Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Retention Bonus Agreement On April 7, 2026, the Company entered into a Retention Bonus Agreement with Daniel Vitt, Ph.D., Immunic's Chief Executive Officer. The Agreement was entered into in connection with the commencement of a search for a new Chief Executive Officer, and Dr. Vitt’s potential transition to a “C-Suite” role that is focused on strengthening our scientific strategy and driving portfolio advancement after a new Chief Executive Officer is hired. Pursuant to the Agreement, subject to Dr. Vitt's continued employment with the Company through the ninety-first (91st) day after a new Chief Executive Officer is hired by the Company, Dr. Vitt shall be entitled to receive a retention bonus equal to $670,000, less applicable withholdings and payroll deductions. The Retention Bonus will be paid in one lump sum on the first regularly scheduled pay date after the Retention Date, subject to the terms and conditions of the Agreement. If the Company terminates Dr. Vitt's employment without "Cause" or Dr. Vitt resigns for "Good Reason" prior to the Retention Date, the Company will pay the Retention Bonus within (5) days of such termination or resignation, as applicable. If the Retention Bonus is paid, the amount will be credited against any cash severance payment that would otherwise become due under the U.S. Employment Agreement or the Service Agreement dated December 18, 2023, by and between Dr. Vitt and Immunic AG, as a result of any involuntary termination of employment. Reverse Stock Split On April 27, 2026, the Company consummated the Reverse Stock Split, whereby every 10 shares of Common Stock was exchanged for one new share of Common Stock. All share amounts in this document have been adjusted retroactively to reflect the reverse stock split. See Note 6 – “Common Stock” for more information.
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