aibioImmunic gets extra 180 days on Nasdaq bid price rule after transfer to Capital Market
Tickers IMUX
Nasdaq approved Immunic's move from the Global Select Market to the Capital Market, with trading there from January 7, 2026. The company now has until June 22, 2026 to regain compliance with the $1.00 minimum bid price and has told Nasdaq it would seek a reverse stock split if necessary.
Key facts
- Company
- Immunic, Inc. (NASDAQ: IMUX)
- News type
- Listings
- Primary source
- IMMUNIC, INC. Form 8-K filed January 6, 2026 (SEC EDGAR)
Immunic, Inc. (Nasdaq: IMUX) said on January 6, 2026 that Nasdaq approved its application to move its common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market. The transfer gives the company until June 22, 2026 to fix a minimum bid price deficiency. The company disclosed the approval in a Form 8-K filed January 6, 2026 under Item 3.01. Daniel Vitt, its chief executive officer, signed the filing.
The approval and the new deadline
The Listing Qualifications Department of The Nasdaq Stock Market LLC told Immunic on January 5, 2026 that the transfer was approved. The shares were due to move to the Capital Market at the opening of business on January 7, and they keep the symbol IMUX.
The 8-K says the Capital Market operates in substantially the same manner as the Global Select Market, and that listed companies must still meet financial requirements and corporate governance rules. The change of tier does not lower those requirements. What it gives Immunic is time.
How the bid price problem developed
On June 27, 2025, Nasdaq wrote to Immunic that its closing bid price had been below $1.00 for the previous 30 consecutive business days, which breaches Listing Rule 5450(a)(1). Nasdaq gave the company a 180-day grace period, until December 24, 2025. Immunic did not regain compliance by that date, so it applied to transfer its listing. The approval gave it another 180 days, to June 22, 2026.
To regain compliance, the stock must close at or above $1.00 for at least 10 consecutive business days on or before June 22, 2026. If it does not, Nasdaq will notify Immunic of a delisting decision. The company could then appeal to a Nasdaq Listing Qualifications Panel, but the 8-K says there is no assurance the Panel would grant continued listing.
Immunic also told Nasdaq it would seek a reverse stock split if necessary. The 8-K describes that step as a condition the rule imposed on the approval. A reverse stock split combines existing shares into a smaller number of shares.
Losses, going concern and the pipeline
The most recent annual report before this filing is the Form 10-K for 2024, filed March 31, 2025. It reports net losses of about $100.5 million for 2024 and $93.6 million for 2023. Cash and cash equivalents were about $35.7 million at December 31, 2024, and the accumulated deficit was about $511.4 million.
The report says the company does not have adequate liquidity to fund operations for at least twelve months without raising additional capital. Its auditor, Baker Tilly US, LLP, included a going concern paragraph. The report says Immunic has pursued several funding sources since January 2024 without success, and that if it cannot raise enough money it will be forced to cease operations and seek to liquidate its assets.
The 10-K describes Immunic as a biotechnology company developing oral immunology therapies for chronic inflammatory and autoimmune diseases. Its most advanced candidate, vidofludimus calcium, was in Phase 3 testing for relapsing multiple sclerosis in the ENSURE program and in Phase 2 testing for progressive multiple sclerosis in the CALLIPER trial when the report was filed. The company expected the first ENSURE trial to complete in the second quarter of 2026 and the second in the second half of 2026. Those dates fall around the June 22, 2026 bid price deadline. The 8-K does not connect the two.