Biotechnology Value Fund L.P. Takes New Passive Stake in Immunic, Inc.

TL;DR

**Biotech Value Fund just bought into Immunic, signaling a potential upside.**

AI Summary

Biotechnology Value Fund L.P. has reported a new passive stake in Immunic, Inc. (IMUX) as of January 8, 2024. This filing, an SC 13G, indicates that Biotechnology Value Fund L.P. now holds a significant, but non-controlling, position in the pharmaceutical company. This matters to investors because it signals that a specialized biotech investment fund sees value in Immunic, potentially boosting confidence in the stock.

Why It Matters

A specialized investment fund's new stake can be seen as a vote of confidence, potentially attracting other investors and influencing stock price positively.

Risk Assessment

Risk Level: low — This filing indicates a passive investment by a fund, which generally carries low risk for existing shareholders as it doesn't suggest an immediate change in company control or strategy.

Analyst Insight

Smart investors might consider researching Immunic, Inc.'s pipeline and financials to understand why a specialized biotech fund found it attractive, potentially as a signal for future growth.

Key Players & Entities

• Biotechnology Value Fund L.P. (company) — filer of the SC 13G, new investor in Immunic, Inc.
• Immunic, Inc. (company) — subject company, pharmaceutical preparations
• January 8, 2024 (date) — date of the event requiring the filing
• SC 13G (document) — type of SEC filing

Forward-Looking Statements

• Other institutional investors may take a closer look at Immunic, Inc. due to Biotechnology Value Fund L.P.'s new stake. (Immunic, Inc.) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — ame of Issuer) Common Stock, par value $0.0001 per share (Title of Class of Securitie

Filing Documents

• sc13g07422imux_01182024.htm (SC 13G) — 271KB
• ex991to13g07422imux_01182024.htm (EX-99.1) — 8KB
• 0000921895-24-000094.txt ( ) — 280KB

(a). Name of Issuer

Item 1(a). Name of Issuer: Immunic, Inc., a Delaware corporation (the “Issuer”).

(b). Address of Issuer's Principal Executive Offices

Item 1(b). Address of Issuer's Principal Executive Offices: 1200 Avenue of the Americas, Suite 200 New York, New York 10036

(a). Name of Person Filing

Item 2(a). Name of Person Filing

(b). Address of Principal Business Office or, if None, Residence

Item 2(b). Address of Principal Business Office or, if None, Residence

(c). Citizenship

Item 2(c). Citizenship Biotechnology Value Fund, L.P. (“BVF”) 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: Delaware BVF I GP LLC (“BVF GP”) 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: Delaware Biotechnology Value Fund II, L.P. (“BVF2”) 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: Delaware BVF II GP LLC (“BVF2 GP”) 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: Delaware Biotechnology Value Trading Fund OS LP (“Trading Fund OS”) PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands Citizenship: Cayman Islands BVF Partners OS Ltd. (“Partners OS”) PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands Citizenship: Cayman Islands BVF GP Holdings LLC (“BVF GPH”) 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: Delaware BVF Partners L.P. (“Partners”) 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: Delaware 12 CUSIP No. 4525EP101 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: Delaware Mark N. Lampert (“Mr. Lampert”) 44 Montgomery St., 40th Floor San Francisco, California 94104 Citizenship: United States Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

(d). Title of Class of Securities

Item 2(d). Title of Class of Securities: Common Stock, par value $0.0001 per share (the “Shares”).

(e). CUSIP Number

Item 2(e). CUSIP Number: 4525EP101

If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person

Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: /x/ Not applicable. (a) / / Broker or dealer registered under Section 15 of the Exchange Act. (b) / / Bank as defined in Section 3(a)(6) of the Exchange Act. (c) / / Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) / / Investment company registered under Section 8 of the Investment Company Act. (e) / / An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E). (f) / / An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F). (g) / / A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G). (h) / / A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act. (i) / / A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act. (j) / / A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J). (k) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: ____ 13 CUSIP No. 4525EP101

Ownership

Item 4. Ownership (a) Amount beneficially owned: As of the date hereof, the Reporting Persons and a certain Partners managed account (the “Partners Managed Account”) held Pre-Funded Warrants (the “Pre-Funded Warrants”) exercisable for an aggregate of 8,580,151 Shares. The Pre-Funded Warrants are exercisable immediately, do not expire, and have a nominal exercise price of $0.0001 per Share. The Reporting Persons and the Partners Managed Account may not exercise any portion of the Pre-Funded Warrants they hold to the extent that, after giving effect to such issuance after exercise, they (together with their Attribution Parties (as defined in the Securities Purchase Agreement, dated January 4, 2024, by and among the Issuer and the investors that are signatories thereto (the “Purchase Agreement”))), would beneficially own in excess of 9.9% of the Shares outstanding (the “Warrants Blocker”). As of the date hereof, the Warrants Blocker prohibits the exercise of all the Pre-Funded Warrants held by the Reporting Persons and the Partners Managed Account. As of the date hereof, (i) BVF beneficially owned 4,665,158 Shares, excluding 4,496,000 Shares underlying certain Pre-Funded Warrants held by it, (ii) BVF2 beneficially owned 3,646,658 Shares, excluding 3,514,428 Shares underlying certain Pre-Funded Warrants held by it, and (iii) Trading Fund OS beneficially owned 461,173 Shares, excluding 444,452 Shares underlying certain Pre-Funded Warrants held by it. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 4,665,158 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 3,646,658 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 461,173 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to bene

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class. Not Applicable. 15 CUSIP No. 4525EP101

Ownership of More than Five Percent on Behalf of Another Person

Item 6. Ownership of More than Five Percent on Behalf of Another Person. BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account.

Identification and Classification of the Subsidiary That Acquired the Security Being Reported on by

Item 7. Identification and Classification of the Subsidiary That Acquired the Security Being Reported on by the Parent Holding Company or Control Person. Not Applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. See Exhibit 99.1.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not Applicable.

Certifications

Item 10. Certifications. By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. 16 CUSIP No. 4525EP101 SIGNATURE After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 18, 2024 BIOTECHNOLOGY VALUE FUND, L.P. BIOTECHNOLOGY VALUE TRADING FUND OS LP By: BVF I GP LLC, its general partner By: BVF Partners L.P., its investment manager By: BVF Inc., its general partner By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert President BVF I GP LLC BVF GP HOLDINGS LLC By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert Chief Executive Officer BIOTECHNOLOGY VALUE FUND II, L.P. BVF PARTNERS L.P. By: BVF II GP LLC, its general partner By: BVF Inc., its general partner By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert President BVF II GP LLC BVF INC. By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert President BVF PARTNERS OS LTD. /s/ Mark N. Lampert By: BVF Partners L.P., its sole member MARK N. LAMPERT By: BVF Inc., its general partner By: /s/ Mark N. Lampert Mark N. Lampert President 17

View Full Filing

View this SC 13G filing on SEC EDGAR