Immunic, Inc. (IMUX) Stock

Immunic, Inc. (IMUX) is a Healthcare stock trading at $16.49 (as of 2026-08-21), with a market capitalization of $225.00M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Immunic, Inc. is a clinical-stage biopharmaceutical company developing selective oral therapies for chronic inflammatory and autoimmune diseases. Its pipeline includes IMU-838 (Phase 2 for relapsing-remitting multiple sclerosis and inflammatory bowel disease, among other conditions), as well as IMU-935 and IMU-856 for targeted immune and intestinal barrier indications.

Understand Immunic, Inc.: how it makes money

Immunic, Inc. is a clinical-stage biopharmaceutical company developing selective oral immunology therapies for chronic inflammatory and autoimmune diseases, led by IMU-838, and it does not show any reported product revenue yet.

Its profit model is pre-commercial, so the company is not yet supported by product sales and instead depends on advancing its oral immunology pipeline through clinical development.

Business quality (Weak): You can monitor meaningful clinical program activity through patient and outcomes metrics, but the company has no reported revenue and has a very large negative operating margin, so the near-term story is dominated by trial progression risk.

Bull case

IMU-838 Phase 2 EMPhASIS data includes disability risk reduction and favorable hazard ratios at 24 weeks (Confirmed Disability Worsening Risk Reduction at Twenty-Four Weeks: 23.8%, Hazard Ratio: 0.76): Favorable efficacy and statistical signals, at least for the measured endpoint in the reported analysis.
Durability signals in the reported follow-up (Percent of Patients Remaining Free of Twelve-Week Confirmed Disability Worsening at Week 144: 92.3%, Percent Remaining Free of Twenty-Four-Week Confirmed Disability Worsening at Week 144: 92.7%): High proportions of patients remained free of the predefined worsening measures at week 144 in the reported dataset.

Bear case

The company shows no reported revenue (revenue_b is 0.0 for the period ending 2026-03-31) and a deeply negative operating margin (operating_margin_pct is -4373.0): This reinforces that the business is still pre-commercial and financially dependent on ongoing operations rather than product earnings.
Clinical execution risk is reflected in attrition and discontinuation (Annualized Discontinuation Rate: 6.4% in Phase 2 EMPhASIS Open-Label Extension): Ongoing study retention matters for interpretability and results, and discontinuations can dilute the effective dataset.

Valuation — source: SEC EDGAR (first-party)
Price	$16.49
Market Cap	$225.00M
Price / Book	1.76
Price / Sales	69.77
FCF Yield	-37.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.04M
Net Margin	-9343.5%
Revenue Growth (YoY)	-69.3%
EPS Growth (YoY)	-38.0%
FCF Growth (YoY)	1.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	-6.07 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Aberdeen Group plc ($9.15M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Daniel Vitt
Employees	91
Country	US
IPO Date	2014-04-17

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.