Immunic, Inc announced that at the end of its second quarter to June 30, 2023, it had cash, cash equivalents and investments of $77.3 million with which it expects to be able to fund its operations into the fourth quarter of 2024.
"During the second quarter, we reported important clinical and preclinical data from our two, lead pipeline programs, including the most advanced drug candidate, vidofludimus calcium (IMU-838), as well as IMU-856," Daniel Vitt, CEO and President of Immunic, said in a statement.
"Importantly, we announced publication, in the peer-reviewed Journal of Medicinal Chemistry, of preclinical evidence showing that vidofludimus calcium acts as a potent nuclear receptor related 1 (Nurr1) activator, which may be associated with both its hypothesized neuroprotective effects and the reduced disability-worsening events observed in multiple sclerosis (MS) patients. In the fall of this year, we expect to report an interim biomarker analysis of our phase 2 CALLIPER trial in progressive MS, designed to corroborate the neuroprotective potential of vidofludimus calcium, which could become a distinguishing factor in the MS market. Based on the substantial clinical activity seen thus far, along with the already known favorable safety and tolerability profile, we remain confident that vidofludimus calcium can potentially be a unique therapeutic approach for managing the multifaceted pathophysiology of MS."
During the quarter, preclinical data published in the Journal of Medicinal Chemistry identified Vidofludimus Calcium as a Potent Nurr1 activator, reinforcing neuroprotective potential in multiple sclerosis. There were also positive results from Phase 1b Clinical Trial of IMU-856 in celiac disease.
The company said research and development expenses reached $21.2 million for the three months ended June 30, 2023, up from $16.5 million in the year-ago period, reflecting, among others, a $6.1 million increase in external development costs related to the ongoing clinical programs and an increase in personnel expense. For the six months ended June 30, 2023, R&D expenses were $44.1 million, as compared to $34.0 million in the year-ago period
During the second quarter, the company recorded a net loss of approximately $24.0 million, or $0.54 per share, compared to a net loss of approximately $21.9 million, or $0.72 per share, in the year-ago period.
Net loss for the latest six-month period was approximately $49.3 million, or $1.12 per share, compared to a net loss of approximately $42.7 million, or $1.49 per share in the year-ago period.
The company will host a webcast today at 8:00 am ET. The details can be accessed here.
Immunic is a biotechnology company developing a clinical pipeline of orally-administered, small-molecule therapies for chronic inflammatory and autoimmune diseases.