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Immunic

IMUX on Nasdaq. Immunic develops oral medicines for patients with neurologic and gastrointestinal diseases. Market value $110m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
-59.3%low

For every $100 of what the whole company costs, it produced $-59.33 of spare cash last year. A savings account pays about $4.

Price to profit
n/a

The filings do not give us enough to work this out.

Return on capital
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

Five years of cash, in billions

Five-year fundamentals are not available yet.

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
10 November 2026

Who owns it

None of the long-term investors we follow own it. 55 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

18 investors own more than 5%.

  • at least 10.0%+3.6 pts
    (filed with 10 related holders)
    Since 12 February 2026
    What they said

    The Reporting Persons purchased the securities reported owned herein based on the Reporting Persons' belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment…

    Read the filing
  • Vivo Opportunity Fund Holdings, L.P.
    Passive investor
    at least 10.0%
    (filed with 3 related holders)
    Since 17 February 2026
  • 10.0%+7.0 pts
    Since 28 November 2025
  • BVF PARTNERS L P/IL
    Passive investor
    at least 10.0%
    (filed with 8 related holders)
    Since 30 June 2025
  • Adage Capital Management, L.P.
    Passive investor
    at least 10.0%+8.4 pts
    (filed with 2 related holders)
    Since 30 June 2025
  • Commodore Capital LP
    Passive investor
    at least 9.9%0.0 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • at least 9.9%+5.1 pts
    (filed with 5 related holders)
    Since 17 February 2026
  • at least 8.7%
    (filed with 2 related holders)
    Since 17 February 2026
  • Deep Track Capital, LP
    Passive investor
    at least 8.7%
    (filed with 3 related holders)
    Since 17 February 2026
  • at least 7.5%−0.8 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Millennium Management LLC
    Passive investor
    at least 7.0%+1.3 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • at least 6.1%
    (filed with 2 related holders)
    Since 30 June 2026
  • Aberdeen Group plc
    Passive investor
    at least 6.0%−0.8 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • OrbiMed Advisors LLC
    Passive investor
    at least 5.3%
    (filed with 2 related holders)
    Since 30 June 2026
  • Armistice Capital, LLC
    Passive investor
    at least 5.0%−5.0 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • Soleus Capital Master Fund, L.P.
    Passive investor
    at least 4.9%−0.6 pts
    (filed with 5 related holders)
    Since 30 June 2026
  • at least 4.8%−1.4 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • at least 3.4%−2.5 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Soleus Private Equity Fund III, L.P.
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • RTW Investments, LP
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • David Witzke
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 11 Aug 2026 and 16 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.