Immunic, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 04:18 pm IST
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Immunic, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 24 million compared to USD 21.9 million a year ago. Basic loss per share from continuing operations was USD 0.54 compared to USD 0.72 a year ago.
For the six months, net loss was USD 49.27 million compared to USD 42.71 million a year ago. Basic loss per share from continuing operations was USD 1.12 compared to USD 1.49 a year ago.
Immunic, Inc. is a biotechnology company. The Company is focused on developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases. The Companyâs s lead development program, vidofludimus calcium (IMU-838), is in phase III and phase II clinical trials for the treatment of relapsing and progressive multiple sclerosis, respectively, and has shown therapeutic activity in phase II clinical trials in patients suffering from relapsing-remitting multiple sclerosis, progressive multiple sclerosis, and moderate-to-severe ulcerative colitis. 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. IMU-381 is in preclinical testing, a next generation molecule being developed to specifically address the needs of gastrointestinal diseases.