Immunic, Inc. reported a net loss of approximately $100.5 million for the fiscal year ended December 31, 2024, compared to a net loss of $93.6 million in the previous year. The company's accumulated deficit has now reached $511.4 million, reflecting ongoing investments in research and development, particularly for its lead product candidates, vidofludimus calcium (IMU-838) and IMU-856. Total operating expenses for 2024 were approximately $98.1 million, a slight decrease from $99.2 million in 2023, primarily due to reduced research and development costs associated with the izumerogant program and the completion of the Phase 1 clinical trial for IMU-856.
In terms of strategic developments, Immunic has been actively pursuing clinical trials for its product candidates. The Phase 3 ENSURE program for vidofludimus calcium in relapsing multiple sclerosis (RMS) is ongoing, with the first patient enrolled in November 2021. An interim analysis conducted in October 2024 indicated that the trials should continue without changes, as the predetermined futility criteria were not met. Additionally, the company has initiated a Phase 2 clinical trial for vidofludimus calcium in patients with post-COVID syndrome, further expanding its clinical pipeline.
Operationally, Immunic had 91 employees as of March 1, 2025, and has been focusing on enhancing its research and development capabilities. The company raised approximately $74.5 million in financing activities during 2024, primarily through a private placement that included a first tranche of $80 million. The second and third tranches of this financing could potentially provide an additional $160 million, contingent on certain conditions being met. As of December 31, 2024, the company had cash and cash equivalents of approximately $35.7 million, which it anticipates will not be sufficient to fund operations for the next twelve months without raising additional capital.
Looking ahead, Immunic's management has expressed concerns regarding its ability to continue as a going concern, given the substantial losses and the need for additional funding to support ongoing clinical development. The company has indicated that it will continue to seek financing through various means, including equity offerings and potential collaborations. The success of its product candidates remains uncertain, and the company has not generated any revenue from product sales to date, which underscores the risks associated with its business model and the competitive landscape in the biotechnology sector.
About IMMUNIC, INC.
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