683 Capital discloses exercisable warrants covering 10.63M IMUX shares

Rhea-AI Filing Summary

683 Capital Management, LLC, 683 Capital Partners, LP and Ari Zweiman (collectively the Reporting Persons) report beneficial ownership of warrants exercisable into 10,634,446 shares of Immunic, Inc. common stock. Those exercisable warrants, as disclosed, represent approximately 9.9% of the company's common stock on a diluted basis as presented in the filing. The reported position reflects shared voting and shared dispositive power over the warrants rather than sole control.

The percentage is calculated using the issuer's disclosed outstanding share base together with the maximum shares issuable upon exercise, and the warrants include a 9.99% beneficial ownership limitation that caps potential holdings.

Positive

• Exercisable warrants equal 10,634,446 shares, a clearly disclosed, quantifiable economic interest
• Declared ownership capped at ~9.9%, providing transparency about maximum potential dilution from these warrants

Negative

• Reporting Persons hold only shared voting and shared dispositive power, not sole control over the securities
• Warrants include a 9.99% ownership limitation, which prevents acquiring a larger ownership stake through these instruments

Insights

Financial Analyst

TL;DR: Reporting Persons hold exercisable warrants for 10.63M shares, about 9.9% diluted—material but below control thresholds.

The filing discloses exercisable warrants to purchase 10,634,446 shares, which the Reporting Persons may be deemed to beneficially own on a diluted basis. That position equals roughly 9.9% of the company when using the issuer's disclosed outstanding share count plus the warrants. The holdings are structured as shared voting and dispositive power and are subject to a 9.99% ownership cap written into the warrants, limiting further aggregation above that threshold.

Corporate Governance Expert

TL;DR: Significant minority economic exposure disclosed via warrants with shared voting/dispositive authority and an explicit ownership limit.

The schedule reports that 683 Capital Partners holds exercisable warrants convertible into 10,634,446 shares, with 683 Capital Management and Ari Zweiman potentially deemed to have beneficial ownership through management and control relationships. The filing explicitly notes shared voting and dispositive powers rather than sole control and references a contractual 9.99% beneficial ownership limitation in each warrant, which is relevant to governance and potential future aggregation of stakes.

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)

08/02/2025

(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

683 CAPITAL MANAGEMENT, 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 10,634,446.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,634,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,634,446.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

683 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 0.00
6	Shared Voting Power 10,634,446.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,634,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,634,446.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Zweiman Ari

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 10,634,446.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,634,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,634,446.00

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)

9.9 %

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: 1200 Avenue of the Americas, Suite 200, New York, New York 10036
Item 2.
(a)	Name of person filing: 683 Capital Management, LLC 683 Capital Partners, LP Ari Zweiman 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: The principal business address for each of the Reporting Persons is 1700 Broadway, Suite 4200, New York, NY 10019.
(c)	Citizenship: 683 Capital Management, LLC - DELAWARE 683 Capital Partners, LP - DELAWARE Ari Zweiman - UNITED STATES
(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: As of August 2, 2025, 683 Capital Partners, LP beneficially owned warrants to purchase 10,634,446 shares of Common Stock which are currently exercisable. 683 Capital Management, LLC, as the investment manager of 683 Capital Partners, LP, may be deemed to have beneficially owned the warrants to purchase 10,634,446 shares of Common Stock beneficially owned by 683 Capital Partners, LP. Ari Zweiman, as the Managing Member of 683 Capital Management, LLC, may be deemed to have beneficially owned the warrants to purchase 10,634,446 shares of Common Stock beneficially owned by 683 Capital Management, LLC. The following percentage is based on 95,817,536 shares of Common Stock outstanding as of May 14, 2025, as disclosed in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(5) filed on May 30, 2025 plus 10,634,446 shares of Common Stock issuable upon exercise of currently exercisable warrants held by the Reporting Persons, which is the maximum number of shares that may be acquired as limited by the 9.99% beneficial ownership limitation set forth in each warrant. As of August 2, 2025, the Reporting Persons may be deemed to have beneficially owned 10,634,446 shares of Common Stock, constituting approximately 9.99% of the outstanding shares of Common Stock.
(b)	Percent of class: 9.9%
(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.
	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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) 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.
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.

683 CAPITAL MANAGEMENT, LLC

Signature:	/s/ Ari Zweiman
Name/Title:	Ari Zweiman, Managing Member
Date:	08/08/2025

683 CAPITAL PARTNERS, LP

Signature:	/s/ Ari Zweiman
Name/Title:	Ari Zweiman, Authorized Person
Date:	08/08/2025

Zweiman Ari

Signature:	/s/ Ari Zweiman
Name/Title:	Ari Zweiman, Self
Date:	08/08/2025

FAQ

What stake does 683 Capital report in Immunic (IMUX)?

The Reporting Persons beneficially own warrants exercisable into 10,634,446 shares, representing approximately 9.9% of IMUX on a diluted basis as disclosed.

Are the reported securities shares or warrants for IMUX?

They are warrants currently exercisable to purchase common stock, not direct common shares.

Does 683 Capital have sole voting control over the IMUX securities?

No. The filing states the Reporting Persons have shared voting power and shared dispositive power, with zero sole power reported.

How was the ~9.9% ownership percentage calculated for IMUX?

The percentage uses the issuer's disclosed outstanding shares combined with the 10,634,446 shares issuable upon exercise, reflecting the maximum under the warrants' 9.99% limit.

Who are the Reporting Persons named in the Schedule 13G for IMUX?

The filing identifies 683 Capital Management, LLC, 683 Capital Partners, LP, and Ari Zweiman as the Reporting Persons.