Immunic, Inc. reported a net loss of $25.579 million for the quarter ended September 30 2025, a decline from the $24.4 million loss recorded in the same period a year earlier. Basic and diluted earnings per share were $0.13, beating the consensus estimate of a $0.18 loss by $0.05 per share.
The EPS beat was driven primarily by disciplined cost management. While research and development expenses rose to $12.3 million—reflecting continued investment in the lead multiple‑sclerosis candidate vidofludimus calcium—the company kept general and administrative costs in line with the prior quarter, limiting the impact on profitability.
Cash and cash equivalents stood at $35.1 million as of September 30 2025. Management has cautioned that this balance will not support operations for more than 12 months without additional capital, underscoring a substantial going‑concern. The company’s liquidity position is a critical short‑term risk.
Clinical progress remains the company’s primary growth engine. Phase 2 CALLIPER and EMPhASIS trials of vidofludimus calcium have produced encouraging data on disability progression in both relapsing and progressive multiple‑sclerosis forms. The upcoming Phase 3 ENSURE trial is expected to deliver top‑line results by the end of 2026.
CEO Daniel Vitt highlighted the company’s “strong presence” at the 41st ECTRIMS Congress, emphasizing the clinical momentum of vidofludimus calcium and its potential to transform oral therapy for multiple sclerosis.
While the earnings beat analysts’ expectations, investors remain focused on the liquidity challenge and the company’s need to secure additional financing to sustain its clinical program and operations.
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