Immunic, Inc. (NASDAQ:IMUX) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET

Company Participants

Jessica Breu - Head, IR & Communications

Daniel Vitt - CEO, President & Director

Glenn Whaley - CFO

Conference Call Participants

Yasmeen Rahimi - Piper Sandler & Co.

Matthew Kaplan - Ladenburg Thalmann & Co.

Andreas Argyrides - Wedbush Securities

William Wood - B. Riley Securities

Jessica Breu

Good morning and welcome to Immunic's Fourth Quarter and Year End 2022 Earnings Call. My name is Jessica Breu, Head of Investor Relations and Communications at Immunic. I will also be the moderator on today's call. Speaking on the call are Dr. Daniel Vitt, our Chief Executive Officer and President; as well as Glenn Whaley, our Chief Financial Officer. [Operator Instructions].

Before we begin, I would like to remind you that this presentation may contain forward-looking statements. Such statements can be identified by words such as may, will, expect, anticipate, estimate or words with the similar meaning and such statements involve a number of risks and uncertainties that could cause Immunic's actual results to differ materially from those discussed here. Please note that these forward-looking statements reflect Immunic's opinions only as of the date of this presentation and it undertakes no obligation to revise or publicly release the result of any revision to these forward-looking statements in light of new information or future events. Please refer to Immunic's SEC filings for a more detailed description of the risk factors that may affect Immunic's results and these forward-looking statements.

I would now like to turn the presentation over to our CEO and President, Dr. Daniel Vitt, to begin the presentation. Daniel?

Daniel Vitt

Thank you, Jessica. I also would like to welcome everybody to Immunic's year end 2022 earnings call. Earlier this morning, we announced our financial sales for the fourth quarter and year ended December 31, 2022 and highlighted recent activities as well as upcoming milestones related to our clinical development pathway. During today's call, we will talk through our fourth quarter 2022 and subsequent highlights, year end financial and operating results as well as anticipated upcoming milestones. As Jessica noted, after the presentation you will have the opportunity to ask questions.

Let's start with a review of our fourth quarter 2022 and subsequent highlights. In October, we have bolstered our balance sheet with the closing of a $60 million pipe financing, which extended our runway through several value inflection points into the fourth quarter of 2024. Also in October, we conducted a preplanned interim analysis of our Phase Ib clinical trial of IMU-935 in patients with moderate to severe psoriasis. Unfortunately, the group level mean data did not show a benefit of the 2 active doses tested compared to placebo, which both disappointed and surprised us. Although the active arms performed in line with OCRA expectations, the trial experienced a greater decrease than expected in the placebo arm. The administration of IMU-935 and placebo were well received and well tolerated and no new safety signals were observed.