Immunic Stock Plunges 6.41% to 2025 Low Amid Vidofludimus Trial Uncertainty

The share price fell to its lowest level since July 2025 today, with an intraday decline of 6.41%.

Immunic’s stock has declined 10.93% over four consecutive sessions, extending its slide amid uncertainty around its lead candidate, vidofludimus calcium. The drug, in Phase 3 trials for relapsing-remitting multiple sclerosis, remains central to investor sentiment, though recent volatility reflects heightened sensitivity to clinical and regulatory risks. The compound’s dual mechanism—neuroprotection via Nurr1 activation and anti-inflammatory DHODH inhibition—positions it as a potential blockbuster in the $3–7 billion MS market, but final data from the ENSURE-1 and ENSURE-2 trials, expected by late 2026, will be critical to unlocking value.

The company’s financial runway, with $55.3 million in cash as of June 2025, supports operations through 2026, but the absence of revenue-generating assets leaves the stock vulnerable to cash flow pressures. Analysts maintain a “buy” consensus, citing a $4.00 median price target (80.5% upside from recent levels), though earnings projections—Q3 2025 losses of $0.17 per share—highlight ongoing operational challenges. Competitive differentiation in oral MS therapies, combined with a favorable safety profile, underscores long-term potential, yet near-term risks from trial outcomes and capital-raising needs remain elevated. Market participants are balancing the promise of neuroprotection-driven differentiation against the high bar for regulatory approval and commercial execution.