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© Immunic, Inc. | Sep 2026 1 Relapsing Multiple Sclerosis R&D Day September 9, 2026 Virtual NASDAQ: IMUX
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© Immunic, Inc. | Sep 2026 2 Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Immunic undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, risks relating to strategy, future operations, future financial position, future revenue, projected expenses, availability and terms of necessary financing, prospects, plans and objectives of management. Risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any forward- looking statement include, but are not limited to: Immunic’s development programs and the targeted diseases; the potential for Immunic’s development programs to safely and effectively target and treat the diseases mentioned herein; preclinical and clinical data for Immunic’s development programs; the impact of future preclinical and clinical data on Immunic’s product candidates; the timing of the availability of data from Immunic’s clinical trials; the availability or efficacy of Immunic’s potential treatment options that may be supported by trial data discussed herein; the timing of current and future clinical trials and anticipated clinical milestones; Immunic’s ability to protect its intellectual property position; Immunic’s plans to research, develop and commercialize its current and future product candidates; the timing of any planned investigational new drug application or new drug application; the development and commercial potential of any product candidates of the company; expectations regarding potential market size; developments and projections relating to Immunic’s competitors and industry; the clinical utility, potential benefits and market acceptance of Immunic’s product candidates; Immunic’s commercialization, marketing and manufacturing capabilities and strategy; Immunic’s ability to successfully collaborate with existing collaborators or enter into new collaboration agreements, and to fulfill its obligations under any such collaboration agreements; Immunic’s ability to identify additional products or product candidates with significant commercial potential; the impact of government laws, regulations and tariffs; impacts of the conflicts in Ukraine – Russia and the Middle East; Immunic’s listing on The Nasdaq Capital Market; expectations regarding the capitalization, resources and ownership structure of the company; the executive and board structure of the company; Immunic’s estimates regarding future revenue, expenses, capital requirements and need for additional financing; the nature, strategy and focus of the company and further updates with respect thereto; and the other risks set forth in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), as well as the company's subsequent filings with the SEC. Forward-looking statements included in this presentation are based on information available to Immunic as of the date of this presentation. Immunic does not undertake any obligation to update such forward-looking statements except as required by applicable law. The names, logos, and other trademarks of Immunic appearing in this presentation are the property of Immunic, Inc. All other trademarks, service marks and trade names in this presentation are the property of their respective owners. Unless otherwise indicated, we have omitted the ® and TM designations, as applicable, for the trademarks used in this presentation.
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© Immunic, Inc. | Sep 2026 3 Virtual Relapsing Multiple Sclerosis R&D Day: Today’s Speakers Erik Lundgren, MBA Chief Executive Officer Hella Kohlhof, PhD Co-Founder & Chief Scientific Officer Jason Tardio, MBA President & Chief Operating Officer Michael A. Panzara, MD, MPH Chief Medical Officer Immunic Speakers Amit Bar-Or, MD, FRCPC Department of Neurology, Perelman School of Medicine, University of Pennsylvania Stephen Krieger, MD, FAAN Department of Neurology, Icahn School of Medicine, The Mount Sinai Hospital Featured Experts Jessica Breu Vice President Investor Relations and Communications Moderator
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© Immunic, Inc. | Sep 2026 4 Vidofludimus Calcium – Unique Potential to Transform the MS Treatment Landscape Agenda Virtual Relapsing Multiple Sclerosis R&D Day 11:00 - 11:05 Welcome and Introduction Erik Lundgren Chief Executive Officer 11:05 - 11:20 Expert Talk: Multiple Sclerosis: Targeting Novel Mechanisms to Address Unmet Clinical Needs Amit Bar-Or , MD, FRCPC Department of Neurology, Perelman School of Medicine, University of Pennsylvania 11:20 - 11:35 Vidofludimus Calcium's Dual Mode of Action: Benefits Beyond Traditional Anti-Inflammatory Treatment Hella Kohlhof, PhD Co-Founder & Chief Scientific Officer 11:35 - 11:45 Ongoing Phase 3 ENSURE Program of Vidofludimus Calcium in Relapsing Multiple Sclerosis Michael A. Panzara, MD, MPH Chief Medical Officer 11:45 - 12:00 Expert Talk: The Unmet Need in Relapsing Multiple Sclerosis Has Changed Stephen Krieger , MD, FAAN Department of Neurology, Icahn School of Medicine, The Mount Sinai Hospital 12:00 - 12:15 Positioning and Commercial Opportunity for Vidofludimus Calcium in Relapsing Multiple Sclerosis Jason Tardio President & Chief Operating Officer 12:15 - 12:20 Outlook: Upcoming Milestones for Vidofludimus Calcium in Multiple Sclerosis Erik Lundgren Chief Executive Officer 12:20 - 12:30 Q&A Session
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Welcome and Introduction Erik Lundgren I Chief Executive Officer
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© Immunic, Inc. | Sep 2026 6 Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company Advancing a Potentially Differentiated Oral MS Therapy to Address High Unmet Needs L e a d A s s e t Vidofludimus Calcium (IMU-838) Near-Term Value Inflection in Relapsing Multiple Sclerosis Building a Leading, Fully Integrated Commercial Multiple Sclerosis Organization Significant Upside Potential in Progressive Multiple Sclerosis Driven by the Needs of People with Multiple Sclerosis
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© Immunic, Inc. | Sep 2026 7 Vidofludimus Calcium Is Being Developed as a Franchise Opportunity Spanning Relapsing and Progressive MS PR OGR AM IND IC AT IO N PR E CL INI CAL PH AS E 1 PH AS E 2 PH AS E 3 ST AT US NE XT MI LE S TO NE Vidofludimus Calcium (IMU-838) Relapsing MS ENSURE-1 Both trials fully enrolled Top-line data for both trials expected by end of 2026 Vidofludimus Calcium (IMU-838) Relapsing MS ENSURE-2 Both trials fully enrolled Top-line data for both trials expected by end of 2026 Vidofludimus Calcium (IMU-838) Progressive MS Phase 3 In preparation Initiation of Phase 3 program expected later in 2026 Vidofludimus Calcium (IMU-838) Relapsing- Remitting MS EMPhASIS Trial met primary and key secondary endpoints OLE ongoing Additional OLE data expected Vidofludimus Calcium (IMU-838) Progressive MS CALLIPER Numerically reduced CDW , signals for CDI* OLE ongoing Additional OLE data expected IMU-381 Neurologic Diseases Nurr1 Platform Candidate screening Lead candidate identification * Primary percent brain volume change endpoint not met MS: multiple sclerosis; Nurr1: nuclear receptor -related-1; OLE: open-label extension; CDW: confirmed disability worsening; CDI: confirmed disability improvement; IND: Investigational New Drug
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© Immunic, Inc. | Sep 2026 8 Vidofludimus Calcium Has the Potential to Transform the MS Market Substantial Opportunities: MS Remains a Large and Growing Market 1. Sales numbers in G7 countries (U.S., UK, Canada, Japan, Germany, France, Italy) in USD billion; Multiple Sclerosis Landscape and Forecast by Decision Resources Group Part of Clarivate MS: multiple sclerosis Attractive Market Dynamics ▪ Multiple blockbuster therapies can successfully coexist , reflecting the large patient population, heterogenous disease presentation, and evolving unmet needs. ▪ The MS market is not a winner-take-all market and switching is common, expected, and often necessary throughout a patient's disease journey. BLOCKBUSTER POTENTIAL MS has produced 11 distinct billion -dollar products over the last 25 years , making it one of the most commercially successful specialty pharmaceutical markets in neurology. The global MS market continues to grow and is estimated to exceed $30 billion annually by the early 2030s. 1 Innovation Drives ▪ Novel mechanisms of action are urgently needed, particularly to address the neurodegenerative aspect of the disease. ▪ New entrants offering improved efficacy, safety, or tolerability are capturing share despite competition from incumbent products.
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Expert Talk: Amit Bar-Or, MD, FRCPC Department of Neurology, Perelman School of Medicine, University of Pennsylvania
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Vidofludimus Calcium's Dual Mode of Action: Benefits Beyond Traditional Anti-Inflammatory Treatment Hella Kohlhof, PhD I Co-Founder & Chief Scientific Officer
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© Immunic, Inc. | Sep 2026 11 Vidofludimus Calcium: A Unique Dual Mechanism Approach to MS Potentially the Only Oral MS Drug Addressing Both PIRA and RAW Simultaneously PIRA: progression independent of relapse activity; RAW: relapse -associated worsening; Nurr1: nuclear receptor related 1; DHODH: dihydroorotate dehydrogenase; MRI: magnetic resonance imaging; EBV: Epstein-Barr virus ▪ Modulates gene expression directly in neurons, mediating neuroprotection and neuronal survival ▪ Reduces neurotoxicity of microglia and astrocytes, indirectly supporting neuronal survival ▪ Targeting neurodegeneration beyond focal inflammation Direct Nurr1 Activator Selective DHODH Inhibitor ▪ Selectively targets metabolically hyperactive T and B lymphocytes ▪ Reduces focal inflammation, MRI lesions, and relapses ▪ Prevents reactivation of EBV
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© Immunic, Inc. | Sep 2026 12 Vidofludimus Calcium is a Selective DHODH Inhibitor * at teriflunomide 7 mg trough levels 60 uM; EGFR inhibition is known to be related to skin disorders, diarrhea, liver enzyme elevations (Orlowski et al., 2016); IL -17 assay: vidofludimus 10 uM; teriflunomide 100 uM DHODH: dihydroorotate dehydrogenase; EAE: experimental autoimmune encephalomyelitis Reduces disease score in an inflammation driven EAE model Vehicle Vido 150 mg/kg DHODH IC50 in nM Human Murine Rat Vidofludimus 240 5100 1000 Teriflunomide 1700 300 4 Whereas teriflunomide targets PIM, Aurora A, PDGFR, EGFR* Selectively inhibits DHODH Vidofludimus does not inhibit kinases in a panel of 94 human kinases Reduces hyperactive/high affinity immune cells, due to restriction of pyrimidines
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© Immunic, Inc. | Sep 2026 13 … and a Potent Nurr1 Activator – Relevant in MS Biology and Neuroprotection Nurr1 regulates neuronal survival, oxidative stress responses, and neuroinflammatory signaling.1 Reduced Nurr1 expression in RRMS is associated with higher relapse rate and EDSS. 2 Nurr1 expression normalizes during pregnancy, coinciding with reduced MS disease activity. 3 In postmortem MS motor cortex, higher Nurr1 expression is associated with greater neuronal preservation.4 → → → → Adapted from Willems S et al. 2022. J Med Chem. created in BioRender.com; 1Jeon et al. 2019. Aging Dis. 2Montarolo et al. 2019. Int J Mol Sci. 3Gilli et al. 2010. PLoS One. 4Pansieri et al. 2023. Brain Commun Nurr1: nuclear receptor-related 1; NO: nitric oxide; ROS: reactive oxygen species; RRMS: relapsing -remitting multiple sclerosis; EDSS: Expanded Disability Status Scale
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© Immunic, Inc. | Sep 2026 14 Vidofludimus Calcium Directly Binds to Nurr1 Performed at LMU, Munich, Daniel Merk Nurr1: nuclear receptor-related 1; ΔTM : change in protein melting temperature ΔTM (melting temperature) shifts indicate ligand-Nurr1 interaction Vidofludimus calcium induces a ΔTM shift Vidofludimus Calcium → Binding signal detected I S OT H E R M A L T I T R AT I O N C A L O R I M E T R Y D I F F E R E N T I A L S C A N N I N G F L U O R I M E T R Y I T C D S F
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© Immunic, Inc. | Sep 2026 15 Nurr1-Associated Gene Expression by Vidofludimus Calcium Performed at LMU, Munich, Daniel Merk and City of Hope, USA, Zuoming Sun Nurr1: nuclear receptor-related 1; TH: tyrosine hydroxylase; VMAT2: vesicular monoamine transporter 2; T98G: human astrocyte -like glial tumor cells; HMC3: human microglial cell line; N2A: murine neuronal model Vidofludimus calcium increased expression of selected Nurr1-regulated genes involved in neuronal function in different cell types.
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© Immunic, Inc. | Sep 2026 16 Vidofludimus Calcium Improved Neuronal Survival and Reduced Injury Under Apoptotic Stress (TNFα+CHX Model) Performed at City of Hope, USA, Zuoming Sun TNF: tumor necrosis factor; CHX: cycloheximide; SH -SY5Y: human neuroblastoma line; NfL: neurofilament light chain Vidofludimus calcium was associated with improved neuronal survival and reduced NfL release under apoptotic stress in N2A cells. Neuronal survival Neuronal injury marker (NfL) → TNF⍺+CHX Vido →
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© Immunic, Inc. | Sep 2026 17 Vidofludimus-Associated Improved Neuronal Survival Requires Nurr1 Performed at City of Hope, USA, Zuoming Sun; vidofludimus 1 uM / Nurr1: nuclear receptor-related 1; TNF: tumor necrosis factor; CHX: cycloheximide; 6 -OHDA: 6-hydroxydopamine; NonT: non-targeted control; sgNurr1: single-guide RNA targeting Nurr1/Nr4a2; KO: kock-out; CRISPR: clustered regularly interspaced short palindromic repeats; SH -SY5Y: human neuroblastoma line CRISPR-mediated Nurr1 knockout abolished the neuronal survival benefit of vidofludimus calcium under different models of apoptosis in SH-SY5Y line. Control Nurr1 KO Control Nurr1 KO 6 - O H D AT N F⍺ + C H X
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© Immunic, Inc. | Sep 2026 18 Vidofludimus Calcium Increased Neuronal Viability Under Neuroinflammatory Condition (Neuron-Microglia Co-Culture) Performed at City of Hope, USA, Zuoming Sun LPS: lipopolysaccharide; IFN: interferon; SH -SY5Y: human neuroblastoma line Vidofludimus calcium was associated with increased neuronal viability in inflammatory co-culture. Neuron-microglia co-culture Neurons alone control → LPS+IFNg Vido →
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© Immunic, Inc. | Sep 2026 19 Vidofludimus Calcium Reduced Disease Severity in EAE Performed at City of Hope, USA, Zuoming Sun EAE: experimental autoimmune encephalomyelitis Vidofludimus calcium reduced clinical disease severity in both prophylactic and therapeutic EAE models. Vehicle Vido 150 mg/kg Prophylactic Prophylactic Therapeutic
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© Immunic, Inc. | Sep 2026 20 Vidofludimus Calcium Modulated Nurr1-Related Gene Expression in CNS Performed at City of Hope, USA, Zuoming Sun / Nurr1: nuclear receptor-related 1; CNS: central nervous system; Nr4a2: nuclear receptor 4A2, TH: tyrosine hydroxylase; SO D1: superoxide dismutase 1; Cox5b: cytochrome c oxidase subunit 5B; EAE: experimental autoimmune encephalomyelitis Vidofludimus calcium treatment was associated with modulation of Nurr1-related gene expression in CNS tissue, in both prophylactic and therapeutic EAE settings. Vehicle Vido 150 mg/kg B R A I N S P I N A L C O R D
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© Immunic, Inc. | Sep 2026 21 Vidofludimus Calcium Modulated Neurotrophic and Neuroaxonal Markers in EAE Performed at City of Hope, USA, Zuoming Sun * Data from therapeutic study are shown. Similar results were found in the prophylactic setting. EAE: experimental autoimmune encephalomyelitis; BDNF: brain -derived neurotrophic factor; NfL: neurofilament light chain Vidofludimus calcium treatment was associated with increased plasma BDNF and reduced NfL levels in both prophylactic and therapeutic settings.* Vehicle Vido 150 mg/kg N F LB D N F
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© Immunic, Inc. | Sep 2026 22 I S OT H E R M A L T I T R AT I O N C A L O R I M E T R Y D I F F E R E N T I A L S C A N N I N G F L U O R I M E T R Y I T C D S F Is Every DHODH Inhibitor a Nurr1 Agonist? – NO! Performed at LMU, Munich, Daniel Merk; vidofludimus calcium, 1568 and 2054 (Immunic Nurr1 agonists), teriflunomide (DHODH inhibitor, approved as Aubagio® in MS), 4A7C301 (Nurr1 agonist, µM activity) DHODH: dihydroorotate dehydrogenase; Nurr1: nuclear receptor related 1; ΔTM : change in protein melting temperature; DSMO: dimethyl sulfoxide Vidofludimus Calcium → Binding signal detected Teriflunomide → No measurable binding ΔTM (melting temperature) shifts indicate ligand-Nurr1 interaction Vidofludimus calcium induces a ΔTM shift; teriflunomide does not
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© Immunic, Inc. | Sep 2026 23 Vidofludimus Calcium Improved Neuronal Survival Under Apoptotic Stress, Whereas Teriflunomide Did Not Performed at City of Hope, USA, Zuoming Sun TNF: tumor necrosis factor; CHX: cycloheximide In this test system, teriflunomide did not significantly improve survival of neuronal cells.
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© Immunic, Inc. | Sep 2026 24 Neurons Microglia Vidofludimus Calcium: Nurr1 Activation and Selective DHODH Inhibition Nurr1: nuclear receptor related 1; DHODH: dihydroorotate dehydrogenase; EBV: Epstein -Barr virus Reducing neurotoxic microglial activation Improving survival of neurons Targeting metabolically active T & B cells Direct Nurr1 Activation B & T cells Inhibition of EBV-associated B-cell responses Selective DHODH Inhibition
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Ongoing Phase 3 ENSURE Program of Vidofludimus Calcium in Relapsing MS Michael A. Panzara, MD, MPH I Chief Medical Officer
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© Immunic, Inc. | Sep 2026 26 Vidofludimus Calcium in Relapsing MS: Even with 20+ Approved DMTs, Significant Unmet Needs Exist Relapsing MS ~400K Diagnosed Patients in the U.S.1,2 › High unmet needs remain despite numerous approved therapies, particularly for preventing disability progression or improving symptoms. › Physicians continue to seek differentiated oral therapies with a favorable profile of benefit/risk and convenience. › Even with a multitude of options, ~30-35% of diagnosed patients are currently not treated with a DMT.1,2 › MS treatment is dynamic, with physicians routinely switching therapies based upon profile, changing needs over patient journey. 1. Multiple Sclerosis Disease Landscape and Forecast Research Report by Decision Resources Group Part of Clarivate; 2. Immuni c analysis; Quotes and image: National MS Society Voice of the Patient Report 2026 MS: multiple sclerosis; DMT: disease -modifying therapy; NDA: New Drug Application; IDMC: Independent Data Monitoring Committee “ I was disappointed when I was told I was now too old to continue with any of these drugs, and I now feel lost.” “ At 69, my focus is on whether it's time to stop. Some sources say that the MS has quieted at this age, but I'm afraid to stop if the drug is still working.” “ The shift from a predictable twice-a-day pill to a DMT that requires pretreatment protocols and travel to an infusion site has changed my life this year . After being mostly symptom-free since I was diagnosed, l've not felt good since the day of my first infusion.” “ Fatigue and cognitive issues are my greatest struggle I have a cousin with MS who has more mobility issues and isn’t able to leave her house. While our two versions of MS look different to the outside world, there’s a huge weight that we both carry. I’m here to fight for us both.”
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© Immunic, Inc. | Sep 2026 27© Immunic, Inc. | Sep 2026 27 Current DMTs Target Inflammation, None Stop/Reverse Disability Accumulation 20+ Therapies Exist for Relapsing MS, None Adequately Address the Neurodegeneration Driving Progression Graphic adapted from Kretzschmar A., Symposium MSVirtual2020 / 8th Joint ACTRIMS -ECTRIMS Meeting and REVIEW article, Front. Immu nol., 29 November 2023, Sec. Multiple Sclerosis and Neuroimmunology, Volume 14 – 2023 / MS: multiple sclerosis; DMT: disease-modifying therapy; EDSS: Expanded Disability Status Scale; Nurr1: nuclear receptor-related-1; DHODH: dihydroorotate dehydrogenase; MRI: magnetic resonance imaging EDSS Disease Trajectory Over Time Future MS therapies should address both acute inflammatory activity and the mechanisms driving progression, while maintaining favorable safety and tolerability profiles to facilitate long-term use. Disability DHODH inhibition Nurr1 activation Time focal inflammation PIRA (progression independent of relapse activity) RAW (relapse-associated worsening) Relapse-Associated Worsening (RAW): Inflammatory attacks drive acute MRI lesions and episodic disability worsening. 20+ approved disease-modifying therapies potentially address this component. Progression Independent of Relapse Activity (PIRA): Neurodegeneration accumulates continuously, even in patients with no relapses and inactive MRIs, driving long-term disability and impacting quality of life. 1–2Minimal signs Fully ambulatory 7–8Wheelchair restricted 5–6Walking impaired Requires aid at 6.0 3–4Moderate disability Walking unimpaired 9–10Bedridden / Death from MS
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© Immunic, Inc. | Sep 2026 28 EMPhASIS: Strong Efficacy, Durable Long-Term Benefit, and Favorable Safety and Tolerability in Relapsing-Remitting MS Fox RJ, et al. Ann Clin Transl Neurol. 2022;9(7):977-987; Fox RJ, et al. Neurol Neuroimmunol Neuroinflamm. 2024;11(3):e200208; ClinicalTrials.gov NCT03846219 MS: multiple sclerosis; RRMS: relapsing -remitting MS; QD: quaque die = once-daily; EDSS: Expanded Disability Status Scale; CUA: combined unique active; MRI: magnetic resonance imaging; Gd+: ga dolinium- enhancing; OLE: open -label extension; R: randomization; D: day; W: week 268 patients in 36 centers across four European countries Double-blind treatment period of 24 weeks ▪ Cohort 1: 30 mg and 45 mg vidofludimus calcium or placebo QD ▪ Cohort 2: 10 mg vidofludimus calcium or placebo QD Key Inclusion Criteria: ▪ Patients aged 18 to 65 years (inclusive) ▪ RRMS according to revised McDonald criteria (2017) ▪ EDSS score between 0 and 4.0 at screening Primary Endpoint: ▪ Cumulative number of CUA MRI lesions on 45 mg dose versus placebo Secondary Endpoints Include: ▪ Cumulative number of CUA MRI lesions on 30 mg, new Gd+ lesions Multicenter , Randomized, Double-Blind, Placebo-Controlled Phase 2 Clinical Trial (NCT03846219) Screening Period Main Treatment Period (Blinded) OLE (optional) Main cohort (cohort 1) 45 mg Vidofludimus Calcium (n=69) 30 mg Vidofludimus Calcium (n=71) Placebo (n=69) Transition to Vidofludimus Calcium (30 or 45 mg) R Sub- cohort (cohort 2) 10 mg Vidofludimus Calcium (n=47) Transition to Vidofludimus Calcium (30 or 45 mg) R R Placebo (n=12) D1 W6 W18W12 MRI every 6 weeks up to 24 weeks Main Analysis
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© Immunic, Inc. | Sep 2026 29© Immunic, Inc. | Sep 2026 29 Robust Reduction in MRI Lesion Activity Over 24 Weeks Primary and Key Secondary Endpoints Both Highly Statistically Significant, Pooled Cohorts 1&2 Reduction in CUA Lesions up to Week 24 Reduction in Gd+ Lesions up to Week 24 0 0 -76% -71% -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 0 1 2 3 4 5 6 7 Placebo 10 mg IMU-838 30 mg IMU-838 45 mg IMU-838 Cumulative CUA Lesions Lesion Reduction in % 0 -13% -78% -74% -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 0 1 2 3 4 5 Placebo 10 mg IMU-838 30 mg IMU-838 45 mg IMU-838 Cumulative Gd+ Lesions Lesion Reduction in % Statistically significant effects on the primary and key secondary endpoints of new CUA lesions (primary 45 mg versus placebo: p=0.0002 / key secondary 30 mg versus placebo: p<0.0001) As Cohort 2 only allowed MRI machines of 1.5T, pooled data of Cohorts 1&2 only include patients that were evaluated at MRI fi eld strength of 1.5 Tesla. Modified full analysis set C1/C2 (N10=47, N30=65, N45=66, NPBO C1=59, NPBO C2=12). Data displayed are as adjusted mean values. Estimates are adjusted for baseline volume of T2 lesions and baseline number of Gd+ lesions (0, >=1) using a generalized linear model with a negative binomial distribution and a logarithmic link function. Log transformation of time from first investigat ional medicinal product (IMP) dose to date of last MRI assessment with non -missing values is used as offset term. / MRI: magnetic resonance imaging; CUA: cumulative unique active, Gd+: gadolinium -enhancing
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© Immunic, Inc. | Sep 2026 301. Reference: Tecfidera® label MS: multiple sclerosis; HR: hazard ratio Encouraging Trend on Risk of Relapse, Despite Study Size and Duration Regulatory alignment and precedent1 for the time to first relapse primary endpoint in relapsing MS Relative risk of relapse reduced by 42% (HR: 0.58, p=0.19) in 30 mg group vs. placebo Apparent onset of effect within 6-8 weeks, increasing over time HR: 0.58 23% 14% Proportion of patients with relapse to Week 24 Time to relapse (days) Patients at risk 68 67 64 64 63 61 61 59 7 2 65 63 62 59 55 53 50 49 1 0 30 mg IMU-838 Placebo . . . .1 . 1 1 1 11 1 1 1 1 1 1 1 1 1 HR: 0.58, p=0.19
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© Immunic, Inc. | Sep 2026 31 Favorable Safety and Tolerability Profile with Similar Incidence to Placebo Any treatment-emergent adverse event 44% 45% 41% Treatment-emergent adverse events occurring in >5% of total patients by preferred term Headache 6% 4% 6% Nasopharyngitis 4% 4% 7% Treatment-emergent adverse events occurring in 2%-5% of total patients by preferred term Upper respiratory tract infection 4% 3% 0% Viral respiratory tract infection 4% 0% 3% Treatment-emergent adverse events occurring in >1 to <2% of total patients by preferred term Back pain 3% 1% 0% ALT (alanine aminotransferase) increase 3% 1% 0% Influenza 3% 0% 1% Liver enzymes elevated 1% 1% 3% Nausea 1% 1% 3% Bronchitis 1% 0% 3% Alopecia 0% 4% 1% Fatigue 0% 3% 3% Rash 0% 3% 3% Cystitis 0% 1% 4% Treatment-emergent adverse events by severity Mild 33% 41% 30% Moderate 12% 16% 23% Severe 1% 0% 0% Serious adverse events 1% 3% 0% Treatment discontinuation for any reason 7% 3% 6% Treatment-emergent adverse events leading to treatment discontinuation 4% 0% 3% Safety and Tolerability Endpoints Placebo Vidofludimus Calcium 30 mg Vidofludimus Calcium 45 mg Key Safety Observations: ▪ No signal for liver injury ▪ No indications of immune or bone marrow suppression ▪ No clear signals of gastrointestinal effects or hair loss ▪ Half-life of 30 hours allows for ease of treatment changes, discontinuations ▪ Part of a safety database of over 3,500 participants exposed to vidofludimus across completed and ongoing studies with maximum exposure >6.5 years Three patients experienced 4 serious adverse events in the vidofludimus calcium 30 mg (n=2) and the placebo group (n=1). They were considered unrelated to treatment: hydronephrosis and ureterolithi asis (vidofludimus calcium 30 mg), open fracture (vidofludimus calcium 30 mg), and squamous cell carcinoma of the cervix (placebo).
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© Immunic, Inc. | Sep 2026 32 Stable low progression rate through 144 weeks consistent with sustained effects potentially through immunomodulatory and neuroprotective pathways Open-Label Extension Phase: High Retention Rate with 92.3% of Patients CDW- Free at 144 Weeks 187 patients evaluated up to Week 144 and included in this CDW analysis ; * as of May 2026 CDW: confirmed disability worsening; OLE: open -label extension At week 144, 92.3% of patients remained free of 12 -week CDW, with 92.7% free of 24 -week CDW Low discontinuation rate with 196 out of 254 patients reaching 144 weeks of OLE treatment and >170 patients still in the OLE phase* Apparent favorable safety and tolerability profile continues 100.0% 98.0% 97.2% 94.6% 93.3% 93.3% 92.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 24 48 72 96 120 144 % Patients Free of 12wCDW Events Weeks of Open-Label Extension Treatment › › ›
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© Immunic, Inc. | Sep 2026 33 Top-line data expected by end of 2026 ▪ A positive readout of the ENSURE trials would pave the way for U.S. NDA submission ▪ Regulatory alignment and precedent 1 for the time to first relapse primary endpoint in relapsing MS ▪ Positive interim analysis in October 2024: Unblinded IDMC recommended continuing trial without changes, including no need sam ple-size expansion ENSURE Phase 3: Two Fully Enrolled Pivotal Trials Designed to Confirm Immunomodulatory Effects Specifically Through Relapse Reduction 1. Reference: Tecfidera® label / MS: multiple sclerosis; MRI: magnetic resonance imaging; Gd+: gadolinium -enhancing; ARR: annualized relapse rate; CDI; confirmed disability improvement; CDW: confirmed disability worsening; OLE: open -label extension; QD: quaque die = once-daily; R: randomization; D: day; W: week; NDA: New Drug Application; IDMC: Independent Data Monitoring Committee Randomized, Double -Blind, Placebo -Controlled Trials (NCT05134441 & NCT05201638) ▪ More than 100 sites in 15 countries ▪ Approx. 1,100 relapsing MS patients randomized 1:1 in each trial (total N=2,221) Endpoints Primary: ▪ Time to first relapse (i.e., relative risk reduction) Key Secondary Include: ▪ New and/or enlarging T2 MRI lesions, Gd+ T1 MRI lesions, ARR, time to CDI (pooled), time to CDW (pooled) Rescue with active treatment post -relapse included to assure patient safety, however , rescue further reduces likelihood of seeing effects on disability endpoints Screening Period Main Treatment Period (Blinded) OLE (optional) Vidofludimus Calcium 30 mg QD Placebo R ENSURE-1: N=1,121 1st relapse → may switch to active Vidofludimus Calcium 30 mg QD Vidofludimus Calcium 30 mg QD Placebo R 1st relapse → may switch to active Vidofludimus Calcium 30 mg QD ENSURE-2: N=1,100 D0 W24 W48 W72 up to 8 years
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© Immunic, Inc. | Sep 2026 34 Countries and Inclusion/Exclusion Criteria of ENSURE Selected to Enable Recruitment of Early, Active Patient Population Into Placebo Controlled Trials 1. Revised McDonald criteria 20 17: Thompson AJ, et al. Lancet Neurol. 20 18;17 (2):162-173; 2. Confirmed relapsing MS as defined by 1996 Lublin criteria: Lublin FD , Reingold SC. Neurology. 1996;46(4):907-911; 3. Active disease as defined by Lublin 2014: Lublin FD , Eur Neurol. 2014;72 Suppl 1:1-5; 4. Internal data as of September 2026 / MS: multiple sclerosis; SPMS: secondary progressive MS; PPMS: primary progressive MS; EDSS: Expanded Disability Status Scale Key Inclusion Criteria ▪ Patients aged 18 to 55 years ▪ Diagnosis of relapsing MS 1,2 ▪ Active disease as defined by Lublin 2014 3 ▪ EDSS score at screening between 0 to 5.5 Key Exclusion Criteria ▪ Patients with non -active SPMS and PPMS ▪ Concomitant use of MS treatments or prior use without adequate washout ▪ History of liver or renal impairment ▪ Clinically significant medical illness or laboratory abnormalities Distribution of Clinical Trial Sites4 Albania 2 Algeria 3 Bulgaria 23 Georgia 10 India 7Jordan 4 Le banon 2Lithuania 1 North Mace donia 1 Mexico 9 Moldova 3 Russia 11 Montenegro 2 Ukraine 14 Unite d States 6 ENSURE-1: Number of Active Sites Total = 98 Arme nia 3 Bosnia 4 Estonia 1 Germany 1 India 6 Peru 1 Poland 10 Romania 3 Russia 25 Serbia 11 Turkey 12 Ukraine 17 Unite d Kingdom 1 Unite d States 2 ENSURE-2: Number of Active Sites Total = 97
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© Immunic, Inc. | Sep 2026 35 Recruited Patients in ENSURE Similar to Population Recruited into EMPhASIS Total of 2,221 Enrolled Patients, Nearly 50% Received Prior MS Treatment 1. Internal data as of February 2026; 2. As Cohort 2 only allowed MRI machines of 1.5T, pooled data of Cohorts 1&2 only inclu de patients that were evaluated at MRI field strength of 1.5T. MS: multiple sclerosis; RRMS: relapsing -remitting MS; aSPMS: active secondary progressive MS; EDSS: Expanded Disability Status Scale; SD: standard deviation ENSURE Baseline Patient Characteristics1 ENSURE-1 (N=1,121) ENSURE-2 (N=1,100) Mean age (SD), years 37.9 (9.28) 37.6 (9.25) Female 65.2% 67.9% Male 34.8% 32.1% Baseline EDSS <=2.5 43.3% 54.5% Baseline EDSS >2.5 56.7% 45.5% Received prior treatment 46.4% 48.9% Disease subtypes at baseline RRMS: 96.7% aSPMS: 3.2% RRMS: 96.6% aSPMS: 3.3% EMPhASIS Baseline Patient Characteristics EMPhASIS (N=249) 2 Mean age (SD), years 36.9 (8.9) Female 66.7% Male 33.3% Baseline EDSS <=2.5 52.2% Baseline EDSS >2.5 47.8% Received prior treatment 59.8%
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© Immunic, Inc. | Sep 2026 36 Primary and Secondary Endpoints Selected to Ensure Robust Assessment of Clinical and Imaging Outcomes Meaningful to People with MS CDI: confirmed disability improvement; CDW: confirmed disability worsening; PIRA: progression independent of relapse activity Net Clinical Benefit Time to 12-Week CDI Time to 12-Week CDW Low-Contrast Visual Acuity (LCVA) 2.5% No Evidence of Disease Activity (NEDA) 3 Time to 12-Week CDW PIRA Modified Fatigue Impact Scale (MFIS) Pooled ENSURE Trials Primary Endpoint Time to First Relapse (TTFR) T2 Lesions (Week 48) Annualized Relapse Rate (ARR, Week 72) Gadolinium-Enhancing (Gd+) Lesions (Week 24) ENSURE-1 Time to First Relapse (TTFR) T2 Lesions (Week 48) Gadolinium-Enhancing (Gd+) Lesions (Week 24) Annualized Relapse Rate (ARR, Week 72) ENSURE-2 Primary Endpoint “ I hope to see different kinds of MS drugs: ones that stop the progression, ones that restore lost function, and ones that address the underlying pathology of the disease. These developments would not only bring relief, but also real hope for the future.” “ l've been on the same DMT for 11 years and I'm fortunate that it seems to be preventing relapses. I'm taking it to keep me from getting sicker , yet it's making me more fatigued, I get hot flashes at least a few times a week, and experience other side effects. These medications that should be helping us shouldn't be making us more uncomfortable in our day-to-day lives.” “ Fatigue is something I constantly have, but when all the other symptoms start to trip me up, fatigue is always there to make it that much worse.” “ My biggest concern is continued progression that will further limit my life. I can no longer drive due to vision issues. What happens if my spouse is no longer around to drive when needed?”
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© Immunic, Inc. | Sep 2026 37 Vidofludimus Calcium in Relapsing MS: Targeted NDA Submission Driven by Near-Term Pivotal Readouts Phase 3 ENSURE Development Largely De-Risked Clear Path to Regulatory Submission Upon Positive Outcome 1. Reference: Tecfidera® label MS: multiple sclerosis; NDA: New Drug Application Robust Phase 2 EMPhASIS Results on Inflammatory Endpoints › › › 37 Regulatory alignment and precedent1 for the time to first relapse primary endpoint in relapsing MS NDA submission in the U.S. targeted for mid-2027, followed by potential U.S. regulatory approval in 2028 Fully enrolled Phase 3 ENSURE-1 and ENSURE-2 trials with top-line data expected by year-end 2026
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Expert Talk: Stephen Krieger, MD, FAAN Department of Neurology, Icahn School of Medicine, The Mount Sinai Hospital
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Positioning and Commercial Opportunity for Vidofludimus Calcium in Relapsing MS Jason Tardio I President & Chief Operating Officer
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© Immunic, Inc. | Sep 2026 40 Even With 20+ Approved Therapies, Significant Unmet Needs Remain in Relapsing MS PIRA1,2 Improved T olerability3,5,6Better Safety3,4 ▪ PIRA begins early in relapsing MS and becomes an increasingly important driver of disability over time ▪ PIRA is the dominant driver of disability accumulation as MS progresses, based on an analysis of ~35,000 clinical trial participants ▪ PIRA persists despite strong relapse control: ~90% of confirmed disability accumulation in pooled trial of an anti - CD20 was attributable to PIRA ▪ Many DMTs carry meaningful safety trade-offs, including serious infections, malignancy concerns and laboratory abnormalities ▪ Long-term anti-CD20 therapy can increase immune -related risks, including hypogammaglobulinemia and infections ▪ Safety becomes increasingly important with age as immunosenescence and comorbidities shift the benefit -risk equation ▪ Tolerability is a top patient priority when selecting an MS therapy ▪ Side effects are a major driver of discontinuation: 46.9% of fingolimod and 67.8% of dimethyl fumarate discontinuations in one real -world study ▪ Poor tolerability can undermine persistence, making switching necessary even when a therapy is effective 1. Lublin FD, et al. Brain. 2022;145:3147-3161; 2. Kappos L, et al. JAMA Neurol. 2020;77:1132-1140; 3. Rae-Grant A, et al. Neurology. 2018;90:777-788; 4. Elgenidy A, et al. Front Neurol. 2024;15:1380654; 5. Kremer IEH, et al. Mult Scler Relat Disord. 2020;39:101929; 6. Wicks P, et al. BMC Res Notes. 2016;9:434 / MS: multiple sclerosis; PIRA: progression independent of rel apse activity; DMT: disease-modifying therapy
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© Immunic, Inc. | Sep 2026 41 The U.S. Relapsing MS Market is Large, Continues to Grow, and Oral DMTs Remain a Sizable Class Sales numbers in G7 countries (U.S., UK, Canada, Japan, Germany, France, Italy) in USD billion; Multiple Sclerosis Landscape and Forecast by Decision Resources Group Part of Clarivate; 1. Company public filings; 2. IQVIA TRx market share - IQVIA SMART / MS: multiple sclerosis; DMT: disease -modifying therapy; CAGR: compound annual growth rate; mAbs: monoclonal antibodies Total U.S. Relapsing MS Patient Share by Class2 51% anti-CD20 28% Orals 13% Platform injectables 8% Other high-efficacy mAbs 2025 ~$17B ~$25B ~7% CAGR 2026 2032
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© Immunic, Inc. | Sep 2026 42 THE RELAPSING MS PATIENT JOURNEY CREATES MULTIPLE TREATMENT DECISION POINTS Switching is a feature of MS care2,3,4 No single DMT optimizes every attribute for every patient at every stage; treatment priorities can change over decades Opportunity for vidofludimus calcium to compete for the right patient at multiple points across the relapsing MS journey Not a Winner Take All Market: Dynamic with ~90K U.S. Patients Making a Treatment Decision Each Year, with Another ~125K Currently Untreated relapsing MS patients initiate therapy each year1~45K prescriptions for patients switching therapy each year1 diagnosed relapsing MS patients currently untreated1 ~45K ~125K 01 I N I T I A T E Newly diagnosed or first DMT 02 S W I T C H Breakthrough disease or inadequate response2,3 03 Tolerability, safety or convenience2,3 04 E V O L V E De-escalation / older age4 S W I T C H 1. Decision Resources Group (DRG), part of Clarivate. U.S. Multiple Sclerosis Market Assessment, 2026; 2. Kalincik T, et al. Front Neurol. 2021;12:647811; 3. Rae-Grant A, et al. Neurology. 2018;90:777-788; 4. Dersch RS, et al. Neurol Neuroimmunol Neuroinflamm. 2026;13(5):e200621 / MS: multiple sclerosis; DMT: disease-modifying therapy
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© Immunic, Inc. | Sep 2026 43 MS Treatment Is Highly Personalized for Each Patient and Influenced by Both Patient Preference and MS Treatment Philosophies by HCPs 1. Syneos Health Analysis: 2026 Market Landscape Assessment for Vidofludimus Calcium in Multiple Sclerosis; 2. ZS Associates Market Research MS: multiple sclerosis; HCP: Health Care Professional; APP: Advanced Practice Provider Personalized by Patient Characteristics1,2 Disease Severity Age / Immunity Status Preferred Route of Administration Risk T olerance Vidofludimus Calcium may help to meet individual patient needs and diverse the MS prescribing community to tailor the engagement strategy and activate stakeholders. MS Treaters Are Highly Heterogeneous with Diverse Treatment Philosophies and Prescribing Behaviors1,2 Specialty Practice Setting Accounts vs. community Escalation vs induction paradigm General neurologists, MS specialists, APPs Treatment Approach
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© Immunic, Inc. | Sep 2026 44 HCPs Weigh the Overall Benefit-Risk Profile When Selecting DMTs, with Safety the Most Important Product Attribute Bandari D, et al., J Med Econ. 2023 Jan-Dec;26(1):1507-1518 HCP: Health Care Professional; DMT: disease -modifying therapy; GI: gastrointestinal Direct assessment of product attribute importance by HCPs rating on a 9 -point scale TREATMENT ATTRIBUTES THAT ARE MOST IMPORTANT TO HCPs
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© Immunic, Inc. | Sep 2026 45 Patients Also Weigh the Overall Benefit-Risk Profile, with Side Effects as the Top Driver of Selection García-Domínguez JM, Muñoz D, Comellas M, Gonzalbo I, Lizán L, Polanco Sánchez C. Patient Prefer Adherence. 2016;10:1945–1956 TREATMENT ATTRIBUTES THAT ARE MOST IMPORTANT TO PATIENTS 14.3% 1.0% 19.4% 51.4% 11.5% 2.3% 0 10 20 30 40 50 60 Mode and frequency of administration Prevent relapses Delay progression Side effects Daily life affectation Treatment follow-up % relative importance
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© Immunic, Inc. | Sep 2026 46HCP: Health Care Professional; DMT: disease -modifying therapy; AE: adverse event; GI: gastrointestinal; Nurr1: nuclear receptor related 1; DHODH: dihydroorotate dehydrogenase Neuroprotection/Anti-inflammation Combines neuroprotective effects through Nurr1 activation with anti-inflammatory effects by selectively inhibiting DHODH Safety Potentially reduces key safety concerns associated with currently marketed DMTs, including hepatotoxicity, serious infections, and lymphopenia Oral Convenience Oral administration simplifies treatment for patients, HCPs and offices while supporting long-term adherence Tolerability Favorable tolerability profile to date, with low AE-related discontinuation rates and without prominent GI, flushing or alopecia - related tolerability issues seen with some marketed DMTs Vidofludimus Calcium's differentiation will be driven by the totality of evidence across its dual mode of action, efficacy, safety, tolerability, and convenience profile. Combines neuroprotective effects, through its mechanism as a first-in- class Nurr1 activator with additional anti-inflammatory effects by selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH) Vidofludimus Calcium Is Targeted to Deliver the Optimal Balance of the Treatment Attributes That Matter Most to Patients and HCPs
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© Immunic, Inc. | Sep 2026 47 Vidofludimus Calcium Could Address Several Large, Underserved Relapsing MS Patient Segments 1. Estimates based on data from claims analysis representing a snapshot of the total U.S. relapsing MS population; 2. Discont inuation defined as no further treatment claims for 360 days following the last observed prescription activity / MS: multiple sclerosis; HCP: Health Care Professional; DMT: disease -modifying therapy Patients seeking convenience, flexibility and avoidance of infusion or injection burden Older patients with more comorbidities and a shifting risk-benefit profile Patients discontinuing an anti-CD20 due to cumulative safety or tolerability concerns Relapsing MS Patients who initiate treatment ▪ A favorable risk-benefit profile is a key driver of treatment preference among patients and HCPs ▪ 3 key patient segments remain underserved by current therapies with high monitoring burden or tolerability limitations ▪ Vidofludimus calcium is well positioned to address these unmet needs as a more tolerable, lower-burden treatment option Patients sequencing from anti-CD20s Older Individuals with relapsing MS Patients who Prefer Oral DMTs ~100K relapsing MS patients are currently treated with oral DMTs1 ~40K relapsing MS patients switch away from anti-CD20s1 ~22K relapsing MS patients discontinue from anti-CD20s1,2 ~185K relapsing MS patients currently treated are aged 55+1 Addressable Patient Segments for Vidofludimus Calcium Size of OpportunityTreated Relapsing MS Patients
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© Immunic, Inc. | Sep 2026 48 ~25% of relapsing MS patients start on an oral DMT ~100K relapsing MS patients are currently treated with an oral DMT An effective, safe and well-tolerated treatment could support adherence and long-term disease management particularly for patients with needle aversion, busy lifestyles or limited access to infusion centers ~30% of relapsing MS patients starting on an oral DMT will discontinue within one year2,3 Vidofludimus Calcium May Offer an Effective, Safe and Well-Tolerated Oral Option That Can Support Adherence and Long-Term Disease Management 1. Size of oral market estimated based on 2025 annual sales for Oral DMTs and accounting for 60% market share from generics b ased on claims data analysis; 2. Estimates based on claims data representing a snapshot of the U.S. relapsing MS population; 3. Discontinuation defined as no further treatment claims for 360 days following the las t observed prescription activity / MS: multiple sclerosis; DMT: disease-modifying therapy Vidofludimus calcium has the opportunity to play across the oral market for patients who prefer oral therapies, including within-class switchers and patients discontinuing initial oral DMT.
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© Immunic, Inc. | Sep 2026 49 Vidofludimus Calcium May Offer a Non-Immunosuppressant DMT for Anti- CD20 Patients Who Cannot Tolerate Anti-CD20 or Need to Sequence Away 1. Estimates based on claims data representing a snapshot of the U.S. relapsing MS population; 2. Discontinuation defined as no further treatment claims for 360 days following the last observed prescription activity; 3. Assumes ~ 10% anticipated use of VC in this patient segment based on preliminary qualitative U.S. neurologist in terviews / MS: multiple sclerosis; DMT: disease-modifying therapy ~15% of anti-CD20 patients will discontinue within one year1,2 ~18% of anti-CD20 patients switch away from an anti-CD201 ~15% of anti-CD20 patients use extended interval dosing1 ~22K patients discontinue from anti-CD20s ~40K patients switch away from anti-CD20s annually ~33K of relapsing MS patients are currently using alternative dosing schedules to reduce infection risk Anti-CD20s are widely used in relapsing MS patients but can be associated with high infection risk Patients require follow-on therapies maintaining disease control without compromising immune function Patients discontinuing anti- CD20s may restart treatment if a lower-burden option is available for durable disease control Vidofludimus calcium offers a potentially safe and effective follow-on option that preserves disease control without further compromising immune defense.
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© Immunic, Inc. | Sep 2026 50 Vidofludimus Calcium May Offer a Differentiated Option for Older Relapsing MS Patients as Age-Related Safety Considerations Reshape Treatment Priorities 1. Based on claims data analysis that includes calculation applying a lower treatment rate in the 55+ population; 2. Assumes ~ 15% anticipated use of VC in this patient segment based on 12 preliminary qualitative U.S. neurologist interviews / MS: multiple sclerosis ~185K of currently treated relapsing MS patients are aged >55+1 A therapy that maintains disease control while limiting broad immunosuppression could provide a safety net for older clinically stable patients Although inflammatory activity may decline with age, incomplete relapse recovery can drive cumulative disability, reinforcing the need for ongoing disease control ~47% of relapsing MS patients are aged 55+ In older relapsing MS patients, immunosenescence and comorbidities can increase infection risk and reduce the suitability of prolonged high-efficacy immunosuppressive treatment ~15% of relapsing MS patients aged 55+ are on teriflunomide Vidofludimus calcium provides a lower-burden treatment option for older, clinically stable relapsing MS patients who remain vulnerable to disability progression and still require relapse protection.
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© Immunic, Inc. | Sep 2026 51 Key Takeaways: Vidofludimus Calcium Has the Potential to Address Significant Opportunities in Relapsing MS Sales numbers in G7 countries (U.S., UK, Canada, Japan, Germany, France, Italy) in USD billion; Multiple Scleros is Landscape and Forecast by Decision Resource s Group Part of Clarivate; Company public filings; IQVIA TRx marke t s hare - IQVIA SMART; Kalincik T, et al. Front Neurol. 2021 ;12:647811 ; Rae-Grant A, et al. Neurology. 2018 ;90:777 -788; Dersch RS, et al. Ne urol Ne uroimmunol Ne uroinflamm. 2026 ;13(5):e200 62; Lublin FD, et al. Brain. 2022;145:3 147 -3161 ; Kappos L, et al. JAMA Neurol. 202 0;77:1132 -1140 ; Rae-Grant A, et al. Neurology. 2018 ;90:7 77-788; Elgenidy A, et al. Front Neurol. 2024;15:13 80654; Kremer IEH, et al. Mult Scler Relat Disord . 2020 ;39:1 01929; Wicks P, et al. BMC Res Notes . 2 016;9 :434; Bandari D , et al., J Med Econ. 2023 Jan-Dec;26(1):150 7-1518 ; Garcia-Domínguez JM, Muñoz D, Comellas M, Gonzalbo I, Lizán L, Polanco Sánchez C. Patie nt Prefer Adhere nce . 2016;1 0:194 5–1956 / MS: multiple scle rosis; DMT: dis ease-modifying therapy; PIRA: p rogres sion independe nt of re lapse activity; Nurr1 : nuclear rece ptor related 1; D HOD H: dihydroorotate dehydrogenase ; HCP: Heal th Care Profess ional LARGE AND GROWING MARKET The U.S. relapsing MS market is ~$17B today and projected to reach ~$25B by 2032, with oral DMTs remaining a significant treatment class NOT A WINNER -TAKE-ALL MARKET Patients initiate, switch and evolve therapy throughout their disease journey, creating multiple opportunities for a differentiated new therapy to compete SIGNIFICANT UNMET NEED REMAINS Despite 20+ approved therapies, important unmet needs persist— particularly PIRA/disability progression, better safety and improved tolerability BENEFIT-RISK DRIVES CHOICE Treatment decisions are not based on efficacy alone: safety is the highest-rated attribute for HCPs, while side effects are the leading consideration for patients DIFFERENTIATED VIDOFLUDIMUS CALCIUM PROFILE Vidofludimus calcium combines Nurr1-mediated neuroprotective effects and DHODH-mediated anti-inflammatory effects with oral convenience and a potentially favorable safety/tolerability profile MUL TIPLE PATHS TO ADOPTION Potential opportunity spans patients who prefer oral DMTs, patients sequencing from anti-CD20 therapy, and older relapsing MS patients whose benefit-risk priorities evolve with age If approved for relapsing MS, vidofludimus calcium could capture meaningful sales in the $17B+ U.S. market 1 2 3 5 4 6
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Outlook: Upcoming Milestones for Vidofludimus Calcium in MS Erik Lundgren I Chief Executive Officer
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© Immunic, Inc. | Sep 2026 53 Multi-Layered Intellectual Property (IP) Strategy Approach Exclusivity for Vidofludimus Expected up to 2044 in the US Multi-layered IP strategy approach with 10 independent patent families to effectively protect vidofludimus (free acid and salts) with Orange Book listable patents up to 2044 in the US, or even beyond Main IP value driver is a smart two-fold approach to protect vidofludimus via composition-of-matter patents on the one hand and indication as well as method-of-treatment patents on the other hand, supplemented by additional layers of protection such as dose strength and formulation patents Two main pillars are: ▪ Calcium salt and calcium polymorph patent covering the stable, crystalline polymorphic form, which is the only polymorph in the developed drug product ▪ Broad dosing regimens patent directed to the safety and label relevant dosing regimen of vidofludimus in all (salt) forms; this titration scheme was part of every safety testing and therefore thisregimens patent cannot be avoided
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© Immunic, Inc. | Sep 2026 54 Value Creation Roadmap Multiple Catalysts Through 2030 MS: multiple sclerosis; NDA: New Drug Application 2H 2026 2027 2028 Top-line data expected by end of 2026 Targeted relapsing MS NDA submission in mid-2027 Potential relapsing MS U.S. regulatory approval in 2028 Progressive MS Phase 3 initiation expected later in 2026 Relapsing MS ENSURE-1 and ENSURE-2 Progressive MS CALLIPER and Phase 3 Trial
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© Immunic, Inc. | Sep 2026 55© Immunic, Inc. | Sep 2026 55 NASDAQ: IMUX – leadership team with proven track record in MS drug development and commercialization – intellectual property protection expected up to 2044 in the U.S. – funding expected into late 2027 Building a Leading MS Company: A Phased Commercial Strategy U.S. Relapsing MS Opportunity to Build a Profitable, Fully Integrated Commercial Organization Serves as Platform for Long-Term Global Leadership in MS Launch a differentiated oral DMT into the U.S. relapsing MS market while establishing Immunic as a fully integrated commercial biotechnology company Commercial success in relapsing MS funds continued pipeline and data generating investments while strengthening commercial capabilities and organizational scale Capture a substantially larger market opportunity through expansion into progressive MS (long-term market estimated up to $12B1) reinforcing Immunic's position as a leading global MS company BUILD THE COMMERCIAL FOUNDATION (2026-2028) SCALE & GENERATE CASH FLOW (2028-2032) BECOME A GLOBAL MS LEADER (2032+) 1. Immunic estimate based on reported prevalence and assumed future pricing of DMTs for progressive MS MS: multiple sclerosis; DMT: disease -modifying therapy
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Sneak Preview: Virtual Progressive MS R&D Day November 5, 2026 12:30 pm ET
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Q&A Session
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© Immunic, Inc. | Sep 2026 58 Thank you! Immunic, Inc. 1200 Avenue of the Americas New York, NY 10036 USA Immunic AG Lochhamer Schlag 21 82166 Gräfelfing (Munich) Germany Immunic Australia Pty. Ltd. Melbourne Australia Jessica Breu Vice President Investor Relations & Communications Phone: +1-332-255-9819 Email: ir@imux.com Web: www.imux.com © Immunic, Inc. | Sep 2026 58