SCHEDULE: Avidity Partners Amends Immunic Stake to 4.8%

Avidity Partners Management LP and related entities filed an Amendment No. 5 to Schedule 13G, reporting a 4.8% passive ownership stake in Immunic, Inc. as of September 30, 2025.

Summary

• Avidity Partners Management LP, along with Avidity Partners Management (GP) LLC, Avidity Capital Partners Fund (GP) LP, Avidity Capital Partners (GP) LLC, and Michael Gregory, filed an Amendment No. 5 to Schedule 13G.
• The reporting group beneficially owns 4,699,411 shares of Immunic, Inc.'s Common Stock, representing 4.8% of the class.
• The shares are held with shared voting power and shared dispositive power by the reporting persons.
• The acquisition of securities was not for the purpose of changing or influencing control of Immunic, Inc.
• All reported securities are directly owned by advisory clients of Avidity Partners Management LP, with no single advisory client beneficially owning more than 5% of the Common Stock.

Sentiment

Score: 4

Explanation: The filing indicates that Avidity Partners Management LP and its affiliates now hold 4.8% of Immunic, Inc. common stock. This is a reduction from a previous stake that would have been 5% or more (as it's an Amendment No. 5 to a 13G, which is filed for 5%+ passive ownership). A reduction below the 5% threshold by a significant institutional investor can be perceived as a slightly negative signal, though the filing itself is purely informational and passive.

Negatives

• The beneficial ownership percentage of 4.8% indicates a reduction from a previous stake that would have been 5% or more, triggering the initial Schedule 13G filing. This reduction below the 5% threshold by a significant institutional investor can be perceived as a slightly negative signal.

Future Outlook

No specific future outlook or guidance for Immunic, Inc. is provided in this beneficial ownership filing.

Management Comments

• Michael Gregory, Managing Member of Avidity Partners Management (GP) LLC and Avidity Capital Partners (GP) LLC, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Immunic, Inc.

Industry Context

This filing is a routine disclosure of a passive investment stake by an institutional investor group in a publicly traded company. It reflects a change in the investor's position, specifically a reduction below the 5% beneficial ownership threshold, which is a common occurrence in the investment landscape.

Stakeholder Impact

• Shareholders: May note the reduction in a significant institutional investor's stake below the 5% threshold, which could influence sentiment or perception of institutional confidence in the company.

Key Dates

Recommendation

The filing indicates a reduction in a significant institutional investor's stake below the 5% threshold. While this is a passive filing and doesn't explicitly state a reason for the reduction, it could be interpreted as a slightly negative signal. However, without further context on the investor's previous holdings or Immunic's recent performance, a 'hold' recommendation is prudent, suggesting investors monitor future developments rather than making immediate buy or sell decisions based solely on this ownership change.

Keywords

Immunic Inc, IMUX, Avidity Partners Management, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Passive Investment, SEC Filing