Immunic announced an oversubscribed private placement of up to $400 million. This fund will support its transition from the research and development phase to the commercial level. The transaction was oversubscribed by a consortium of investors. Closing is expected on or about February 17, 2026, subject to customary conditions. The goal is to accelerate the transformation of the company into a commercial company[1][2]. The fund will strengthen development at the commercial level[1].