Immunic, Inc.
IMUXHealthcare|Biotechnology|US
$7.75
+0.43 (+5.87%)
DCF Value
$0.60
Tangible Book / Share
$3.00
Cash / Share
$3.65
Financials
Financial Snapshot
Market Cap
$105.7M
Enterprise Value
-$48.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$111.6M
Cash & Investments
$155.1M
Net Cash
$154.5M
Free Cash Flow (TTM)
-$88.0M
Operating CF (TTM)
-$87.7M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$155.1M
Quarterly Burn
$21.9M
Monthly Burn
$7.3M
Est. Runway
~7.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $60.0M | $56.9M | $13.3M | $29.4M | $127.5M | $86.9M | $116.4M | $46.7M | $35.7M | $15.5M | $155.1M | |
| Operating Cash Flow | -$35.8M | -$40.4M | -$43.2M | -$28.5M | -$46.1M | -$83.2M | -$65.1M | -$70.8M | -$84.8M | -$85.8M | -$87.7M | |
| Free Cash Flow | -$36.3M | -$41.1M | -$43.8M | -$28.6M | -$46.3M | -$83.3M | -$65.3M | -$71.2M | -$85.0M | -$86.0M | -$88.0M | |
| Capital Expenditure | -$556.0K | -$685.0K | -$597.0K | -$55.0K | -$146.0K | -$67.0K | -$112.0K | -$334.0K | -$264.0K | -$161.0K | -$329.0K | |
| Financing Cash Flow | $12.4M | $38.0M | $4.0K | $34.9M | $144.4M | $42.8M | $95.8M | $1.0M | $74.5M | $65.6M | $188.8M |
R&D Spending
R&D (TTM)
$90.6M
R&D Intensity
—
R&D Growth vs Prior
+10.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $30.0M | $39.3M | $24.8M | $22.5M | $38.6M | $61.1M | $71.3M | $83.2M | $80.0M | $82.0M | $90.6M | |
| R&D % of Revenue | 475778.8% | — | — | — | — | — | — | — | — | — | — | |
| SG&A | $11.2M | $13.3M | $13.6M | $14.5M | $10.3M | $13.3M | $15.3M | $16.0M | $18.0M | $21.2M | $27.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $1.8M | $998.0K | $15.0K | $50.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $33.0K | |
| Gross Profit | -$1.8M | -$998.0K | -$15.0K | -$50.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$33.0K | |
| R&D | $30.0M | $39.3M | $24.8M | $22.5M | $38.6M | $61.1M | $71.3M | $83.2M | $80.0M | $82.0M | $90.6M | |
| SG&A | $11.2M | $13.3M | $13.6M | $14.5M | $10.3M | $13.3M | $15.3M | $16.0M | $18.0M | $21.2M | $27.2M | |
| Operating Income | -$41.3M | -$52.7M | -$42.0M | -$37.0M | -$49.0M | -$91.7M | -$119.5M | -$99.2M | -$98.1M | -$103.2M | -$117.9M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $107.0K | $0.00 | $0.00 | $1.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$41.0M | -$52.1M | -$41.5M | -$34.9M | -$44.0M | -$92.9M | -$120.4M | -$93.6M | -$100.5M | -$97.2M | -$111.6M | |
| Net Income | -$41.0M | -$52.1M | -$41.5M | -$34.8M | -$44.0M | -$92.9M | -$120.4M | -$93.6M | -$100.5M | -$97.2M | -$111.6M | |
| EPS (Diluted) | -524.00 | -524.00 | -136.28 | -45.24 | -28.10 | -39.30 | -37.84 | -21.12 | -10.03 | -6.24 | -4.80 | |
| EBITDA | -$39.2M | -$51.1M | -$14.4M | -$37.0M | -$48.9M | -$92.9M | -$86.4M | -$93.5M | -$100.4M | -$97.0M | -$111.4M | |
| Shares Out. (M) | 0.08 | 0.10 | 0.08 | 0.77 | 1.57 | 2.37 | 3.18 | 4.43 | 10.02 | 15.57 | 42.51 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $60.0M | $56.9M | $13.3M | $29.4M | $127.5M | $86.9M | $106.7M | $46.7M | $35.7M | $15.5M | $155.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $9.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $61.5M | $58.1M | $14.2M | $32.2M | $133.7M | $105.0M | $125.9M | $52.5M | $39.3M | $22.9M | $157.8M | |
| Total Assets | $64.0M | $60.4M | $15.0M | $66.0M | $167.9M | $139.1M | $127.8M | $54.3M | $40.9M | $24.1M | $159.2M | |
| Total Current Liabilities | $5.5M | $10.3M | $2.5M | $7.1M | $8.4M | $11.4M | $13.1M | $24.7M | $22.2M | $30.6M | $31.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $107.0K | $0.00 | |
| Total Liabilities | $5.6M | $10.3M | $2.6M | $7.6M | $9.1M | $12.0M | $14.1M | $25.4M | $22.4M | $30.7M | $31.6M | |
| Stockholders' Equity | $58.4M | $50.0M | $12.4M | $58.4M | $158.8M | $127.1M | $113.7M | $28.9M | $18.4M | -$6.7M | $127.6M | |
| Retained Earnings | -$243.8M | -$296.0M | -$337.4M | -$59.9M | -$103.9M | -$196.9M | -$317.3M | -$410.9M | -$511.4M | -$608.6M | -$675.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$35.8M | -$40.4M | -$43.2M | -$28.5M | -$46.1M | -$83.2M | -$65.1M | -$70.8M | -$84.8M | -$85.8M | -$87.7M | |
| Capital Expenditure | -$556.0K | -$685.0K | -$597.0K | -$55.0K | -$146.0K | -$67.0K | -$112.0K | -$334.0K | -$264.0K | -$161.0K | -$329.0K | |
| Free Cash Flow | -$36.3M | -$41.1M | -$43.8M | -$28.6M | -$46.3M | -$83.3M | -$65.3M | -$71.2M | -$85.0M | -$86.0M | -$88.0M | |
| Investing Cash Flow | -$21.0K | -$678.0K | -$415.0K | $10.5M | -$146.0K | -$67.0K | -$9.7M | $9.5M | -$264.0K | -$161.0K | -$329.0K | |
| Financing Cash Flow | $12.4M | $38.0M | $4.0K | $34.9M | $144.4M | $42.8M | $95.8M | $1.0M | $74.5M | $65.6M | $188.8M | |
| Issuance of Stock | $12.4M | $38.0M | $115.0K | $35.2M | $144.4M | $42.7M | $39.6M | $853.0K | $191.0K | $65.6M | $254.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $74.3M | $0.00 | $0.00 | |
| Stock Based Comp. | $4.7M | $5.5M | $3.7M | $6.5M | $2.7M | $5.9M | $7.9M | $7.1M | $8.5M | $8.9M | $16.2M | |
| Net Change in Cash | -$23.4M | -$3.1M | -$43.6M | $16.3M | $98.1M | -$40.6M | $19.9M | -$60.1M | -$11.0M | -$20.2M | $99.8M |
Dilution Tracker
Shares outstanding grew 893.9% over 5 years — significant dilution
Shares Outstanding
14M
5-Year Share Growth
+893.9%
Stock Issuance (TTM)
$254.2M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.08 | 0.10 | 0.08 | 0.77 | 1.57 | 2.37 | 3.18 | 4.43 | 10.02 | 15.57 | 42.51 | |
| Change vs Prior % | — | 27.0% | -15.0% | 811.8% | 102.8% | 51.0% | 34.5% | 39.3% | 126.0% | 55.4% | 173.1% | |
| Stock Issuance | $12.4M | $38.0M | $115.0K | $35.2M | $144.4M | $42.7M | $39.6M | $853.0K | $191.0K | $65.6M | $254.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.7M | $5.5M | $3.7M | $6.5M | $2.7M | $5.9M | $7.9M | $7.1M | $8.5M | $8.9M | $16.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -28529.7% | — | — | — | — | — | — | — | — | — | — | |
| Operating Margin % | -653447.6% | — | — | — | — | — | — | — | — | — | — | |
| Net Margin % | -648744.6% | — | — | — | — | — | — | — | — | — | — | |
| EBITDA Margin % | -620114.9% | — | — | — | — | — | — | — | — | — | — | |
| FCF Margin % | -575286.0% | — | — | — | — | — | — | — | — | — | — | |
| ROE % | -70.1% | -104.1% | -333.7% | -59.7% | -27.7% | -73.1% | -105.9% | -323.6% | -545.4% | 1456.2% | -157.9% | |
| ROA % | -64.0% | -86.2% | -276.9% | -52.8% | -26.2% | -66.8% | -94.2% | -172.4% | -245.9% | -404.0% | -70.1% | |
| ROIC % | -70.5% | -105.1% | -337.1% | -62.9% | -30.7% | -71.6% | -103.7% | -327.8% | -504.6% | 1693.4% | -92.0% | |
| R&D / Revenue % | 475778.8% | — | — | — | — | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -35.7% | 44.6% | 98.5% | -233.3% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 20.8% | -27.6% | 20.2% | 11.9% | -32.2% | -87.2% | -30.4% | 17.0% | 1.2% | -5.3% | |
| Net Income | 21.2% | -27.1% | 20.4% | 16.0% | -26.4% | -111.2% | -29.5% | 22.3% | -7.4% | 3.3% | |
| EPS (Diluted) | 36.7% | 0.0% | 74.0% | 66.8% | 37.9% | -39.9% | 3.7% | 44.2% | 52.5% | 37.8% | |
| Operating Cash Flow | 28.4% | -12.9% | -6.9% | 33.9% | -61.6% | -80.5% | 21.7% | -8.7% | -19.7% | -1.2% | |
| Free Cash Flow | 30.5% | -13.1% | -6.5% | 34.6% | -61.8% | -80.0% | 21.7% | -9.1% | -19.5% | -1.1% | |
| R&D Expense | -24.5% | 30.9% | -36.9% | -9.3% | 71.6% | 58.2% | 16.6% | 16.8% | -3.8% | 2.4% | |
| SG&A Expense | -9.1% | 18.7% | 2.0% | 6.9% | -28.8% | 28.7% | 14.8% | 4.9% | 12.5% | 18.0% | |
| Total Assets | -28.1% | -5.7% | -75.2% | 340.3% | 154.5% | -17.1% | -8.2% | -57.5% | -24.7% | -41.1% | |
| Book Value / Share | -43.1% | -32.6% | -70.8% | -48.5% | 34.1% | -47.0% | -33.5% | -81.7% | -71.8% | -123.3% | |
| Debt | 0.0% | 0.0% | 0.0% | -98.6% | 87.7% | 1.6% | 57.6% | -14.7% | -24.7% | -31.9% | |
| Diluted Shares | 24.8% | 27.0% | -15.0% | 811.8% | 102.8% | 51.0% | 34.5% | 39.3% | 126.0% | 55.4% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B2.58
10Y Low / Med / High0.39 / 1.78 / 5.44
EV/EBITDA0.44
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.60
Tangible Book / Share
$3.00
Net Current Assets / Share
$9.25
Graham Net-Net
$2.91
Cash / Share
$3.65
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -3.32 | -4.54 | -0.55 | -2.14 | -5.44 | -2.44 | -0.37 | -0.71 | -1.00 | -0.86 | -1.61 | |
| P/S Ratio | 21620.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 2.34 | 4.74 | 0.51 | 1.28 | 1.51 | 1.78 | 0.39 | 2.30 | 5.44 | -12.46 | 2.58 | |
| EV/EBITDA | -1.95 | -3.53 | -2.09 | -1.25 | -2.31 | -1.51 | 0.70 | -0.23 | -0.65 | -0.70 | 0.44 | |
| EV/Revenue | 12120.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-5.29
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $12.5M | $12.5M | $80.5M |
| Net Income | -$66.8M | -$43.2M | -$46.8M |
| EPS | $-3.59 | $-2.37 | $-2.41 |
| # Analysts (EPS) | 11 | 10 | 7 |