IMMUNIC, INC.

# SIGNAL NOTE: BVF Partners Initiates IMUX Position Mark Lampert's concentrated biotech value fund has established a ~7.7M share stake (~4.1% of float) in Immunic, signaling conviction in the company's pipeline despite its distressed valuation. The position likely reflects confidence in IMU-838 (a selective S1P5 modulator) for ulcerative colitis and Crohn's disease, with near-term data readouts expected to provide catalysts for revaluation. This move is characteristic of Lampert's strategy of deploying capital into depressed-price clinical-stage biotech with Phase 2b/3 programs.