SCHEDULE: Soleus Capital Discloses 5.5% Stake in Immunic, Inc.

Soleus Capital Master Fund and related entities have reported a 5.5% beneficial ownership stake in Immunic, Inc., including shares from warrants.

Summary

• Soleus Capital Master Fund, L.P., along with its affiliated entities and Guy Levy, collectively reported beneficial ownership of 6,792,000 shares of Immunic, Inc. common stock.
• This aggregate amount represents 5.5% of Immunic, Inc.'s outstanding common stock.
• The percentage is calculated based on 120,284,724 shares outstanding as of November 11, 2025, as reported in Immunic's Quarterly Report on Form 10-Q.
• The beneficially owned shares include 1,146,000 shares issuable upon exercise of pre-funded warrants (PFWs) at an exercise price of $0.0001 per share.
• Also included are 1,146,000 shares issuable upon exercise of common warrants, exercisable after a contemplated reverse stock split at an exercise price of $0.873220 per share.
• The reporting persons certified that the securities were not acquired for the purpose of changing or influencing control of Immunic, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant institutional stake can lend credibility and stability, though the underlying reasons for the warrant structure and contemplated reverse split for Immunic, Inc. are not detailed here.

Positives

• A significant institutional investor group, Soleus Capital, has taken a substantial 5.5% stake in Immunic, Inc., potentially signaling confidence in the company's long-term prospects.
• The inclusion of pre-funded warrants and common warrants suggests a strategic investment with potential for future equity conversion at specified prices.

Negatives

• The filing itself does not present negative information from the perspective of the reporting persons.
• However, the mention of Immunic, Inc. contemplating a reverse stock split, as referenced in the warrant details, can often be perceived negatively by the market as it may signal concerns about the company's share price or compliance with listing requirements.

Risks

• The value and exercisability of the common warrants are contingent upon the successful consummation of a reverse stock split by Immunic, Inc.
• The future exercise of warrants could lead to dilution for existing shareholders if not already fully accounted for in the market valuation.

Future Outlook

The filing does not provide forward-looking statements or guidance from Immunic, Inc. It only mentions a contemplated reverse stock split and future exercisability of warrants held by the reporting persons.

Industry Context

StockSavvy.ai notes that a 5.5% stake by an institutional investor group like Soleus Capital can be viewed as a vote of confidence, particularly for a biotechnology or pharmaceutical company like Immunic, Inc., which often requires significant capital and long-term investment. Such a stake could also signal potential for future engagement or influence, although the filing explicitly states the acquisition was not for control purposes. The mention of a contemplated reverse stock split suggests Immunic, Inc. may be addressing share price concerns, a common occurrence in the volatile biotech sector.

Comparison to Industry Standards

• A 5.5% beneficial ownership stake is a significant position for an institutional investor, often placing them among the top shareholders.
• The use of warrants (pre-funded and common) is a common financing mechanism in the biotech industry, allowing investors to gain exposure with deferred equity conversion, similar to investments seen in companies like Moderna (MRNA) or BioNTech (BNTX) during their growth phases, albeit at different scales and stages.
• The contemplated reverse stock split by Immunic, Inc. is a strategy often employed by smaller-cap biotech firms to meet exchange listing requirements or improve stock perception, a move observed in companies such as Sorrento Therapeutics (SRNEQ) or Athersys (ATHX) in the past.

Related Party Transactions

• Soleus Capital Master Fund, L.P. is the primary holder of the shares.
• Soleus Capital, LLC is the sole general partner of Master Fund.
• Soleus Capital Group, LLC (SCG) is the sole managing member of Soleus Capital.
• Soleus Capital Management, L.P. (SCM) is the investment manager for Master Fund.
• Soleus GP, LLC is the sole general partner of SCM.
• Guy Levy is the sole managing member of both SCG and Soleus GP, LLC, and is also a reporting person.
• All these entities and Guy Levy are considered a group for the purpose of this filing and disclaim beneficial ownership except for Section 13(d) obligations.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor holding a 5.5% stake could be seen positively, potentially increasing investor confidence. The future exercise of warrants could lead to dilution if not already priced in, but also provides capital to the company. The contemplated reverse stock split could impact share price perception and liquidity.
• Company (Immunic, Inc.): The investment provides capital (or has provided capital via the warrants) and potentially a supportive institutional shareholder base.

Next Steps

• Immunic, Inc. is contemplating a reverse stock split, which would need to be consummated for the common warrants to become exercisable.
• The reporting persons may exercise their pre-funded warrants and common warrants in the future.

Key Dates

Recommendation

The filing indicates a significant institutional investment in Immunic, Inc. through a combination of common stock and warrants. While a 5.5% stake by Soleus Capital suggests a degree of confidence, the details surrounding the warrants, including the contemplated reverse stock split and the specific terms of the Securities Purchase Agreement, warrant further investigation into Immunic, Inc.'s financial health and strategic direction. Investors should hold and monitor for more comprehensive updates from Immunic, Inc. regarding its operational performance and the outcome of the reverse stock split.

Keywords

Immunic Inc, Soleus Capital, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Pre-funded Warrants, Institutional Investor, Equity Stake, Reverse Stock Split