Immunic, Inc. ownership disclosure: Vivo Opportunity entities report beneficial ownership of convertible securities representing up to 29,126,906 shares (Vivo Opportunity Fund Holdings, L.P. and Vivo Opportunity, LLC) and 2,942,094 shares (Vivo Opportunity Cayman entities), each reported as 9.99% based on February 19, 2026.
The totals reflect an aggregate of pre-funded warrants and warrants exercisable into common stock within 60 days, but those instruments contain provisions preventing exercises that would exceed 9.99% ownership.
Positive
None.
Negative
None.
Insights
Disclosure shows near-maximum ownership positions via exercisable warrants capped at 9.99%.
Vivo Opportunity Fund Holdings, L.P. and related entities report aggregate beneficial holdings of 29,126,906 shares and 2,942,094 shares, respectively, calculated on February 19, 2026. These amounts comprise pre-funded warrants and warrants exercisable within 60 days.
The filings state the warrants include blocking provisions that prevent conversion if doing so would exceed a 9.99% ownership threshold; the reported counts include the full exercisable amounts without applying the blocking restriction. Future conversion activity will depend on the blocking provisions and holder decisions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Immunic, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 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
Vivo Opportunity Fund Holdings, 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
29,126,906.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
29,126,906.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,126,906.00
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)
PN
Comment for Type of Reporting Person: The reported share amount represents an aggregate of (i) 14,563,453 shares of common stock, par value $0.0001 per share (the "Common Stock") of Immunic, Inc. (the "Issuer"), which are issuable upon the exercise of pre-funded warrants within 60 days hereof, and (ii) 14,563,453 shares of Common Stock of the Issuer, which are issuable upon the exercise of warrants, reasonably expected to be within 60 days hereof. The pre-funded warrants and warrants are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
The percentage reported in row 11 herein is based on 130,464,825 shares of Common Stock of the Issuer outstanding as of February 19, 2026. The pre-funded warrants and the warrants contain provisions that prevent these securities from being exercised into shares of Common Stock, if such exercise would result in the holder or its affiliates obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein include the full amount of pre-funded warrants and warrants held by the reporting person, without giving effect to the blocking provisions.
SCHEDULE 13G
CUSIP No.
4525EP101
1
Names of Reporting Persons
Vivo Opportunity, 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
29,126,906.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
29,126,906.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,126,906.00
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)
OO
Comment for Type of Reporting Person: The reported share amount represents an aggregate of (i) 14,563,453 shares of Common Stock of the Issuer, which are issuable upon the exercise of pre-funded warrants within 60 days hereof, and (ii) 14,563,453 shares of Common Stock of the Issuer, which are issuable upon the exercise of warrants, reasonably expected to be within 60 days hereof. The pre-funded warrants and warrants are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
The percentage reported in row 11 herein is based on 130,464,825 shares of Common Stock of the Issuer outstanding as of February 19, 2026. The pre-funded warrants and the warrants contain provisions that prevent these securities from being exercised into shares of Common Stock, if such exercise would result in the holder or its affiliates obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein include the full amount of pre-funded warrants and warrants held by the reporting person, without giving effect to the blocking provisions.
SCHEDULE 13G
CUSIP No.
4525EP101
1
Names of Reporting Persons
Vivo Opportunity Cayman 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
2,942,094.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,942,094.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,942,094.00
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)
PN
Comment for Type of Reporting Person: The reported share amount represents an aggregate of (i) 1,471,047 shares of Common Stock of the Issuer, which are issuable upon the exercise of pre-funded warrants within 60 days hereof, and (ii) 1,471,047 shares of Common Stock of the Issuer, which are issuable upon the exercise of warrants, reasonably expected to be within 60 days hereof. The pre-funded warrants and warrants are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
The percentage reported in row 11 herein is based on 130,464,825 shares of Common Stock of the Issuer outstanding as of February 19, 2026. The pre-funded warrants and the warrants contain provisions that prevent these securities from being exercised into shares of Common Stock, if such exercise would result in the holder or its affiliates obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein include the full amount of pre-funded warrants and warrants held by the reporting person, without giving effect to the blocking provisions.
SCHEDULE 13G
CUSIP No.
4525EP101
1
Names of Reporting Persons
Vivo Opportunity Cayman, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,942,094.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,942,094.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,942,094.00
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)
OO
Comment for Type of Reporting Person: The reported share amount represents an aggregate of (i) 1,471,047 shares of Common Stock of the Issuer, which are issuable upon the exercise of pre-funded warrants within 60 days hereof, and (ii) 1,471,047 shares of Common Stock of the Issuer, which are issuable upon the exercise of warrants, reasonably expected to be within 60 days hereof. The pre-funded warrants and warrants are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
The percentage reported in row 11 herein is based on 130,464,825 shares of Common Stock of the Issuer outstanding as of February 19, 2026. The pre-funded warrants and the warrants contain provisions that prevent these securities from being exercised into shares of Common Stock, if such exercise would result in the holder or its affiliates obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein include the full amount of pre-funded warrants and warrants held by the reporting person, without giving effect to the blocking provisions.
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, New York 10036
Item 2.
(a)
Name of person filing:
Vivo Opportunity Fund Holdings, L.P. and its General Partner Vivo Opportunity, LLC
Vivo Opportunity Cayman Fund, L.P. and its General Partner Vivo Opportunity Cayman, LLC
(b)
Address or principal business office or, if none, residence:
192 Lytton Avenue, Palo Alto, CA 94301
(c)
Citizenship:
Vivo Opportunity Fund Holdings, L.P. is a Delaware limited partnership.
Vivo Opportunity, LLC is a Delaware limited liability company.
Vivo Opportunity Cayman Fund, L.P. is a Cayman Islands limited partnership.
Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company.
(d)
Title of class of securities:
Common Stock, par value $0.0001 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:
Vivo Opportunity, LLC may be deemed to beneficially own an aggregate of 29,126,906 shares of the Issuer's securities, consisting of (i) 14,563,453 shares of Common Stock of the Issuer, which are issuable upon the exercise of pre-funded warrants within 60 days hereof, and (ii) 14,563,453 shares of Common Stock of the Issuer, which are issuable upon the exercise of warrants, reasonably expected to be within 60 days hereof. These securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
Vivo Opportunity Cayman, LLC may be deemed to beneficially own an aggregate of 2,942,094 shares of the Issuer's securities, consisting of (i) 1,471,047 shares of Common Stock of the Issuer, which are issuable upon the exercise of pre-funded warrants within 60 days hereof, and (ii) 1,471,047 shares of Common Stock of the Issuer, which are issuable upon the exercise of warrants, reasonably expected to be within 60 days hereof. These securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
The pre-funded warrants and the warrants contain provisions that prevent these securities from being exercised into shares of Common Stock, if such exercise would result in the holder or its affiliates obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in this Item 4 herein include the full amount of pre-funded warrants and warrants held by the reporting person, without giving effect to the blocking provisions.
(b)
Percent of class:
Vivo Opportunity Fund Holdings, L.P.: 9.99%
Vivo Opportunity, LLC: 9.99%
Vivo Opportunity Cayman Fund, L.P.: 9.99%
Vivo Opportunity Cayman, LLC: 9.99%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Vivo Opportunity Fund Holdings, L.P.: 29,126,906 shares
Vivo Opportunity, LLC: 29,126,906 shares
Vivo Opportunity Cayman Fund, L.P.: 2,942,094 shares
Vivo Opportunity Cayman, LLC: 2,942,094 shares
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
Vivo Opportunity Fund Holdings, L.P.: 29,126,906 shares
Vivo Opportunity, LLC: 29,126,906 shares
Vivo Opportunity Cayman Fund, L.P.: 2,942,094 shares
Vivo Opportunity Cayman, LLC: 2,942,094 shares
(iv) Shared power to dispose or to direct the disposition of:
0
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.
Vivo Opportunity Fund Holdings, L.P.
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member of Vivo Opportunity, LLC, General Partner
Date:
02/20/2026
Vivo Opportunity, LLC
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member
Date:
02/20/2026
Vivo Opportunity Cayman Fund, L.P.
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member of Vivo Opportunity Cayman, LLC, General Partner
What stake does Vivo Opportunity report in Immunic (IMUX)?
Vivo Opportunity entities report beneficial interests equal to 29,126,906 shares and 2,942,094 shares, each shown as 9.99% of Immunic's common stock based on the February 19, 2026 outstanding share count.
Do the reported holdings include exercisable warrants for IMUX?
Yes. The reported totals include pre-funded warrants and warrants exercisable into common stock, comprising 14,563,453 and 1,471,047 convertible shares for the respective entities, exercisable within 60 days as disclosed.
Are there limits that prevent full exercise of the warrants?
Yes. The pre-funded warrants and warrants contain provisions that prevent exercise if conversion would cause the holder or affiliates to exceed a 9.99% ownership threshold, as stated in the filing.
On what share count is the percentage ownership calculated?
The 9.99% percentage reported is calculated using an outstanding share count of 130,464,825 shares of common stock as of February 19, 2026, per the filing.
Who signed the Schedule 13G for these Vivo entities?
The filing is signed by Kevin Dai in his capacity as Managing Member of Vivo Opportunity, LLC and Vivo Opportunity Cayman, LLC on February 20, 2026, certifying the joint filing statement.
