Feb. 21 at 1:24 AM
$IMUX
BVF just filed a Schedule 13D on IMUX (after previously being on a 13G) — here’s the clean takeaway:
This isn’t an exit. BVF disclosed a meaningful position and participated heavily across multiple rounds, including the Feb 2026 financing.
The switch to 13D matters because BVF is no longer just “passive” — they’re now formally in influence mode, including a board appointment (Nagel) tied to the deal.
The filing lays out the structure: pre-funded warrants + common warrants with exercise tied to the reverse split and a defined window around Phase 3 topline. That screams “positioned for the catalyst,” not “tourist capital.”
There’s also the synthetic royalty piece — sophisticated holders shaping their payoff around future commercialization, not just a quick trade.
Net: institutional conviction + governance involvement + funded runway into topline.
Still a volatile structure (warrants/RS overhang), but BVF looks like they’re leaning in, not backing out.
