Slide 1: Investor Overview
Investor Overview NASDAQ: IMUX September 2026 © Immunic, Inc. | Sep 2026 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
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
Slide 3: Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company
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 Near-Term Value Inflection Expansion Opportuni
Slide 4: Vidofludimus Calcium Is Being Developed as a Franchise Opportunity Spanning Relapsing and Progressive MS
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 Top-line data for both Relapsing MS Both trials fully Calcium trials expected by e
Slide 5: Leadership Team with Established Multiple Sclerosis Development and Commercialization Experience
Leadership Team with Established Multiple Sclerosis Development and Commercialization Experience Erik Lundgren, MBA Jason Tardio, MBA Michael A. Panzara, MD, MPH Hella Kohlhof, PhD Glenn Whaley, CPA Chief Executive Officer President & Chief Medical Officer Co-Founder & Chief Financial Officer Chief
Slide 6: Vidofludimus Calcium Has the Potential to Transform the MS Market
Vidofludimus Calcium Has the Potential to Transform the MS Market Substantial Opportunities: MS Remains a Large and Growing Market Attractive Market Dynamics ▪ Multiple blockbuster therapies can successfully coexist, reflecting the large patient BLOCKBUSTER POTENTIAL population, heterogenous disease
Slide 7: Current DMTs Target Inflammation, None Stop/Reverse Disability Accumulation
Current DMTs Target Inflammation, None Stop/Reverse Disability Accumulation 20+ Therapies Exist for Relapsing MS, None Adequately Address the Neurodegeneration Driving Progression EDSS Disease Trajectory Over Time Bedridden / 9–10 Death from MS focal i nflam ma tion Wheelchair restricted 7–8 Disabil
Slide 8: Vidofludimus Calcium: A Unique Dual Mechanism Approach to MS
Vidofludimus Calcium: A Unique Dual Mechanism Approach to MS Potentially the Only Oral MS Drug That Addresses Both PIRA and RAW Simultaneously Direct Nurr1 Activation ▪ Modulates gene expression directly in neurons, mediating neuroprotection and neuronal survival Reduced disability progression, ▪ Re
Slide 9: Key Unmet Needs Remain in Relapsing and Progressive MS
Key Unmet Needs Remain in Relapsing and Progressive MS Progression Independent Safety and Treatments for Progressive of Relapse Activity (PIRA) Tolerability Multiple Sclerosis ▪ PIRA continues to occur even in patients ▪ Many approved DMTs are associated with ▪ Current treatment options for progress
Slide 10: Addressing Near-Term Unmet Needs in Relapsing Multiple Sclerosis
Addressing Near-Term Unmet Needs in Relapsing Multiple Sclerosis
Slide 11: Vidofludimus Calcium in Relapsing MS: Even with 20+ Approved DMTs, Significant Unmet Needs Exist
Vidofludimus Calcium in Relapsing MS: Even with 20+ Approved DMTs, Significant Unmet Needs Exist Relapsing MS ~400K Diagnosed Patients in the U.S.1,2 Vidofludimus calcium is a key late-stage asset with NDA submission targeted in mid-2027, and expected › High unmet needs remain despite numerous appro
Slide 12: EMPhASIS: Strong Efficacy, Durable Long-Term Benefit, and Favorable Safety and Tolerability in Relapsing-Remitting MS
EMPhASIS: Strong Efficacy, Durable Long-Term Benefit, and Favorable Safety and Tolerability in Relapsing-Remitting MS Multicenter, Randomized, Double-Blind, Placebo-Controlled Phase 2 Clinical Trial (NCT03846219) 268 patients in 36 centers across four European countries Screening Main Treatment Peri
Slide 13: Robust Reduction in MRI Lesion Activity Over 24 Weeks
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 0 7 0 5 0 -13% -10 -10 6 -20 4 -20 5 -30 -30 4 -40 3 -40 -50 -50 3 -60
Slide 14: Encouraging Trend on Risk of Relapse, Despite Study Size and Duration
Encouraging Trend on Risk of Relapse, Despite Study Size and Duration Relative risk of relapse reduced by 42% Proportion of patients with relapse HR: HR: 0.58, 0.58 p=0.19 (HR: 0.58, p=0.19) in 30 mg group vs. placebo to Week 24 23% Apparent onset of effect within 6-8 weeks, increasing over time 14%
Slide 15: Favorable Safety and Tolerability Profile with Similar Incidence to Placebo
Favorable Safety and Tolerability Profile with Similar Incidence to Placebo Vidofludimus Vidofludimus Safety and Tolerability Endpoints Placebo Calcium 30 mg Calcium 45 mg Any treatment-emergent adverse event 44% 45% 41% Treatment-emergent adverse events occurring in >5% of total patients by preferr
Slide 16: Open-Label Extension Phase: High Retention Rate with 92.3% of Patients CDW-Free at 144 Weeks
Open-Label Extension Phase: High Retention Rate with 92.3% of Patients CDW- Free at 144 Weeks 100.0% 98.0% 97.2% 100% 94.6% 93.3% 93.3% 92.3% 90% › At week 144, 92.3% of patients % Patients Free of 12wCDW Events 80% remained free of 12-week CDW, with 70% 92.7% free of 24-week CDW 60% 50% › Low disco
Slide 17: ENSURE Phase 3: Two Fully Enrolled Pivotal Trials Designed to Confirm Immunomodulatory Effects
ENSURE Phase 3: Two Fully Enrolled Pivotal Trials Designed to Confirm Immunomodulatory Effects Specifically Through Relapse Reduction Randomized, Double-Blind, Placebo-Controlled Trials (NCT05134441 & NCT05201638) Screening OLE (optional) Main Treatment Period (Blinded) Period ▪ More than 100 sites
Slide 18: Recruited Patients in ENSURE Representative of Early, Active MS Population
Recruited Patients in ENSURE Representative of Early, Active MS Population Total of 2,221 Enrolled Patients, Nearly 50% Received Prior MS Treatment Inclusion Criteria Baseline Patient Characteristics 4 Patients aged 18 to 55 years Diagnosis of relapsing MS1,2,3 ENSURE-1 (N=1,121) ENSURE-2 (N=1,100)
Slide 19: Vidofludimus Calcium in Relapsing MS: Targeted NDA Submission Driven by Near-Term Pivotal Readouts
Vidofludimus Calcium in Relapsing MS: Targeted NDA Submission Driven by Near-Term Pivotal Readouts › Fully enrolled Phase 3 ENSURE-1 and Robust Phase 2 EMPhASIS Results on Inflammatory Endpoints ENSURE-2 trials with top-line data expected by year-end 2026 › NDA submission in the U.S. targeted for Ph
Slide 20: Potential to Change Treatment Paradigm in Progressive Multiple Sclerosis
Potential to Change Treatment Paradigm in Progressive Multiple Sclerosis
Slide 21: Progressive MS: Potential to Change Treatment Paradigm
Progressive MS: Potential to Change Treatment Paradigm Limited Treatment Options Available to Date With Many Patients Continuing to Worsen Despite Treatment Progressive MS ▪ New treatments should tackle the processes responsible for the continuous accumulation of disability in ~150K Diagnosed Patien
Slide 22: CALLIPER: Phase 2 Clinical Trial in Progressive MS
CALLIPER: Phase 2 Clinical Trial in Progressive MS Multicenter, Randomized, Double-Blind, Placebo-Controlled Trial (NCT05054140) 467 Adult Patients Randomized, >340 Patients Continuing in OLE* Inclusion Criteria OLE Screening Main Treatment Period (Blinded) (optional) Period › Patients aged 18 to 65
Slide 23: Exploratory MRI Outcomes Revealed Consistent, Directionally Favorable Signals Even Though the Primary PBVC Endpoint Was Not Met
Exploratory MRI Outcomes Revealed Consistent, Directionally Favorable Signals Even Though the Primary PBVC Endpoint Was Not Met 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
Slide 24: Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients
Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients 24wCDW 24wCDI Favors IMU-838 Favors Placebo Favors Placebo Favors IMU-838 Consistent numerical reductions in 24-week CDW, together with an approx. 2-fold increase in 24-week CDI versus
Slide 25: Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients
Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients 24wCDW 24wCDI Favors IMU-838 Favors Placebo Favors Placebo Favors IMU-838 Consistent numerical reductions in 24-week CDW, together with an approx. 2-fold increase in 24-week CDI versus
Slide 26: Favorable Safety and Tolerability Profile at 45 mg with No Signal for Liver Injury
Favorable Safety and Tolerability Profile at 45 mg with No Signal for Liver Injury Five Most Common TEAE Events 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
Slide 27: Vidofludimus Calcium in Progressive MS: Treatment Paradigm Changing Potential
Vidofludimus Calcium in Progressive MS: Treatment Paradigm Changing Potential Strong Imaging and Exploratory Disability Phase 2 Efficacy Signals* › Initiation of a Phase 3 clinical trial in Favorable and Consistent Safety Profile at 45 mg Dose progressive MS expected later this year Positive Phase 2
Slide 28: Commercial Opportunity
Commercial Opportunity
Slide 29: The Global MS Market Continues to Grow, with Oral DMTs Remaining a Large and Attractive Opportunity
The Global MS Market Continues to Grow, with Oral DMTs Remaining a Large and Attractive Opportunity Brand 2025 Sales1 Total Relapsing MS Patient Ocrevus® $9.05 billion Share by Class2 2032 Kesimpta® $4.43 billion 40% 38% anti-CD20 Orals ~$33B Tysabri® $1.67 billion Mavenclad® $1.4 billion 2026 ~7% C
Slide 30: The U.S. Relapsing MS Market Offers Multiple Pathways to Sustainable Growth
The U.S. Relapsing MS Market Offers Multiple Pathways to Sustainable Growth via Newly Diagnosed, Switching and Untreated Patients newly diagnosed relapsing MS ~45K patients each year 1 ~90K U.S. patients initiating new MS prescriptions for patients ~$17B 1 DMT treatments each year2 ~45K switching th
Slide 31: Vidofludimus Calcium Could Address Several Large, Underserved Relapsing MS Patient Segments
Vidofludimus Calcium Could Address Several Large, Underserved Relapsing MS Patient Segments Patients Who Older Individuals Patients Prefer Living with Sequencing from Oral DMTs Relapsing MS Anti-CD20 Therapy ~42% ~58% up to 10% of patients prefer of relapsing MS patients of individuals may have oral
Slide 32: Building a Leading MS Company: A Phased Commercial Strategy
Building a Leading MS Company: A Phased Commercial Strategy Relapsing MS Establishes Commercial Foundation; Progressive MS Drives Long-Term Value Creation BECOME A GLOBAL MS LEADER (2032+) SCALE & GENERATE CASH FLOW Capture a substantially larger market (2028-2032) opportunity through expansion into
Slide 33: Value Creation Roadmap
Value Creation Roadmap Multiple Catalysts Through 2030 2H 2026 2027 2028 Relapsing MS ENSURE-1 and ENSURE-2 Top-line data expected Targeted relapsing MS NDA Potential relapsing MS U.S. by end of 2026 submission in mid-2027 regulatory approval in 2028 Progressive MS Progressive MS Phase 3 CALLIPER an
Slide 34: Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company
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 Near-Term Value Inflection Expansion Opportuni
Slide 35: Thank you!
Thank you! Jessica Breu Vice President Investor Relations & Communications Immunic, Inc. Immunic AG Immunic Australia Pty. Ltd. Phone: +1-332-255-9819 1200 Avenue of the Americas Lochhamer Schlag 21 Melbourne Email: ir@imux.com New York, NY 10036 82166 Gräfelfing (Munich) Australia Web: www.imux.com