Slide 1: Investor Overview
® Immunic WwW THERAPEUTICS Investor Overview NASDAQ: IMUX July 2026
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 21 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 Vidofludimus Calcium (IMU-838) DH Immunic — “s
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 PROGRAM Vidofludimus Calcium (imu-838) Vidofludimus Calcium (imu-838) Vidofludimus Calcium (imu-838) Vidofludimus Calcium (imu-838) Vidofludimus Calcium (imu-838) IMU-381, INDICATION Relapsing MS
Slide 5: Leadership Team with Established Multiple Sclerosis Development and Commercialization Experience
Leadership Team with Established Multiple Sclerosis Development and Commercialization Experience Board of Directors: Michael W. Bonney (Chair) Jon Congleton Erik Lundgren, MBA Jason Tardio, MBA. Michael A. Panzara, MD, MPH Glenn Whaley, CPA Chief Executive Officer President & Chief Operating Officer
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 Ai * Multiple blockbuster therapies can successfully coexist, reflecting the large patient population, heterogenous disease presentation, and
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 my & bh 9 & Bedridden / Death from MS. Wheelchair restricted Walking impaired Requires aid at 6.0 Moderate disability Wa
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 = Modulates gene expression directly in neurons, mediating neuroprotection and neuronal survival = Reduces neurotoxicity of microglia and astroc
Slide 9: Key Unmet Needs Remain in Relapsing and Progressive MS
Key Unmet Needs Remain in Relapsing and Progressive MS Progression Independent of Relapse Activity (PIRA) = 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 ocre
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 ~A00K Diagnosed Patients in the U.S.12 Vidofludimus calcium is a key late-stage asset with NDA submission targeted in mid-2027, and expected > High unmet needs remain despite numerous approved therapies,
Slide 12: EMPhASIS: Strong Efficacy, Durable Long-Term Benefit, and Favorable Safety and Tolerability in RRMS
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 Double-blind treatment period
Slide 13: Robust Reduction in MRI Lesion Activity Over 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 7 ?_? 0 5 é 0 10 -13% . ~ -10 -20 4 vy -20 2 -30 -30 RK 40 3 -40 -50 -50 3
Slide 14: Encouraging Trend on Risk of Relapse, Despite Study Size and Duration
Encouraging Trend on Risk of Relapse, Despite Study Size and Duration o oF Relative risk of relapse reduced by 42% HR: 0.58, p=0.19 (HR: 0.58, p=0.19) in 30 mg group vs. E placebo Ey ‘: c 23% Apparent onset of effect within 6-8 weeks, a 5 increasing over time 2 = 14% 0 1 2 30 40 50 Go 70 #0 200 100
Slide 15: Favorable Safety and Tolerability Profile with Similar Incidence to Placebo
Favorable Safety and Tolerability Profile with Similar Incidence to Placebo fety and Tolerability Endpoints Any treatmenteemergent adverse event 40% 45% 41% Treatment-emergent adverse events occurring in >5% of total patients by preferred term Headache w% o% o% Nasopharyngitis 4% 456 7% Key Safety O
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% ¢— ° 4 94.6%. 93.3% % Patients Free of 12wCDW Events 24 4g 2 96 Weeks of Open-Label Extension Treatment 144 At week 144, 92.3% of patients remained free of 12-week CDW, with 92.7% fr
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 Main Treatment Period (Blinded) OLE (optional) Trials (NCTO5134441 & NCTO5201638) = More than 100 sites in 15 countries E
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* Patients aged 18 to 55 years Diagnosis of relapsing MS??? ENSURE-1 (N=1,121) ENSURE-2 (N=1,100) EDS
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 Robust Phase 2 EMPhASIS Results on Inflammatory Endpoints Phase 3 ENSURE Development Largely De-Risked Clear Path to Regulatory Submission Upon Positive Outcome Immunic 1 Reference: Teciders® label THE
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 ~150K Diagnosed Patients in the U.S.1? > Key unmet needs remain, with limited treatment options available for patients with progressive MS. > C
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 > Patients aged 18 to 65 years >» PPMS or SPMS diagnosis (revised McDonald criteria 2017
Slide 23: Exploratory MRI Outcomes Revealed Consistent, Directionally Favorable Signals
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% Cl, -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 waza o 24wCDW 24wCDI ray wae Pasbo azar rao ozs nase FavorsPlceto (MEER aa Favors IMU ao = i pec i imme se a @ asian — cas = sas sien seins arian Ait subject wee oedos71 10) 2010-47) P
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 (85% cl) (ha Pacabo zor ratio N=235 N=232 ey Favors Placebo: Lescokeld Favors Placebo: Favors IMU- All subjects ca i 0.760.48-120) 24411 075.58) iat a eer sic = 3 ‘aioe
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 ary 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 No Evidence of Increa
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” Favorable and Consistent Safety Profile at 45 mg Dose Positive Phase 2 Signals in Non-Active Patients Supporting Nurri1-Linked Biology Immunic + Primary p
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 Total Relapsing MS Patient Ocrevus® $9.05 billion Share by Class? Kesimpta® $4.43 billion 40% 38% anti-CD20 Orals Tysabri® $1.67 billion Mavenclad® $1.4billion “7% CAGR Avonex® & Plegridy® $946 millio
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 patients each year? ~90K .S. patients initiating new MS =S 1 7B’ DMT treatments each year? prescriptions for patients switching therapy each
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 Living with Relapsing MS Prefer Oral DMTs ~42% ~58% of patients prefer of relapsing MS patients oral medicines* in the U.S. are aged >552 Patients Sequencing from Anti-CD20 Ther
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+) Capture a substantially larger market opportunity through expansion into progressive MS (long-term market estim
Slide 33: Value Creation Roadmap
Value Creation Roadmap Multiple Catalysts Through 2030 2H 2026 2027 2028 . O 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 oO Progressive MS Phase 3 Progressive MS
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 Vidofludimus Calcium (IMU-838) DH Immunic — “s
Slide 35: Jessica Breu
Jessica Breu Vice President Investor Relations & Communications © Phone: +1-332-255-9819 53) Email: ir@imux.com © Web: www.imux.com Immunic Immunic, Inc. 1200 Avenue of the Americas New York, NY 10036 USA Immunic AG Lochhamer Schlag 21 821166 Grafelfing (Munich) Germany Immunic Australia Pty. Ltd. M