Immunic, Inc. (NASDAQ:IMUX) Q1 2024 Earnings Call Transcript May 8, 2024
Immunic, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Jessica Breu: Good morning, and welcome to Immunic First Quarter 2024 Earnings Call. My name is Jessica Breu, Vice President, Investor Relations and Communications here at Immunic. I will also be the moderator today. Speaking on the call are Dr. Daniel Vitt, our Chief Executive Officer and President; as well as Glenn Whaley, our Chief Financial Officer. Please note that all participants will be in listen-only mode, and this event is being recorded. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Before we begin, I would like to remind you that this presentation may contain forward-looking statements. Such statements can be identified by words such as may, will, expect, anticipate, estimate or words with a similar meaning, and such statements involve a number of risks and uncertainties that could cause Immunic’s actual results to differ materially from those discussed here.
Please note that these forward-looking statements reflect Immunic’s opinions only as of the date of this presentation, and it undertakes no obligation to revise or publicly release the result of any revision to these forward-looking statements in light of new information or future events. Please refer to Immunic’s SEC filings for a more detailed description of the risk factors that may affect Immunic’s results and these forward-looking statements. I would now like to turn the call over to our CEO and President, Dr. Daniel Vitt, to begin the presentation. Daniel?
Daniel Vitt: Yes. Thank you, Jessica. I would also like to welcome everybody on today’s earnings call. Earlier this morning, we announced our financial results for the first quarter ended March 31, 2024, in our press release. During the call today, we will walk through our first quarter 2024 achievements and subsequent highlights, financial and operating results as well as our clinical development programs, including anticipated upcoming milestones. As Jessica noted, after the presentation, you will have the opportunity to ask questions. Let’s start with a review of our first quarter 2024 and subsequent highlights. With our early January announcement of the completion of the three-tranche private placement of up to $240 million, we are well capitalized into the third quarter of 2024.
This nicely covers the readout of our Phase 2 CALLIPER trial of our potentially groundbreaking lead assays vidofludimus calcium in progressive multiple sclerosis, which is anticipated in April 2025. The round led by BVF Partners included participation from a Group of top-tier new and existing investors, including Avidity Partners, Janus Henderson Investors, Soleus Capital, RTW Investments and Adage Capital Partners As a reminder, we received a total of $80 million in the first-tranche, which closed on January 8, 2024. The second-tranche is a purchase of $80 million, which is conditioned on the announcement of the Phase 2 top line data for the CALLIPER trial. The third $80 million tranche is to occur no later than three years after the second-tranche.
All in all, this financing completed in a difficult capital market environment and with such a strong group of investors affirms the enormous potential inherent in our clinical programs. In February, Dr. Bob Fox from Cleveland Clinic, who is the coordinating investigator of our ENSURE and CALLIPER programs presented extremely positive data from an interim analysis of our Phase 2 CALLIPER trial of Vidofludimus Calcium at the ECTRIM Form 2024. From the interim analysis, we saw a clear separation of vidofludimus calcium from placebo in serum neurofilament light chain levels across all PMS patients as well as all subtypes. We believe that this dataset provide biomarker evidence that vidofludimus calcium’s activity extends beyond the previously observed anti-inflammatory impacts further reinforcing its neuroprotective potential.
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