Jun. 1 at 9:30 AM
$IMUX Been digging into Immunic and the setup is interesting. Lead drug is vidofludimus calcium - oral, dual mechanism (DHODH inhibition + Nurr1 activation). Twin Phase 3 trials in relapsing MS (ENSURE-1/-2) fully enrolled, 1,100+ patients each, topline by year-end 2026.
Why it’s not just another DHODH me-too: Aubagio is the same class and still did
$2B+ in sales despite an ugly safety profile (hepatotox, alopecia, embryofetal tox). Vido showed a clean safety profile in Phase 2 AND hit on sNfL reduction - a neuronal damage marker - at levels comparable to Ocrevus. If that holds, it could be the first oral with a real neuroprotection story, which matters most in progressive MS where there’s basically one approved drug.
Cash: raised
$200M in Feb, runway into late 2027. So no dilution overhang going into the readout.
Made a substantial investment here and will continue to increase it.
