Immunic | 8-K: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.13, beating the estimate of USD -0.19.

EBIT: As of FY2025 Q3, the actual value is USD -26.41 M.

The report does not provide specific operational metrics such as net income, gross margin, operating profit, or operating margin.

R&D expenses were $20.0 million for the three months ended September 30, 2025, compared to $21.4 million for the same period in 2024. The $1.4 million decrease was due to a $1.3 million decrease in external development costs related to IMU-856, a $1.1 million decrease in external development costs related to the completion of the phase 2 CALLIPER trial, and a $0.2 million decrease across various categories, offset by a $1.2 million increase in personnel expenses, including $0.8 million in non-cash share-based compensation.
For the nine months ended September 30, 2025, R&D expenses were $63.0 million, compared to $58.4 million for the same period in 2024. The $4.5 million increase was due to a $6.2 million increase in external development costs related to the phase 3 ENSURE trials and a $1.6 million increase in personnel expenses, including $0.4 million in non-cash stock compensation, offset by a $2.7 million decrease in external development costs related to IMU-856 and a $0.6 million decrease across various categories.

G&A expenses were $6.0 million for the three months ended September 30, 2025, compared to $4.4 million for the same period in 2024. The $1.6 million increase was due to a $1.2 million increase in personnel expenses, including $1.0 million in non-cash share-based compensation, and a $0.4 million increase across various categories.
For the nine months ended September 30, 2025, G&A expenses were $17.0 million, compared to $14.0 million for the same period in 2024. The $3.0 million increase was due to a $1.8 million increase in personnel expenses, including $0.8 million in non-cash stock compensation, a $0.6 million increase in legal and consultancy expenses, and a $0.6 million increase across various categories.

Interest income was $0.4 million for the three months ended September 30, 2025, compared to $0.8 million for the same period in 2024. The $0.4 million decrease was primarily due to a lower average cash balance.
For the nine months ended September 30, 2025, interest income was $0.8 million, compared to $3.0 million for the same period in 2024. The $2.1 million decrease was due to a lower average cash balance.

Other income (expense) was negligible for the three months ended September 30, 2025, compared to $0.6 million for the same period in 2024. The $0.6 million decrease was primarily attributable to a decrease in research and development tax incentives for clinical trials in Australia due to lower clinical trial spend in Australia.
For the nine months ended September 30, 2025, other income (expense) was $1.2 million, compared to -$1.1 million for the same period in 2024. The $2.3 million increase was primarily attributable to a $1.7 million expense related to the portion of deal costs from the January 2024 Financing related to the tranche rights, $1.0 million of grant income from the German Federal Ministry of Finance, and a $0.3 million increase across various categories, offset by a $0.7 million decrease in research and development tax incentives for clinical trials in Australia.

Net loss for the three months ended September 30, 2025, was approximately $25.6 million, or $0.13 per basic and diluted share, based on 193,897,764 weighted average common shares outstanding, compared to a net loss of approximately $24.4 million, or $0.24 per basic and diluted share, based on 101,272,580 weighted average common shares outstanding for the same period in 2024.
Net loss for the nine months ended September 30, 2025, was approximately $77.9 million, or $0.55 per basic and diluted share, based on 142,811,489 weighted average common shares outstanding, compared to a net loss of approximately $75.3 million, or $0.75 per basic and diluted share, based on 99,998,245 weighted average common shares outstanding for the same period in 2024.

Cash and cash equivalents as of September 30, 2025, were $35.1 million. The company does not have adequate liquidity to fund its operations for at least 12 months from September 30, 2025, without raising additional capital.

Top-line data from the twin phase 3 ENSURE trials of vidofludimus calcium in relapsing multiple sclerosis is expected by the end of 2026.
The company is preparing for further clinical testing of IMU-856, contingent on financing, licensing, or partnering.