Immunic Raises $200M Upfront, Seeks Phase 3 Data by End-2026
Immunic closed an oversubscribed private placement raising $200 million upfront of a potential $400 million to fund completion of two Phase 3 ENSURE trials in relapsing MS and initiate a Phase 3 PPMS program. Top-line data are expected by year-end 2026 with an RMS NDA submission targeted mid-2027.
1. Financing and Year-End Results
Immunic reported its financial results for the year ended December 31, 2025, and completed an oversubscribed private placement yielding $200 million in gross proceeds upon initial closing on February 17, 2026, with capacity to raise up to $400 million in total. These funds are earmarked to support late-stage development and the transition to a commercial-stage organization.
2. Clinical Development Timeline
The company’s lead asset, vidofludimus calcium, is advancing in two Phase 3 ENSURE trials for relapsing multiple sclerosis with top-line data expected by year-end 2026. Based on positive Phase 2 CALLIPER results, a confirmatory Phase 3 program in primary progressive multiple sclerosis is slated to begin later this year.
3. Commercial and Regulatory Outlook
Proceeds from the financing will cover operations through ENSURE readouts and support a planned New Drug Application submission for relapsing MS in mid-2027, targeting potential approval in 2028. Preparations are underway to expand medical and commercial infrastructure ahead of a prospective product launch.
4. Governance and Leadership Updates
Immunic elevated Simona Skerjanec to interim chairperson and appointed Thor Nagel to the board, while initiating a search for a new CEO with MS commercialization expertise. Founder Daniel Vitt will transition to a senior scientific strategy role as the company evolves into a fully integrated commercial enterprise.