Immunic, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant developments in its operations and financial performance. The company, which focuses on developing selective oral immunology therapies for chronic inflammatory and autoimmune diseases, has not generated any revenue from product sales and continues to incur substantial operating losses.

For the three months ended September 30, 2024, Immunic recorded a net loss of $24.4 million, an increase of $1.6 million compared to a net loss of $22.8 million for the same period in 2023. The net loss per share for this quarter was $(0.24), compared to $(0.51) for the same period last year. For the nine months ended September 30, 2024, the net loss was $75.3 million, up from $72.0 million in the prior year, with a net loss per share of $(0.75) compared to $(1.63) in 2023.

Operating expenses for the third quarter totaled $25.7 million, a 9% increase from $23.6 million in the prior year. Research and development expenses rose by $1.6 million, driven by increased external development costs related to the lead product candidate, vidofludimus calcium (IMU-838), and personnel costs due to headcount growth. However, total operating expenses for the nine months decreased to $72.4 million from $75.8 million in 2023, reflecting a reduction in research and development expenses.

Immunic's cash and cash equivalents as of September 30, 2024, were approximately $59.1 million, an increase from $46.7 million at the end of 2023. The company raised $80 million in January 2024 through a private placement, with additional tranches contingent on specific performance metrics. The total gross proceeds from this offering could reach up to $240 million.

The company continues to face liquidity concerns, indicating that it does not have adequate resources to fund operations for the next twelve months without raising additional capital. As of September 30, 2024, Immunic's accumulated deficit stood at approximately $486.2 million, up from $410.9 million at the end of 2023.

Strategically, Immunic is advancing its clinical programs, including ongoing trials for vidofludimus calcium, which is in Phase 3 and Phase 2 development for multiple sclerosis. The company has also made key appointments in its leadership team, including Jason Tardio as Chief Operating Officer and President, and Werner Gladdines as Chief Development Officer.

Overall, Immunic's financial results reflect ongoing challenges in achieving profitability while continuing to invest in its clinical development programs.