AGÕæÈ˹ٷ½

STOCK TITAN

[SCHEDULE 13G/A] Immunic, Inc. SEC Filing

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13G/A
Rhea-AI Filing Summary

Biotechnology Value Fund and related entities reported combined beneficial ownership in Immunic, Inc. As of June 30, 2025 the Reporting Persons and a Partners managed account held 8,580,151 pre-funded warrants exercisable for shares and 13,335,000 new pre-funded warrants accompanied by Series A and Series B warrants. After applicable exercise blockers, BVF beneficially owned 6,268,162 shares (approximately 6.4%), BVF2 owned 3,027,105 shares (approximately 3.2%), Trading Fund OS owned 315,231 shares (0.3%) and certain aggregate entities may be deemed to own between 9.5% and 9.99% of outstanding shares. Series A and B warrants have a $0.75 exercise price; Series A expire December 31, 2025, Series B expire five years from issuance and have conditions tied to a $1.25 VWAP target. Multiple vehicles disclaim ownership of others' holdings; exercise is limited by contractual 9.9%/9.99% blockers.

Biotechnology Value Fund e entità correlate hanno segnalato la detenzione combinata di partecipazioni in Immunic, Inc. Al 30 giugno 2025, le Persone che riportano e un conto gestito da Partners possedevano 8.580.151 pre‑warrant esercitabili per azioni e 13.335.000 nuovi pre‑warrant accompagnati da warrant di Serie A e Serie B. Dopo l’applicazione dei limiti d’esercizio, BVF deteneva in via beneficiaria 6.268.162 azioni (circa 6,4%), BVF2 3.027.105 azioni (circa 3,2%), Trading Fund OS 315.231 azioni (0,3%) e alcune entità aggregate potrebbero essere considerate titolari di una quota compresa tra 9,5% e 9,99% del capitale sociale. I warrant di Serie A e B hanno un prezzo di esercizio di $0,75; i warrant di Serie A scadono il 31 dicembre 2025, quelli di Serie B scadono cinque anni dall’emissione e sono soggetti a condizioni riferite a un obiettivo VWAP di $1,25. Diversi veicoli disconoscono la proprietà delle partecipazioni altrui; l’esercizio è limitato da clausole contrattuali che prevedono soglie del 9,9%/9,99%.

Biotechnology Value Fund y entidades relacionadas informaron propiedad beneficiaria combinada en Immunic, Inc. Al 30 de junio de 2025, las Personas Informantes y una cuenta gestionada por Partners poseían 8.580.151 pre‑warrants ejercitables por acciones y 13.335.000 nuevos pre‑warrants acompañados de warrants Serie A y Serie B. Tras aplicar los bloqueos de ejercicio correspondientes, BVF poseía beneficiariamente 6.268.162 acciones (aprox. 6,4%), BVF2 3.027.105 acciones (aprox. 3,2%), Trading Fund OS 315.231 acciones (0,3%) y ciertas entidades agregadas podrían considerarse titulares de entre el 9,5% y el 9,99% del capital en circulación. Los warrants Serie A y B tienen un precio de ejercicio de $0,75; los Serie A vencen el 31 de diciembre de 2025, los Serie B vencen cinco años desde su emisión y están sujetos a condiciones vinculadas a un objetivo VWAP de $1,25. Varios vehículos renuncian a considerar como suyas las participaciones de otros; el ejercicio está limitado por bloqueos contractuales del 9,9%/9,99%.

Biotechnology Value Fund ë°� ê´€ë � 법ì¸ë“¤ì´ Immunic, Inc.ì—� 대í•� ê²°í•© 실소유를 보고했습니다. 2025ë…� 6ì›� 30ì� 기준 ë³´ê³ ì¸ë“¤ê³� Partnersê°€ 관리하ëŠ� ê³„ì •ì€ ì£¼ì‹ìœ¼ë¡œ 전환 가능한 8,580,151ê°œì˜ í”„ë¦¬â€‘ì›ŒëŸ°íŠ¸ì™€, 시리ì¦� A·B 워런트가 수반ë� 13,335,000ê°œì˜ ì‹ ê·œ 프리‑워런트ë¥� 보유했습니다. ì ìš© 가능한 행사 제한 í›� BVFëŠ� 6,268,162ì£�(ì•� 6.4%)ë¥� 실질 보유하고 있었ê³�, BVF2ëŠ� 3,027,105ì£�(ì•� 3.2%), Trading Fund OSëŠ� 315,231ì£�(0.3%)ë¥� 보유했으ë©� ì¼ë¶€ í•©ì‚° 법ì¸ë“¤ì€ 유통 주ì‹ì� 9.5%ì—서 9.99% 사ì´ë¥� 보유í•� 것으ë¡� 간주ë� ìˆ� 있습니다. 시리ì¦� A·B ì›ŒëŸ°íŠ¸ì˜ í–‰ì‚¬ ê°€ê²©ì€ $0.75ì´ë©°; 시리ì¦� AëŠ� 2025ë…� 12ì›� 31ì� 만료ë˜ê³ , 시리ì¦� BëŠ� 발행ì¼ë¡œë¶€í„� 5ë…� 만료ë˜ë©° $1.25 VWAP 목표와 ì—°ë™ë� ì¡°ê±´ì� 있습니다. 여러 ê³„ì •ì€ íƒ€ 계정 ë³´ìœ ë¶„ì— ëŒ€í•� ì†Œìœ ê¶Œì„ ë¶€ì¸í•˜ê³� 있으ë©�; 행사ëŠ� 계약ìƒ� 9.9%/9.99% 차단으로 제한ë©ë‹ˆë‹�.

Biotechnology Value Fund et des entités affiliées ont déclaré une détention bénéficiaire combinée dans Immunic, Inc. Au 30 juin 2025, les Personnes déclarante et un compte géré par Partners détenaient 8 580 151 bons‑de‑souscription pré‑financés exerçables en actions et 13 335 000 nouveaux pré‑warrants accompagnés de warrants de série A et B. Après application des restrictions d’exercice applicables, BVF détenait de manière bénéficiaire 6 268 162 actions (environ 6,4%), BVF2 3 027 105 actions (environ 3,2%), Trading Fund OS 315 231 actions (0,3%) et certaines entités agrégées pourraient être considérées comme détenant entre 9,5% et 9,99% des actions en circulation. Les warrants de séries A et B ont un prix d’exercice de 0,75 $ ; les séries A expirent le 31 décembre 2025, les séries B expirent cinq ans après émission et sont soumises à des conditions liées à un objectif VWAP de 1,25 $. Plusieurs véhicules déclinent la propriété des positions des autres ; l’exercice est limité par des blocs contractuels de 9,9 %/9,99 %.

Biotechnology Value Fund und verbundene Einheiten meldeten gemeinsame wirtschaftliche Beteiligungen an Immunic, Inc. Zum 30. Juni 2025 hielten die meldenden Personen und ein von Partners verwaltetes Konto 8.580.151 vorab ausübbare Warrants für Aktien sowie 13.335.000 neue vorab Warrants, begleitet von Serie‑A� und Serie‑B‑Warrants. Nach Anwendung der zulässigen Ausübungsblocker besaß BVF wirtschaftlich 6.268.162 Aktien (etwa 6,4%), BVF2 3.027.105 Aktien (etwa 3,2%), Trading Fund OS 315.231 Aktien (0,3%) und bestimmte aggregierte Einheiten könnten zwischen 9,5% und 9,99% der ausstehenden Aktien halten. Serie‑A� und Serie‑B‑Warrants haben einen Ausübungspreis von $0,75; Serie A läuft am 31. Dezember 2025 ab, Serie B läuft fünf Jahre nach Ausgabe und ist an eine $1,25 VWAP‑Zielbedingung geknüpft. Mehrere Vehikel weisen die Eigentümerschaft an den Beständen anderer zurück; die Ausübung ist durch vertragliche 9,9%/9,99%‑Blocker begrenzt.

Positive
  • Transparent disclosure of share positions, pre-funded warrants, Series A and B warrants and applicable exercise blockers
  • Clear contractual limits (9.9%/9.99% blockers) that prevent immediate conversion into control-changing positions
  • Defined exercise prices and expirations for Series A ($0.75, expires Dec 31, 2025) and Series B ($0.75, expires five years from issuance)
Negative
  • Substantial contingent share exposure via 13,335,000 New Pre-Funded Warrants plus 13,335,000 Series A and 13,335,000 Series B warrants could create future dilution if blockers lift
  • Aggregate ownership near 10% thresholds (some entities ~9.99%) which may constrain additional acquisitions and trigger disclosure or regulatory considerations
  • Series A expiration soon (Dec 31, 2025) which could prompt exercises or alternative conversions before year-end

Insights

TL;DR: BVF group holds a meaningful minority position with sizeable warrant exposure constrained by contractual blockers.

The filing discloses a layered ownership structure: direct share holdings plus extensive pre-funded and priced warrants. Material points for investors are the 6.4% stake by BVF and the aggregate positions that bring related entities to near-10% ownership thresholds. The presence of 9.9%/9.99% exercise blockers prevents immediate dilution or control shifts but limits liquidity/convertibility timing. Series A expiry on December 31, 2025 and the VWAP-linked Series B conversion terms create potential future share supply depending on market price action.

TL;DR: Complex ownership and blocker mechanics reduce near-term control risk but create contingent future dilution.

The reporting group uses multiple entities and managed accounts, with disclaimers of cross-beneficial ownership typical of pooled investment structures. The New Pre-Funded Warrants and Series A/B structure coupled with contractual blockers mean that while current voting power is limited (approx. 9.99% for some entities), aggregate economic exposure is larger and convertible subject to conditions. From a governance perspective, disclosures are comprehensive, but watchers should note the conditional nature of conversion rights and expiry timelines that could alter ownership concentration by year-end.

Biotechnology Value Fund e entità correlate hanno segnalato la detenzione combinata di partecipazioni in Immunic, Inc. Al 30 giugno 2025, le Persone che riportano e un conto gestito da Partners possedevano 8.580.151 pre‑warrant esercitabili per azioni e 13.335.000 nuovi pre‑warrant accompagnati da warrant di Serie A e Serie B. Dopo l’applicazione dei limiti d’esercizio, BVF deteneva in via beneficiaria 6.268.162 azioni (circa 6,4%), BVF2 3.027.105 azioni (circa 3,2%), Trading Fund OS 315.231 azioni (0,3%) e alcune entità aggregate potrebbero essere considerate titolari di una quota compresa tra 9,5% e 9,99% del capitale sociale. I warrant di Serie A e B hanno un prezzo di esercizio di $0,75; i warrant di Serie A scadono il 31 dicembre 2025, quelli di Serie B scadono cinque anni dall’emissione e sono soggetti a condizioni riferite a un obiettivo VWAP di $1,25. Diversi veicoli disconoscono la proprietà delle partecipazioni altrui; l’esercizio è limitato da clausole contrattuali che prevedono soglie del 9,9%/9,99%.

Biotechnology Value Fund y entidades relacionadas informaron propiedad beneficiaria combinada en Immunic, Inc. Al 30 de junio de 2025, las Personas Informantes y una cuenta gestionada por Partners poseían 8.580.151 pre‑warrants ejercitables por acciones y 13.335.000 nuevos pre‑warrants acompañados de warrants Serie A y Serie B. Tras aplicar los bloqueos de ejercicio correspondientes, BVF poseía beneficiariamente 6.268.162 acciones (aprox. 6,4%), BVF2 3.027.105 acciones (aprox. 3,2%), Trading Fund OS 315.231 acciones (0,3%) y ciertas entidades agregadas podrían considerarse titulares de entre el 9,5% y el 9,99% del capital en circulación. Los warrants Serie A y B tienen un precio de ejercicio de $0,75; los Serie A vencen el 31 de diciembre de 2025, los Serie B vencen cinco años desde su emisión y están sujetos a condiciones vinculadas a un objetivo VWAP de $1,25. Varios vehículos renuncian a considerar como suyas las participaciones de otros; el ejercicio está limitado por bloqueos contractuales del 9,9%/9,99%.

Biotechnology Value Fund ë°� ê´€ë � 법ì¸ë“¤ì´ Immunic, Inc.ì—� 대í•� ê²°í•© 실소유를 보고했습니다. 2025ë…� 6ì›� 30ì� 기준 ë³´ê³ ì¸ë“¤ê³� Partnersê°€ 관리하ëŠ� ê³„ì •ì€ ì£¼ì‹ìœ¼ë¡œ 전환 가능한 8,580,151ê°œì˜ í”„ë¦¬â€‘ì›ŒëŸ°íŠ¸ì™€, 시리ì¦� A·B 워런트가 수반ë� 13,335,000ê°œì˜ ì‹ ê·œ 프리‑워런트ë¥� 보유했습니다. ì ìš© 가능한 행사 제한 í›� BVFëŠ� 6,268,162ì£�(ì•� 6.4%)ë¥� 실질 보유하고 있었ê³�, BVF2ëŠ� 3,027,105ì£�(ì•� 3.2%), Trading Fund OSëŠ� 315,231ì£�(0.3%)ë¥� 보유했으ë©� ì¼ë¶€ í•©ì‚° 법ì¸ë“¤ì€ 유통 주ì‹ì� 9.5%ì—서 9.99% 사ì´ë¥� 보유í•� 것으ë¡� 간주ë� ìˆ� 있습니다. 시리ì¦� A·B ì›ŒëŸ°íŠ¸ì˜ í–‰ì‚¬ ê°€ê²©ì€ $0.75ì´ë©°; 시리ì¦� AëŠ� 2025ë…� 12ì›� 31ì� 만료ë˜ê³ , 시리ì¦� BëŠ� 발행ì¼ë¡œë¶€í„� 5ë…� 만료ë˜ë©° $1.25 VWAP 목표와 ì—°ë™ë� ì¡°ê±´ì� 있습니다. 여러 ê³„ì •ì€ íƒ€ 계정 ë³´ìœ ë¶„ì— ëŒ€í•� ì†Œìœ ê¶Œì„ ë¶€ì¸í•˜ê³� 있으ë©�; 행사ëŠ� 계약ìƒ� 9.9%/9.99% 차단으로 제한ë©ë‹ˆë‹�.

Biotechnology Value Fund et des entités affiliées ont déclaré une détention bénéficiaire combinée dans Immunic, Inc. Au 30 juin 2025, les Personnes déclarante et un compte géré par Partners détenaient 8 580 151 bons‑de‑souscription pré‑financés exerçables en actions et 13 335 000 nouveaux pré‑warrants accompagnés de warrants de série A et B. Après application des restrictions d’exercice applicables, BVF détenait de manière bénéficiaire 6 268 162 actions (environ 6,4%), BVF2 3 027 105 actions (environ 3,2%), Trading Fund OS 315 231 actions (0,3%) et certaines entités agrégées pourraient être considérées comme détenant entre 9,5% et 9,99% des actions en circulation. Les warrants de séries A et B ont un prix d’exercice de 0,75 $ ; les séries A expirent le 31 décembre 2025, les séries B expirent cinq ans après émission et sont soumises à des conditions liées à un objectif VWAP de 1,25 $. Plusieurs véhicules déclinent la propriété des positions des autres ; l’exercice est limité par des blocs contractuels de 9,9 %/9,99 %.

Biotechnology Value Fund und verbundene Einheiten meldeten gemeinsame wirtschaftliche Beteiligungen an Immunic, Inc. Zum 30. Juni 2025 hielten die meldenden Personen und ein von Partners verwaltetes Konto 8.580.151 vorab ausübbare Warrants für Aktien sowie 13.335.000 neue vorab Warrants, begleitet von Serie‑A� und Serie‑B‑Warrants. Nach Anwendung der zulässigen Ausübungsblocker besaß BVF wirtschaftlich 6.268.162 Aktien (etwa 6,4%), BVF2 3.027.105 Aktien (etwa 3,2%), Trading Fund OS 315.231 Aktien (0,3%) und bestimmte aggregierte Einheiten könnten zwischen 9,5% und 9,99% der ausstehenden Aktien halten. Serie‑A� und Serie‑B‑Warrants haben einen Ausübungspreis von $0,75; Serie A läuft am 31. Dezember 2025 ab, Serie B läuft fünf Jahre nach Ausgabe und ist an eine $1,25 VWAP‑Zielbedingung geknüpft. Mehrere Vehikel weisen die Eigentümerschaft an den Beständen anderer zurück; die Ausübung ist durch vertragliche 9,9%/9,99%‑Blocker begrenzt.






Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)






SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G



BIOTECHNOLOGY VALUE FUND L P
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
BVF I GP LLC
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
BIOTECHNOLOGY VALUE FUND II LP
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
BVF II GP LLC
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
Biotechnology Value Trading Fund OS LP
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
BVF Partners OS Ltd.
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
BVF GP HOLDINGS LLC
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
BVF PARTNERS L P/IL
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
BVF INC/IL
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert, Authorized Signatory
Date:08/14/2025
LAMPERT MARK N
Signature:/s/ Mark N. Lampert
Name/Title:Mark N. Lampert
Date:08/14/2025

FAQ

What stake does Biotechnology Value Fund report in Immunic (IMUX)?

As of June 30, 2025 BVF beneficially owned 6,268,162 shares (�6.4%) and related entities collectively may be deemed to beneficially own up to 9.99%.

How many warrants do the Reporting Persons hold and what are the exercise terms?

They hold pre-funded warrants exercisable for 8,580,151 shares and New Pre-Funded Warrants for 13,335,000 shares. Series A and B warrants each cover 13,335,000 shares at an exercise price of $0.75. Series A expire on Dec 31, 2025; Series B expire five years from issuance with VWAP-based early exercise conditions.

What are the exercise blockers mentioned in the filing?

Contractual blockers limit exercises so holders cannot convert warrants if doing so would cause beneficial ownership to exceed 9.9% or 9.99% (Warrants Blocker, New Warrants Blocker, Series A and B Blocker).

Are the Reporting Persons able to exercise all their warrants as of June 30, 2025?

No. As of June 30, 2025 the Warrants Blocker and Series A/B Blocker prevented exercise of all Pre-Funded Warrants and all Series A and B Warrants for the Reporting Persons; the New Warrants Blocker limited exercise to 2,132,206 of the 13,335,000 underlying shares.

What could change the Reporting Persons' ownership percentage?

Lifting of contractual blockers, exercise of pre-funded or priced warrants, or market events that trigger Series B VWAP conditions could increase converted shares and change ownership percentages.
Immunic Inc

NASDAQ:IMUX

IMUX Rankings

IMUX Latest News

IMUX Latest SEC Filings

IMUX Stock Data

75.96M
97.35M
1.31%
53.1%
9.92%
Biotechnology
Pharmaceutical Preparations
United States
NEW YORK