IMMUNIC, INC.

Clinical/early-stage biotech — near-insolvent, heavy burn.

Strengths

• Liquidity — current ratio 0.7 (11th)

Risks

• Pre-revenue, deep losses — per metrics
• Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
• Binary clinical & funding risk — per 10-K

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Cash burnNegative free cash flow (-86.0M)
• Weak liquidityCurrent ratio 0.75 (<1)
• Chronic dilutionShare count +59%/yr over 4y (dilution, book value/share -101%)