Immunic (IMUX) said late Wednesday that it started an underwritten public offering of securities.

The offering includes pre-funded warrants to purchase shares, series A warrants expiring Dec. 31 and series B warrants expiring after five years, the company said.

The company said series A and B warrants will expire proportionally as the related pre-funded warrants are exercised by Sept. 30.

Net proceeds will fund clinical trials and operations, and general corporate purposes, Immunic added.

Shares of the company fell 11% in recent after-hours activity.