aibioImmunic gets Nasdaq notice after stock falls below $1.00 for 30 days
Tickers IMUX
The company has until December 24, 2025 to regain compliance. The notice has no immediate effect on its listing on The Nasdaq Global Select Market.
Key facts
- Company
- Immunic, Inc. (NASDAQ: IMUX)
- News type
- Listings
- Primary source
- Immunic, Inc. 8-K (2025-06-27)
Immunic, Inc. (Nasdaq: IMUX) said it received a written notice from The Nasdaq Stock Market LLC on June 27, 2025. The notice says the company is not in compliance with Nasdaq Listing Rule 5450(a)(1) because the closing bid price of its common stock was below the $1.00 per share requirement for the last 30 consecutive business days. Immunic reported the notice the same day in an 8-K under Item 3.01. The notice has no immediate effect on the listing of its common stock on The Nasdaq Global Select Market.
The cure period and what follows
Immunic has 180 calendar days, or until December 24, 2025, to regain compliance. Under Nasdaq Listing Rule 5810(c)(3)(A), it can regain compliance if the closing bid price of its common stock is at least $1.00 for a minimum of 10 consecutive business days.
If it does not regain compliance in that period, Immunic may apply for an additional compliance period. Nasdaq's decision will depend on whether the company meets the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, except the minimum bid price. It will also depend on written notice of the company's intention to cure the deficiency, by a reverse stock split if necessary. If the company does not regain compliance by the end of the initial or any additional period, it will receive written notification that its securities are subject to delisting.
The 8-K says the company will actively monitor the closing bid price and is evaluating available options. It does not say what those options are or whether the board has approved a reverse split. The company states there can be no assurance that it will regain compliance.
The company behind the notice
Immunic describes itself as a biotechnology company developing a clinical pipeline of selective oral immunology therapies for chronic inflammatory and autoimmune diseases. It is headquartered in New York City, with its main operations in Gräfelfing near Munich, Germany, and had 91 employees as of March 1, 2025. Its annual report lists three product candidates.
The lead drug
Vidofludimus calcium is in the Phase 3 ENSURE program in relapsing multiple sclerosis, which comprises twin studies against placebo, and in the Phase 2 CALLIPER trial in progressive multiple sclerosis. On October 22, 2024, the company announced that an unblinded Independent Data Monitoring Committee confirmed the predetermined futility criteria had not been met. The committee recommended that both ENSURE trials continue without changes, including no need to increase the sample size. Passing a futility check does not show the drug works. The 10-K anticipates completion of the first ENSURE trial in the second quarter of 2026 and the second in the second half of 2026, and the company says those goals depend on factors that are mostly outside its control.
CALLIPER completed recruitment of 467 patients in August 2023. On October 9, 2023, the company announced interim data showing biomarker evidence that the drug's activity extends beyond its anti-inflammatory effects. A biomarker is not a clinical outcome.
The gastrointestinal programs
IMU-856 is an oral small molecule modulator that targets Sirtuin 6, a protein the company describes as a regulator of intestinal barrier function. In a Phase 1b trial in celiac disease patients, the company says IMU-856 showed positive effects over placebo in four key dimensions: protection of gut architecture, symptoms, biomarker response and nutrient absorption. A post hoc analysis showed a dose-dependent increase in GLP-1 levels. Post hoc analyses are exploratory, and the 10-K does not give the size of the Phase 1b trial in this section.
The 10-K also says that, contingent on financing, licensing or partnering, the company is preparing Phase 2 testing of IMU-856 in patients with ongoing active celiac disease. IMU-381 is a next generation molecule being developed for gastrointestinal diseases.
What comes next
The next fixed date is December 24, 2025. The 8-K gives no cash figures, and the 10-K makes the IMU-856 Phase 2 plan contingent on financing, licensing or partnering.