NEW YORK – Immunic, Inc. (NASDAQ:IMUX), a pharmaceutical company specializing in the development of treatments for chronic inflammatory and autoimmune diseases, has entered into an addendum to extend the contract of its Executive Chairman, Dr. Duane Nash.
The company, which is incorporated in Delaware and headquartered in New York, announced on Tuesday that the agreement with Dr. Nash, originally dated April 17, 2020, has been amended to extend his employment term to December 31, 2025. This extension represents the sixth addendum to the original employment agreement and follows previous amendments made on various dates, including October 17, 2023.
Alongside the extension, Dr. Nash's monthly base salary has been increased from $32,368 to $33,987. This increase encompasses the cash retainer for his services on the company’s Board and for his role as Chairman.
The details of the agreement and salary adjustment were disclosed in an 8-K filing with the U.S. Securities and Exchange Commission (SEC) on August 29, 2024, which was made public on September 3, 2024. The addendum itself is attached as Exhibit 10.1 to the filing.
Immunic's stock is publicly traded on The Nasdaq Stock Market LLC under the ticker symbol IMUX. The company's business focus is in the pharmaceutical preparations industry, specifically within the realm of developing drugs to treat a variety of immune-related diseases. This announcement is based on information from a press release statement.
In other recent news, Immunic Inc. reported a Q1 2024 loss of $29.6 million, contrasting with the previous year's Q1 net loss of $2.3 million. Despite this, the company successfully raised $240 million through a private placement, projected to fund operations through Q3 2025.
B.Riley initiated coverage on Immunic with a Buy rating, expressing confidence in the potential of Immunic's lead drug candidate, vidofludimus calcium (vido), for treating multiple sclerosis. Analysts at B.Riley believe that the market has yet to fully recognize the therapeutic advantages of vido.
Immunic also announced changes in its executive team. Simona Skerjanec, a veteran in the pharmaceutical industry, was appointed to its board of directors. Jason Tardio has joined Immunic as its new Chief Operating Officer and President, while Werner Gladdines was promoted to Chief Development Officer.
In their annual meeting, the appointment of Baker Tilly US, LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified. These are among the recent developments at Immunic Inc.
InvestingPro Insights
As Immunic, Inc. (NASDAQ:IMUX) reaffirms its leadership stability with the extension of Dr. Duane Nash's contract, investors may find value in examining the company's financial health and market performance. According to InvestingPro data, Immunic has a market capitalization of approximately $136.02 million. The company's stock price has experienced notable movements, with a 17.05% return over the last month and an 18.9% return over the last three months, reflecting a period of strong performance.
InvestingPro Tips suggest that while Immunic holds more cash than debt on its balance sheet, indicating a degree of financial stability, the company is quickly burning through cash and has weak gross profit margins. Moreover, analysts do not expect the company to be profitable this year, which aligns with the data showing that Immunic has not been profitable over the last twelve months. Despite these challenges, the company's liquid assets exceed its short-term obligations, providing some cushion against immediate financial pressures.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/IMUX, which may provide further insights into Immunic's financial position and future prospects.
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