Insider trading activity in late 2024 could offer signals for IMUX’s 2025 performance, as executive buying often precedes bullish momentum in small-cap biotech stocks. A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. When Immunic last reported its June 2025 balance sheet in August 2025, it had zero debt and cash worth US$55m. Looking at the last year, the company burnt through US$90m. Therefore, from June 2025 it had roughly 7 months of cash runway. That's quite a short cash runway, indicating the company must either reduce its annual cash burn or replenish its cash. Depicted below, you can see how its cash holdings have changed over time. Our video reports and analysis, with early access to exclusive, subscriber-only videos The current market sentiment around IMUX stock shows cautious optimism, with analysts eyeing 2025 as a potential rebound year if Phase 3 clinical trial data is favorable. Institutional investors are watching for cash burn rates and FDA updates that could shift valuation multiples.