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Immunic, Inc. (NASDAQ:IMUX), a clinical-stage biopharmaceutical company with a market capitalization of approximately $80 million, announced that on Monday its board of directors authorized grants of up to 35,000,000 stock appreciation rights (SARs) to employees and executive officers, according to a statement based on a recent SEC filing. Of the total, 22,015,000 SARs are designated for executive officers. According to InvestingPro analysis, the company currently holds more cash than debt on its balance sheet, though it’s quickly burning through its cash reserves.
The SARs are subject to final approval by the board’s compensation committee. Immunic stated its intention to settle the SARs in shares of common stock, provided shareholders approve an amendment to the company’s 2019 Omnibus Equity Incentive Plan to increase the number of shares available. Until such approval, the SARs could be settled in cash.
The exercise price for each SAR is set at $0.77, which was the closing price of Immunic’s common stock on Monday.
The vesting of the SARs is structured as follows:
- 5,000,000 SARs will be exercisable beginning August 1, 2026.
- Up to 10,000,000 SARs will be exercisable from August 1, 2026, contingent on the exercise of the company’s series A purchase warrants.
- Up to 10,000,000 SARs will be exercisable from August 1, 2026, contingent on the exercise of the company’s series B purchase warrants.
- Up to 5,000,000 SARs will be exercisable from August 1, 2026, subject to the issuance of common stock or pre-funded warrants in connection with the second tranche of Immunic’s January 2024 private placement.
- Up to 5,000,000 SARs will be exercisable from August 1, 2026, subject to the issuance of common stock or pre-funded warrants in connection with the third tranche of the January 2024 private placement.
Immunic plans to seek stockholder approval to amend its equity incentive plan to allow for settlement of the SARs in shares. The company’s common stock is listed on the Nasdaq Stock Market under the symbol IMUX.
All information in this article is based on a press release statement and a filing with the Securities and Exchange Commission.
In other recent news, Immunic, Inc. has reported significant developments in its clinical trials and financial strategies. The company announced that 92.3% of patients treated with its experimental multiple sclerosis drug, vidofludimus calcium, remained free of 12-week confirmed disability worsening after 144 weeks in a Phase 2 trial. Additionally, the drug showed a 20% reduction in the risk of disability worsening in progressive multiple sclerosis patients over 24 weeks, according to results from the CALLIPER trial. Alongside these clinical updates, Immunic has launched a public offering priced to generate approximately $65 million, with the potential for an additional $130 million if all warrants are exercised. The proceeds from this offering are intended to support ongoing clinical trials and general corporate purposes. Leerink Partners is the sole bookrunner for this offering, with other firms like B. Riley Securities and Brookline Capital Markets as co-managers. The company continues to focus on developing treatments for chronic inflammatory and autoimmune diseases, with its lead program vidofludimus calcium currently in Phase 3 trials for relapsing multiple sclerosis. These recent developments highlight Immunic’s ongoing efforts in advancing its pipeline and securing financial resources for its projects.
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