Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -0.62.EBIT: As of FY2025, the actual value is USD -104.27 M.<h4>Net Loss</h4>Immunic, Inc. reported a net loss of - $97.2 million for the year ended December 31, 2025, a decrease from - $100.5 million for the year ended December 31, 2024, representing a $3.3 million or -3% reduction in net loss. The accumulated deficit as of December 31, 2025, was - $608.6 million, an increase from - $511.4 million as of December 31, 2024.<h4>Operating Expenses</h4><ul><li>Research and development expenses increased by $1.9 million (2%) to $82.0 million in 2025 from $80.0 million in 2024. This was primarily due to a $3.9 million rise in external development costs for the vidofludimus calcium program and a $1.8 million increase in personnel expenses for R&amp;D, partially offset by a - $3.0 million decrease in external development costs for the IMU-856 program.</li><li>General and administrative expenses increased by $3.2 million (18%) to $21.2 million in 2025 from $18.0 million in 2024, mainly driven by a $1.9 million increase in personnel expenses (including $0.3 million non-cash stock compensation) and a $0.8 million increase in legal and consultancy expenses.</li><li>Total operating expenses for 2025 were $103.2 million, up from $98.1 million in 2024, an increase of $5.2 million (5%).</li></ul><h4>Other Income (Expense), Net</h4><ul><li>Interest income decreased by - $2.4 million (-69%) to $1.0 million in 2025 from $3.4 million in 2024, attributed to a lower average cash balance.</li><li>Change in fair value of tranche rights was $0 in 2025, compared to - $4.8 million in 2024.</li><li>Other income (expense), net increased by $6.1 million (-578%) to $5.0 million in 2025 from - $1.0 million in 2024. This was primarily due to $4.8 million in grant income from the German Federal Ministry of Finance and a - $1.7 million expense related to deal costs from the January 2024 Financing in 2024, partially offset by a - $0.7 million decrease in Australian R&amp;D tax incentives.</li></ul><h4>Cash Flows and Liquidity</h4><ul><li>Net cash used in operating activities was - $85.8 million in 2025, compared to - $84.8 million in 2024.</li><li>Net cash used in investing activities was - $0.2 million in 2025, compared to - $0.3 million in 2024.</li><li>Net cash provided by financing activities was $65.6 million in 2025, compared to $74.5 million in 2024.</li><li>Cash and cash equivalents stood at $15.5 million as of December 31, 2025, down from $35.7 million as of December 31, 2024.</li><li>From inception through December 31, 2025, Immunic, Inc. raised approximately $496.3 million in net cash from various offerings.</li><li>A private placement closed on February 17, 2026, generating net cash proceeds of approximately $187.0 million.</li></ul><h4>Outlook / Guidance</h4>Immunic, Inc. expects to fund its operations beyond twelve months from the date of the issuance of the accompanying consolidated financial statements, leveraging the net proceeds from the February 2026 private placement. The company anticipates continued significant expenses and increasing operating losses in the foreseeable future as it advances its clinical pipeline and prepares for potential commercialization of vidofludimus calcium. Immunic, Inc. also has $262.2 million remaining under its 2023 Shelf Registration Statement and $80.0 million in capacity under its May 2024 At-The-Market Sales Agreement as of December 31, 2025.

Immunic | 10-K: FY2025 Revenue: USD 0