Immunic Inc. reported its financial results for the third quarter of 2025, with research and development (R&D) expenses totaling $20.0 million, down from $21.4 million in the same period in 2024. The $1.4 million decrease was mainly due to a $1.3 million reduction in external development costs related to IMU-856, a $1.1 million decrease following completion of the phase 2 CALLIPER trial in the prior year, and a $0.2 million decrease in various other costs. These decreases were partially offset by a $1.2 million increase in R&D personnel expenses, including $0.8 million related to non-cash share-based compensation. Other income (expense) was negligible in the third quarter of 2025, compared to $0.6 million in the same period in 2024, primarily due to a reduction in research and development tax incentives linked to lower clinical trial spending in Australia. The company also provided updates on its clinical programs. Data from the phase 2 CALLIPER trial showed statistically significant 24-week confirmed disability improvement in progressive multiple sclerosis, with signals suggesting slowed disability progression. Long-term phase 2 EMPhASIS data in relapsing-remitting multiple sclerosis indicated high rates of patients remaining free of confirmed disability worsening and favorable safety and tolerability. Top-line data from the twin phase 3 ENSURE trials of vidofludimus calcium in relapsing multiple sclerosis are expected by year-end 2026.