Dilution profile // every instrument, one screen, from SEC filings

IMMUNIC, INC. (IMUX)

CIK 1280776 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$499M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
LOWwarrants = 2% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
LOW-70% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
MEDIUM~21.7 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2021-02-192026-07-31

Latest: 13.6M shares as of Jul 31, 2026 (10-Q). Share count fell from 136.2M to 13.6M between Apr 16, 2026 and Apr 30, 2026, a pattern consistent with a reverse split (roughly 1-for-10); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
May2025 Pre Funded Warrants Offering22.9Mnot tagged
Series A Warrants8.7M$7.5
May2025 Pre Funded Warrants8.7Mnot tagged
Series B Warrants3.4Mnot tagged
Pre Funded Warrants1.1Mnot tagged
Series A Warrant and Series B Warrantnot tagged$7.499

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 11, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 240,620 underlying shares, as reported Dec 31, 2017 (10-K).

Reported exercise price: $3719.6 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 13.9M = 13.6M O/S + 240,620 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

Reported conversion price: $1 (aggregate figure as tagged; individual notes can vary).

This filer tagged totals without per-note dimensions in its 10-Q filed Aug 11, 2026, so per-note terms (maturities, individual conversion prices) live in the exhibit prose and are not parsed here.

Registrations and offerings

Registered offering capacity on live registrations: $499.4Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Apr 2, 2026$499.4M registeredfiling →
S-3Feb 13, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3Nov 22, 2023no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 1 executed · 2 registered.

EFFECTIVEMay 4, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 30, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDApr 2, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDFeb 13, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMay 30, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMay 28, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDApr 9, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDApr 9, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJun 10, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEMay 31, 2024SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMay 24, 2024S-3/A registration — capacity to sell shares, not a sale yetS-3/A
UPDATEApr 30, 2024Prospectus update — often a resale registration, not necessarily new capital424B3

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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