Immunic, Inc. Announces Pricing of $5.1 Million Registered Direct Offering, Led by Aberdeen Investments

Immunic, Inc. Announces Pricing of $5.1 Million Registered Direct

Offering, Led by Aberdeen Investments

NEW YORK, April 9, 2025 /PRNewswire/ - Immunic, Inc. ("Immunic"

or the "Company") (Nasdaq: IMUX), a biotechnology company developing a clinical pipeline of orally administered, small molecule

therapies for chronic inflammatory and autoimmune diseases, today announced the pricing of a registered direct offering of 5,666,667 shares

of its common stock at the market under Nasdaq rules at a price of $0.90 per share, led by Aberdeen Investments. All securities in the

offering are being sold by Immunic.

The gross proceeds from the offering are expected to be approximately

$5.1 million before deducting commissions and offering expenses. The offering is expected to close on or about April 10, 2025, subject

to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds received

from the proposed offering to fund its clinical trials and operations and for other general corporate purposes.

Titan Partners Group, a division of American Capital

Partners, is acting as the sole placement agent for the offering.

The offering is being made by Immunic pursuant

to a shelf registration statement on Form S-3 (File No. 333-275717) previously filed with the Securities and Exchange Commission (the

"SEC") on November 22, 2023, which became effective on May 31, 2024. The offering is being made only by means of a prospectus

supplement and the accompanying base prospectus that form a part of the registration statement. A final prospectus supplement relating

to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the final

prospectus supplement and the accompanying base prospectus relating to the offering, when available, may be obtained by contacting Titan

Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929)

833-1246 or by email at prospectus@titanpartnersgrp.com.

This press release shall not constitute an offer

to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which

such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Immunic, Inc. (Nasdaq: IMUX) is a biotechnology

company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases.

The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 and phase 2 clinical trials for the treatment

of relapsing and progressive multiple sclerosis, respectively, and has shown therapeutic activity in phase 2 clinical trials in patients

suffering from relapsing-remitting multiple sclerosis, progressive multiple sclerosis and moderate-to-severe ulcerative colitis. Vidofludimus

calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor related 1 (Nurr1) activator, with

additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH). IMU-856,

which targets the protein Sirtuin 6 (SIRT6), is intended to restore intestinal barrier function and regenerate bowel epithelium, which

could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease as well as inflammatory bowel disease,

Graft-versus-Host-Disease and weight management. IMU-381, which currently is in preclinical testing, is a next generation molecule being

developed to specifically address the needs of gastrointestinal diseases. For further information, please visit: www.imux.com.

Cautionary Note Regarding Forward-Looking

This press release contains "forward-looking

statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities

Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy,

future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing,

development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of

such statements include, but are not limited to, statements relating to the expected timing of and funding to the company from the registered

direct offering; Immunic's development programs and the targeted diseases; the potential for Immunic's development programs

to safely and effectively target diseases; interpretation of preclinical and clinical data for Immunic's development programs and

potential effects; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus

of the company and further updates with respect thereto; the development and commercial potential of any product candidates of the company;

and the company's expected cash runway. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations

or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements.

Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results

and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including,

without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine - Russia conflict and the conflict

in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash

utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and

other resources to meet business objectives and operational requirements, the fact that the results of earlier preclinical studies and

clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the Company's

products or product candidates, the protection and market exclusivity provided by Immunic's intellectual property, risks related

to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further

list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors,"

in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025,

and in the company's subsequent filings with the SEC. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings.

Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation

to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic

expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this press release.

Vice President Investor Relations and Communications

Rx Communications Group

KCSA Strategic Communications