SEC FORM 4

SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nash Duane

(Last)

(First)

(Middle)

1200 AVENUE OF THE AMERICAS, SUITE 200

(Street)

NEW YORK

10036

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IMMUNIC, INC. [ IMUX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
07/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Appreciation Right	$0.77	07/16/2025		A		315,000		08/01/2026	07/16/2035	Common Stock⁽¹⁾	315,000	$0.00	315,000	D
Stock Appreciation Right	$0.77	07/16/2025		A		630,000		08/01/2026⁽²⁾	07/16/2035	Common Stock⁽¹⁾	630,000	$0.00	630,000	D
Stock Appreciation Right	$0.77	07/16/2025		A		630,000		08/01/2026⁽³⁾	07/16/2035	Common Stock⁽¹⁾	630,000	$0.00	630,000	D
Stock Appreciation Right	$0.77	07/16/2025		A		315,000		08/01/2026⁽⁴⁾	07/16/2035	Common Stock⁽¹⁾	315,000	$0.00	315,000	D
Stock Appreciation Right	$0.77	07/16/2025		A		315,000		08/01/2026⁽⁵⁾	07/16/2035	Common Stock⁽¹⁾	315,000	$0.00	315,000	D

Explanation of Responses:

1. The Stock Appreciation Rights ("SARs") could be settled for cash, but it is the intention of the Issuer that these SARs will be settled for shares of the Issuer's common stock, par value $0.0001 per share ("Common Stock") provided the Issuer obtains stockholder approval to amend the Issuer's 2019 Omnibus Equity Incentive Plan, as amended, to provide for a sufficient number of shares of Common Stock to support the settlement of the SARs in shares of Common Stock.

2. Exercisable beginning August 1, 2026, subject to the exercise of the Issuer's series A purchase warrants by the holders thereof.

3. Exercisable beginning August 1, 2026, subject to the exercise of the Issuer's series B purchase warrants by the holders thereof.

4. Exercisable beginning August 1, 2026, subject to the Issuer's issuance of Common Stock or pre-funded warrants to subscribers in connection with the second tranche of the Issuer's January 4, 2024 private placement (the "January 2024 Offering").

5. Exercisable beginning August 1, 2026, subject to the Issuer's issuance of Common Stock or pre-funded warrants to subscribers in connection with the third tranche of the January 2024 Offering.

	/s/ Duane Nash	07/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

SEC Form 4 filed by Executive Chairman Nash Duane