BIOTECHNOLOGY VALUE FUND L P 3
3 · IMMUNIC, INC. · Filed Feb 27, 2026
Insider Transaction Report
Form 3
IMMUNIC, INC.IMUX
BVF PARTNERS L P/IL
DirectorOther
Holdings
- 4,135,956
Common Stock, $0.0001 par value
[F1][F2] - 3,027,105
Common Stock, $0.0001 par value
[F1][F3] - 427,629
Common Stock, $0.0001 par value
[F1][F4] Pre-Funded Warrants to Purchase Common Stock
[F1][F5][F2]→ Common Stock, $0.0001 par value (4,496,000 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F5][F3]→ Common Stock, $0.0001 par value (3,514,428 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F5][F4]→ Common Stock, $0.0001 par value (444,452 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F6][F2]→ Common Stock, $0.0001 par value (6,817,521 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F6][F3]→ Common Stock, $0.0001 par value (5,278,894 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F6][F4]→ Common Stock, $0.0001 par value (912,813 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F7][F2]→ Common Stock, $0.0001 par value (28,797,932 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F7][F3]→ Common Stock, $0.0001 par value (20,525,707 underlying)Pre-Funded Warrants to Purchase Common Stock
[F1][F7][F4]→ Common Stock, $0.0001 par value (3,202,262 underlying)Warrants to Purchase Common Stock
[F1][F8][F9][F2]→ Common Stock, $0.0001 par value (28,797,932 underlying)Warrants to Purchase Common Stock
[F1][F8][F9][F3]→ Common Stock, $0.0001 par value (20,525,707 underlying)Warrants to Purchase Common Stock
[F1][F8][F9][F4]→ Common Stock, $0.0001 par value (3,202,262 underlying)
Footnotes (9)
- [F1]This Form 3 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
- [F2]Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the general parter of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.
- [F3]Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.
- [F4]Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.
- [F5]The Reporting Persons hold certain Pre-Funded Warrants (the "2024 Pre-Funded Warrants") exercisable for an aggregate of 8,580,151 shares of Common Stock. The 2024 Pre-Funded Warrants do not expire and have an exercise price of $0.0001 per share. The 2024 Pre-Funded Warrants are exercisable immediately, except that the 2024 Pre-Funded Warrants may not be exercised if, after such exercise, the Reporting Persons would beneficially own more than 9.9% of the shares of Common Stock outstanding.
- [F6]The Reporting Persons hold certain Pre-Funded Warrants (the "2025 Pre-Funded Warrants") exercisable for an aggregate of 13,335,000 shares of Common Stock. The 2025 Pre-Funded Warrants do not expire and have an exercise price of $0.0001 per share. The 2025 Pre-Funded Warrants are exercisable immediately, except that the 2025 Pre-Funded Warrants may not be exercised if, after such exercise, the Reporting Persons would beneficially own more than 9.99% of the shares of Common Stock outstanding.
- [F7]The Reporting Persons hold certain Pre-Funded Warrants (the "2026 Pre-Funded Warrants") exercisable for an aggregate of 53,257,500 shares of Common Stock. The 2026 Pre-Funded Warrants do not expire and have an exercise price of $0.0001 per share. The 2026 Pre-Funded Warrants are exercisable immediately, except that the 2026 Pre-Funded Warrants may not be exercised if, after such exercise, the Reporting Persons would beneficially own more than 9.99% of the shares of Common Stock outstanding.
- [F8]The Reporting Persons hold certain Warrants (the "Common Warrants") exercisable for an aggregate of 53,257,500 shares of Common Stock. The Common Warrants are exercisable at a price $0.873220 per share of Common Stock following the completion of the Issuer's reverse stock split until the earlier of (i) 30 trading days following the date of the Issuer's initial public announcement of topline data from its Phase 3 ENSURE trials (for the avoidance of doubt, the later date of the initial public announcement of topline data from ENSURE-1 or ENSURE-2, if announced separately) (the "Topline Data Announcement"), (ii) immediately upon the exercise of the 2026 Pre-Funded Warrants if such exercise of 2026 Pre-Funded Warrants is prior to the Topline Data Announcement, provided that if the 2026 Pre-Funded Warrant is not exercised in full, the Common Warrant expires proportionally only to the extent the 2026 Pre-Funded Warrant is exercised, and (iii) February 17, 2031.
- [F9]The Common Warrants may not be exercised if, after such exercise, the Reporting Persons would beneficially own more than 9.99% of the shares of Common Stock outstanding.