Immunic is a clinical-stage biotech developing oral small molecule therapies for neurological and gastrointestinal diseases. The company has no approved products and generates no revenue. Immunic's lead asset is vidofludimus calcium (IMU-838), an oral drug in Phase 3 development for relapsing multiple sclerosis (RMS). Vidofludimus calcium works through two mechanisms: inhibiting the DHODH enzyme to suppress overactive immune cells and activating the Nurr1 transcription factor for neuroprotective effects. Immunic argues this dual mechanism differentiates vidofludimus calcium from existing MS therapies, most of which target inflammation without addressing the neurodegeneration that drives progressive disability. Two identical Phase 3 trials (ENSURE-1 and ENSURE-2) enrolled a combined 2,221 patients, with top-line data expected by end of 2026. Immunic also completed a Phase 2 trial of vidofludimus calcium in progressive MS, showing reductions in disability worsening, and is determining next steps for a Phase 3 program. Immunic's secondary asset, IMU-856, targets gastrointestinal diseases including celiac disease and IBD, though further development depends on securing financing or a partner. Immunic funds operations entirely through equity raises, having raised ~$496M since inception, including a ~$187M private placement closed in February 2026. If vidofludimus calcium is approved, Immunic plans to commercialize directly or through a partner, though the company has already agreed to pay a 5% synthetic royalty on future global sales to certain warrant holders from the February 2026 financing.