Immunic(IMUX) - 2023 Q4 - Annual Results

Financial Performance - The net loss for the year ended December 31, 2023, was approximately $93.6 million, or $2.11 per share, an improvement from a net loss of $120.4 million, or $3.78 per share, for the same period in 2022[8]. - Total operating expenses decreased to $99,223,000 in 2023 from $119,488,000 in 2022, a reduction of approximately 17%[15]. - Net loss narrowed to $93,612,000 in 2023 compared to a net loss of $120,407,000 in 2022, reflecting an improvement of approximately 22%[15]. - Net loss per share improved to $(2.11) in 2023 from $(3.78) in 2022, indicating a reduction of about 44%[15]. Research and Development - Research and Development (R&D) expenses increased to $83.2 million for the year ended December 31, 2023, compared to $71.2 million in 2022, primarily due to increased external development costs[8]. - Research and development expenses increased to $83,215,000 in 2023, up from $71,255,000 in 2022, representing a growth of about 17%[15]. - The top-line data from the Phase 2 CALLIPER trial of vidofludimus calcium in progressive multiple sclerosis (PMS) is expected in April 2025[8]. - An interim futility analysis for the Phase 3 ENSURE program is anticipated in late 2024, with the first trial read-out expected in Q2 2026[8]. - Positive results from the Phase 1b clinical trial of IMU-856 in celiac disease showed meaningful improvements over placebo in key dimensions of the disease[5]. - The company is preparing for Phase 2 testing of IMU-856 in ongoing active celiac disease patients[8]. Financial Position - Cash, cash equivalents, and investments as of December 31, 2023, were $46.7 million, supplemented by approximately $75.0 million from the first tranche of the private placement[8]. - Cash and cash equivalents decreased to $46,674,000 in 2023 from $106,745,000 in 2022, a decline of approximately 56%[17]. - Total assets decreased to $54,299,000 in 2023 from $127,753,000 in 2022, a reduction of about 57%[17]. - Total liabilities increased to $25,368,000 in 2023 from $14,069,000 in 2022, an increase of approximately 80%[17]. - Stockholders' equity decreased significantly to $28,931,000 in 2023 from $113,684,000 in 2022, a decline of about 75%[17]. - Weighted-average common shares outstanding increased to 44,320,050 in 2023 from 31,819,006 in 2022, an increase of approximately 39%[15]. Private Placement - Immunic executed a three-tranche private placement of up to $240 million, with the first tranche of $80 million completed in January 2024, extending the cash runway into Q3 2025[1][6]. Patent and Exclusivity - The patent portfolio for vidofludimus calcium has been expanded, providing exclusivity protection expected to last until 2041 in the United States[2][4]. Interest Income - Interest income rose to $3,075,000 in 2023 from $1,041,000 in 2022, representing an increase of about 195%[15].