10-Q · May 13, 2026
Immunic, Inc. reported a net loss of $32.6 million for Q1 2026, which reflects a 28% increase compared to a net loss of $25.5 million in Q1 2025. Operating expenses totaled $33.2 million, with significant growth in…
Earnings analysis · 10-Q
IMUX earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
The provided 10-Q excerpt does not include the income statement, balance-sheet detail beyond cash and foreign-subsidiary net current assets, cash-flow statement, segment results, or MD&A operating trends; therefore…
Read full summary
The provided 10-Q excerpt does not include the income statement, balance-sheet detail beyond cash and foreign-subsidiary net current assets, cash-flow statement, segment results, or MD&A operating trends; therefore revenue, margins, EPS, and free cash flow cannot be quantified. The company reported $155.1 million of cash and effective disclosure controls as of June 30, 2026. The principal quantified concern is foreign-exchange exposure: a 10% adverse move could change net current assets by approximately $1.8 million and would have affected six-month net loss by approximately $4.8 million.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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$155.1M Cash Balance
Cash and cash equivalents were $155.1 million as of June 30, 2026, held primarily for working capital purposes. The filing states the company does not believe short-term investments create material fair-value exposure to interest-rate changes.
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Effective Disclosure Controls
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no change during the six months ended June 30, 2026 that materially affected, or was reasonably likely to materially affect, internal control over financial reporting.
What to watch
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Foreign Exchange Translation Risk
A hypothetical 10% adverse change in foreign exchange rates, primarily the euro, would reduce the translated net current assets of the German and Australian subsidiaries by approximately $1.8 million; those subsidiaries had $17.5 million of net current assets as of June 30, 2026.
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FX Could Affect Net Loss
For the six months ended June 30, 2026, a 10% change in foreign-currency exchange rates would have affected net loss by approximately $4.8 million, primarily due to the euro. The company currently has no foreign-currency hedges or derivatives planned.
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Interest Income Sensitivity
Cash of $155.1 million is exposed to changes in future investment income: decreases in interest rates would reduce investment income, while increases would raise it. The company states the investments are held for working capital and not trading or speculative purposes.
Management's outlook
The provided 10-Q text contains no quantitative revenue or EPS outlook. No change to prior guidance is disclosed; outlook appears deferred to the earnings release or call.
Earlier filings 4
10-K · April 22, 2026
This Form 10-K/A amends Part III (Items 10–14) of Immunic’s original 2025 Form 10-K to include board, executive compensation, ownership and auditor disclosures. Key governance changes disclosed include a nine-member…
10-K · February 26, 2026
Immunic is a late-stage biotech focused on oral small-molecule therapies, led by vidofludimus calcium (IMU-838) in two Phase 3 ENSURE trials and earlier-stage programs IMU-856 and IMU-381. The company completed ENSURE…
10-Q · August 7, 2025
Immunic reported a wider GAAP net loss in Q2 2025 of $(26,820) versus $(21,380) in Q2 2024, while reported diluted loss per share improved slightly to $(0.20) from $(0.21) due to a larger share count. Operating expenses…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.