Immunic (IMUX) 7 Nov 24 2024 Q3 Earnings call transcript

Immunic, a clinical-stage biopharmaceutical company, recently held its third quarter 2024 earnings call, where management shared insights into the company's financial health, strategic initiatives, and clinical developments. The call, led by CEO Dr. Daniel Vitt, highlighted the company's recent achievements and upcoming milestones.

Key Themes and Trends

Immunic has been strengthening its leadership team, with the addition of Jason Tardio as President and COO, and the promotion of Werner Gladdines to Chief Development Officer. These appointments underscore the company's commitment to preparing for potential commercialization of its lead drug candidate, vidofludimus calcium, in the multiple sclerosis (MS) market.

The company has also been actively engaging with key opinion leaders in the MS field, hosting an MS Research and Development Day and presenting at the prestigious 40th Congress of ECTRIMS. These events have provided a platform to discuss the potential of vidofludimus calcium and its dual mode of action, which combines neuroprotective effects and anti-inflammatory properties.

Financial and Operating Results

Financially, Immunic reported a cash position of $59.1 million at the end of the third quarter, sufficient to fund operations into the third quarter of 2025. The company's R&D expenses increased in the third quarter due to external development costs related to clinical trials, but were partially offset by the deprioritization of the izumerogant program.

Clinical Development Programs

The highlight of the call was the update on Immunic's clinical development programs. The Phase III ENSURE trials of vidofludimus calcium in relapsing MS are progressing as planned, with the first of the twin trials expected to complete in the second quarter of 2026. The company also announced that the first patient has been enrolled in an investigator-sponsored Phase II clinical trial of vidofludimus calcium in post-COVID syndrome, which could provide insights into the drug's potential impact on fatigue and Epstein-Barr virus reactivation.

Upcoming Milestones

Looking ahead, Immunic is anticipating the top line data readout from its Phase II CALLIPER trial in progressive MS in April 2025, which could position vidofludimus calcium as the first oral treatment option for non-relapsing secondary progressive MS. The company is also preparing for a Phase II clinical trial of IMU-856 in celiac disease, with potential applications in other gastrointestinal disorders.

Conclusion

Immunic's third quarter 2024 earnings call painted a picture of a company focused on advancing its clinical programs, strengthening its leadership team, and engaging with key stakeholders in the MS field. With the potential for significant milestones ahead, including the readout of the CALLIPER trial and continued progress in the ENSURE trials, Immunic is well-positioned to make strides in the MS market.