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© Immunic, Inc. | Oct 2026 1 Investor Overview NASDAQ: IMUX October 2026
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© Immunic, Inc. | Oct 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. | Oct 2026 3*as of January 2026 1. Multiple Sclerosis Disease Landscape and Forecast Research Report by Decision Resources Group Part of Clarivate MS: multiple sclerosis; Nurr1: nuclear receptor -related-1; DHODH: dihydroorotate dehydrogenase; NDA: New Drug Application Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company Advancing a Potentially Differentiated Oral MS Therapy to Address High Unmet Needs with Near-Term Blockbuster Potential in Relapsing MS and Significant Upside Potential in Progressive MS L e a d A s s e t Vidofludimus Calcium (IMU-838) Oral therapy that combines direct Nurr1 activation with selective DHODH inhibition addressing both the neurodegenerative and inflammatory mechanisms underlying disability progression inrelapsing and progressive MS Near-Term Value Inflection in Relapsing MS Fully enrolled Phase 3 ENSURE-1 and ENSURE-2 trials with top-line data expected by year-end 2026 NDA submission in the U.S. targeted for mid-2027, followed by potential U.S. regulatory approval in 2028 Relapsing MS represents potential blockbuster commercial opportunity, with ~90,000 patients actively seeking new treatment annually in the U.S.1 Expansion Opportunity in Progressive MS Phase 2 CALLIPER data showed numerical reductions in disability worsening and signals for disability improvement Supporting plans for a future Phase 3 progressive MS program Emerging therapies could make progressive MS the fastest-growing MS segment Favorable Safety and Tolerability Profile to Date Safety and tolerability profile supports long-term treatment adherence and competitive positioning within the oral MS treatment landscape >3,500 patients* treated to date with more than 6.5 years of continuous exposure Financial Overview 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
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© Immunic, Inc. | Oct 2026 4 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. | Oct 2026 5 Leadership Team with Established Multiple Sclerosis Development and Commercialization Experience Board of Directors: Michael W. Bonney (Chair) Jon Congleton · Erik Lundgren, MBA (CEO) · Thor Nagel · Jörg Neermann, PhD · Barclay Phillips · Elena Ridloff, CFA · Richard Rudick, MD · Simona Skerjanec, M.Pharm, MBA Erik Lundgren, MBA Chief Executive Officer Hella Kohlhof, PhD Co-Founder & Chief Scientific Officer Jason Tardio, MBA President & Chief Operating Officer Inderpal Singh General Counsel Michael A. Panzara, MD, MPH Chief Medical Officer Patrick Walsh Chief Business Officer Werner Gladdines Chief Development Officer Chitrang Davé Chief Data and Digital Officer Glenn Whaley , CPA Chief Financial Officer Jaa Roberson Chief People Officer
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© Immunic, Inc. | Oct 2026 6 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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© Immunic, Inc. | Oct 2026 7© Immunic, Inc. | Oct 2026 7 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. | Oct 2026 8 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 Primarily impacting PIRA Primarily impacting RAW
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© Immunic, Inc. | Oct 2026 9© Immunic, Inc. | Oct 2026 9 The ideal therapy would address both the relapsing and progressive components of the disease simultaneously while offering a better benefit/risk profile versus current therapies. Key Unmet Needs Remain in Relapsing and Progressive MS: The Next Generation of MS Treatments Must Move Beyond Relapse Control 1. Ingwersen J, Masanneck L, Pawlitzki M, Samadzadeh S, Weise M, Aktas O, Meuth SG, Albrecht P. Sci Rep. 2023 Sep 11;13(1):15003 MS: multiple sclerosis; PPMS: primary progressive MS; naSPMS: non-active secondary progressive MS; PIRA: progression independent of relapse activity; DMT: disease -modifying therapy Progression Independent of Relapse Activity (PIRA) Treatments for Progressive Multiple Sclerosis Safety and Tolerability PIRA continues to occur even in patients treated with high efficacy DMTs (e.g., anti- CD20 therapies, natalizumab, etc.). PIRA is responsible for up to 87% of disability accumulation in ocrelizumab- treated relapsing MS patients.1 Many approved DMTs are associated with intolerable side effects, leading to treatment discontinuation or failure to initiate therapy. As patients age and accumulate disability, the trade-off between DMT-induced immunosuppression and infection risk becomes increasingly unfavorable, limiting treatment options for those with the greatest unmet need. Current treatment options for progressive MS are limited, with only one approved product for PPMS and nothing approved for naSPMS in the U.S. Progressive MS is associated with greater symptom severity and functional impairment, unemployment, hospitalization, economic burden, and lower quality of life.
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Addressing Near-Term Unmet Needs in Relapsing Multiple Sclerosis
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© Immunic, Inc. | Oct 2026 11 Vidofludimus Calcium in Relapsing MS: Even with 20+ Approved DMTs, Significant Unmet Needs Exist Vidofludimus calcium is a key late -stage asset with NDA submission targeted in mid -2027, and expected U.S. regulatory approval in 2028, potentially offering differentiation through a dual mechanism. Both ENSURE trials completed enrollment (N=2,221 combined) ENSURE interim analysis in 2024: not futile per IDMC Phase 3 relapsing MS data expected by end of 2026 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. 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. › › Physicians continue to seek differentiated oral therapies with a favorable profile of benefit/risk and convenience. › 1. Multiple Sclerosis Disease Landscape and Forecast Research Report by Decision Resources Group Part of Clarivate. 2. Immuni c analysis MS: multiple sclerosis; DMT: disease -modifying therapy; NDA: New Drug Application; IDMC: Independent Data Monitoring Committee
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© Immunic, Inc. | Oct 2026 12 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 55 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. | Oct 2026 13© Immunic, Inc. | Oct 2026 13 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 field 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. | Oct 2026 141. 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 HR: 0.58, p=0.19
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© Immunic, Inc. | Oct 2026 15 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. | Oct 2026 16 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. | Oct 2026 17 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 4 for the time to first relapse primary endpoint in relapsing MS Positive interim analysis in October 2024: Unblinded IDMC recommended continuing trials without changes, including no sample size expansion ENSURE Phase 3: Two Fully Enrolled Pivotal Trials Designed to Confirm Immunomodulatory Effects Specifically Through Relapse Reduction 1. Revised McDonald criteria 2017 : Thomps on AJ, et al. Lancet Neurol. 2018;17(2):162 -173; 2. Confirmed re lapsing MS as defined b y 1996 Lublin criteria: Lublin FD, Reingold SC. Neurology. 199 6;46(4):907 -911; 3. Active diseas e as de fine d by Lublin 201 4: Lublin FD, Eur Ne urol. 2014 ;72 Suppl 1:1-5; 4. Reference: Tecfide ra® label / MS: multiple sclerosis ; EDSS: Expande d Disability Status Scale; MRI: magnetic res onance imaging; Gd+: gadolinium -enhancing; ARR: annualized re lapse rate; CDI; confirme d disability improvement; CDW: confirmed dis ability worse ning; OLE: open -label extens ion; QD: quaque die = once -daily; R: randomization; D: day; W: wee k; NDA: New Drug Application; ID MC: I ndependent 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) Key Inclusion Criteria Patients aged 18 to 55 years Diagnosis of relapsing MS1,2 Active disease as defined by Lublin 20143 EDSS score at screening between 0 to 5.5 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 or 1st CDW event → may switch to active Vidofludimus Calcium 30 mg QD Vidofludimus Calcium 30 mg QD Placebo R 1st relapse or 1st CDW event → 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. | Oct 2026 18 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. | Oct 2026 19 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. | Oct 2026 20 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 › › › 20 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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Potential to Change Treatment Paradigm in Progressive Multiple Sclerosis
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© Immunic, Inc. | Oct 2026 22 Progressive MS: Potential to Change Treatment Paradigm Key unmet needs remain, with limited treatment options available for patients with progressive MS. Compared with RRMS, progressive MS is clinically associated with greater symptom severity and functional impairment, higher rates of unemployment and hospitalization, greater economic burden and a more substantial impact on health-related quality of life. 3,4 Clinicians are increasingly focused on slowing disability progression and preserving neurological function beyond relapse control. High unmet need for targeted therapies with novel mechanisms that potentially address the underlying biology of progression. Progressive MS Vidofludimus calcium’s Nurr1 mechanism is targeted to preserve neurons and improve neuronal function . Initiation of a Phase 3 clinical trial in progressive MS based on the CALLIPER Phase 2 data is expected later this year. New treatments should tackle the processes responsible for the continuous accumulation of disability in progressive MS, rather than acute relapses. PIRA accounts for most disability progression in patients with progressive MS. › › › › Limited Treatment Options Available to Date With Many Patients Continuing to Worsen Despite Treatment ~150K Diagnosed Patients in the U.S.1,2 1. Multiple Sclerosis Disease Landscape and Forecast Research Report by Decision Resources Group Part of Clarivate 2. Immunic analysis 3.Gross HJ, Watson C. Neuropsychiatr Dis Treat. 2017;13:1349–1357 4. Chataway J, Murphy N, Khurana V, Schofield H, Findlay J, Adlard N. Curr Med Res Opin. 2021;37(6):995–1004 MS: multiple sclerosis; RRMS: relapsing -remitting MS; PIRA: progression independent of relapse activity; Nurr1: nuclear receptor -related-1
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© Immunic, Inc. | Oct 2026 23 CALLIPER: Phase 2 Clinical Trial in Progressive MS * as of May 2026 / MS: multiple sclerosis; PPMS: primary progressive MS; SPMS: secondary progressive MS; na: non-active; a: active; OLE: open-label extension; EDSS: Expanded Disability Status Scale; MRI: magnetic resonance imaging; R: randomization; D: day; W: week Endpoints Primary: Annualized rate of percent brain volume change (PBVC) during main treatment period up to 120 weeks Secondary include: Time to 24-week confirmed disability worsening, including composite and EDSS-based measures Exploratory: Clinical and MRI endpoints Multicenter , Randomized, Double-Blind, Placebo-Controlled Trial (NCT05054140) 467 Adult Patients Randomized, >340 Patients Continuing in OLE* Inclusion Criteria Patients aged 18 to 65 years PPMS or SPMS diagnosis (revised McDonald criteria 2017) EDSS score at screening between 3.0 and 6.5 No relapse in the last 24 months before randomization Evidence of disability progression Disease Subtypes at Baseline naSPMS: 57.4% (n=268) PPMS: 32.5% (n=152) aSPMS: 10.1% (n=47) › › › › › Screening Period Main Treatment Period (Blinded) OLE (optional) Vidofludimus Calcium 45 mg (n=235) Placebo (n=232) Vidofludimus Calcium 45 mg up to W120 up to 8 years >70 sites in North America, Western, Central and Eastern Europe D1 W24 W48 W72 › › › R
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© Immunic, Inc. | Oct 2026 24 Exploratory MRI Outcomes Revealed Consistent, Directionally Favorable Signals Even Though the Primary PBVC Endpoint Was Not Met MRI: magnetic resonance imaging; PBVC: percent brain volume change; LS: least -square; SEL: slowly expanding lesions Annualized PBVC rate up to 120 weeks: 4.7%; 95% CI, -0.285 to 0.379; p=0.78 Nominal regional atrophy differences favored vidofludimus calcium although not significant: 15.7% for gray matter, 10.0% for cortical gray matter, 35.0% for thalamus 2.97% -0.22% PlaceboVidofludimus Calcium *P<0.05 (nominal) -20% relative difference in thalamic atrophy, a sensitive MRI atrophy marker,favoring vidofludimus calcium versus placebo at 24 months Percent change from baseline stable with vidofludimus calcium (-0.22%) vs. increased with placebo (+2.97%) at 24 months, suggesting lower cumulative lesion burden LS mean SEL count was 2.935 with vidofludimus calcium vs. 3.840 with placebo at week 96 (p<0.05, nominal), suggesting potential effect on chronic-compartmentalized inflammation Thalamic Volume Change New/Enlarging T2 Lesion Volume SELs Over Time Vidofludimus Calcium Placebo
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© Immunic, Inc. | Oct 2026 25 Consistent numerical reductions in 24-week CDW, together with an approx. 2-fold increase in 24-week CDI versus placebo, suggesting vidofludimus calcium may influence progression biology beyond inflammation Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients * statistically significant / MS: multiple sclerosis; PPMS: primary progressive MS; naSPMS: non-active secondary progressive MS; CDW: confirmed disability worsening; CDI: confirmed disability improvement; GD: gadolinium; CI: confidence interval 24wCDW 24wCDI Favors IMU-838 Favors Placebo Favors IMU-838 Favors Placebo
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© Immunic, Inc. | Oct 2026 26 Consistent numerical reductions in 24-week CDW, together with an approx. 2-fold increase in 24-week CDI versus placebo, suggesting vidofludimus calcium may influence progression biology beyond inflammation Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients * statistically significant / MS: multiple sclerosis; PPMS: primary progressive MS; naSPMS: non-active secondary progressive MS; CDW: confirmed disability worsening; CDI: confirmed disability improvement; GD: gadolinium; CI: confidence interval 24wCDW 24wCDI Favors IMU-838 Favors Placebo Favors IMU-838 Favors Placebo
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© Immunic, Inc. | Oct 2026 27 N of patients / n of events 45 mg Vidofludimus Calcium n=235 Placebo n=232 Total Urinary tract infection 39 / 57 36 / 49 75 / 106 Headache 10 / 16 16 / 42 26 / 58 Back pain 9 / 11 17 / 24 26 / 35 Fall 9 / 15 11 / 17 20 / 32 Upper respiratory infection 15 / 18 11 / 12 26 / 30 Favorable Safety and Tolerability Profile at 45 mg with No Signal for Liver Injury Hy‘s Law cases are defined as liver enzyme elevation of greater than xULN with concurrent elevation of serum total bilirubin greater than 2xULN / TEAE: treatment-emergent adverse event; SAE: serious adverse event:, ALT: alanine aminotransferase; AST: aspartate aminotransferase; ULN: upper limit of normal reference range Five Most Common TEAE Events No Evidence of Increased Rates of Liver Enzyme Elevations Threshold 45 mg Vidofludimus Calcium n=235 Placebo n=232 ALT >3×ULN 7 (3.0%) 6 (2.6%) ALT >5×ULN 2 (0.9%) 4 (1.7%) ALT >10×ULN 1 (0.4%) 4 (1.7%) Overall favorable safety and tolerability profile versus placebo, comparable to 30 mg dose No new safety signals observed through 120 weeks Comparable rates of TEAEs (69.4% vs. 68.5%) and SAEs (8.1% vs. 6.5%) for vidofludimus calcium versus placebo No Hy’s Law cases observed Threshold 45 mg Vidofludimus Calcium n=235 Placebo n=232 AST >3×ULN 5 (2.2%) 5 (2.2%) AST >5×ULN 1 (0.4%) 5 (2.2%) AST >10×ULN 1 (0.4%) 1 (0.4%)
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© Immunic, Inc. | Oct 2026 28 Vidofludimus Calcium in Progressive MS: Treatment Paradigm Changing Potential Favorable and Consistent Safety Profile at 45 mg Dose Positive Phase 2 Signals in Non-Active Patients Supporting Nurr1-Linked Biology * Primary percent brain volume change endpoint not met MS: multiple sclerosis; Nurr1: nuclear receptor-related-1 Initiation of a Phase 3 clinical trial in progressive MS expected later this year Strong Imaging and Exploratory Disability Phase 2 Efficacy Signals* 28 ›
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Commercial Opportunity
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© Immunic, Inc. | Oct 2026 30 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. | Oct 2026 31 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. | Oct 2026 32 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. | Oct 2026 33HCP: 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. | Oct 2026 34 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. | Oct 2026 35 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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Summary and Outlook
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© Immunic, Inc. | Oct 2026 37© Immunic, Inc. | Oct 2026 37 Our strategy is to use the U.S. relapsing MS opportunity to build a profitable, fully integrated commercial organization that serves as the platform for long-term global leadership in MS. Building a Leading MS Company: A Phased Commercial Strategy Relapsing MS Establishes Commercial Foundation; Progressive MS Drives Long-Term Value Creation | © Immunic, Inc. | MM/DD/YYYY 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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© Immunic, Inc. | Oct 2026 38 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. | Oct 2026 39*as of January 2026 1. Multiple Sclerosis Disease Landscape and Forecast Research Report by Decision Resources Group Part of Clarivate MS: multiple sclerosis; Nurr1: nuclear receptor -related-1; DHODH: dihydroorotate dehydrogenase; NDA: New Drug Application Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company Advancing a Potentially Differentiated Oral MS Therapy to Address High Unmet Needs with Near-Term Blockbuster Potential in Relapsing MS and Significant Upside Potential in Progressive MS L e a d A s s e t Vidofludimus Calcium (IMU-838) Oral therapy that combines direct Nurr1 activation with selective DHODH inhibition addressing both the neurodegenerative and inflammatory mechanisms underlying disability progression inrelapsing and progressive MS Near-Term Value Inflection in Relapsing MS Fully enrolled Phase 3 ENSURE-1 and ENSURE-2 trials with top-line data expected by year-end 2026 NDA submission in the U.S. targeted for mid-2027, followed by potential U.S. regulatory approval in 2028 Relapsing MS represents potential blockbuster commercial opportunity, with ~90,000 patients actively seeking new treatment annually in the U.S.1 Expansion Opportunity in Progressive MS Phase 2 CALLIPER data showed numerical reductions in disability worsening and signals for disability improvement Supporting plans for a future Phase 3 progressive MS program Emerging therapies could make progressive MS the fastest-growing MS segment Favorable Safety and Tolerability Profile to Date Safety and tolerability profile supports long-term treatment adherence and competitive positioning within the oral MS treatment landscape >3,500 patients* treated to date with more than 6.5 years of continuous exposure Financial Overview 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
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© Immunic, Inc. | Oct 2026 40 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. | Oct 2026 40