Immunic Inc. (IMUX:NASDAQ) finished enrolling patients for the two Phase 3 ENSURE trials to evaluate its lead candidate vidofludimus calcium in patients with relapsing multiple sclerosis, reported D. Boral Capital Analyst Jason Kolbert in a June 5 research note. Also, the biotech company announced further data from the Phase 2 CALLIPER trial in progressive multiple sclerosis.
"These developments mark critical progress in the company's late-stage clinical pipeline, which aims to establish vidofludimus calcium as a first-in-class, oral treatment option with neuroprotective, anti-inflammatory and antiviral properties," wrote Kolbert.
Vidofludimus calcium, the analyst explained, is a selective immune modulator that, one, activates the nuclear receptor-related 1 transcription factor to promote neuroprotection and, two, inhibits dihydroorotate dehydrogenase to suppress inflammatory and viral pathways.
"This multimodal approach targets the complex pathophysiology of multiple sclerosis and distinguishes it from existing oral therapies," noted Kolbert.
942% Return Potential
On the news, D. Boral reiterated its US$10 per share target price on the U.S.-based company, trading at the time of Kolbert's report at about US$0.96 per share, the analyst noted. From this price, the return to target is 942%.
Immunic remains a Buy. The company has a market cap of US$92 million (US$92M). Its 52-week range is US$0.83–2.11 per share.
Two Trial Updates
Regarding the double-blind, placebo-controlled ENSURE-1 and ENSURE-2 trials , a total of 2,221 relapsing multiple sclerosis patients were enrolled at more than 100 sites globally, Kolbert reported. The studies' primary endpoint is time to first relapse over 72 weeks, with secondary measures including disability progression and MRI-based outcomes.
As for the CALLIPER trial, new data from 467 progressive multiple sclerosis patients "continue to support the neuroprotective potential of vidofludimus calcium," reported the analyst. Confirmed disability worsening at 24 weeks was shown to be reduced, to a clinically meaningful degree, among multiple disease types and in patients without active inflammation at baseline.
US$65M Public Offering
In a financial update, Kolbert reported that on June 3, Immunic closed a $65M underwritten public offering, in which multiple prominent healthcare investors participated.
BVF Partners L.P. and Coastlands Capital L.P. led the offering.
The biopharma will use the proceeds for ongoing clinical development, including potential registrational studies in progressive multiple sclerosis, and for general operations. Were Series A and B warrants to be exercised in full, this would generate another US$130M.
Key Milestones Ahead
Topline results from the ENSURE-1 and ENSURE-2 trials are expected by year-end 2026, noted Kolbert. These future data "remain the central driver for future regulatory filings and commercialization efforts in relapsing multiple sclerosis," he added.
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Disclosures for D. Boral Capital and Immunic Inc., June 4, 2025:
Analyst Certification: I, Jason Kolbert, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.
Company-Specific Disclosures: D. Boral Capital, managed or co-managed a public offering of securities for Kairos Pharma Ltd. during the past 12 months.
D. Boral Capital, or its affiliates have received compensation from Kairos Pharma Ltd. for investment banking services within the past 12 months.
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