[SCHEDULE 13G] Immunic, Inc. SEC Filing

Rhea-AI Filing Summary

Nantahala Capital Management, LLC and two individuals report a 9.99% beneficial interest in Immunic, Inc. The filing shows Nantahala, together with Wilmot B. Harkey and Daniel Mack, may be deemed the beneficial owners of 10,634,565 shares of Immunic common stock, representing 9.99% of the class as of June 30, 2025. The amount reported includes shares that may be acquired within 60 days through exercise of warrants. The Reporting Persons disclose shared voting and dispositive power over these shares and identify BLACKWELL PARTNERS LLC - SERIES A as a fund with the right to receive dividends or sale proceeds for more than 5% of the shares reported. The filing certifies the securities were acquired in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Clear disclosure of beneficial ownership totaling 10,634,565 shares representing 9.99% of Immunic's common stock
• Inclusion of exercisable warrants in the reported amount clarifies the basis for the percentage calculation
• Identification of related fund (BLACKWELL PARTNERS LLC - SERIES A) that holds rights to dividends/proceeds for >5% of the reported shares
• Certification that the securities were acquired in the ordinary course and not for the purpose of changing control

Negative

• None.

Insights

Financial Analyst

TL;DR: Nantahala reports a near-10% position (10,634,565 shares), including warrants exercisable within 60 days, flagged as held in the ordinary course.

The Schedule 13G indicates a non-control disclosure consistent with passive accumulation rules: Nantahala and two principals each report 9.99% beneficial ownership, all held with shared voting and dispositive power. Inclusion of shares exercisable within 60 days via warrants is material for percentage calculation and could briefly affect float if exercised. The filing names a specific fund (BLACKWELL PARTNERS LLC - SERIES A) that holds rights to dividends/proceeds for >5% of the reported position, which clarifies beneficial interest attribution. Overall, this is a routine, passive disclosure rather than an active governance move.

Corporate Governance Expert

TL;DR: This is a passive 13G filing showing shared voting/dispositive power and attribution to a fund, with an explicit non-control certification.

The report appropriately classifies the filers as an investment adviser and control persons with shared authority over the reported shares. The statement that the securities were acquired and are held in the ordinary course and not to influence control aligns with Schedule 13G filing conditions. Identification of BLACKWELL PARTNERS LLC - SERIES A as having rights to dividends or proceeds exceeding 5% helps clarify third-party economic interests. No governance changes or activist intent are disclosed.

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

Nantahala 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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 10,634,565.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,634,565.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,634,565.00

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)

IA

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Wilmot B. Harkey

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 10,634,565.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,634,565.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,634,565.00

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)

HC

SCHEDULE 13G

CUSIP No. 4525EP101

1

Names of Reporting Persons

Daniel Mack

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 10,634,565.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,634,565.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,634,565.00

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)

HC

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, UNITED STATES, 10036
Item 2.
(a)	Name of person filing: (1) Nantahala Capital Management, LLC ("Nantahala") (2) Wilmot B. Harkey (3) Daniel Mack (together the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: 130 Main St. 2nd Floor, New Canaan, Connecticut 06840
(c)	Citizenship: (1) Nantahala is a Massachusetts limited liability company. (2) Each of Messrs. Harkey and Mack is a citizen of the 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: As of June 30, 2025, Nantahala may be deemed to be the beneficial owner of 10,634,565 Shares held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Messrs. Harkey and Mack may be deemed to be a beneficial owner of those Shares. The 10,634,565 Shares includes 10,634,565 Shares which may be acquired by the Reporting Persons within sixty days through the exercise of warrants.
(b)	Percent of class: As of June 30, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the following percentage of the total number of Shares outstanding: (1) Nantahala Capital Management, LLC ("Nantahala") : 9.99% (2) Wilmot B. Harkey: 9.99% (3) Daniel Mack: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(ii) Shared power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 10,634,565 Shares. (2) Wilmot B. Harkey: 10,634,565 Shares. (3) Daniel Mack: 10,634,565 Shares.
	(iii) Sole power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(iv) Shared power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 10,634,565 Shares. (2) Wilmot B. Harkey: 10,634,565 Shares. (3) Daniel Mack: 10,634,565 Shares.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. BLACKWELL PARTNERS LLC - SERIES A, a fund advised by Nantahala, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of more than five percent of the outstanding shares of common stock beneficially owned by Nantahala reported herein.
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. Each of Messrs. Harkey and Mack is filing this Schedule 13G as a control person in respect of shares beneficially owned by Nantahala, an investment adviser as described in ss. 240.13d-1(b)(1)(ii)(E). See Item 4(a).
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.

Nantahala Capital Management, LLC

Signature:	/s/ Taki Vasilakis
Name/Title:	Taki Vasilakis / Chief Compliance Officer
Date:	08/14/2025

Wilmot B. Harkey

Signature:	/s/ Wilmot B. Harkey
Name/Title:	Wilmot B. Harkey
Date:	08/14/2025

Daniel Mack

Signature:	/s/ Daniel Mack
Name/Title:	Daniel Mack
Date:	08/14/2025

FAQ

How many Immunic (IMUX) shares does Nantahala report owning?

The filing reports Nantahala and the named individuals as beneficial owners of 10,634,565 shares, representing 9.99% of the class.

Does the 13G include shares exercisable in the near term for IMUX?

Yes. The 10,634,565 shares reported include shares that may be acquired within 60 days through exercise of warrants.

Who else is identified as having economic rights to the reported IMUX shares?

The filing states BLACKWELL PARTNERS LLC - SERIES A, a fund advised by Nantahala, has rights to receive dividends or proceeds for more than 5% of the reported shares.

Do the Reporting Persons claim they intend to influence control of Immunic (IMUX)?

No. The certification states the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

What voting power do the Reporting Persons report for IMUX shares?

Each Reporting Person reports 0 shares of sole voting power and 10,634,565 shares of shared voting power.