XVARY Composite Score
42
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Immunic makes oral drugs for immune and inflammatory diseases.
How it gets paid
Last year Immunic made n/a in revenue.
What just happened
Immunic posted -$0.55 EPS last quarter, while revenue was still $0M.
At a Glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
-$1.00 fy2024 eps est
1.65 beta
~$153M market cap
XVARY composite: 42/100 — below average
What They Do
Immunic makes oral drugs for immune and inflammatory diseases.
You have 3 shots on goal. One is in Phase III, which means late-stage human testing. Two are in proof-of-concept, which means early evidence, not proof. With 90 employees, the setup is lean, but your margin for error is not.
How They Make Money
n/a
annual revenue
The Products That Matter
Phase 3 MS therapy
vidofludimus calcium / IMU-838
Phase 3 · $20B–$25B market
This is the lead asset in multiple sclerosis, where the addressable market is framed here at $20B–$25B. If this program fails, you are left with a much smaller story.
lead program
Phase 2 celiac therapy
IMU-856
Phase 2 · 0 approved drugs in this framing
This is the second asset, aimed at celiac disease, which the snapshot frames as a market with zero approved drugs. That makes the upside obvious and the development risk equally obvious.
second shot
The actual business
Clinical Pipeline
$0 revenue · $153M market cap
The pipeline is the business. You are looking at a $153M valuation attached to future approvals, not current sales, which is why every milestone matters more than normal quarterly reporting.
binary setup
Key Numbers
$1.00
FY2024 EPS
A $1 loss per share is the base case. You need a trial win to change that.
1.65
beta
A 1.65 beta means the stock can swing 65% harder than the market.
$0M
debt
No long-term debt helps, but it does not pay for failed trials.
90
employees
A 90-person team is small. That keeps costs lighter, but it also means fewer places to hide.
Financial Health
C++
Strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
missed estimates
Immunic posted -$0.55 EPS last quarter, while revenue was still $0M.
EDGAR lists the latest quarter at -$0.55 EPS. Yahoo shows trailing EPS at -$0.52 and TTM revenue at $0M. That means there is still no sales base to cushion losses.
$0M
revenue
-$0.55
eps
n/a
n/a
the number that mattered
$0.55 EPS is the cleanest read on this quarter. You are still paying for trials, not sales.
source: EDGAR and Yahoo Finance, 2026
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What Could Go Wrong
The #1 risk is Phase 3 failure or inconclusive data for vidofludimus calcium in multiple sclerosis. With $0 revenue and a $153M market cap, there is no operating business here to cushion a bad readout.
Med
Lead trial disappointment
The lead MS asset is the center of the story. If Phase 3 efficacy or safety fails to support approval, the market will stop valuing IMUX as a future commercial biotech.
Impact: with revenue still at $0, most of the $153M equity value is exposed to this single outcome.
Med
Cash burn and dilution
The feb 2026 oversubscribed private placement is helpful because it brings in capital. It is also a reminder that future funding may come from issuing more shares, not from selling products.
Impact: every raise can reduce your ownership percentage before the pipeline proves itself.
Med
Commercial competition
Even success in trials does not hand you a market. Multiple sclerosis is already controlled by large incumbents including Roche, Novartis, and Bristol-Myers.
Impact: approval without meaningful differentiation can still produce a disappointing launch.
Med
Volatility before proof
A 1.65 beta and 5 / 100 price stability tell you the stock does not absorb uncertainty well. Thin coverage and a small market cap make headline reactions sharper.
Impact: you can be directionally right on the science and still sit through violent drawdowns before data arrives.
A forced return to the capital markets or a failed lead readout would hit 100% of the current $0 revenue story at once.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Top catalyst
Phase 2 CALLIPER data timing
Additional CALLIPER data was flagged for feb 2026. In a pre-revenue biotech, a calendar date can matter more than a quarter-end report.
Funding
Private placement follow-through
The oversubscribed financing helps the runway story. What you want next is clarity on how far that cash actually carries the pipeline.
Sentiment gap
Market price versus analyst target
The stock sits at $0.60 while the average target is $4.97. That gap closes with data, not optimism.
Volatility
Beta and price stability
A 1.65 beta and 5 / 100 price stability mean position sizing is really a volatility decision wearing a biotech label.
Analyst Rankings
earnings predictability
45 / 100
Analysts do not have a stable commercial model to work with yet. In human-speak, expect lumpy losses and plenty of revisions around pipeline spending.
risk profile
beta 1.65
This is above-market volatility. If the broader market drops, IMUX has historically tended to move more, not less.
balance sheet
C++
There is no debt problem here. There is a funding-duration problem, which is more relevant for a company with $0 revenue.
Source: institutional data
Institutional Activity
institutional ownership data for IMUX is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$1
Current price
Target midpoint · from current
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