Financial stability has deteriorated significantly, with equity turning negative to -$6.7 million in 2025Q4 and the current ratio falling to 0.75.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 188.76M | 22.87M | 39.33M | 52.53M | 125.86M | 104.99M | 133.75M | 32.23M | 14.23M | 58.12M | 61.46M | 85.09M | 104.82M | 43.85M | 19.15M | 889K |
| Cash & Short-Term Investments | 186.63M | 15.48M | 35.67M | 46.67M | 116.37M | 86.86M | 127.45M | 29.37M | 13.32M | 56.9M | 59.99M | 83.42M | 102.24M | 38.19M | 18.47M | 803K |
| Cash Only | 186.63M | 15.48M | 35.67M | 46.67M | 106.75M | 86.86M | 127.45M | 29.37M | 13.32M | 56.9M | 59.99M | 83.42M | 102.24M | 38.19M | 4.48M | 803K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 9.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14M | 0 |
| Accounts Receivable | 354K | 4.12M | 684K | 703K | 296K | 2.15M | 295K | 408K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 5.61M | 0 | 0 | -408K | -191K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.06M | 3.26M | 1.11M | 2.84M | 3.59M | 1.12M | 1.35M | 1.55M | 0 | 1.22M | 1.47M | 533K | 1.59M | 3.51M | 355K | 0 |
| Total Non-Current Assets | 983K | 1.18M | 1.54M | 1.76M | 1.89M | 34.11M | 34.12M | 33.73M | 746K | 2.26M | 2.56M | 3.99M | 3.27M | 2.73M | 1.18M | 1.09M |
| Property, Plant & Equipment | 983K | 1.18M | 1.54M | 1.76M | 1.85M | 1.1M | 1.1M | 713K | 709K | 2.15M | 2.5M | 3.81M | 3.07M | 2.47M | 1.18M | 1.09M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 32.97M | 32.97M | 32.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.09M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 43K | 42K | 42K | 42K | 37K | 108K | -3.03M | 184K | 198K | 263K | 0 | 0 |
| Total Assets | 189.74M | 24.05M | 40.87M | 54.3M | 127.75M | 139.1M | 167.86M | 65.95M | 14.98M | 60.38M | 64.03M | 89.08M | 108.08M | 46.59M | 20.33M | 1.98M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | 0.00x | - | - | - | - | - |
| Asset Growth % | 717.62% | -41.15% | -24.74% | -57.5% | -8.16% | -17.13% | 154.51% | 340.35% | -75.2% | -5.69% | -28.13% | -17.58% | 132.01% | 129.12% | 925.32% | - |
| Total Current Liabilities | 38.36M | 30.62M | 22.18M | 24.73M | 13.08M | 11.4M | 8.4M | 7.07M | 2.51M | 10.28M | 5.48M | 6.66M | 10.28M | 4.85M | 1.75M | 2M |
| Accounts Payable | 11.01M | 10.14M | 7.85M | 5.1M | 4.28M | 3.5M | 3.7M | 2.42M | 268K | 1.05M | 780K | 1.22M | 1.15M | 1.22M | 1.14M | 870K |
| Days Payables Outstanding | 102.2K | - | - | - | - | - | - | 17.69K | 6.52K | 383.65 | 157.47 | 335.59 | - | - | - | - |
| Short-Term Debt | 275K | 470K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 534K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 23.49M | 20.01M | 676K | 17.48M | 7.33M | 851K | 82K | 343K | 564K | 5.64M | 2.55M | 3.27M | 6.57M | 2.97M | 145K | 583K |
| Current Ratio | 4.92x | 0.75x | 1.77x | 2.12x | 9.62x | 9.21x | 15.93x | 4.56x | 5.67x | 5.65x | 11.22x | 12.79x | 10.20x | 9.05x | 10.97x | 0.44x |
| Quick Ratio | 4.92x | 0.75x | 1.77x | 2.12x | 9.20x | 9.21x | 15.93x | 4.62x | 5.75x | 5.65x | 11.22x | 12.79x | 10.20x | 9.05x | 10.97x | 0.44x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 146K | 107K | 264K | 639K | 992K | 584K | 679K | 520K | 41K | 59K | 100K | 101K | 241K | 321K | 26.22M | 54.84M |
| Long-Term Debt | 0 | 107K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 584K | 107K | 264K | 639K | 992K | 584K | 679K | 520K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -107K | 0 | 0 | 0 | 0 | 0 | 0 | 41K | 59K | 100K | 101K | 241K | 321K | 26.22M | 54.84M |
| Total Liabilities | 38.51M | 30.73M | 22.44M | 25.37M | 14.07M | 11.98M | 9.08M | 7.59M | 2.55M | 10.34M | 5.58M | 6.76M | 10.52M | 5.17M | 27.96M | 56.84M |
| Total Debt | 421K | 684K | 1M | 1.33M | 1.56M | 992K | 976K | 520K | 37.19M | 0 | 0 | 0 | 0 | 0 | 0 | 534K |
| Net Debt | -186.21M | -14.8M | -34.66M | -45.34M | -105.18M | -85.87M | -126.48M | -28.85M | 23.87M | -56.9M | -59.99M | -83.42M | -102.24M | -38.19M | -4.48M | -269K |
| Debt / Equity | 0.00x | - | 0.05x | 0.05x | 0.01x | 0.01x | 0.01x | 0.01x | 2.99x | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.70x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -83.11x | - | - | -346.09x | - | - | - | - | - | - | -15.23x | 0.36x |
| Total Equity | 151.23M | -6.67M | 18.43M | 28.93M | 113.68M | 127.11M | 158.78M | 58.36M | 12.43M | 50.04M | 58.45M | 82.33M | 97.56M | 41.42M | -7.63M | -54.85M |
| Equity Growth % | 2703.07% | -136.21% | -36.3% | -74.55% | -10.57% | -19.95% | 172.06% | 369.65% | -75.17% | -14.38% | -29.01% | -15.62% | 135.56% | 642.69% | 86.09% | - |
| Book Value per Share | 5.02 | -0.43 | 1.84 | 6.53 | 35.73 | 53.74 | 101.37 | 75.58 | 117.32 | 502.21 | 744.83 | 1309.19 | 1637.58 | 29366.14 | -5411.23 | -38891.80 |
| Total Shareholders' Equity | 151.23M | -6.67M | 18.43M | 28.93M | 113.68M | 127.11M | 158.78M | 58.36M | 12.43M | 50.04M | 58.45M | 82.33M | 97.56M | 41.42M | -7.63M | -54.85M |
| Common Stock | 11K | 9K | 8K | 4K | 4K | 3K | 2K | 1K | 4K | 4K | 3K | 3K | 2K | 1K | 0 | 0 |
| Retained Earnings | -641.16M | -608.57M | -511.4M | -410.89M | -317.28M | -196.87M | -103.93M | -59.91M | -337.43M | -295.95M | -243.82M | -202.86M | 97.56M | -103.17M | -70.45M | -63.75M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.06M | 2.65M | 4.21M | 3.76M | 3.04M | -252K | -4.11M | -1.37M | 80K | 78K | 83K | 80K | 89K | 96K | 88K | 83K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
As reported in financial statements, Immunic's total assets plummeted from $64.8 million in 2024Q3 to $24.1 million by 2025Q4, signaling a rapid depletion of resources that underscores the company's precarious financial trajectory as it attempts to fund its late-stage clinical development programs without any recurring revenue.
The consistent decline in total assets over the last two years reflects the aggressive consumption of capital to support Phase 3 trials. This trend suggests that the company's ability to maintain its current research pace is increasingly dependent on external financing rather than internal asset growth.
Based on recent SEC filings, Immunic's current ratio deteriorated significantly to 0.75 in 2025Q4, down from a peak of 5.09 in 2024Q1, indicating that the company's liquid assets are no longer sufficient to cover its short-term obligations as it navigates the final stages of its clinical trials.
A current ratio below 1.0 suggests that the company may face immediate challenges in meeting its operational liabilities without a capital infusion. Investors should monitor this metric closely, as it serves as a primary indicator of the company's proximity to a potential liquidity crisis.
According to the company's balance sheet data, equity turned negative in 2025Q4 at -$6.7 million, a stark reversal from the $83.6 million reported in 2024Q1, primarily driven by the relentless accumulation of retained losses that have effectively wiped out the company's book value over the last two years.
The erosion of equity highlights the high cost of clinical-stage development and the lack of commercial revenue to offset R&D expenditures. This negative equity position may complicate future financing efforts and suggests that the company's valuation is now almost entirely dependent on the speculative success of its pipeline.
As indicated by historical financial disclosures, the company's balance sheet is periodically distorted by non-cash warrant liabilities, which can create artificial volatility in equity and liability figures that do not necessarily reflect the underlying operational health or the actual cash burn rate of the clinical programs.
Analysts should be cautious when interpreting headline equity figures, as these non-cash adjustments can mask the true extent of capital depletion. The reliance on such instruments suggests a complex capital structure that may introduce additional risks for shareholders during future financing rounds.
Quick answers to the most common questions about buying IMUX stock.
As of 2025, Immunic, Inc. (IMUX) had total assets of $24.1M including $22.9M in current assets.
Immunic, Inc. (IMUX) carries total debt of $0.7M, offset by $15.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Immunic, Inc. (IMUX) has total shareholders' equity (book value) of $-6.7M ($-0.43 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Immunic, Inc. (IMUX) reported a current ratio of 0.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.