SCHEDULE: Nantahala Capital Reports 9.99% Stake in Immunic

Nantahala Capital Management, along with Wilmot B. Harkey and Daniel Mack, disclosed a 9.99% beneficial ownership stake in Immunic, Inc. as of June 30, 2025.

Summary

• Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel Mack (collectively, the "Reporting Persons") have reported beneficial ownership of 10,634,565 shares of Immunic, Inc. Common Stock.
• This aggregate amount represents 9.99% of Immunic, Inc.'s outstanding common stock as of June 30, 2025.
• The reported shares include 10,634,565 shares that the Reporting Persons may acquire within sixty days through the exercise of warrants.
• Nantahala Capital Management, LLC is classified as an Investment Adviser (IA), while Wilmot B. Harkey and Daniel Mack are classified as Control Persons (HC).
• The Reporting Persons hold shared voting power and shared dispositive power over all 10,634,565 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Immunic, Inc.

Sentiment

Score: 6

Explanation: The filing is a disclosure of a significant beneficial ownership stake by an institutional investor, which can be interpreted as a vote of confidence or a strategic investment. It does not contain negative operational or financial news.

Positives

• A significant institutional investor, Nantahala Capital Management, has taken a substantial 9.99% stake in Immunic, Inc., potentially signaling confidence in the company's long-term prospects.

Future Outlook

NA

Industry Context

This filing indicates a significant investment by a specialized investment firm in Immunic, Inc., a company likely operating within the biotechnology or pharmaceutical sector, given the nature of SEC filings for publicly traded companies. Such investments are common as institutional investors seek to gain exposure to specific industry trends or company-specific growth opportunities.

Related Party Transactions

• BLACKWELL PARTNERS LLC SERIES A, a fund advised by Nantahala Capital Management, LLC, has the right to receive or direct the receipt of dividends or proceeds from the sale of more than five percent of the outstanding common stock beneficially owned by Nantahala.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may influence investor perception and potentially stock liquidity.

Key Dates

Keywords

Immunic Inc, Nantahala Capital Management, Beneficial Ownership, Investment Adviser, Common Stock, SEC Filing, Institutional Investment, Biotechnology, Pharmaceuticals