Aberdeen Group Reports 8.24 M IMUX Shares Held Passively

Rhea-AI Filing Summary

Aberdeen Group plc and its U.S. subsidiary abrdn Inc filed a Schedule 13G on 31 Jul 2025 reporting passive ownership of Immunic, Inc. (IMUX) common stock as of 30 Jun 2025.

• Shares held: 8,243,941
• Ownership: 8.603 % of outstanding shares
• Voting power: 0 sole / 8,243,941 shared
• Dispositive power: 0 sole / 8,243,941 shared
• Filing basis: Rule 13d-1(b); abrdn Inc classified as Investment Adviser (IA, CO) and Aberdeen Group plc as Parent Holding Company (HC)

The institutions certify the stake is held in the ordinary course of business with no intent to influence control. Crossing the 5 % threshold adds a significant global asset manager to IMUX’s shareholder base, potentially enhancing liquidity and investor confidence.

Positive

• Institutional support: Aberdeen Group plc/abrdn Inc now hold 8.6 % of IMUX, adding a well-known global asset manager to the shareholder roster.

Negative

• None.

Insights

Portfolio Manager

TL;DR Passive 8.6 % stake by abrdn signals institutional interest but no control intent; modestly positive for liquidity.

The disclosure brings a respected asset manager onto IMUX’s cap table with 8.24 m shares. Because voting and dispositive powers are shared and classified as passive, the position does not foreshadow activism. Nonetheless, a holding of this size can improve trading volume, broaden analyst coverage and ease future capital-raising efforts. Impact is positive but not transformative, so I rate it a 0 (neutral–positive).

Corporate Governance Analyst

TL;DR Filing is routine ownership disclosure; no governance ramifications expected.

Schedule 13G status confirms the investors’ passive stance—no board influence or control agenda. Voting power is entirely shared, and sole authority remains zero, indicating custodial holding for clients. From a governance lens, there is negligible risk or immediate change to management strategy. The event is non-impactful to corporate control, meriting a neutral rating.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

IMMUNIC, INC

(Name of Issuer)

common stock

(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

Aberdeen Group plc

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,243,941.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,243,941.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,243,941.00

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)

8.603 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

abrdn Inc

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 8,243,941.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,243,941.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,243,941.00

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)

8.603 %

12

Type of Reporting Person (See Instructions)

IA, CO

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: Aberdeen Group plc abrdn Inc
(b)	Address or principal business office or, if none, residence: 1 George Street Edinburgh, United Kingdom EH2 2LL
(c)	Citizenship: Aberdeen Group plc - UNITED KINGDOM abrdn Inc - UNITED STATES
(d)	Title of class of securities: common stock
(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: 8,243,941
(b)	Percent of class: 8.603 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Aberdeen Group plc - 0 abrdn Inc - 0
	(ii) Shared power to vote or to direct the vote: Aberdeen Group plc - 8,243,941 abrdn Inc - 8,243,941
	(iii) Sole power to dispose or to direct the disposition of: Aberdeen Group plc - 0 abrdn Inc - 0
	(iv) Shared power to dispose or to direct the disposition of: Aberdeen Group plc - 8,243,941 abrdn Inc - 8,243,941
Item 5.	Ownership of 5 Percent or Less of a Class.
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. See Exhibit
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 acquired and are held in the ordinary course of business and 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.

Aberdeen Group plc

Signature:	L.Beaton
Name/Title:	Lyn Beaton, Major Shareholding Reporting Analyst
Date:	07/31/2025

abrdn Inc

Signature:	L.Beaton
Name/Title:	Lyn Beaton, Major Shareholding Reporting Analyst
Date:	07/31/2025

Exhibit Information

Aberdeen Group plc abrdn Holdings Limited abrdn Inc. Aberdeen Group plc is the parent company. abrdn Holdings Limited is the intermediate holding company for abrdn Inc. abrdn Inc. beneficially owns on behalf of our underlying clients 5% or greater of the outstanding shares of the security class being reported on this Schedule 13G.

FAQ

How many Immunic (IMUX) shares do Aberdeen Group plc and abrdn Inc own?

They report 8,243,941 common shares.

What percentage of Immunic’s outstanding stock does this represent?

The stake equals 8.603 % of the company’s common shares.

Is the position considered active or passive?

It is filed on Schedule 13G, indicating a passive investment with no intent to influence control.

Do the investors have sole voting or dispositive power?

No. Both voting and dispositive powers are entirely shared; sole power is reported as zero.

Why did the investors have to file this Schedule 13G?

SEC rules require disclosure when ownership exceeds 5 % of a registered class of securities.