation.
Positive
None.
Negative
None.
Insights
Filing reports beneficial ownership and managerial attribution, not an open-market transaction.
The Schedule 13G lists 11,454,000 shares as beneficially owned by Trails Edge Biotechnology and affiliated filers, representing 8.7% as of February 17, 2026. The filing attributes ownership to Trails Edge Capital (manager) and to Mr. Yehudai (CIO) based on voting and investment discretion.
Rights and attribution are tied to warrants: 5,727,000 pre-funded warrants and 5,727,000 warrants, both held directly by Trails Edge Biotechnology. Subsequent disclosure obligations and any change in voting/dispositive power should appear in later reports.
This Schedule 13G signals a passive beneficial holding of 8.7% via warrant positions.
The position is quantified as 11,454,000 shares derived from warrants held by Trails Edge Biotechnology; the filing uses 120,284,724 shares outstanding as of November 11, 2025 to compute the percentage. The excerpt does not state voting plans or intent to influence management.
Holder structure shows centralized voting/dispositive power through the manager and CIO; any future exercises of warrants or transfers would change reported percentages and must be reported in subsequent filings.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Immunic, Inc.
(Name of Issuer)
Common Shares, no par value per share
(Title of Class of Securities)
4525EP101
(CUSIP Number)
02/17/2026
(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)
SCHEDULE 13G
CUSIP No.
4525EP101
1
Names of Reporting Persons
Trails Edge Capital Partners, 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
11,454,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,454,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,454,000.00
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)
8.7 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP No.
4525EP101
1
Names of Reporting Persons
Trails Edge Biotechnology Master Fund, 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
11,454,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,454,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,454,000.00
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)
8.7 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP No.
4525EP101
1
Names of Reporting Persons
Ortav Yehudai
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
11,454,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,454,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,454,000.00
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)
8.7 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4 for additional information.
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:
This report on Schedule 13G is being filed by Trails Edge Capital Partners, LP, a Delaware limited partnership ("Trails Edge Capital"), Trails Edge Biotechnology Master Fund, LP, a Cayman Islands limited partnership ("Trails Edge Biotechnology"), and Ortav Yehudai ("Mr. Yehudai"). Trails Edge Capital is the investment manager to Trails Edge Biotechnology, and Mr. Yehudai is the Chief Investment Officer of Trails Edge Capital. Each of Trails Edge Capital, Trails Edge Biotechnology and Mr. Yehudai are referred to individually as a "Filer" and collectively as the "Filers".
(b)
Address or principal business office or, if none, residence:
The address for each Filer is 3455 Peachtree Road NE, 5th Floor, Atlanta, GA 30326.
(c)
Citizenship:
See Item 4 of the cover page of each Filer.
(d)
Title of class of securities:
Common Shares, no par value per share
(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 February 17, 2026 (the "Event Date"), each Filer may be deemed to beneficially own an aggregate of 11,454,000 shares (the "Shares") of Common Stock, no par value per share (the "Common Stock"), of Immunic, Inc. (the "Issuer"). The 11,454,000 Shares reported as beneficially owned on this Schedule 13G by each Filer consists of (i) 5,727,000 Shares underlying pre-funded warrants held directly by Trails Edge Biotechnology, and (ii) 5,727,000 Shares underlying warrants held directly by Trails Edge Biotechnology. As a result, Trails Edge Biotechnology beneficially owns 8.7% of the outstanding Shares of the Issuer as of the Event Date. Trails Edge Capital, as the investment manager to Trails Edge Biotechnology, may be deemed to beneficially own these securities. Mr. Yehudai, as the Chief Investment Officer of Trails Edge Capital, exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own 8.7% of the outstanding Shares of the Issuer as of the Event Date.
Ownership percentages are based on 120,284,724 shares of Common Stock issued and outstanding as of November 11, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 13, 2025.
(b)
Percent of class:
8.7%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
11,454,000.00
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
11,454,000.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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.
Trails Edge Capital Partners, LP
Signature:
/s/ Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai
Name/Title:
Ortav Yehudai / Chief Investment Officer of Trails Edge Capital Partners, LLC
Date:
02/24/2026
Trails Edge Biotechnology Master Fund, LP
Signature:
/s/ Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai
What stake does Trails Edge report in Immunic (IMUX)?
Trails Edge reports beneficial ownership of 11,454,000 shares, equal to 8.7% of the class. The amount is based on 120,284,724 shares outstanding as of November 11, 2025, per the filing's cited 10-Q.
How is the 11,454,000-share position composed?
The position comprises 5,727,000 shares underlying pre-funded warrants and 5,727,000 shares underlying warrants, both held directly by Trails Edge Biotechnology, as disclosed in the filing.
Does the filing indicate Trails Edge will actively influence Immunic?
The filing attributes voting and investment discretion to Trails Edge Capital and Ortav Yehudai but does not state any intent to influence management or seek board representation.
What date is used to calculate the ownership percentage?
The Event Date for beneficial ownership is February 17, 2026, while the filing uses the outstanding share count as of November 11, 2025 to compute the 8.7% figure.
Who exercises voting and dispositive power over the shares?
The filing states Trails Edge Biotechnology holds the warrants directly; Trails Edge Capital, as investment manager, and Ortav Yehudai, as CIO, exercise voting and dispositive discretion per the filing.
