Immunic Inc. (IMUX) shares plunged 10.60% in after-hours on Wednesday, July 14, 2021, and closed the trading at $10.63 per share. Earlier in the morning session, IMUX’s stock lost 3.49% to close Wednesday’s session at $11.89. IMUX shares have fallen 1.82% over the last 12 months, and they have moved down 2.70% in the past week. Over the past three months, the stock has lost 18.11%, while over the past six months, it has declined 32.79%. Further, the company has a current market of $252.42 million and its outstanding shares stood at 21.18 million.

Proposed Public Offering of Common Stock

On July 14, 2021,Immunic, Inc announced that it intends to offer and sell shares of its common stock in an underwritten public offering. All the shares to be sold in the offering will be offered by the Company.

The underwriter will get a 30 days option to buy an extra 15% percent of shares of its common stock offered in the public offering.

Virtual R&D day hosted by Immunic Inc

On July 12, 2021, Immunic, Inc hosted a virtual R&D Day. Immunic’s management and Zuoming Sun, Ph.D., a key opinion leader specializing in RORγt biology, discussed new preclinical data for IMU-935, a highly potent and selective inverse agonist of the transcription factor RORγt, and provided an update on its clinical development strategy as a potential treatment for psoriasis and metastatic castration-resistant prostate cancer (mCRPC).

FDA cleared two IND applications of Immunic

On July 1, 2021, U.S. Food and Drug Administration (FDA) cleared Immunic, IncInvestigational New Drug (IND) application for the phase 3 ENSURE program of lead asset IMU-838, the company’s selective oral DHODH inhibitor, in patients with relapsing-remitting multiple sclerosis (RRMS).

The FDA also cleared the company’s separate IND application for the supportive phase 2 CALLIPER trial of IMU-838 in patients with progressive multiple sclerosis (PMS).

Participation in the recent investor conferences

• Immunic Inc was present at Ladenburg Thalmann Healthcare Conference which held on July 13-14, 2021. The Chief Executive Officer and President of Immunic, Daniel Vitt, Ph.D., presented the company.
• The company also took part in the 16th Congress of ECCO(European Crohn’s and Colitis Organization) which held on July 2-3 and 8-10, 2021.
• Immunic Inc participated at The International Federation of Psoriasis Association’s 6^thWorld Psoriasis & Psoriatic Arthritis Conference 2021, which held on June 30-July 3, 2021.
• The company was presented by Chief Executive Officer and President of Immunic, Daniel Vitt, PhD at the JMP Securities Life Science Conference which held on June 16-17.
• The senior management of Immunic had one on one meetings atBIO Digital(formerly BIO International Convention) which held on June 14-18, 2021.

Conclusion

The recent announcement of a public offering of its common stock was the reason behind its poor performance on Wednesday. We hope that IMUX will recover its loss in the coming days and will perform better.