MeritValue

IMMUNIC, INC.

IMUXdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

IMMUNIC, INC. earns about -262% on equity, but has diluted owners by 558% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$92.9M1−$120.4M2−$93.6M3−$100.5M4−$97.2M4
Operating cash flow−$83.2M5−$65.1M6−$70.8M7−$84.8M8−$85.8M8
Capital expenditure$67,0009$112,00010$334,00011$264,00012$161,00012
Free cash flow (derived)−$83.3M5−$65.3M6−$71.2M7−$85M8−$86M8
Total debt—————
Cash & equivalents$86.9M13$106.7M14$46.7M15$35.7M16$15.5M16
Diluted shares23.7M31.8M44.3M100.2M155.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.43
your share of equity
Profit it earned you last year
−$6.24
Free cash flow it threw off
−$5.52
Debt you’d be carrying
—

10 shares is a claim on −$0.43 of net worth that earned you −$6.24 and generated −$5.52 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-262% avg · 5y
FY21 -73%FY22 -106%FY23 -324%FY24 -545%FY25 —

It earned an average -262% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+558% shares · 5y

Share count is up 558% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001280776-23-000004 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001280776-24-000004 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001280776-25-000005 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001280776-26-000005 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001280776-23-000004 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001280776-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001280776-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001280776-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001280776-23-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001280776-24-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001280776-25-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001280776-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001280776-23-000004 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001280776-24-000004 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001280776-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001280776-26-000005 (CashAndCashEquivalentsAtCarryingValue)