SCHEDULE: Deep Track Capital Discloses 8.69% Stake in Immunic

Deep Track Capital and its affiliates have reported a significant 8.69% beneficial ownership stake in Immunic, Inc., primarily through common stock, pre-funded warrants, and warrants.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., David Kroin, and Deep Track Special Opportunities Fund, LP have jointly filed a Schedule 13G.
• The reporting group beneficially owns an aggregate of 11,454,000 shares of Immunic, Inc. common stock.
• This ownership represents 8.69% of Immunic, Inc.'s outstanding common stock.
• The beneficially owned shares include 5,727,000 Pre-Funded Warrants and 5,727,000 Warrants, which are exercisable into common stock.
• All warrants are subject to a 9.99% Maximum Percentage exercise limitation, preventing the holder from exceeding this threshold immediately after exercise.
• The ownership calculation is based on 131,738,724 shares, comprising 120,284,724 common shares outstanding as of November 11, 2025, and the 11,454,000 shares convertible by the reporting persons.
• The securities were not acquired for the purpose of changing or influencing the control of Immunic, Inc., except for activities related to a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant stake by a reputable institutional investor like Deep Track Capital typically signals confidence in Immunic's future prospects and could attract further investor interest.

Positives

• A significant institutional investor, Deep Track Capital, has taken an 8.69% stake in Immunic, Inc., indicating confidence in the company's long-term prospects.
• The investment includes pre-funded warrants and warrants, suggesting a strategic entry point and potential for future capital deployment into the company.

Negatives

• NA

Risks

• The exercise of warrants is subject to a 9.99% Maximum Percentage exercise limitation, which could cap the immediate increase in Deep Track Capital's direct voting power.
• The calculation of beneficial ownership includes shares that would be converted, which means the current outstanding common stock is lower than the total used for the percentage calculation, potentially diluting existing shareholders upon full exercise of warrants.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from Immunic, Inc. It primarily reports an existing beneficial ownership stake by an institutional investor group.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

Industry Context

StockSavvy.ai notes that a significant stake by a specialized biotechnology investment firm like Deep Track Capital often signals a positive long-term view on the target company's pipeline, market position, or strategic direction within the competitive biotechnology landscape. Such an investment can attract further institutional interest and potentially validate the company's prospects.

Comparison to Industry Standards

• Deep Track Capital's 8.69% stake in Immunic, Inc. is a substantial position for an institutional investor in a biotechnology company, often seen as a strong vote of confidence.
• For comparison, similar significant stakes by specialized biotech funds in other emerging biotech firms, such as Perceptive Advisors' investments in various clinical-stage companies or RA Capital Management's positions, often precede periods of increased market attention and potential strategic developments.
• The inclusion of warrants and pre-funded warrants is a common strategy for institutional investors to gain exposure while managing immediate capital outlay and potential dilution, similar to how funds like Orbimed or Boxer Capital structure their early-stage biotech investments.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor's stake could increase investor confidence and potentially lead to positive share price movement. However, the future exercise of warrants could lead to some dilution.
• Company Management: The presence of a large institutional investor may lead to increased scrutiny and engagement regarding strategic decisions and corporate governance.

Next Steps

• The reporting persons may exercise their pre-funded warrants and warrants into common stock, subject to the 9.99% maximum percentage limitation.
• Deep Track Capital may engage in activities solely in connection with a nomination under Rule 14a-11, as stated in their certification.

Key Dates

Recommendation

The disclosure of a significant 8.69% stake by Deep Track Capital, a specialized biotechnology investment firm, suggests a strong vote of confidence in Immunic, Inc.'s long-term potential. This institutional backing, coupled with the strategic use of warrants, indicates a belief in the company's value proposition and could serve as a catalyst for increased market attention and potential future growth. Investors may consider this a favorable entry point or an affirmation of existing positions.

Keywords

Immunic Inc, Deep Track Capital, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Pre-Funded Warrants, Institutional Investor, Biotechnology, Healthcare