Deep Track group reports 11.45M-share stake in Immunic (IMUX)

Rhea-AI Filing Summary

Immunic, Inc. ownership disclosure: Deep Track Capital and affiliated entities report beneficial ownership of 11,454,000 shares of Common Stock, representing 8.69% of the class as of March 4, 2026.

The filing states this figure was determined using 131,738,724 shares, calculated from 120,284,724 shares outstanding as of November 11, 2025 and 11,454,000 shares issuable upon conversion of Pre-Funded Warrants and Warrants subject to a 9.99% exercise limitation. The reported holdings include Pre-Funded Warrants and Warrants split among Deep Track entities: 4,476,815 held by Deep Track Biotechnology Master Fund, Ltd. and 1,250,185 held by Deep Track Special Opportunities Fund, LP, each subject to the Maximum Percentage limitation.

Insights

Investor Relations Analyst

Deep Track group reports an 8.69% stake in Immunic as of March 4, 2026.

The filing shows a combined beneficial ownership of 11,454,000 shares representing 8.69%, determined using 131,738,724 shares as the calculation base. The position arises from Pre-Funded Warrants and Warrants plus underlying common shares.

Holder exercise of the warrants is subject to a 9.99% Maximum Percentage limitation; timing and cash‑flow treatment of exercises are not specified in the excerpt.

Corporate Governance Specialist

Filing is a joint Schedule 13G identifying shared voting and dispositive powers held by Deep Track entities.

Disclosure lists shared voting and dispositive power of 11,454,000 shares for Deep Track Capital and David Kroin, with separate beneficial counts for affiliated funds. A joint filing statement under Rule 13d-1(k) is included.

Because the warrants include a 9.99% cap, any conversion would be administratively limited; subsequent filings would specify exercises or changes in ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Immunic, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

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 Number(s):

1

Names of Reporting Persons

Deep Track Capital, 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 11,454,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,454,000.00

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)

8.69 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

Deep Track Biotechnology Master Fund, 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 8,953,630.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,953,630.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,953,630.00

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)

6.79 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

David Kroin

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 11,454,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,454,000.00

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)

8.69 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

Deep Track Special Opportunities 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,500,370.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,500,370.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,500,370.00

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)

1.90 %

12

Type of Reporting Person (See Instructions)

PN

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: (i) Deep Track Capital, LP (ii) Deep Track Biotechnology Master Fund, Ltd. (iii) David Kroin (iv) Deep Track Special Opportunities Fund, LP.
(b)	Address or principal business office or, if none, residence: (i) 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830 (ii) c/o Walkers Corporate Limited, 190 Elgin Ave, George Town, KY1-9001, Cayman Islands (iii) c/o Deep Track Capital, LP, 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830 (iv) c/o Deep Track Capital, LP, 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830
(c)	Citizenship: (i) Delaware (ii) Cayman Islands (iii) United States (iv) Delaware
(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: 11,454,000
(b)	Percent of class: 8.69%
(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: 11,454,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 11,454,000
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.
	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. Deep Track Capital, LP is the relevant entity for which David Kroin may be considered a control person.
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.

Deep Track Capital, LP

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Managing Member of the General Partner of the Investment Adviser
Date:	03/04/2026

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	03/04/2026

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	03/04/2026

Deep Track Special Opportunities Fund, LP.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Managing Member of the General Partner of the Investment Adviser of Deep Track Special Opportunities Fund, LP
Date:	03/04/2026

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Common Stock as of March 4, 2026, is incorporated by reference to items (5) - (9) and (11) of the cover page of the respective Reporting Person. The amount beneficially owned by each Reporting Person is determined using 131,738,724 shares, calculated using 120,284,724 Common Stock outstanding as of November 11, 2025, according to the 10-Q filed with the SEC on November 13, 2025 and 11,454,000 Common Stock that would be converted to Common Stock by the Reporting Person up to the Maximum Percentage. The beneficially owned shares include 5,727,000 Pre-Funded Warrants exercisable to common stock and 5,727,000 Warrants, both, subject to a 9.99% Maximum Percentage exercise limitation. The Issuer shall not effect the exercise of any portion of the Pre-Funded Warrants or Warrants, to the extent that after giving effect to such exercise, the holder collectively would beneficially own in excess of 9.99% (the "Maximum Percentage") of the number of Common Stock outstanding immediately after giving effect to such exercise. Deep Track Capital LP and David Kroin may be deemed to be considered beneficial owners of a combined 11,454,000 Pre-Funded Warrants and Warrants subject to the Maximum Percentage exercise limitation. Deep Track Biotechnology Master Fund Ltd is the beneficial owner of 4,476,815 Pre-Funded Warrants and 4,476,815 Warrants subject to the Maximum Percentage exercise limitation. Deep Track Special Opportunities Fund LP is the beneficial owner of 1,250,185 Pre-Funded Warrants and 1,250,185 Warrants subject to the Maximum Percentage exercise limitation. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: March 4, 2026 Deep Track Capital, LP By: /s/ David Kroin David Kroin, Managing Member of the General Partner of the Investment Adviser Deep Track Biotechnology Master Fund, Ltd. By: /s/ David Kroin David Kroin, Director David Kroin By: /s/ David Kroin David Kroin Deep Track Special Opportunities Fund, LP. By: /s/ David Kroin David Kroin, Managing Member of the General Partner of the Investment Adviser of Deep Track Special Opportunities Fund, LP

FAQ

How many Immunic (IMUX) shares does Deep Track report owning?

Deep Track reports beneficial ownership of 11,454,000 shares, representing 8.69% of the class as of March 4, 2026. The count includes Pre-Funded Warrants and Warrants subject to the disclosed ownership calculation.

What calculation basis does the filing use to determine Deep Track's stake in IMUX?

The filing calculates percentage ownership using a base of 131,738,724 shares, derived from 120,284,724 shares outstanding as of November 11, 2025 plus 11,454,000 potentially issuable shares.

Are Deep Track’s warrants subject to exercise limits for Immunic stock?

Yes. The Pre-Funded Warrants and Warrants described are subject to a 9.99% Maximum Percentage exercise limitation, which the issuer will enforce to prevent ownership above that cap.

Which Deep Track entities are named in the Schedule 13G for IMUX?

Named filers are Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., Deep Track Special Opportunities Fund, LP, and David Kroin, with addresses and citizenships provided in the filing.

Does the filing state who holds voting or dispositive power over the IMUX shares?

The filing reports 0 shares of sole voting or dispositive power and 11,454,000 shares of shared voting and dispositive power for the reporting persons as shown in Item 4.

Is the reported ownership a joint filing under SEC rules?

Yes. The Schedule includes a joint filing statement pursuant to Rule 13d-1(k), stating the statement is filed on behalf of each undersigned reporting person and governs subsequent amendments.