IMUX - 1Q26; Key RMS Phase III Topline Data on Track for YE26 – We See This as a High-POS Readout with Significant Upside Potential; New CMO in Place

Research evidence excerpt

IMUX - 1Q26; Key RMS Phase III Topline Data on Track for YE26 – We See This as a High-POS Readout with Significant Upside Potential; New CMO in Place

May 13, 2026

Yatin Suneja yatin.suneja@guggenheimpartners.com IMUX - 1Q26; Key RMS Phase III Topline Data

212 518 9565 on Track for YE26 – We See This as a High-POS

Iris Gao, Ph.D.

iris.gao@guggenheimpartners.com Readout with Significant Upside Potential; New CMO

212 518 9013 in Place Delma Caiati, M.D., Ph.D.

delma.caiati@guggenheimpartners.com

617 859 4606 Key Message: Our takeaways from Immunic's 1Q26 print include: (1) Vidofludimus

Min Lee, Ph.D. calcium (DHODH inhibitor and Nurr1 activator) has a unique dual MoA that is

min.lee@guggenheimpartners.com differentiated and de-risked in multiple sclerosis (MS): DHODH inhibition provides a well-

212 823 6744 validated, teriflunomide-like anti-inflammatory effect, while direct Nurr1 activation offers

a first-in-class neuroprotective mechanism to treat smoldering progression and PIRA. Eddie Hickman, Ph.D.

eddie.hickman@guggenheimpartners.com Positive clinical readouts from Phase II relapsing MS (RMS) and progressive MS (PMS)

212 518 9904 studies have both demonstrated promising efficacy and placebo-like safety, supporting

a pan-MS pipeline-in-a-product (see our initiation HERE). (2) Vido's Phase III ENSURE

studies in RMS (Exhibit 1) are progressing well, with topline data on track for YE26.

Positive ENSURE Phase III results would support an NDA filing in mid-2027 and a

IMUX BUY potentialsafety profilecommercialsupportlauncha highin 2028.POS Wein thebelievePhaseVido'sIII RMSefficacystudies,and whichbest-in-diseasecould be

Immunic, Inc. the key value-inflection catalyst. BIIB's Vumerity, a tolerability-enhanced Tecfidera