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Immunic, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $24.4 million compared to $22.8 million in the same quarter the previous year. The increase in net loss is attributed to higher operating expenses.
Research and development expenses increased to $21.4 million from $19.8 million in the previous year, primarily due to increased costs related to the vidofludimus calcium trials and personnel expenses.
General and administrative expenses rose to $4.4 million from $3.8 million, mainly due to increased personnel costs.
Interest income remained steady at $0.8 million, while other income increased to $0.6 million due to higher research and development tax incentives.
Immunic reported cash and cash equivalents of $59.1 million as of September 30, 2024, with a decrease in cash used in operating activities to $61.8 million for the nine months ended September 30, 2024, compared to $56.8 million in the previous year.
The company raised $74.5 million through financing activities, primarily from the January 2024 Financing.
Immunic's accumulated deficit increased to $486.2 million as of September 30, 2024, up from $410.9 million at the end of 2023, reflecting ongoing research and development investments.
The filing notes that Immunic expects to incur significant expenses and increasing operating losses for the foreseeable future as it continues to develop its product candidates.
Immunic's liquidity is highlighted as a concern, with the company indicating it does not have adequate funds to sustain operations for at least twelve months without additional capital.
The filing also details the company's ongoing clinical trials and development programs, including the vidofludimus calcium program in Phase 3 and Phase 2 trials for multiple sclerosis.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Immunic Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.