Immunic, Inc. (IMUX): Business Model Canvas [Dec-2025 Updated]

You're looking at Immunic, Inc., a late-stage biotech currently positioned on a knife's edge, banking everything on their oral therapy for Multiple Sclerosis, with the critical Phase 3 ENSURE trial readout due by the end of 2026. As your analyst, I see a clear value proposition-an easy-to-take drug with a unique dual mechanism-but the near-term reality is a high burn rate, evidenced by Q3 2025 R&D expenses hitting $20.0 million against cash reserves of $35.1 million at that time. This model, heavily reliant on the Boehringer Ingelheim partnership for IMU-838 development and currently generating $0 in product revenue, demands precision in execution to bridge the gap to potential future royalties. You need to see the full Business Model Canvas below to map out exactly how they plan to manage those costs and secure that future.

Immunic, Inc. (IMUX) - Canvas Business Model: Key Partnerships

You're looking at Immunic, Inc.'s external relationships that fuel their clinical pipeline, especially given the cash burn required to run late-stage trials. The structure here is about de-risking assets and sharing the cost of late-stage development, which is critical when cash and cash equivalents stood at $35.1 million as of September 30, 2025.

Boehringer Ingelheim for IMU-838 development

While the search results confirm Immunic, Inc. is driving the Phase 3 ENSURE trials for vidofludimus calcium (IMU-838) internally, with top-line data expected by the end of 2026, the structure for this lead asset relies on external execution capabilities rather than a co-development partner like Boehringer Ingelheim for the current Phase 3 readout. The company's focus is on leveraging the fully enrolled twin Phase 3 trials to achieve a multi-billion market opportunity. The financial outlay for this is significant, reflected in Research and Development expenses reaching $63.0 million for the nine months ended September 30, 2025.

Academic medical centers for clinical trial execution

The execution of Immunic, Inc.'s clinical programs, particularly the Phase 3 ENSURE trials for relapsing multiple sclerosis (RMS), inherently involves collaboration with academic medical centers. These centers provide the specialized infrastructure and patient access necessary for complex, multi-site global trials. Although specific center names aren't detailed in the latest reports, the success of trials like the Phase 2 CALLIPER in progressive MS (PMS) and the Phase 2 EMPhASIS trial in relapsing-remitting MS (RRMS) demonstrates established relationships with clinical investigators and trial sites. The data from the CALLIPER trial showed a 20% reduction in the risk of 24-week Confirmed Disability Worsening (CDW).

Contract Research Organizations (CROs) for global trials

To manage the scale of global trials like the twin Phase 3 ENSURE studies, Immunic, Inc. relies on Contract Research Organizations (CROs). These organizations handle the operational heavy lifting, from site management to data collection, allowing Immunic, Inc.'s internal team to focus on strategic oversight. The external development costs related to the vidofludimus calcium programs increased by $7.3 million for the six months ended June 30, 2025, compared to the prior year period, indicating substantial external vendor utilization.

Potential licensing partners for IMU-856 development

For IMU-856, which targets Sirtuin 6 (SIRT6) and has shown promise in celiac disease with up to a 250% increase in GLP-1 levels versus placebo in Phase 1b data, Immunic, Inc. is actively exploring financing, licensing, or partnership opportunities. This strategy is designed to bring in external capital and expertise to fund further clinical testing, as the company manages its current liquidity position. The original asset was licensed from Daiichi Sankyo Co., Ltd., which retains rights to future development, approval, and sales milestone payments, plus royalties, following Immunic, Inc.'s exercise of its exclusive global option in January 2020.

Here's a quick look at the financial context driving the need for these external relationships:

The company's executive team was actively engaging in partnering discussions at BIO-Europe 2025 in Vienna, Austria.

• Vidofludimus calcium (IMU-838) Phase 3 data expected by end of 2026.
• IMU-856 showed potential for weight management.
• IMU-856 licensing terms include royalties for Daiichi Sankyo.
• Phase 2 EMPhASIS trial showed 92.7% of patients remained free of 24-week CDW at Week 144.

Finance: review burn rate against current cash runway by end of month.

Immunic, Inc. (IMUX) - Canvas Business Model: Key Activities

You're looking at the core engine driving Immunic, Inc. right now, which is heavily weighted toward late-stage clinical execution and shoring up the balance sheet. Here are the hard numbers defining their Key Activities as of late 2025.

Executing twin Phase 3 ENSURE trials for MS

The focus here is on vidofludimus calcium (IMU-838) for Relapsing Multiple Sclerosis (RMS). Enrollment for both identical, multicenter, randomized, double-blind Phase 3 trials, ENSURE-1 and ENSURE-2, was completed on schedule as of June 5, 2025.

The scale of this activity is significant:

• ENSURE-1 randomized 1,121 patients.
• ENSURE-2 randomized 1,100 patients.
• Total enrollment across both trials was over 2,200 RMS patients.
• The primary endpoint for both trials is time to first relapse up to 72 weeks.
• Top-line data from both ENSURE trials is anticipated by the end of 2026.

Research and Development (R&D) for pipeline assets

R&D spending reflects the heavy lift of running those Phase 3 trials, though quarterly spending saw a slight dip compared to the prior year's third quarter. The commitment to the pipeline is clear in the year-to-date spend.

The nine-month increase of $4.5 million in R&D expenses was driven by a $6.2 million increase in external development costs specifically for the Phase 3 ENSURE trials. For the three months ended June 30, 2025, R&D expenses were $21.4 million.

Protecting Intellectual Property (IP) and patents

Securing the future exclusivity of vidofludimus calcium is a critical activity. Immunic, Inc. recently secured a major win on this front.

• Received a Notice of Allowance from the U.S. Patent and Trademark Office for a key patent covering dose strengths of vidofludimus calcium for progressive MS.
• This specific patent is projected to offer protection into the year 2041, with potential for further term extension.

Business development and investor relations

Managing capital to fund operations through the data readout in 2026 is paramount. The company executed significant financing activities in the first half of 2025.

Financing activity highlights include:

• Total gross proceeds from two financings: $70.1 million.
• An oversubscribed underwritten public offering in May 2025 raised $65 million.
• Cash and Cash Equivalents as of September 30, 2025, stood at $35.1 million.
• The company stated this cash level does not provide adequate liquidity for at least 12 months from September 30, 2025, without raising additional capital.

Investor relations activities are also reflected in the income statement:

Interest income for the three months ended June 30, 2025, was $0.2 million.

Immunic, Inc. (IMUX) - Canvas Business Model: Key Resources

The Key Resources for Immunic, Inc. as of late 2025 are heavily concentrated in its intellectual property and the clinical progress of its lead asset, vidofludimus calcium (IMU-838).

The financial foundation supporting these resources is a specific cash position as of the end of the third quarter of 2025. You should note that this amount, while substantial for certain operations, was explicitly stated by management as insufficient to cover operations for at least 12 months from that date without securing further financing.

The core of Immunic, Inc.'s value proposition rests on the clinical data supporting vidofludimus calcium's potential to treat multiple sclerosis (MS) across different forms of the disease. The asset is an orally available nuclear receptor-related 1 (Nurr1) activator, which is key to its proposed dual mode of action combining anti-inflammatory and neuroprotective effects.

The company has been actively presenting data that reinforces the drug's profile. For instance, long-term data from the Phase 2 EMPhASIS trial in relapsing-remitting multiple sclerosis (RRMS) showed favorable safety and tolerability for treatment durations up to 5.5 years. Among 182 patients remaining on therapy as of January 14, 2025, cumulative exposure reached approximately 952 treatment years with an annualized discontinuation rate of only about 6.4%.

The intellectual property surrounding vidofludimus calcium is a critical, defensible resource. This is bolstered by recent patent allowances that extend exclusivity for specific applications well into the next decade.

Here's a quick look at the status of the primary clinical and IP assets:

• Vidofludimus calcium (IMU-838) is the lead asset in Phase 3 ENSURE trials for Relapsing MS (RMS).
• Enrollment is complete for both Phase 3 ENSURE trials: ENSURE-1 randomized 1,121 patients and ENSURE-2 randomized 1,100 patients.
• Top-line data for the twin Phase 3 ENSURE trials is anticipated by the end of 2026.

The neuroprotective potential is supported by Phase 2 data in progressive MS (PMS) from the CALLIPER trial, which demonstrated statistically significant 24-week Confirmed Disability Improvement (24wCDI) over placebo.

The following table summarizes the key tangible and intangible resources as of late 2025:

Furthermore, the intellectual property portfolio includes other layers of protection. A pending application is specifically directed towards the use of vidofludimus calcium for treating neurodegenerative diseases, which, if granted, could provide protection up to 2044, unless extended further. This layered IP strategy is designed to secure market exclusivity for the lead compound.

The company's R&D expenses for the nine months ended September 30, 2025, totaled approximately $63.0 million, reflecting ongoing investment in advancing these key assets.

Finance: review cash runway projection based on $35.1 million cash balance by next Tuesday.

Immunic, Inc. (IMUX) - Canvas Business Model: Value Propositions

You're looking at the core advantages Immunic, Inc. is banking on with vidofludimus calcium (IMU-838) to capture a significant share of the multiple sclerosis (MS) market. The value proposition centers on delivering a differentiated, convenient, and comprehensive treatment option.

Oral therapy for Multiple Sclerosis (MS) with easy use

The primary convenience factor is that vidofludimus calcium is an orally administered, small molecule therapy. This offers patients a treatment opportunity that is very unique and easy to use compared to injectable or infusion-based treatments currently on the market. The company is targeting a potential transformation of the oral MS therapy landscape.

Unique dual mechanism: Nurr1 activation and DHODH inhibition

Vidofludimus calcium is positioned as having a first-in-class, dual mode of action designed to address the full spectrum of MS pathophysiology. This mechanism is what sets it apart from many existing options.

• Nurr1 activation provides direct neuroprotective effects.
• Selective inhibition of the enzyme dihydroorotate dehydrogenase (DHODH) provides anti-inflammatory and anti-viral effects.

The company believes this dual approach can tackle processes responsible for smoldering MS and PIRA (Progressive Inflammatory Response Activity). Intellectual property is also a key part of this value, with a Notice of Allowance received in September 2025 for a patent covering dose strengths for the treatment of progressive MS, expected to provide protection into 2041.

Potential to slow disability progression in Progressive MS

A major value driver is the potential to slow disability worsening, particularly in progressive forms of MS (PMS). Data from the Phase 2 CALLIPER trial in PMS has been presented to support this claim, showing clinically measurable neuroprotective effects consistent with the Nurr1 activation mechanism.

Here's a quick look at the key efficacy numbers from the Phase 2 CALLIPER trial in PMS compared to placebo:

The trial demonstrated a statistically significant 24-week confirmed disability improvement in the overall PMS patient population. Top-line data from the twin Phase 3 ENSURE trials in relapsing MS are expected by the end of 2026, with both trials fully enrolled (ENSURE-1 with 1,121 patients and ENSURE-2 with 1,100 patients).

Favorable long-term safety and tolerability profile

The long-term safety profile is reinforced by data from the Phase 2 EMPhASIS open-label extension (OLE) trial in relapsing-remitting MS (RRMS) patients. This data shows the drug was well-tolerated for treatment durations of up to 5.5 years.

The long-term tolerability is quantified by these figures from the OLE period:

• Among 182 patients remaining on therapy as of January 14, 2025, cumulative exposure totaled approximately 952 treatment years.
• The annualized discontinuation rate was only approximately 6.4%.
• Most adverse events were rated as mild.
• There were low rates of renal and liver-related events, with no new safety signals observed.

Financially, Immunic, Inc. reported a Net Loss for the third quarter of 2025 of $25.6 million, or $0.13 per share, with a cash balance of $35.1 million as of September 30, 2025. The market opportunity is estimated at $3-7 billion peak sales potential for vidofludimus calcium in MS.

Immunic, Inc. (IMUX) - Canvas Business Model: Customer Relationships

You're looking at how Immunic, Inc. manages its critical relationships with the scientific community, investors, and the patient base as of late 2025. For a late-stage biotech, these relationships are the lifeblood, especially with top-line data for the lead asset expected in 2026.

High-touch engagement with Key Opinion Leaders (KOLs)

Engagement with KOLs is primarily driven through scientific presentations and one-on-one meetings at major medical congresses. The presence of top scientific and medical personnel, like Chief Scientific Officer Hella Kohlhof, Ph.D., at these events signals a commitment to deep scientific exchange.

• Members of Immunic, Inc.'s medical, clinical, and preclinical teams attended the 41st Congress of ECTRIMS in Barcelona, Spain, in September 2025.
• Data on vidofludimus calcium (IMU-838) were presented in one oral presentation and four poster presentations at ECTRIMS 2025.
• The Phase 2 CALLIPER trial data in progressive MS were selected for the Best of ECTRIMS 2025 slide deck.
• Chief Scientific Officer Hella Kohlhof, Ph.D., presented an overview of vidofludimus calcium at the 7th Neuroimmunology Drug Development Summit in Boston in February 2025.

Close collaboration with clinical trial investigators

The relationship with clinical trial investigators is quantified by the scale and geographic reach of the ongoing Phase 3 program. This collaboration is essential for hitting the expected data readout milestones.

The twin Phase 3 ENSURE trials for relapsing multiple sclerosis (RMS) reached a significant operational milestone in June 2025 with the on-time completion of enrollment. Here are the hard numbers reflecting the investigator network:

Furthermore, long-term data from the Phase 2 EMPhASIS trial showed durability: at week 144, 92.3% of patients remained free of 12-week confirmed disability worsening (12wCDW). For the IMU-856 program in celiac disease, a post hoc analysis of the Phase 1b trial showed up to a 250% increase in GLP-1 levels versus placebo in fasting patients.

Investor relations and scientific conference presentations

Investor relations is highly active, focusing on direct engagement with the financial community through one-on-one meetings scheduled around major industry conferences. Jessica Breu, Vice President Investor Relations and Communications, is the key contact for scheduling these interactions.

Here's a look at the key investor-facing events attended or scheduled through late 2025:

The company also announced a proposed public offering in May 2025, intending to use the net proceeds to fund clinical trials and operations. This offering involved Series A warrants expiring on December 31, 2025.

Patient advocacy groups for disease awareness

While specific partnership dollar amounts or joint campaign statistics aren't public, disease awareness is intrinsically linked to scientific data dissemination, which Immunic, Inc. actively pursues. Presenting data at major medical meetings serves to educate the broader community, including patient groups.

• The company presented data at the 41st Congress of ECTRIMS in September 2025, focusing on MS.
• Two abstracts discussing clinical and preclinical data on IMU-856 were presented as digital oral presentations at the 19th Congress of ECCO (European Crohn's and Colitis Organisation) in February 2025.
• The company is exploring potential financing, licensing, or partnership opportunities for IMU-856, which has shown potential for weight management, suggesting outreach to relevant disease/condition-specific communities beyond just MS.

The focus on an orally administered therapy, like vidofludimus calcium, is itself a key message for patient convenience, which advocacy groups often prioritize.

Immunic, Inc. (IMUX) - Canvas Business Model: Channels

You're looking at how Immunic, Inc. gets its value proposition-novel oral therapies like vidofludimus calcium-to the customer, which is currently the clinical trial investigator and, eventually, the patient. For a late-stage biotech, the channels are heavily weighted toward clinical execution and scientific communication right now, with commercial distribution being a future, partnership-dependent step.

Global Network of Clinical Trial Sites

The current primary channel is the global clinical trial infrastructure used to test vidofludimus calcium. This network is quite extensive, supporting their Phase 3 ENSURE trials for relapsing multiple sclerosis (RMS).

• Number of Sites: More than 100 sites per trial.
• Geographic Reach: Trials span 15 countries.
• Key Regions: Included the United States, India, Middle East and North Africa, Latin America, and Central and Eastern Europe.
• Enrollment Status (as of June 2025): ENSURE-1 randomized 1,121 patients; ENSURE-2 randomized 1,100 patients.

This large, multi-national footprint is essential for hitting enrollment targets, which they achieved on time for the Phase 3 trials in June 2025. The cost to maintain this channel is significant; for instance, Research and Development (R&D) Expenses for the three months ended September 30, 2025, were $20.0 million.

Scientific and Medical Conferences

Scientific conferences serve as a critical channel for communicating clinical data to the medical community, key opinion leaders, and potential partners. Immunic, Inc. made a major push through this channel in late 2025.

The 41st Congress of the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) in September 2025 was a key focus, where they presented data from the Phase 2 CALLIPER trial and long-term data from the EMPhASIS trial. This scientific validation is a channel unto itself for building credibility.

Their presence at these events helps drive awareness for vidofludimus calcium, which is crucial before commercial launch.

Future Pharmaceutical Distribution Channels (Post-Approval)

As Immunic, Inc. is currently pre-commercialization, the specific distribution network is not yet established, but the strategy is implied by their pipeline focus. Given their lead asset is an oral therapy, the channel will likely involve established pharmaceutical wholesalers and specialty pharmacies, similar to other oral MS treatments.

• The company is preparing for end-of-Phase 2 discussions with the FDA and EMA to set up the Phase 3 program, which precedes commercialization planning.
• For their second asset, IMU-856 (targeting gastrointestinal disorders), the company is explicitly preparing for further clinical testing contingent on financing, licensing or partnering.

This suggests that for commercial scale-up, Immunic, Inc. will likely rely on a strategic partnership to access an established pharmaceutical distribution and sales force, rather than building one from scratch, especially considering their cash position as of September 30, 2025, which was $35.1 million, with a net loss of $25.6 million for Q3 2025.

Direct Communication via Corporate and Investor Websites

The corporate website, specifically the InvestorRoom section, acts as the primary direct channel for disseminating official, time-sensitive information to investors and the public.

This channel provides:

• News Releases, such as the Third Quarter 2025 Financial Results released on November 13, 2025.
• Archived Webcasts and Presentations from past events.
• Financials and SEC Filings, like the 10-K filed on March 31, 2025.
• Corporate Governance details.

This direct line ensures that stakeholders receive unfiltered, official updates, like the announcement of a new US patent allowance for vidofludimus calcium in September 2025.

Immunic, Inc. (IMUX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Immunic, Inc. (IMUX) as of late 2025. This is a company focused on developing orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases, primarily targeting specific patient groups where they see a clear unmet need and potential for a differentiated product profile.

The primary focus for their lead asset, vidofludimus calcium (IMU-838), is clearly on the Multiple Sclerosis (MS) patient base. This segment is further broken down based on disease progression, which dictates the specific clinical trial focus and potential market positioning. The company has made substantial progress here, with $\text{two identical Phase 3 clinical trials}$ (ENSURE-1 and ENSURE-2) fully enrolled in patients with Relapsing Multiple Sclerosis (RMS) as of June 2025.

For the Progressive MS (PMS) segment, Immunic, Inc. has shown promising Phase 2 data from the CALLIPER trial, which demonstrated statistically significant 24-week Confirmed Disability Improvement. Management has specifically highlighted the potential in Primary Progressive Multiple Sclerosis (PPMS), viewing it as an underserved market with an estimated value of over $\text{\$6+ billion}$. Furthermore, a patent received in September 2025 covers dose strengths for vidofludimus calcium for the treatment of PMS, potentially providing market exclusivity into $\text{2041}$ in the United States.

The second major therapeutic area involves chronic gastrointestinal diseases, where their asset IMU-856 is the focus. This program is contingent on financing, licensing, or partnering, but it has already completed a Phase 1b clinical trial in celiac disease patients in 2024. A key finding from that trial, relevant to this customer segment, was a post hoc analysis showing up to a $\text{250% increase in GLP-1 levels}$ versus placebo in fasting celiac disease patients. This positions IMU-856 as a potential restorative therapy for intestinal barrier function in this patient group.

The final segment isn't a patient group, but rather the entities that will ultimately commercialize or acquire the assets: large pharmaceutical companies. As of late 2025, Immunic, Inc. is actively exploring potential financing, licensing, or partnership opportunities to advance IMU-856. This strategic need for external capital is underscored by the company's financial position; for the nine months ended September 30, 2025, the net loss was approximately $\text{\$77.9 million}$, and cash and cash equivalents stood at $\text{\$35.1 million}$ as of that same date. This financial reality makes securing a deal with a large partner a critical component of the business model.

Here's a quick look at the key patient populations and associated data points driving the customer segment strategy:

• Patients with Relapsing Multiple Sclerosis (RMS): $\text{1,121}$ patients randomized in ENSURE-1 and $\text{1,100}$ in ENSURE-2 for Phase 3 trials.
• Patients with Progressive Multiple Sclerosis (PMS): Target market estimated at over $\text{\$6 billion}$ for PPMS indication.
• Patients with Celiac Disease: IMU-856 trial showed up to a $\text{250%}$ increase in GLP-1 levels.
• Potential Partners: Exploring licensing or partnership opportunities for IMU-856 contingent on financing.

You can see the focus areas laid out here:

Immunic, Inc. (IMUX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures driving Immunic, Inc.'s late-stage development strategy as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward getting their lead asset, vidofludimus calcium, through pivotal trials.

The primary cost centers are clearly R&D, which funds the ongoing Phase 3 ENSURE studies, followed by the necessary overhead to manage the company and protect its assets.

Here's a quick look at the key operating expenses reported for the third quarter ended September 30, 2025:

High Research and Development (R&D) expenses (Q3 2025: $20.0 million)

R&D spending is the lifeblood of Immunic, Inc., directly funding the progression of vidofludimus calcium. While the Q3 2025 R&D expense was $20.0 million, which was a decrease year-over-year, this figure reflects a shifting mix of external costs.

The nine-month figures give a clearer picture of the investment into the lead program:

• For the nine months ended September 30, 2025, R&D expenses totaled $63.0 million.
• This nine-month spend included a $6.2 million increase in external development costs specifically tied to the twin phase 3 ENSURE trials in relapsing multiple sclerosis (RMS).
• The R&D decrease in Q3 was partly due to lower external costs related to IMU-856 and the completion of the phase 2 CALLIPER trial.

Clinical trial costs for Phase 3 ENSURE studies are the major component of this R&D spend. Immunic, Inc. completed enrollment for both identical, multicenter, randomized, double-blind trials, ENSURE-1 and ENSURE-2, which together enrolled over 2,200 RMS patients. Top-line data from these pivotal trials is anticipated by the end of 2026. The cost of running these large, global trials is substantial, even if the external spend component for the ENSURE program was partially offset by cost reductions elsewhere in R&D during the third quarter.

General and Administrative (G&A) expenses (Q3 2025: $6.0 million)

G&A expenses rose to $6.0 million for the third quarter of 2025, up from $4.4 million in the prior year period. This increase signals growing operational needs as the company nears potential commercialization milestones for its lead asset.

The nine-month G&A spend was $17.0 million, driven by several factors:

• Personnel expenses increased by $1.8 million for the nine months, with $0.8 million of that being non-cash stock compensation.
• The Q3 increase was primarily attributed to higher personnel costs, including non-cash share-based compensation.

Intellectual property maintenance and legal fees

Protecting the innovation is a non-negotiable cost. Immunic, Inc. strengthened its IP moat during the quarter. Legal and consultancy expenses contributed to the rise in G&A, with a $0.6 million increase noted in these areas for the nine months ended September 30, 2025. This spending supports the commercial defensibility of their assets. Specifically, the company received a Notice of Allowance from the U.S. Patent and Trademark Office for a key patent covering vidofludimus calcium dose strengths for progressive MS, which is expected to provide protection into 2041, with potential for further Patent Term Extension.

Finance: draft 13-week cash view by Friday.

Immunic, Inc. (IMUX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Immunic, Inc. (IMUX) as of late 2025, which is typical for a late-stage biotech heavily invested in clinical trials. Right now, the revenue picture is focused on non-product sources while awaiting key data readouts.

The primary current cash inflow, outside of financing activities, comes from managing their available capital.

• Interest income on cash reserves was $0.4 million for the three months ended September 30, 2025.

As for product sales, the expectation remains zero for the current fiscal year, which is standard when a lead asset is still in Phase 3 trials.

Here's a quick look at the analyst consensus for product revenue in 2025:

The structure for future, significant revenue generation is built around successful development and commercialization, which is where the collaboration component fits in.

• Upfront and milestone payments from collaborations, such as the one with Boehringer Ingelheim, represent a key, though lumpy, revenue stream contingent on clinical or regulatory achievements.
• Future tiered royalties on net sales represent the long-term, post-approval revenue potential from licensed assets like vidofludimus calcium.

The company is managing its current cash position, which stood at $35.1 million as of September 30, 2025, while driving toward the expected top-line data from the twin Phase 3 ENSURE trials by the end of 2026. That data is the trigger for unlocking the larger royalty and potential milestone streams.

Finance: draft 13-week cash view by Friday.