[SCHEDULE 13G] Immunic, Inc. SEC Filing

Rhea-AI Filing Summary

Alyeska Investment Group, L.P., Alyeska Fund GP, LLC and Anand Parekh report beneficial ownership equal to 9.9% of Immunic, Inc. common stock on a fully‑diluted, exercise‑limited basis. The filing discloses that the reporting persons hold warrants to purchase 11,250,000 shares but, due to exercise limitations in the warrant terms, may only exercise for up to 9,485,936 shares, representing 9.9% of the issuer based on 95,817,536 outstanding shares. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Material stake disclosed: Reporting persons identify a clear 9.9% beneficial interest, improving transparency for investors.
• Warrant cap limits control: Warrants are exercisable only up to a 9.9% post‑exercise ownership, limiting potential immediate control changes.

Negative

• Potential dilution signal: Warrants to purchase 11,250,000 shares exist, which could affect capitalization if exercised within contractual limits.

Insights

Securities Analyst

TL;DR: A disclosed 9.9% economic stake via exercise‑limited warrants is material but framed as non‑control and ordinary‑course.

The filing reports that Alyeska entities and Anand Parekh beneficially own 9,485,936 shares of Immunic on an exercise‑limited basis, representing 9.9% of outstanding common stock. Ownership arises from warrants capped to prevent exceeding 9.9% after exercise, which constrains potential dilution and voting influence. The certification asserts the position is not intended to influence control, suggesting a passive stake. This is a routine 13G disclosure for investors to note concentration and potential future dilution if warrants are exercised within the stated limits.

Corporate Governance Specialist

TL;DR: The filing is governance‑relevant because it discloses a near‑single‑digit block but indicates no control intent.

The joint filing under Rule 13d indicates coordinated reporting by the Alyeska entities and an individual, with shared voting and dispositive power over 9,485,936 shares. The warrant exercise cap tied to a 9.9% threshold is explicitly noted, which limits the reporting parties' ability to exceed a significant ownership threshold that often triggers different regulatory and disclosure obligations. The signed certifications and joint filing statement establish legal responsibility for accuracy among filing parties.

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)

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

Alyeska Investment Group, 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 0.00
6	Shared Voting Power 9,485,936.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,485,936.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,485,936.00

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

Alyeska Fund GP, 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 9,485,936.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,485,936.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,485,936.00

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)

OO

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Anand Parekh

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 9,485,936.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,485,936.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,485,936.00

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, NY 10036
Item 2.
(a)	Name of person filing: (i) Alyeska Investment Group, L.P. (ii) Alyeska Fund GP, LLC (iii) Anand Parekh
(b)	Address or principal business office or, if none, residence: (i) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (ii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (iii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601
(c)	Citizenship: (i) Alyeska Investment Group, L.P. - Delaware (ii) Alyeska Fund GP, LLC - Delaware (iii) Anand Parekh - United States of America
(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: 9,485,936
(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: 0
	(ii) Shared power to vote or to direct the vote: 9,485,936
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 9,485,936
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.
	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.

Alyeska Investment Group, L.P.

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	08/14/2025

Alyeska Fund GP, LLC

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	08/14/2025

Anand Parekh

Signature:	Anand Parekh
Name/Title:	Anand Parekh | Self
Date:	08/14/2025

Exhibit Information

Item 4. Ownership: The reporting persons are the beneficial owners of warrants to purchase 11,250,000 shares of the Issuer's Common Stock (the "Warrants"). However, per their terms, the Warrants can only be exercised into such number of shares that would constitute 9.9% of the total number of Common Stock of the Issuer outstanding immediately after giving effect to the issuance of Common Stock upon exercise of this Warrant by the Holder. Accordingly, as of June 30, 2025 the reporting persons may only exercise up to 9,485,936 Ordinary Shares under the Warrant Agreement, and as such, is reporting beneficial ownership of only such number of shares. The percentage calculation assumes that there are currently 95,817,536 outstanding Common Stock of the Issuer, based on the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025. 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.

FAQ

What percentage of Immunic (IMUX) does Alyeska report owning?

The filing reports beneficial ownership of 9.9% of Immunic's common stock (9,485,936 shares on an exercise‑limited basis).

Are the reported holdings common stock or warrants?

The reporting persons hold warrants to purchase 11,250,000 shares but may only exercise up to 9,485,936 shares due to the warrant terms.

Do the filers intend to influence control of Immunic?

The filing includes a certification stating the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

How many shares outstanding does the filing use for its percentage calculation?

The percentage is calculated assuming 95,817,536 outstanding common shares, per the issuer's filing referenced in the document.

Who signed the Schedule 13G for the Alyeska entities?

Jason Bragg, Chief Financial Officer, signed on behalf of Alyeska Investment Group, L.P. and Alyeska Fund GP, LLC; Anand Parekh signed for himself. Dates are shown as 08/14/2025.