IMMUNIC, INC. (IMUX) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 13, 2026

Risk Assessment Details

Potential Dilution: 252.31% of current shares
Recent Dilution: 47.67% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
14M
Potential Supply
34M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

IMUX currently has 13.6M outstanding shares. with significant dilution risk as 34.4M authorized shares could dilute existing holders by 252.3%. The company has significantly diluted shareholders by 47.67% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 13, 2026

10-Q filing | 13.6M shares outstanding

14M 34M
Apr 27, 2026
Stock Split

8-K filing: Stock split 1-for-10 | Outstanding: 120,284,724 → 12,028,472

12M 36M
Apr 02, 2026

S-3 filing: This prospectus relates to the resale by the selling stockholders identified in this prospectus of up to 458,152,000 shares of our common stock.

120M 360M
Nov 13, 2025

10-Q filing | 120.3M shares outstanding

120M 0
Aug 07, 2025

10-Q filing | 98.7M shares outstanding

99M 0
May 30, 2025

8-K filing: Immunic, Inc. entered into an underwriting agreement for the offering, issuance, and sale of pre-funded warrants and accompanying series A and B warrants to purchase shares of common stock, with expected gross proceeds of approximately $65 million. ($65.0M proceeds)

100M 0
May 15, 2025

10-Q filing | 101.3M shares outstanding

100M 0
Apr 09, 2025

8-K filing: Immunic, Inc. entered into a securities purchase agreement to issue and sell 5,666,667 shares of common stock at $0.90 per share, with gross proceeds of approximately $5.1 million, and also agreed to issue warrants to the placement agent to purchase up to 283,334 shares of common stock at an exercise price of $1.125 per share. ($5.1M proceeds)

90M 0
Mar 31, 2025

10-K filing | 90.2M shares outstanding

90M 0
Nov 07, 2024

10-Q filing | 90.1M shares outstanding

90M 0
Aug 08, 2024

10-Q filing | 90.1M shares outstanding

90M 0
May 24, 2024

S-3/A filing: The filing is for a shelf offering of common stock, preferred stock, debt securities, warrants, and/or units, up to an aggregate amount of $412,299,419.

97M 0
May 08, 2024

10-Q filing | 97.3M shares outstanding

97M 0
Mar 01, 2024

S-3/A filing: This is an S-3/A filing, concerning the potential sale of common stock by a selling stockholder, who may also engage in hedging transactions with broker-dealers in connection with distributions of common stock. The selling stockholder may also sell securities short and redeliver securities to close out such short positions.

90M 0
Feb 22, 2024

10-K filing | 89.9M shares outstanding

90M 0
Feb 13, 2024

S-3 filing: This S-3 filing indicates a shelf registration for the potential future sale of common stock by a selling stockholder. The specific terms, including the number of shares and price, will be detailed in a future prospectus supplement.

45M 0
Nov 22, 2023

S-3 filing: The company is filing an S-3 to register an aggregate of $250,000,000 of various securities and $163,100,000 of unsold securities previously registered under the Registrant's prior registration statement.

45M 0
Nov 14, 2023

10-Q filing | 44.6M shares outstanding

45M 0
Aug 03, 2023

10-Q filing | 44.4M shares outstanding

44M 0
May 11, 2023

10-Q filing | 43.7M shares outstanding

44M 0
Feb 23, 2023

10-K filing | 44.4M shares outstanding

44M 0
Dec 09, 2022

S-3 filing: This is an S-3 filing related to the registration of shares of common stock for sale by selling stockholders, from which the company will not receive any proceeds.

39M 0
Nov 03, 2022

10-Q filing | 39.3M shares outstanding

39M 0
Oct 11, 2022

8-K filing: Immunic, Inc. entered into a Securities Purchase Agreement for a private placement to sell 8,696,552 shares of common stock at $4.35 per share and 5,096,552 pre-funded warrants at $4.34 per warrant. ($59.94M proceeds)

30M 0
Aug 04, 2022

10-Q filing | 30.2M shares outstanding

30M 0
May 10, 2022

10-Q filing | 28.1M shares outstanding

28M 0
Mar 16, 2022

8-K filing: Immunic, Inc. awarded Dr. Duane Nash an option to purchase 75,000 shares of the Company's common stock, which will vest monthly commencing on April 10, 2022.

28M 0
Feb 24, 2022

10-K filing | 27.9M shares outstanding

28M 0
Nov 04, 2021

10-Q filing | 26.2M shares outstanding

26M 0
Aug 06, 2021

10-Q filing | 26.2M shares outstanding

26M 0
Jul 19, 2021

8-K filing: Immunic, Inc. closed a public offering of 4,500,000 shares of common stock at $10.00 per share, resulting in net proceeds of approximately $42.0 million after deducting underwriting discounts and commissions and estimated offering expenses. ($45.0M proceeds)

22M 0
May 06, 2021

10-Q filing | 21.7M shares outstanding

22M 0
Apr 19, 2021

8-K filing: Immunic, Inc. extended the term of its Executive Chairman Agreement with Duane Nash, MD, JD, MBA, and granted him an option to purchase 90,000 shares of Company common stock.

21M 130K
Apr 16, 2021

S-3 filing: This S-3 filing relates to the resale of 581,199 shares of common stock by 4SC AG, which were issued to them on March 31, 2021, in exchange for settling royalty obligations.

21M 130K
Feb 26, 2021

10-K filing | 21.2M shares outstanding

21M 0
Nov 13, 2020

S-3 filing: The company is filing an S-3 to offer and sell up to $250,000,000 in the aggregate of common stock, preferred stock, debt securities, warrants and units from time to time in one or more offerings.

21M 0
Nov 06, 2020

10-Q filing | 20.7M shares outstanding

21M 0
Aug 07, 2020

8-K filing: Immunic, Inc. closed a public offering of 5,750,000 shares of common stock at $18.00 per share, resulting in net proceeds of approximately $97 million. ($97.0M proceeds)

15M 0
Aug 03, 2020

10-Q filing | 15.0M shares outstanding

15M 0
Jun 12, 2020

8-K filing: Immunic, Inc. completed a public offering of 1,975,000 shares of its common stock at a price of $11.40 per share, resulting in aggregate gross proceeds of approximately $25.0 million. ($25.0M proceeds)

13M 0
May 08, 2020

10-Q filing | 12.8M shares outstanding

13M 0
Apr 27, 2020

8-K filing: Immunic, Inc. closed a registered direct offering of 1,764,706 shares of common stock at $8.50 per share, resulting in gross proceeds of $15.0 million. ($15.0M proceeds)

11M 0
Mar 16, 2020

10-K filing | 10.7M shares outstanding

11M 0
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