Immunic Inc (NASDAQ:IMUX) has announced the pricing of an oversubscribed underwritten public offering that is expected to generate approximately $65 million in gross proceeds, which the company plans to use to support its clinical trials, operations, and other general corporate purposes.
The offering consists of pre-funded warrants, Series A warrants, and Series B warrants sold together at a combined public offering price of $0.7499.
All of the securities in the offering are being sold by Immunic.
The pre-funded warrants are immediately exercisable with no expiration. The Series A warrants are exercisable through December 31, 2025, and the Series B warrants become exercisable on October 1, 2025, or earlier under certain conditions, and remain exercisable for five years from the date of issuance.
Both the Series A and B warrants will expire in proportion to the extent that the related pre-funded warrants are exercised on or before September 30, 2025, subject to certain exceptions.
If all Series A and Series B warrants are exercised for cash, the company could receive up to an additional $130 million in gross proceeds.
The offering is expected to close on or about June 3, 2025.
Immunic is advancing oral small molecule therapies for chronic inflammatory and autoimmune diseases. Its lead therapeutic candidate, vidofludimus calcium (IMU-838), is undergoing Phase 3 trials for relapsing multiple sclerosis, with top-line data expected by the end of 2026.