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© Immunic, Inc. | Nov 2026 1 Progressive Multiple Sclerosis R&D Day November 5, 2026 Virtual NASDAQ: IMUX
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© Immunic, Inc. | Nov 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 fromImmunic’s clinical trials; the availability or efficacy ofImmunic’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 thecompany’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. | Nov 2026 3 Virtual Progressive 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 Jiwon Oh, MD, PhD, FRCPC University of Toronto Maria Pia Sormani, PhD University of Genoa Featured Experts Jessica Breu Vice President Investor Relations and Communications Moderator
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© Immunic, Inc. | Nov 2026 4 Vidofludimus Calcium – Targeting Key Unmet Needs in Progressive MS Agenda Virtual Progressive Multiple Sclerosis R&D Day 12:30 - 12:35 Welcome and Introduction Erik Lundgren Chief Executive Officer 12:35 - 12:45 Expert Talk: Unmet Needs and Progression in MS Jiwon Oh, MD, PhD, FRCPC University of Toronto 12:45 - 12:55 Vidofludimus Calcium's Differentiated Mode of Action: Direct Nurr1 Activator Hella Kohlhof, PhD Co-Founder & Chief Scientific Officer 12:55 - 01:05 Expert Talk: Patient Populations, Imaging and Fluid Biomarkers in Progressive MS Jiwon Oh, MD, PhD, FRCPC University of Toronto 01:05 - 01:15 Expert Talk: Clinical Trial Design and Endpoints in Progressive MS Maria Pia Sormani, PhD University of Genoa 01:15 – 01:25 Vidofludimus Calcium in Progressive MS: Phase 2 CALLIPER Trial and Planned Phase 3 Trial Michael A. Panzara, MD, MPH Chief Medical Officer 01:25 - 01:35 Commercial Opportunity for Vidofludimus Calcium in Progressive MS Jason Tardio President & Chief Operating Officer 01:35 - 01:40 Outlook: Upcoming Milestones for Vidofludimus Calcium in MS Erik Lundgren Chief Executive Officer 01:40 - 02:00 Q&A Session
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Welcome and Introduction Erik Lundgren I Chief Executive Officer
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© Immunic, Inc. | Nov 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. | Nov 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 December 2026 Vidofludimus Calcium (IMU-838) Relapsing MS ENSURE-2 Both trials fully enrolled Top-line data for both trials expected December 2026 Vidofludimus Calcium (IMU-838) Progressive MS Phase 3 In preparation Initiation of Phase 3 trial ongoing, first-patient- enrolled expected H1/2027 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. | Nov 2026 8© Immunic, Inc. | Nov 2026 8 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 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 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+) MS: multiple sclerosis; DMT: disease -modifying therapy
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Expert Talk: Jiwon Oh, MD, PhD, FRCPC Medical Director, Barlo Multiple Sclerosis Program Waugh Family Chair in MS Research Staff Neurologist, St. Michael’s Hospital Scientist, Keenan Research Centre of the Li Ka Shing Knowledge Institute Associate Professor, Division of Neurology, University of Toronto
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Hella Kohlhof, PhD I Co-Founder & Chief Scientific Officer Vidofludimus Calcium's Differentiated Mode of Action: Direct Nurr1 Activator
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© Immunic, Inc. | Nov 2026 11 Nurr1 (NR4A2) Is a Transcription Factor Linked to Neuroprotection and Regulation of Inflammatory Signaling 1. Safe S, et al. J Steroid Biochem Mol Biol. 2016;157:48-60; 2. Montarolo F, et al. Int J Mol Sci. 2019;20(19):4858; 3. Jeon SG, et al. Aging Dis. 2020;11(3):705-724; 4. Pansieri J, et al. Brain Commun. 2023;5(2):fcad072; 5. Saijo K, et al. Cell. 2009;137(1):47-59; 6. Gilli F, et al. PLoS One. 2010;5(1):e8962; 7. Gilli F, et al. Arch Neurol. 2011;68(7):879–888; 8. García-Yagüe ÁJ, Cuadrado A. International Journal of Molecular Sciences. 2023;24(15):12280 / Nurr1: nuclear receptor -related factor 1; NR4A2: nuclear receptor subfamily 4 group A me mber 2; MS: multiple sclerosis; EDSS: Expanded Disability Status Scale Nurr1 (NR4A2) Emerging evidence supports a potential role in MS 4-6 Relapsing MS Reduced Nurr1 expression in relapsing MS is associated with higher relapse rate and higher EDSS 7 Nurr1 expression normalizes during pregnancy, coinciding with reduced MS disease activity 6 Member of the NR4A family of orphan nuclear receptor transcription factors and expressed in neurons, microglia and astrocyes1-3,5 Regulates transcriptional programs involved in neuronal maintenance and survival 2,3 Via its expression in midbrain dopaminergic neurons, cortical and subicular glutamatergic neurons, Nurr1 is associated with different neurological diseases beyond MS, such as Parkinson’s disease, Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), schizophrenia and neurodevelopmental disorders.3,8 A potential protective role of the nuclear receptor- related factor 1 (Nurr1) in multiple sclerosis motor cortex: a neuropathological study4 Microglia Astrocyte Neuron Progressive MS – Nurr1 in the motor cortex4 In postmortem MS motor cortex, higher Nurr1 expression is associated with greater neuronal preservation Nuclear Nurr1 in layer III correlated with older age at death, longer disease and longer time to wheelchair.
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© Immunic, Inc. | Nov 2026 12 Vidofludimus Calcium: A Differentiated Dual Mechanism Approach to MS 1. Muehler A, et al. Multi Scler Relat Disord. 2020:43:102129; 2. Vietor J, et al. J Med Chem. 2023;66(9):6391-6402; 3. Lopez-Garcia U, et al. Commun Chem. 2025;8(1):15; 4. Jafari, M E, et al. Presented at: ACTRIMS Forum 2026; Poster P317 / MS: multiple sclerosis; Nurr1: nuclear receptor -related 1; DHODH: dihydroorotate dehydrogenase ; EAE: experimental autoimmune encephalomyelitis; BDNF: brain -derived neurotrophic factor; EBV: Epstein -Barr virus Nurr1 activation may support neuronal resilience under inflammatory and oxidative stress. Preclinical findings suggest vidofludimus has both direct and indirect neuroprotective mechanisms. – In vitro: In cell culture assays, vidofludimus calcium promoted neuronal survival and reduced neurotoxic signaling of activated microglia and astrocytes. – In vivo: In EAE, vidofludimus calcium increased BDNF levels and expression of Nurr1-regulated target genes consistent with Nurr1 pathway activation. Vidofludimus calcium selectively inhibits DHODH limiting de novo pyrimidine synthesis. – Immune effects: DHODH inhibition preferentially affects highly metabolically active immune cells and contributes to anti-inflammatory effects with no indication of immunosuppression. – Antiviraleffects: DHODH inhibition may also have antiviral relevance, including effects on EBV reactivation. Direct Nurr1 Activator Selective DHODH Inhibitor B and T cells
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© Immunic, Inc. | Nov 2026 13 Nurr1 Is a Nuclear Receptor Involved in Neuroprotection Vietor et al., Journal of Medicinal Chemistry 2023 66 (9), 6391-6402; Schiro et al., 2022, Frontiers in Neurology, adapted from Willems S, Merk D. J Med Chem. 2022;65(14):9548-9563 Nurr1: nuclear receptor-related 1; GDNF: glial cell line-derived neurotrophic factor; BDNF: brain -derived neurotrophic factor; R ET: receptor tyrosine kinase; TH: tyrosine hydroxylase; VMAT2: vesicular monoamine transporter 2; SOD1: superoxide dismutase 1; COX5β: cytochrome c oxidase subunit 5 beta; NO: nitric oxide; ROS: reactive oxygen species; TNFα: tumor necrosis factor alpha; IL1β: interleukin-1 beta; NO: nitric oxide; ROS: reactive oxygen species 13 mediates neuronal survival and function prevents microglia/astrocyte-driven neurotoxicity in the brain Nurr1 activation neuron astrocyte microglia Nurr1 regulated genes Nurr1 neuronal cell body neuronal survival and differentiation BDNF dopaminergic neurotransmission TH, VMAT2 oxidative stress SOD1 cellular energy production COX5B Nurr1 NO, ROS, TNFα NO, ROS, TNFα IL1β, TNFαNurr1 Nurr1 NO, ROS RET GDNF
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© Immunic, Inc. | Nov 2026 14 Vidofludimus Calcium Reduced Microglia Activation Unpublished data: Sun lab, City of Hope, Duarte; 2023; illustration created in BioRender.com / Nurr1: nuclear receptor-related 1; LPS: lipopolysaccharide; IL-6: interleukin-6; TNFα: tumor necrosis factor alpha; IFNγ: interferon gamma; HMC3: human microglial clone 3; mRNA: messenger ribonucleic acid; DMSO: dimethyl sulfoxide Nurr1 can prevent antigen-induced activation of microglia and subsequent production of pro- inflammatory cytokines in the brain. Vidofludimus calcium attenuated LPS-stimulated IL-6, TNF⍺ and IFNγ production in human HMC3 microglial cells at low doses of 100 nM. LPS Nurr1 Microglia IFNIL-6TNF
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© Immunic, Inc. | Nov 2026 15 Vidofludimus Calcium Increased Neuronal Viability Under Neuroinflammatory Condition (Neuron-Microglia Co-Culture) Performed at City of Hope, USA, Zuoming Sun LPS: lipopolysaccharide; IFNγ: interferon gamma; SH-SY5Y: human neuroblastoma line Vidofludimus calcium was associated with increased neuronal viability in inflammatory co-culture. Neuron-microglia co-culture LPS+IFNγ Vido Co-culture of activated microglia and neurons results in destruction of neurons.
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© Immunic, Inc. | Nov 2026 16 Vidofludimus-Associated Improved Neuronal Survival Requires Nurr1 Performed at City of Hope, USA, Zuoming Sun; vidofludimus 1 uM / Nurr1: nuclear receptor-related 1; TNFα: tumor necrosis factor alpha; CHX: cycloheximide; 6-OHDA: 6-hydroxydopamine; NonT: non-targeted control; sgNurr1: single-guide RNA targeting Nurr1/Nr4a2; KD: kockdown; CRISPR: clustered regularly interspaced short palindromic repeats; SH -SY5Y: human neuroblastoma line CRISPR-mediated Nurr1 knockdown abolished the neuronal survival benefit of vidofludimus calcium under different models of apoptosis in SH-SY5Y line. Control Nurr1 KD Control Nurr1 KD 6-OHDATNF⍺+CHX
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© Immunic, Inc. | Nov 2026 17 Vidofludimus Calcium Improved Neuronal Survival Under Apoptotic Stress, Whereas Teriflunomide Did Not Performed at City of Hope, USA, Zuoming Sun TNFα: tumor necrosis factor alpha; CHX: cycloheximide In this preclinical test system, teriflunomide did not significantly improve survival of neuronal cells.
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© Immunic, Inc. | Nov 2026 18 ISOTHERMAL TITRATION CALORIMETRY DIFFERENTIAL SCANNING FLUORIMETRY ITC DSF 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 detected ΔTM (melting temperature) shifts indicate ligand-Nurr1 interaction Vidofludimus calcium induces a ΔTM shift; teriflunomide does not
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© Immunic, Inc. | Nov 2026 19 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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Expert Talk: Jiwon Oh, MD, PhD, FRCPC Medical Director, Barlo Multiple Sclerosis Program Waugh Family Chair in MS Research Staff Neurologist, St. Michael’s Hospital Scientist, Keenan Research Centre of the Li Ka Shing Knowledge Institute Associate Professor, Division of Neurology, University of Toronto
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Expert Talk: Maria Pia Sormani, PhD Professor of Biostatistics University of Genoa, Italy
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Phase 2 CALLIPER Trial of Vidofludimus Calcium in Progressive MS Michael A. Panzara, MD, MPH I Chief Medical Officer
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© Immunic, Inc. | Nov 2026 23 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 ongoing, with first-patient-enrolled expected in H1/2027. 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 ~175K 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. | Nov 2026 24 Progression in MS Is Increasingly Seen as a Continuum of Common Underlying Pathological Processes MS: multiple sclerosis; PIRA: progression independent of relapse activity; CSF: cerebrospinal fluid MS patients share qualitatively similar (but quantitatively different) pathological features regardless of clinical course Inflammation and neurodegeneration present at disease onset, regardless of progressive vs. relapsing onset Substantial proportion of disability progression independent of relapses (described as PIRA) 2024 revision of McDonald diagnostic criteria established a unified framework for diagnosis Single diagnostic criteria now applied using clinical, imaging, CSF findings to fulfill dissemination in space to establish MS diagnosis regardless of relapsing or progressive onset Revision of MS disease course descriptors (Lublin-Reingold criteria) underway with a focus on these common underlying pathological processes rather than clinical descriptions Therefore, perfect environment to move forward with a study design that incorporates these concepts to establish an effect on MS progression with a potentially neuroprotective compound
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© Immunic, Inc. | Nov 2026 25 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 Calcium45 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. | Nov 2026 26 Total Study Population of 467 Enrolled Patients N=152 32.5% N=268 57.4% N=47 10.1% Baseline Patient Characteristics Age [years], median (min -max) 51.0 (21-65) Gender (n and % female) 302 (64.7%) Race (n and % White) 460 (98.7%) BMI [kg/m˄2], median (min -max) 24.85 [14.0 - 46.6] SDMT [points], median (min -max) 40 [8-80] EDSS at Visit 1, median (min -max) 5.5 [2.5-6.5] MS relapses during last 24 months, median (min -max) 0.0 [0-1] Gd+ lesions at baseline MRI (%) 16.3% Treatment duration, median 589 days CALLIPER: Patient Demographics and Baseline Characteristics Baseline characteristics initially assessed by the investigators when patients entered screening based on history. These datasummarize the disease subtype as assessed per diagnosis at screening visit 1. A small number of patients changed their subtype (in particular from non-active to active disease) due to events during the screening period. Definition non-active SPMS (according to CALLIPER protocol): no evidence of relapse in the last 2 4 months before randomization, AND patients showing no evidence of Gd+ MRI lesions in the brain or spinal cord in the last 12 months; definition non-relapsing SPMS: no evidence of relapse in the last 24 months before randomization / BMI: body mass index; SDMT: Symbol Digit Modalities Test; EDSS: Expanded D isability Status Scale; Gd+: gadolinium-enhancing; MRI: magnetic resonance imaging; N: number of patients evaluated Total N=467 Non-active secondary progressive MS Primary progressive MS Active secondary progressive MS Progressive Disease Subtypes
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© Immunic, Inc. | Nov 2026 27 CALLIPER: Statistical Significance Not Achieved on Primary PBVC Endpoint at Month 30, Although Encouraging Trends on Regional Atrophy Intent-to-treat patient population (n=467). The annualized rate of PBVC is the population slope within treatment group. The effe ct estimate of the treatment difference is equivalent to the difference between annualized rates. For the primary estimate, data collected up to 30 days after the onset date of a postbaseline relapse or be tween the start and 30 days after the end of any rescue medication intake were set to missing. For the calculation of LS means, patients with a valid baseline magnetic resonance image are considered. Missing val ues are calculated based on the analysis set. Fox R, et al. Oral presentation: ECTRIMS 2025; 24-26 September 2025; Barcelona, Spain. #O024 / PBVC: Percentage Brain Volume Cha nge; LS: least square -1.2 -1 -0.8 -0.6 -0.4 -0.2 0 6 12 18 24 30 LS Mean Re-Baselined at 6 Months Months Vidofludimus Calcium Placebo Primary Endpoint: Relative difference of annual PBVC rate at 30 months: 4.7%; 95% CI, -0.285 to 0.379; P=0.78 Regional atrophy differences at 30 months favored vidofludimus calcium, although statistical significance not achieved: for corticalgray matter for gray matter15.7% 10.0% for thalamus35.0% › › ›
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© Immunic, Inc. | Nov 2026 28 CALLIPER: Favorable Trends Across Exploratory Disability Outcomes Through Week 120 with a Nominally Significant Effect in CDI 24wCDW with applied imputation (performed as sensitivity analysis) for participants who discontinued the double -blind main treatment period due to disease progression and who had already achieved 12wCDW confirmation. 24wCDW is defined as patients with worsening in EDSS sustained over at least 22 weeks (154 days). Full C ALLIPER population: total of 73 events. / Fox R, et al. Oral presentation: ECTRIMS 2025; 24-26 September 2025; Barcelona, Spain. #O024 / MS: multiple sclerosis; PPMS: primary progressive MS; naSPMS: non-active secondary progressive MS; 24wCDW: 24 -week confirmed disability worsening; 24wCDI: 24-week confirmed disability improvement; VidoCa: vidofludimus calcium; PBO: placebo; CI: confidence interval; Gd+: gadolinium -enhancing All Subjects Favors VidoCa Hazard Ratio (95% CI) Favors Placebo PPMS naSPMS All Subjects PPMS naSPMS 0.76 (0.48–1.21) 0.69 (0.33–1.43) 0.81 (0.42–1.56) 0.64 (0.37–1.11) 0.60 (0.26–1.37) 0.74 (0.35–1.59) 0.0 0.5 1.0 1.5 2.0 VidoCa/PBO 235/232 77/75 135/133 188/183 64/60 118/115 No Gd+ Lesions or relapsing disease 24wCDW Favors Placebo Favors VidoCa 0 2 4 6 8 10 VidoCa/PBO 235/232 77/75 135/133 188/183 64/60 118/115 Hazard Ratio (95% CI) 2.44 (1.07–5.58)* 2.82 (0.75–10.7) 1.81 (0.61–5.41) 2.01 (0.86–4.70) 2.36 (0.61–9.17) 1.57 (0.51–4.81) 24wCDI Participants treated with vidofludimus calcium had favorable trends in CDW and a nominally significant effect in CDI (all subjects, *p=0.034). These trends were seen across subgroups.
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© Immunic, Inc. | Nov 2026 29 CALLIPER: Exploratory MRI Endpoint Through Week 96 Mean Volume Change in New/Enlarging T2 Lesions Number of patients included in arithmetic mean change calculation (in cm 3): Baseline 466 (VidoCa 234, placebo 232), W24 436 (VidoCa 217, Placebo 219), W48 409 (VidoCa 206, placebo 203), W72 369 (VidoCa 189, placebo 180), W96 198 (VidoCa 103, placebo 95). Ranked ANOVA test with factors for treatment and stratification factors used at randomization and baseline value as a continuous covariate. The test and associated p value for the test of row mean differences is presented. / Sciacca, et al. Poster presented at: ACTRIMS Forum 2026. Poster P1 30 / MRI: magnetic resonance imaging; VidoCa: vidofludimus calcium Mean absolute volume of new/enlarging T2 lesions through week 96: A nominal significant reduction in T2 lesion volume was seen at weeks 48, 72, and 96 in the vidofludimus calcium arm compared to placebo (nominal *p<0.05, **p<0.005). Fewer patients on vidofludimus calcium had any new/enlarging T2 lesions at week 72 (18.5% vs 30.0%) and at week 96 (41.2% vs 50.2%). › › -0.1 0 0.1 0.2 0.3 0.4 0 24 48 72 96 VidoCa Placebo Weeks Mean Absolute Change from Baseline * ***
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© Immunic, Inc. | Nov 2026 30 CALLIPER: Exploratory MRI Endpoint Through Week 96 Mean Change from Baseline in Number of Slowly Expanding Lesions (SELs) Number of patients included: baseline 418 (VidoCa 209, placebo 209), W24 411 (VidoCa 204, placebo 207), W48 401 (VidoCa 200, placebo 201), W72 360 (VidoCa 183, placebo 177), W96 196 (VidoCa 103, placebo 93). Mixed model for repeated measures (MMRM) estimates are adjusted for stratification factors used at baseline rand omization. 2-sided p value is presented. / Sciacca, et al. Poster presented at: ACTRIMS Forum 2026. Poster P130 / MRI: magnetic resonance imaging; SEL: slowly expanding lesions; VidoCa: vidofludimus calciu m Least Square Mean Number of SELs Per MRI Examination Weeks Vidofludimus Calcium Placebo Baseline 0 0 24 0.932 1.060 48 1.597 1.837 72 2.239 2.711 96 2.935 3.840 The mean number of newly detected SELs increased over time in both groups but was lower with vidofludimus calcium than placebo throughout 96 weeks. At week 96, least-square mean SEL count was 2.935 with vidofludimus calcium versus 3.840 with placebo (nominal p<0.05). › › VidoCa Placebo Weeks 0 24 48 72 96 Mean Change from Baseline 4 3.5 3 2.5 2 1.5 1 0.5 0
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© Immunic, Inc. | Nov 2026 31 VidoCa–VidoCa PBO–VidoCa Hazard Ratio (95% CI) 193 194 2.84 (1.32–6.12)* 66 65 5.80 (1.28–26.2) 108 112 1.97 (0.73–5.33) 163 165 2.53 (1.16–5.52) VidoCa–VidoCa PBO–VidoCa Hazard Ratio (95% CI) All Subjects 193 194 0.70 (0.45–1.09) PPMS 66 65 0.61 (0.31–1.23) naSPMS 108 112 0.81 (0.43–1.53) All subjects 163 165 0.65 (0.40–1.06) 24wCDI– OLE ITT24wCDW – OLE ITT Favors VidoCa-VidoCa Favors PBO-VidoCa 0.5 1 1.5 2 CALLIPER: Favorable Trends Across Exploratory Disability Outcomes Maintained Into Open-Label Extension Exploratory 24-Week CDW and CDI Outcomes by Subgroup Through OLE Cut-off Fox R, et al. Poster presentation: ECTRIMS 2026; 21-23 October 2026; Toronto. P0387 / MS: multiple sclerosis; PPMS: primary prog ressive MS; naSPMS: non-active secondary progressive MS; 24wCDW: 24-week confirmed disability worsening; 24wCDI: 24 -week confirmed disability improvement; OLE: open -label extension; ITT: intent-to-treat; VidoCa: vidofludimus calcium; PBO: placebo; CI: confidence interval; Gd+: gadolinium-enhancing No evidence of Gd+ lesions during baseline 16 280 4 8 12 20 24 Favors VidoCa-VidoCa Favors PBO-VidoCa Favorable disability trends on CDW and CDI seen in the MT were sustained in the OLE, with a nominally significant effect in C DI seen in participants in the vidofludimus calcium-vidofludimus calcium arm compared to the PBO -VidoCa arm (all subjects, *p=0.0075). 0
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© Immunic, Inc. | Nov 2026 32 Net Clinical Benefit: Vidofludimus Calcium Treated Patients Were 1.5x More Likely to Have a Beneficial Disability Outcome WR: win ratio; CDW: confirmed disability worsening; CDI: confirmed disability improvement Total Pairs Wins Losses Ties Win % Loss % Tie % Win Ratio 54520 12552 8284 33684 23.02% 15.19% 61.78% 1.51 Wins 12,552 Losses 8,284 W I N R AT I O WR = 12,552 (wins) 8,284 (losses) = 1.51 Nominal p=0.042 In 54,520 pairs of patients, treatment with vidofludimus calcium resulted in more wins on CDW and/or CDI as compared to the p lacebo arm, suggesting more favorable outcomes on disability after vidofludimus calcium treatment.
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© Immunic, Inc. | Nov 2026 33 CALLIPER: Favorable Safety and Tolerability Profile Through Week 120 Hy‘s Law cases are defined as liver enzyme elevation of greater than 3xULN with concurrent elevation of serum total bilirubin greater than 2xULN. Fox R, et al. Oral presentation: ECTRIMS 2025; 24-26 September 2025; Barcelona, Spain. #O024 ALT: alanine aminotransferase; AST: aspartate aminotransferase; TEAE: treatment -emergent adverse event; SAE: serious adverse eve nt; ULN: upper limit of normal reference range Five Most Common TEAEs Placebo (n=232) 45 mg Vidofludimus Calcium (n=235) Urinary tract infection 36 (15.5) 39 (16.6) Headache 16 (6.9) 10 (4.3) Back pain 17 (7.4) 9 (3.8) Fall 11 (4.7) 9 (3.8) Upper respiratory infection 11 (4.7) 15 (6.4) ALT Laboratory Findings Threshold Placebo (n=232) 45 mg Vidofludimus Calcium (n=235) AL T >3×ULN 6 (2.6%) 7 (3.0%) AL T >5×ULN 4 (1.7%) 2 (0.9%) AL T >10×ULN 4 (1.7%) 1 (0.4%) No new safety signals observed during main treatment period 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 Overall, 45 mg vidofludimus calcium showed a similar safety and tolerability profile versus placebo AST Laboratory Findings Threshold Placebo (n=232) 45 mg Vidofludimus Calcium (n=235) AST >3×ULN 5 (2.2%) 5 (2.2%) AST >5×ULN 5 (2.2%) 1 (0.4%) AST >10×ULN 1 (0.4%) 1 (0.4%) › › › ›
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© Immunic, Inc. | Nov 2026 34 CALLIPER: Low Treatment DiscontinuationsThrough Week 120 Data on file, unpublished data Treatment Discontinuations Placebo 45mg Vidofludimus Calcium Treatment period 120 weeks 120 weeks Discontinuation due to progression 39 (16.8) 27 (11.5) Discontinuation for other reasons 38 (16.4) 41 (17.5) Entered open-label extension 194 193 82.8% (387/467) of trial participants elected to enter the open-label extension. During the main treatment period, which extended to 120 weeks, participants had the option to switch to 45 mg of vidofludimus calcium from placebo (or continue vidofludimus calcium if in the treatment arm) on or after week 72 and continue into the open - label extension. › ›
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PROTECT-MS Multicenter, Randomized, Double-blind, Placebo-controlled, Phase 3 Trial to Evaluate Efficacy, Safety, and Tolerability of IMU-838 (Vidofludimus Calcium) in Participants with Progressive Multiple Sclerosis
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© Immunic, Inc. | Nov 2026 36 PROTECT-MS Study Population Age 18-65 Non-active SPMS or PPMS No disease activity (relapses or new MRI lesions) in the prior 2 years Disability progression documented in the prior year EDSS 3.0-6.5 Appropriate washout from other disease modifying therapies (at least 6 months for anti-CD20 therapy) No exclusions due to drug-drug interactions or use of antiplatelet/anticoagulant treatment PROTECT-MS will evaluate the spectrum of progressive MS by enrolling people with non- active SPMS and PPMS Key Inclusion Criteria: + + + + + – + Study design is not final and is subject to change. MS: multiple sclerosis; SPMS: secondary progressive MS; PPMS: primary progressive MS; MRI: magnetic resonance imaging; EDSS: Expanded Disability Status Scale
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© Immunic, Inc. | Nov 2026 37 PROTECT-MS Study Design Study design is not final and is subject to change. CDW: confirmed disability worsening Study design is not final and is subject to change. MS: multiple sclerosis; EDSS: Expanded Disability Status Scale Key Objective: To determine if vidofludimus calcium impacts disability progression in people with progressive MS Screening Vidofludimus calcium once-daily Placebo once-daily N~1,400 Randomize 1:1 Main Period Week 0 Week 48 Key efficacy visits Week 96 Week 132 Screening Period Optional Extension Period Vidofludimus calcium Stratify randomization by progressive MS subtype and EDSS Study visits are every 3 months Primary analysis will occur when the required number of disability events have occurred; duration of study participation is v ariable Interim analyses will assess for futility, adapt the sample size, and potentially enable early stopping due to efficacy Week 24
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© Immunic, Inc. | Nov 2026 38 PROTECT-MS Study Endpoints Study design is not final and is subject to change. / MS: multiple sclerosis; CDW: confirmed disability worsening; CDI: confi rmed disability improvement; 9HPT: 9-Hole Peg Test; T25FWT: Timed 25-foot Walk Test; SDMT: Symbol Digit Modalities Test; PROs: Patient-Reported Outcomes Confirmed disability improvement (CDI) Net clinical benefit (impact on CDW & CDI) 9HPT T25FWT SDMT Stride velocity (via wearable) Disability Imaging PROs Slowly expanding lesions (SEL) Paramagnetic rim lesions (PRL) Brain & thalamic volume Number and volume of new/enlarging T2 lesions Quality of life Walking Fatigue Treatment satisfaction Employment Caregiver burden Primary Endpoint: Time to 24-Week Confirmed Disability Worsening (CDW) or 9HPT Secondary and Exploratory Endpoints Standard Safety Assessments Will Be Performed
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© Immunic, Inc. | Nov 2026 39 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 Phase 3 clinical trial in progressive MS ongoing, with first- patient-enrolled expected in H1/2027 Strong Imaging and Exploratory Disability Phase 2 Efficacy Signals* 39 ›
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Commercial Opportunity for Vidofludimus Calcium in Progressive MS Jason Tardio I President & Chief Operating Officer
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© Immunic, Inc. | Nov 2026 41 The Significant Unmet Need in Progressive MS Creates a Compelling Opportunity for Differentiated Therapies 1. Patient and market size numbers sourced via internal Immunic analysis and 2024 Multiple Sclerosis Landscape and Forecast report by Decision Resources Group Part of Clarivate; 2. 2024 Multiple Sclerosis Landscape and Forecast report by Decision Resources Group Part of Clarivate. Total market size was determined by the number o f diagnosed cases multiplied by current net pricing for DMTs in each region. MS: multiple sclerosis; SPMS: secondary progressive MS; PPMS: primary progressive MS; DMT: disease -modifying therapy Available therapies provide only modest benefit and face important limitations, including limited efficacy in non-active disease, long-term safety and tolerability concerns, and regulatory restrictions. Inadequate Current Options Neurologists consistently identify progressive MS as the most important area for new, effective and safe treatment options. Clear Stakeholder Demand Substantial Unmet Need Progressive MS (SPMS and PPMS) affects ~25% of peoplediagnosed with MS 1 and remains a major area of unmet need, with irreversible disability accumulation, high patient and caregiver burden, and significant economic impact. A number of emerging therapies (e.g., BTK inhibitors) are targeting progression, but each faces meaningful efficacy, safety and regulatory challenges, reinforcing the opportunity for differentiated approaches. An Evolving Landscape There is a compelling opportunity in a multi-billion-dollar market to deliver a therapy that meaningfully slows disability progression with a favorable long-term safety and tolerability profile, particularly for older and more vulnerable patients. A Meaningful Opportunity Developing new DMTs for progressive MS continues to represent one of the biggest remaining unmet needs in MS
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© Immunic, Inc. | Nov 2026 42 Progressive MS Places a Substantial Economic Burden on Patients, Families and the Healthcare System 1. Greene N, et al. Neurology. 2024;102(7 Suppl 1):3573; 2. Understanding the Burden of Illness in People with Primary Progressive Multiple Sclerosis in the United States: A Matched-Cohort Study. Research poster. 2025; 3. Chataway J, et al. Curr Med Res Opin. 2021;37(6):995–1004; 4. Oreja-Guevara C, et al. BMC Health Serv Res. 2025;25:525 MS: multiple sclerosis; SPMS: secondary progressive MS; PPMS: primary progressive MS; nr: non -relapsing $24,827 $23,557 $58,412 $105,917 2.35× higher costs nrSPMS (per patient per year) 4.5× higher costs PPMS (per patient over 2 years) Healthcare Costs Are Significantly Higher in Progressive MS Mean reported healthcare costs per patient nrSPMS PPMSMatched non-MS controls Healthcare utilization More frequent hospitalizations, physician visits, rehabilitation and long-term care. Medical and supportive care Use of mobility equipment, home modifications and assistive services. Loss of productivity Reduced employment, presenteeism and premature retirement. Informal caregiving Significant time and out-of-pocket costs for family and caregivers. Increasing costs with disability Economic burden rises substantially as disability accumulates. Key Drivers of Economic Impact in Progressive MS Worsening disability in nrSPMS and PPMS drives higher healthcare utilization, greater need for supportive care and long-term services, and increased indirect costs such as loss of productivity and informal caregiving.
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© Immunic, Inc. | Nov 2026 43 69% 72% 55% 49% 15% 86% 72% 66% 38% 3% New products to treat PIRA New DMTs for PPMS New DMTs for naSPMS New DMTs for aSPMS New DMTs for RRMS General Neurologists (n=71) MS Specialists (n=29) Neurologists Highlight the Critical Need for New Disease-Modifying Therapies in Progressive MS Spherix Global Insights Realtime Dynamic Multiple Sclerosis report Q3 2024 / MS: multiple sclerosis; SPMS: secondary progress ive MS; PPMS: primary progressive MS; RRMS: relapsing -remitting MS; na: non- active; a: active; PIRA: progression independent of relapse activity; DMT: disease -modifying therapy Always room for improved efficacy, particularly for progressive MS without safety/tolerability concerns. “ I would say that treatment of progressive MS is the biggest challenge. I don’t think there are any good treatments for secondary or primary progressive MS “ We need a safe and effective oral treatment for progressive MS. “
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© Immunic, Inc. | Nov 2026 44 Anti-CD20 Therapies Dominate Progressive MS Treatment, Highlighting the Need for Alternative Therapeutic Options Spherix Global Insights Realtime Dynamic Multiple Sclerosis report 2026. For your MS patients with the below subtypes current ly treated with DMTs, what is your current share? (n=98, 60 General/Other Neurologists and 38 MS Specialists) / MS: multiple sclerosis; SPMS: secondary progressive MS; PPMS: primary progressive MS; n r: non-relapsing; DMT: disease-modifying therapy; mAb: monoclonal antibody 9% 5% 8% 13% 5% 54% 5%5% 2% 2% 5% 3% 77% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Platform injectable agents Teriflunomide Fumarate agents S1P receptor modulators Mavenclad Anti-CD20 agents Other mAb agents nrSPMS PPMS Physician-Reported DMT Class Share in MS Subtypes % of DMT-treated patients
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© Immunic, Inc. | Nov 2026 45 Despite High DMT Utilization, Progressive MS Patients Are Not Achieving Optimal Treatment Outcomes, With Only 37% Responding Well Spherix Global Insights Realtime Dynamic Multiple Sclerosis report 2026 (n=98, 60 General/Other Neurologists and 38 MS Specia lists). Response rate data is for patients with PPMS. MS: multiple sclerosis; SPMS: secondary progressive MS; PPMS: primary progressive MS; DMT: disease -modifying therapy 72% 65% 74% 64% 58% 60% 62% 64% 66% 68% 70% 72% 74% 76% Physician stated data Epidemiology data SPMS treated PPMS treated DMT Treatment Rate in the U.S. by MS Subtype % of patients 37% 29% 21% 14% On a DMT, responding well On a DMT, response is suboptimal Tried and failed DMT treatment DMT-naïve DMT Treatment Response in PPMS
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© Immunic, Inc. | Nov 2026 46 ~80% of Confirmed Disability Worsening in Progressive MS Occurs Independent of Relapses, Underscoring the Need for Therapies Targeting Neurodegeneration Lublin FD, et al. Brain. 2022;145(9):3147-3161. doi:10.1093 / MS: multiple sclerosis; RRMS: relapsing -remitting MS; SPMS: secondary progressive MS; PPMS: primary progressive MS; PIRA: progression independent of relapse activity; RAW: relapse -associated worsening; CDW: confirmed disability worsening 83.4 77.7 34.5 83.4 76.7 47.3 3.1 14.4 32.7 3.1 15.3 26.9 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Phase 3 | PPMS Phase 3 | SPMS Phase 3 | RRMS Full | PPMS Full | SPMS Full | RRMS % of all 6-month CDW events Sustained PIRA and RAW as a share of all 6-month CDW (%) RAW Sustained PIRA
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© Immunic, Inc. | Nov 2026 47HCP: 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 Combines Potential Neuroprotective Effects Via Nurr1 Activation With Anti-Inflammatory Effects of Selective DHODH Inhibition
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© Immunic, Inc. | Nov 2026 48 Vidofludimus Calcium Offers a Differentiated Approach in the Progressive MS Pipeline MS: multiple sclerosis; SPMS: secondary progressive MS; PPMS: primary progressive MS; na: non-active; nr: non-relapsing; MoA: mode of action; RoA: route of administration; QD: quaque die = once-daily; BID: bis in die = twice-daily; IV: intravenous; SC: subcutaneous; NDA: New Drug Application COMPANY PROGRAM MOA ROA PPMS SPMS Vidofludimus Calcium Nurr1 activator / Selective DHODH inhibitor Oral QD PPMS naSPMS Orelabrutinib BTKi Oral QD PPMS naSPMS Fenebrutinib BTKi Oral BID PPMS (NDA under review) N/A Remibrutinib BTKi Oral BID N/A nrSPMS Frexalimab CD40L IV Q4W SC Q4W N/A nrSPMS Phase 3 Progressive MS Pipeline
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© Immunic, Inc. | Nov 2026 49 Current and Emerging Progressive MS Therapies Face Important Efficacy, Safety and Regulatory Challenges 1. Montalban X, et al. N Engl J Med. 2017;376:209–220. ORATORIO study; CADTH Clinical Review Report, 2018; 2. Roche/Genentech. FENtrepid Phase 3 results. February 7, 2026; 3. Fox RJ, et al. N Engl J Med. 2025; FDA Complete Response Letter, NDA 219624, December 23, 2025 / MS: multiple sclerosis; SPMS: secondary progressive MS; P PMS: primary progressive MS; nr: non-relapsing Safety Regulatory Ocrevus® (ocrelizumab)1 PPMS Efficacy Modest effect in a representative progressive MS population : Benefit may be limited in older, less inflammatory patients Long-term immunosuppression concerns: sustained B-cell depletion associated with serious infections and declining immunoglobulins, particularly in older patients with comorbidities More restrictive European label: Limited to early PPMS (based on disease duration, disability level, and imaging activity) Safety Regulatory Fenebrutinib2 PPMS Efficacy Uncertain incremental efficacy over Ocrevus®: noninferior, but not superior, to Ocrevus® in Phase 3 Emerging safety concerns: higher liver enzyme elevations (13.3% vs. 2.9% with Ocrevus®) and a numerical imbalance in deaths (7 vs. 1), assessed as unrelated to treatment Potential limitations for long -term use: liver monitoring requirements, twice -daily dosing, and uncertainty regarding long - term safety, particularly in older patients with comorbidities Safety Regulatory Tolebrutinib3 nrSPMS Efficacy Unresolved benefit -risk profile: Statistically significant relative reduction in six-month confirmed disability progression vs. placebo in Phase 3, but with significant safety and regulatory challenges Serious hepatotoxicity concerns: drug- induced liver injury, including a reported fatality, prompting intensive liver function monitoring Restricted European approval and uncertain U.S. outlook: Approved in Europe under a restricted label ( adult patients with SPMS without relapses in the last 2 years) , with liver safety monitoring requirements; unresolved concerns regarding severe liver injury could limit broader clinical adoption
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© Immunic, Inc. | Nov 2026 50 United States Progressive MS Represents a Multi-Billion-Dollar Global Market Opportunity With Significant Growth Potential Patient numbers sourced via internal Immunic analysis and the 2024 Multiple Sclerosis Landscape and Forecast report by Decisi on Resources Group Part of Clarivate. Total market size was determined by the number of diagnosed cases multiplied by current net pricing for DMTs in each region. / MS: multiple sclerosis; SPMS: secondar y progressive MS; PPMS: primary progressive MS; DMT: disease -modifying therapy ~175K diagnosed cases of SPMS and PPMS ~115K SPMS and PPMS patients receiving DMTs Current SPMS and PPMS commercial opportunity in the U.S. estimated to be between $8B - 13B Total global market for progressive MS is large and expected to grow with the approval and increased availability of new medicines ~165K diagnosed cases of SPMS and PPMS ~58K SPMS and PPMS patients receiving DMTs Current SPMS and PPMS commercial opportunity in Europe/UK estimated to be between $1.5 - $5B Europe/UK
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© Immunic, Inc. | Nov 2026 51 Success Across Relapsing and Progressive MS Phase 3 Studies Could Position Vidofludimus Calcium as the Only DMT Indicated For All MS Subtypes MS: multiple sclerosis; CIS: clinically isolated syndrome; RRMS: relapsing -remitting MS; SPMS: secondary progressive MS; PPMS: p rimary progressive MS; a: active; na: non-active; DMT: disease-modifying therapy Vidofludimus Calcium Potential to address the full spectrum of MS (CIS, RRMS, aSPMS, naSPMS and PPMS) Demonstrating benefit across both relapsing and progressive MS could accelerate uptake in the larger relapsing MS population pushing peak sales for vidofludimus calcium to multi -blockbuster status CIS (clinically isolated syndrome) First clinical episode suggestive of MS RRMS (relapsing-remitting MS) Distinct relapses with recovery between episodes aSPMS (active secondary progressive MS) Progression of disability with ongoing relapse activity (non-active secondary progressive MS) Progressive disability with little or no relapse activity naSPMS PPMS (primary progressive MS) Progressive disability from disease onset (without relapses) Relapsing MS (Inflammatory Disease Activity) Progressive MS (Disability Accumulation) → → → →
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© Immunic, Inc. | Nov 2026 52 A Phase 3 Win in Progressive MS Could Also Significantly Expand Vidofludimus Calcium’s Peak Sales Potential in Relapsing MS Illustrative only. Not a forecast. Actual peak sales will depend on clinical results, regulatory approvals, pricing, market a ccess and other factors. MS: multiple sclerosis; RRMS: relapsing -remitting MS; SPMS: secondary progressive MS; PPMS: primary progressive MS; na: non-active; a: active; DMT: disease-modifying therapy Relapsing MS (Existing Opportunity) + Progressive MS (PPMS + naSPMS) + Incremental Relapsing MS Halo Effect ILLUSTRATIVE PEAK SALES OPPORTUNITY FOR VIDOFLUDIMUS CALCIUM Potential halo effectin relapsing MS (e.g., greater physicianconfidence, earlier use) Progressive MS (PPMS + naSPMS) Relapsing MS (RRMS + aSPMS)
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Outlook: Upcoming Milestones for Vidofludimus Calcium in MS Erik Lundgren I Chief Executive Officer
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© Immunic, Inc. | Nov 2026 54 Value Creation Roadmap Multiple Catalysts Through 2030 MS: multiple sclerosis; NDA: New Drug Application 2H 2026 2027 2028 Top-line data expected in December 2026 Targeted relapsing MS NDA submission in mid-2027 Potential relapsing MS U.S. regulatory approval in 2028 Initiation of Phase 3 trial ongoing Relapsing MS ENSURE-1 and ENSURE-2 Progressive MS CALLIPER and Phase 3 Trial First-patient-enrolled in Phase 3 trial expected in H1/2027
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Q&A Session
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© Immunic, Inc. | Nov 2026 56 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. | Nov 2026 56