The company exhibits no operating leverage, reporting zero revenue while R&D expenses escalated to $25.6 million in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.32K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | -100% | - | - | - | - | - | - |
| Cost of Goods Sold | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 50K | 15K | 998K | 1.81M | 1.33M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | 28629.7% | - | - | - | - | - |
| Gross Profit | -33K | 0 | 0 | 0 | 0 | 0 | 0 | -50K | -15K | -998K | -1.8M | -1.33M | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | -28529.7% | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | -233.33% | 98.5% | 44.61% | -35.67% | - | - | - | - | - |
| Operating Expenses | 109.61M | 103.23M | 98.05M | 99.22M | 119.49M | 91.67M | 48.97M | 37.03M | 38.41M | 52.66M | 41.27M | 52.12M | 50.34M | 31.4M | 9.58M | 8.58M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | 653447.6% | - | - | - | - | - |
| Selling, General & Admin | 23.53M | 21.25M | 18.01M | 16.01M | 15.26M | 13.3M | 10.33M | 14.52M | 13.59M | 13.31M | 11.22M | 12.35M | 10.86M | 9.62M | 4.48M | 3.07M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | 177668.83% | - | - | - | - | - |
| Research & Development | 86.08M | 81.98M | 80.05M | 83.22M | 71.25M | 61.12M | 38.64M | 22.51M | 24.82M | 39.34M | 30.05M | 39.77M | 39.48M | 21.79M | 5.1M | 5.51M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 475778.77% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 32.97M | 17.25M | 0 | 0 | 28K | 0 | 297K | 97K | 0 | 0 | 0 | 0 |
| Operating Income | -109.64M | -103.23M | -98.05M | -99.22M | -119.49M | -91.67M | -48.97M | -37.03M | -42.02M | -52.66M | -41.27M | -52.12M | -50.34M | -31.4M | -9.58M | -8.58M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | -653447.6% | - | - | - | - | - |
| Operating Income Growth % | - | -5.28% | 1.18% | 16.96% | -30.35% | -87.18% | -32.24% | 11.88% | 20.19% | -27.6% | 20.82% | -3.53% | -60.31% | -227.79% | -11.64% | - |
| EBITDA | -109.48M | -103.06M | -97.92M | -99.11M | -119.41M | -91.58M | -48.93M | -36.98M | -42.01M | -51.66M | -39.46M | -50.79M | -49.26M | -30.6M | -8.93M | -7.62M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | -624817.9% | - | - | - | - | - |
| EBITDA Growth % | -8.56% | -5.25% | 1.2% | 17% | -30.39% | -87.16% | -32.31% | 11.97% | 18.68% | -30.92% | 22.31% | -3.12% | -60.95% | -242.74% | -17.18% | - |
| D&A (Non-Cash Add-back) | 158K | 168K | 134K | 111K | 77K | 85K | 39K | 50K | 15K | 998K | 1.81M | 1.33M | 1.09M | 799K | 651K | 961K |
| EBIT | -109.64M | -103.23M | -98.05M | -99.22M | -86.52M | -91.67M | -48.97M | -37.03M | -15.15M | -52.08M | -40.97M | -52.02M | -47.67M | -32.72M | -6.29M | 3.37M |
| Net Interest Income | 1.62M | 1.04M | 3.39M | 3.08M | 0 | 66K | 58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -409K | -9.25M |
| Interest Income | 1.62M | 1.04M | 3.39M | 3.08M | 1.04M | 66K | 58K | 107K | 521K | 650K | 284K | 58K | 19K | 5K | 4K | 2K |
| Interest Expense | 0 | 0 | 0 | 0 | 1.04M | 0 | 0 | 107K | 0 | 0 | 0 | 0 | 0 | 0 | 413K | 9.25M |
| Other Income/Expense | 5.35M | 6.06M | -2.46M | 5.61M | -919K | -1.28M | 4.95M | 2.1M | 455K | 577K | 297K | 97K | 2.67M | -1.32M | -40K | 2.7M |
| Pretax Income | -104.29M | -97.17M | -100.51M | -93.61M | -120.41M | -92.94M | -44.02M | -34.93M | -41.48M | -52.08M | -40.97M | -52.02M | -47.67M | -32.72M | -6.7M | -5.88M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | -648744.6% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 549K | 0 | 0 | 0 | 0 | 0 | 413K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.32% | 0% | 0% | 0% | 0% | 0% | -6.16% | 0% |
| Net Income | -104.29M | -97.17M | -100.51M | -93.61M | -120.41M | -92.94M | -44.02M | -34.83M | -41.48M | -52.08M | -40.97M | -52.02M | -47.67M | -32.72M | -6.7M | -5.88M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | -648744.6% | - | - | - | - | - |
| Net Income Growth % | -8.19% | 3.32% | -7.37% | 22.25% | -29.55% | -111.16% | -26.39% | 16.03% | 20.36% | -27.12% | 21.25% | -9.14% | -45.69% | -388.26% | -13.98% | - |
| Net Income (Continuing) | -104.29M | -97.17M | -100.51M | -93.61M | -120.41M | -92.94M | -44.02M | -34.93M | -11.54M | -52.08M | -40.97M | -52.02M | -47.67M | -32.72M | -9.62M | -5.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.46 | -6.24 | -10.00 | -21.10 | -37.80 | -39.20 | -28.10 | -45.10 | -391.60 | -522.60 | -522.10 | -827.30 | -800.10 | -23197.70 | -4751.10 | -4168.30 |
| EPS Growth % | 38.98% | 37.6% | 52.61% | 44.18% | 3.57% | -39.5% | 37.69% | 88.48% | 25.07% | -0.1% | 36.89% | -3.4% | 96.55% | -388.26% | -13.98% | - |
| EPS (Basic) | - | -6.24 | -10.00 | -21.10 | -37.80 | -39.20 | -28.10 | -45.10 | -391.60 | -522.60 | -522.10 | -827.30 | -800.10 | -23197.70 | -4751.10 | -4168.30 |
| Diluted Shares Outstanding | 30.14M | 15.57M | 10.02M | 4.43M | 3.18M | 2.37M | 1.57M | 772.23K | 105.92K | 99.65K | 78.47K | 62.88K | 59.58K | 1.41K | 1.41K | 1.41K |
| Basic Shares Outstanding | 30.14M | 15.57M | 10.02M | 4.43M | 3.18M | 2.37M | 1.57M | 772.23K | 105.92K | 99.65K | 78.47K | 62.88K | 59.58K | 1.41K | 1.41K | 1.41K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial statements, Immunic's R&D expenditure remains the primary driver of its negative income, with quarterly costs consistently exceeding $18 million, peaking at $25.6 million in 2026Q1, reflecting the non-discretionary nature of its ongoing Phase 3 clinical trial commitments.
The company's cost structure is almost entirely composed of R&D, which is necessary to advance its lead asset, vidofludimus calcium. Investors should monitor the efficiency of these expenditures, as the lack of revenue means every dollar spent directly depletes the company's limited cash reserves.
Based on the provided income statement data, Immunic exhibits no operating leverage, as the company continues to report significant operating losses, reaching $33.2 million in 2026Q1, while maintaining zero revenue and high fixed overheads associated with its clinical-stage operations.
The absence of revenue generation means that operating expenses, particularly SG&A and R&D, cannot be offset by gross profit. This suggests that the company's financial health is entirely dependent on external financing rather than operational efficiency or scale.
According to SEC filings, Immunic's net losses are frequently impacted by non-cash items, such as fluctuations in warrant liabilities, which complicates the assessment of core operational performance and obscures the true underlying burn rate of the business.
Analysts should focus on the cash-based operating metrics rather than the GAAP net loss to understand the actual runway. The variability in EPS, which ranged from -1.08 to -4.80 over the observed period, appears to be driven more by capital structure adjustments than by changes in clinical progress.
With reported cash and equivalents of approximately $15.5 million, the company faces a precarious financial position, as current quarterly burn rates suggest that existing capital may be insufficient to sustain the ongoing Phase 3 ENSURE trials without immediate and potentially dilutive financing.
The market may be underestimating the risk that a capital raise could significantly dilute existing shareholders at current valuation levels. This liquidity crunch warrants further investigation into whether management can secure non-dilutive funding or a partnership before the current cash runway is fully exhausted.
Quick answers to the most common questions about buying IMUX stock.
For fiscal year 2025, Immunic, Inc. (IMUX) reported total revenue of $0.0M.
Immunic, Inc. (IMUX) reported a net loss of $97.2M for the fiscal year ending 2025.