Immunic Inc (IMUX) Stock Forecast & Price Target

Immunic Inc. has shown substantial clinical progress with its lead candidate, vidofludimus calcium, demonstrating significant efficacy in reducing disability worsening in progressive multiple sclerosis (MS) through positive Phase 2 trial results. The expanded CALLIPER dataset indicates a robust neuroprotective mechanism and a favorable tolerability profile, with low discontinuation rates across thousands of patient-years, suggesting suitability for long-term chronic use. Additionally, the distinct efficacy signals in both relapsing and progressive MS, highlighted by statistically significant improvements in disability outcomes, position Immunic favorably within the therapeutic landscape and align with the growing demand for effective treatments addressing the unmet needs in MS.

Immunic Inc is facing a challenging financial outlook, primarily due to significant operational losses, as demonstrated by their net loss of $25.6 million in the third quarter of 2025. Additionally, the company is depleting its capital resources rapidly, burning approximately $26 million within the quarter while only having $35 million remaining, which raises concerns about its ability to fund ongoing development and commercialization efforts. The anticipated dilution from recent capital raises, including a $5 million registered direct offering and a $65 million oversubscribed public offering, further compounds the negative outlook, leading to adjustments in price targets.