Immunic shares fall 5% on third quarter earnings miss

Immunic Inc. (IMUX) reported weaker-than-expected third-quarter earnings, resulting in a 5.44% drop in its shares in pre-market trading. The biotechnology company disclosed a net loss of $42.3 million, or -$0.99 per share, for the period ending September 30, 2026, which surpassed analyst predictions by $0.05. This decline in earnings was primarily attributed to increased personnel costs, drug supply expenses, and NDA readiness activities.

The total operating expenses for the quarter rose to $43.4 million, up from $26.0 million a year prior.

The company's top-line data from their Phase 3 ENSURE trials for vidofludimus calcium in relapsing multiple sclerosis remains on track for December 2026. CEO Erik Lundgren expressed confidence that Immunic is entering a critical phase in its history as the Phase 3 trial results draw nearer. However, the company's financial situation is complicated by a significant surge in general and administrative expenses, which increased to $19.4 million, primarily due to an $11.0 million rise in personnel expenses.

Specifically, $9.7 million of this increase was attributed to non-cash stock compensation from a separation agreement. Despite this, Immunic holds $132.0 million in cash and cash equivalents as of September 30, 2026, which it anticipates will sustain operations until late 2027.