Immunic (IMUX) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36201
Entity Registrant Name	Immunic, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2358443
Entity Address, Address Line One	1200 Avenue of the Americas
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	332
Local Phone Number	255-9818
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	IMUX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,718,340
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001280776

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 133,183	$ 29,369
Other current assets and prepaid expenses	4,358	2,861
Total current assets	137,541	32,230
Property and equipment, net	147	80
Goodwill	32,970	32,970
Right-of-use assets, net	940	633
Other long-term assets	42	42
Total assets	171,640	65,955
Current liabilities:
Accounts payable	3,419	2,423
Accrued expenses	4,253	3,298
Other current liabilities	358	1,351
Total current liabilities	8,030	7,072
Long term liabilities
Operating lease liabilities	735	520
Total long-term liabilities	735	520
Total liabilities	8,765	7,592
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 20,000,000 authorized and no shares issued or outstanding at September 30, 2020 and December 31, 2019	0	0
Common stock, $0.0001 par value; 130,000,000 shares authorized and 20,718,340 and 10,744,806 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	2	1
Additional paid-in capital	257,394	119,646
Accumulated other comprehensive loss	(1,752)	(1,373)
Accumulated deficit	(92,769)	(59,911)
Total stockholders’ equity	162,875	58,363
Total liabilities and stockholders’ equity	$ 171,640	$ 65,955

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Sep. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Apr. 12, 2019shares	Mar. 27, 2019€ / sharesshares
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share) | $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share) | (per share)	$ 0.0001	$ 0.0001		€ 1
Common stock, shares authorized (in shares)	130,000,000	130,000,000
Common stock, shares issued (in shares)	20,718,340	10,744,806	120,070	156,920
Common stock, shares outstanding (in shares)	20,718,340	10,744,806

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating expenses:
Research and development	$ 11,040	$ 7,102	$ 27,461	$ 16,486
General and administrative	2,505	2,075	7,320	12,360
Total operating expenses	13,545	9,177	34,781	28,846
Loss from operations	(13,545)	(9,177)	(34,781)	(28,846)
Other income:
Interest income	20	58	48	92
Other income, net	612	904	1,875	1,512
Total other income	632	962	1,923	1,604
Net loss	$ (12,913)	$ (8,215)	$ (32,858)	$ (27,242)
Net loss per share, basic and diluted (in USD per share)	$ (0.70)	$ (0.82)	$ (2.35)	$ (3.96)
Weighted-average common shares outstanding, basic and diluted (in shares)	18,405,840	10,022,856	13,966,690	6,880,057

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,913)	$ (8,215)	$ (32,858)	$ (27,242)
Other comprehensive loss:
Foreign currency translation	(144)	(1,082)	(379)	(985)
Total comprehensive loss	$ (13,057)	$ (9,297)	$ (33,237)	$ (28,227)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Stock subscription not yet issued	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Executive Bonus Agreement	Executive Bonus AgreementCommon Stock	Executive Bonus AgreementAdditional Paid-In Capital	Series A-2 Convertible Preferred StockPreferred Stock	Series A-1 Convertible Preferred StockPreferred Stock	Common Stock Series B	Common Stock Series BCommon Stock	Common Stock Series BAdditional Paid-In Capital	Public Offering	Public OfferingCommon Stock	Public OfferingAdditional Paid-In Capital	April 2020 Equity Issuances	April 2020 Equity IssuancesCommon Stock	April 2020 Equity IssuancesAdditional Paid-In Capital	June 2020 Equity Issuances	June 2020 Equity IssuancesCommon Stock	June 2020 Equity IssuancesAdditional Paid-In Capital	August 2020 Equity Issuances	August 2020 Equity IssuancesCommon Stock	August 2020 Equity IssuancesAdditional Paid-In Capital	4SC Settlement Agreement	4SC Settlement AgreementCommon Stock	4SC Settlement AgreementAdditional Paid-In Capital
Beginning balance (in shares) at Dec. 31, 2018		846,953								299,456	13,541
Beginning balance at Dec. 31, 2018	$ (25,741)	$ 0	$ 56	$ 0	$ (819)	$ (24,978)				$ 34,313	$ 2,879
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,313)					(4,313)
Foreign exchange translation adjustment	(247)				(247)
Stock subscription not yet issued	20,531			20,531
Ending balance (in shares) at Mar. 31, 2019		846,953								299,456	13,541
Ending balance at Mar. 31, 2019	(9,770)	$ 0	56	20,531	(1,066)	(29,291)				$ 34,313	$ 2,879
Beginning balance (in shares) at Dec. 31, 2018		846,953								299,456	13,541
Beginning balance at Dec. 31, 2018	(25,741)	$ 0	56	0	(819)	(24,978)				$ 34,313	$ 2,879
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(27,242)
Ending balance (in shares) at Sep. 30, 2019		10,070,680								0	0
Ending balance at Sep. 30, 2019	60,527	$ 1	114,550	0	(1,804)	(52,220)				$ 0	$ 0
Beginning balance (in shares) at Mar. 31, 2019		846,953								299,456	13,541
Beginning balance at Mar. 31, 2019	(9,770)	$ 0	56	20,531	(1,066)	(29,291)				$ 34,313	$ 2,879
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,714)					(14,714)
Foreign exchange translation adjustment	344				344
Issuance of common stock (in shares)								460,336					2,197,742															120,070
Issuance of common stock							$ 6,014		$ 6,014			$ 29,935		$ 29,935													$ 1,540		$ 1,540
Stock subscription not yet issued	(20,531)			(20,531)
Conversion of Series A Preferred Stock to common stock (in shares)		5,302,029								299,456	13,541
Conversion of Series A Preferred Stock to common stock	37,193	$ 1	37,192							$ (34,313)	$ (2,879)
Exchange of common stock in connection with Transaction (in shares)																												1,059,269
Exchange of common stock in connection with Transaction																											$ 39,400		$ 39,400
Ending balance (in shares) at Jun. 30, 2019		9,986,399								0	0
Ending balance at Jun. 30, 2019	69,411	$ 1	114,137	0	(722)	(44,005)				$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,215)					(8,215)
Stock-based compensation	199
Foreign exchange translation adjustment	(1,082)				(1,082)
Issuance of common stock (in shares)		58,981														25,300
Issuance of common stock	0														$ 214		$ 214
Ending balance (in shares) at Sep. 30, 2019		10,070,680								0	0
Ending balance at Sep. 30, 2019	60,527	$ 1	114,550	$ 0	(1,804)	(52,220)				$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2019		10,744,806
Beginning balance at Dec. 31, 2019	58,363	$ 1	119,646		(1,373)	(59,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,487)					(8,487)
Stock-based compensation	353		353
Foreign exchange translation adjustment	(309)				(309)
Issuance of common stock (in shares)																78,745
Issuance of common stock															568		568
Ending balance (in shares) at Mar. 31, 2020		10,823,551
Ending balance at Mar. 31, 2020	50,488	$ 1	120,567		(1,682)	(68,398)
Beginning balance (in shares) at Dec. 31, 2019		10,744,806
Beginning balance at Dec. 31, 2019	58,363	$ 1	119,646		(1,373)	(59,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(32,858)
Ending balance (in shares) at Sep. 30, 2020		20,718,340
Ending balance at Sep. 30, 2020	162,875	$ 2	257,394		(1,752)	(92,769)
Beginning balance (in shares) at Mar. 31, 2020		10,823,551
Beginning balance at Mar. 31, 2020	50,488	$ 1	120,567		(1,682)	(68,398)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,458)					(11,458)
Stock-based compensation	369		369
Foreign exchange translation adjustment	74				74
Issuance of common stock (in shares)																205,083			1,764,706			2,175,000
Issuance of common stock															$ 2,246		$ 2,246	$ 13,918		$ 13,918	$ 23,048		$ 23,048
Ending balance (in shares) at Jun. 30, 2020		14,968,340
Ending balance at Jun. 30, 2020	78,685	$ 1	160,148		(1,608)	(79,856)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,913)					(12,913)
Stock-based compensation	707		707
Foreign exchange translation adjustment	(144)				(144)
Issuance of common stock (in shares)																									5,750,000
Issuance of common stock																								$ 96,540	$ 1	$ 96,539
Ending balance (in shares) at Sep. 30, 2020		20,718,340
Ending balance at Sep. 30, 2020	$ 162,875	$ 2	$ 257,394		$ (1,752)	$ (92,769)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019
Issuance costs			$ 37		$ 61
Public Offering
Issuance costs		$ 75		$ 144
April 2020 Equity Issuances
Issuance costs		1,082
June 2020 Equity Issuances
Issuance costs		$ 1,752
August 2020 Equity Issuances
Issuance costs	$ 6,960

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (32,858)	$ (27,242)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	63	38
Gain on sale of ELAD Assets	0	(329)
Gain on disposal of equipment	0	(26)
Stock-based compensation	1,429	6,182
Contingent payment settled in common stock	0	1,540
Changes in operating assets and liabilities:
Other current assets and prepaid expenses	(1,234)	(3,458)
Accounts payable	875	918
Other current liabilities	(1,208)	(49)
Accrued expenses	772	146
Net cash used in operating activities	(32,161)	(22,280)
Cash flows from investing activities:
Cash distribution in connection with ELAD Assets sale	0	(75)
Proceeds from sale of ELAD Assets	0	2,475
Cash acquired in connection with the Transaction	0	8,151
Purchases of property and equipment	(122)	(30)
Proceeds from sale of equipment	0	40
Net cash (used in) provided by investing activities	(122)	10,561
Cash flows from financing activities:
Proceeds from public offering of common stock through At The Market offering, net of issuance costs of $112 and $53, respectively	2,814	305
Deferred financing costs	0	(82)
Net cash provided by financing activities	136,320	30,188
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(223)	(1,081)
Net change in cash, cash equivalents and restricted cash	103,814	17,388
Cash, cash equivalents and restricted cash, beginning of period	29,369	13,072
Cash, cash equivalents and restricted cash, end of period	133,183	30,460
Supplemental disclosures for cash flow information:
Cash paid for interest	0	2
Supplemental disclosure of noncash investing and financing activities:
Conversion of convertible preferred stock to common stock	0	37,193
Fair value of net assets acquired in the Transaction	0	39,400
Offering costs in accrued expenses	25	140
Pre-Closing Financing
Cash flows from financing activities:
Proceeds from issuance of common stock	0	29,965
April 2020 Equity Issuances
Cash flows from financing activities:
Proceeds from issuance of common stock	13,918	0
June 2020 Equity Issuances
Cash flows from financing activities:
Proceeds from issuance of common stock	23,048	0
August 2020 Equity Issuances
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 96,540	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Issuance costs		$ 61
Public Offering
Issuance costs	$ 112	$ 53
April 2020 Equity Issuances
Issuance costs	1,082
June 2020 Equity Issuances
Issuance costs	1,752
August 2020 Equity Issuances
Issuance costs	$ 6,960

Description of Business and Bas

Description of Business and Basis of Financial Statements	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Description of Business and Basis of Financial Statements	Description of Business and Basis of Financial Statements Description of Business Immunic, Inc. (“Immunic” or the “Company”) is a clinical-stage biopharmaceutical company developing a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases, including relapsing-remitting multiple sclerosis, ulcerative colitis, Crohn’s disease and psoriasis. The Company is developing three small molecule products: its lead development program, IMU-838, is a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH and exhibits a host-based antiviral effect; IMU-935 is an inverse agonist of RORgt; and IMU-856 targets the restoration of the intestinal barrier function. IMU-838 is in Phase 2 clinical development for relapsing-remitting multiple sclerosis, ulcerative colitis and COVID-19, with an additional Phase 2 trial considered in Crohn’s disease. An investigator-sponsored proof-of-concept clinical trial for IMU-838 in primary sclerosing cholangitis is ongoing at the Mayo Clinic. IMU-935 is currently being tested in a Phase 1 clinical trial in healthy volunteers, which was initiated in September 2019. IMU-856 is currently being tested in a Phase 1 clinical trial in healthy volunteers, which was initiated in August 2020. The Company’s business, operating results, financial condition and growth prospects are subject to significant risks and uncertainties, including the failure of its clinical trials to meet their endpoints, failure to obtain regulatory approval and needing additional funding to complete the development and commercialization of the Company's three development programs. Liquidity and Financial Condition Immunic has no products approved for commercial sale and has not generated any revenue from product sales. Immunic has never been profitable and has incurred operating losses in each year since inception (2016). Immunic has an accumulated deficit of approximately $92.8 million as of September 30, 2020 and $59.9 million as of December 31, 2019. Substantially all of Immunic’s operating losses have resulted from expenses incurred in connection with its research and development programs and from general and administrative costs associated with its operations. Immunic expects to incur significant expenses and increasing operating losses for the foreseeable future as it initiates and continues the preclinical and clinical development of its product candidates and adds personnel necessary to advance its clinical pipeline of product candidates. Immunic expects that its operating losses will fluctuate significantly from quarter-to-quarter and year-to-year due to timing of clinical development programs. From inception through September 30, 2020, Immunic has raised net cash of approximately $208.6 million from private and public offerings of preferred and common stock. As of September 30, 2020, Immunic had cash and cash equivalents of approximately $133.2 million. With these funds, Immunic expects to be able to fund its operations beyond twelve months from the date of the issuance of the accompanying unaudited condensed consolidated financial statements. Reverse Acquisition On April 12, 2019, pursuant to the terms of the Agreement, the holders of Immunic AG ordinary shares exchanged all of their outstanding shares for shares of Vital common stock, resulting in Immunic AG becoming a wholly-owned subsidiary of Vital (the “Transaction”). Immediately following the Transaction, Vital Therapies, Inc. changed its name to “Immunic, Inc.” and its ticker symbol to “IMUX”. Immediately prior to the closing of the Transaction, (i) each Immunic AG preferred share was converted into one Immunic AG ordinary share, and (ii) each Immunic AG ordinary share was converted into the right to receive 17.17 shares of Vital’s common stock, after giving effect to the Reverse Stock Split (as defined below). The exchange ratio was determined through arm’s-length negotiations between Vital and Immunic AG. The aggregate consideration issuable in the Transaction, after giving effect to the Reverse Stock Split, was 8,927,130 shares of Vital’s common stock. Following the Transaction and after giving effect to the Reverse Stock Split, the former shareholders of Immunic AG owned approximately 88.25% of the fully diluted common stock of the Company, and the shareholders of Vital immediately prior to the Transaction owned 1,059,269 shares (plus 127,500 restricted stock units (“RSUs”) all of which have been issued to date to former Vital officers) of the common stock of the Company or approximately 11.75%. The issuance of shares of Vital’s common stock in the Transaction was registered with the Securities and Exchange Commission (“SEC”) on a Registration Statement on Form S-4 (Registration No. 333-229510). Immediately prior to the closing of the Transaction, Immunic AG issued, in a private placement transaction (the “Financing”), an aggregate of 2,197,742 ordinary shares to certain of its shareholders for aggregate consideration of €26.7 million (approximately $29.9 million), pursuant to the terms of the Investment and Subscription Agreement, dated as of January 6, 2019, between Immunic and the shareholders and investors party thereto. The Transaction has been accounted for as a reverse acquisition under the acquisition method of accounting. Because Immunic AG’s pre-Transaction owners held an 88.25% economic and voting interest in the combined company immediately following the closing of the Transaction, Immunic AG is considered to be the acquirer of Vital for accounting purposes. Additionally, Immunic AG is considered to be the predecessor for reporting purposes and the financial results of Immunic AG are reported in the historical comparable periods. Reverse Stock Split On April 12, 2019, immediately following the closing of the Transaction, the Company effected a 40-for-1 reverse stock split of its common stock (the “Reverse Stock Split”). Accordingly, all references to share and per share amounts in the accompanying unaudited consolidated financial statements and notes have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. No fractional shares were issued in connection with the Reverse Stock Split. Unless otherwise noted, all references to common stock share and per share amounts have also been adjusted to reflect the exchange ratio of 17.17. Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles, ("U.S. GAAP") and include the accounts of Immunic and its wholly-owned subsidiaries, Immunic AG and Immunic Research GmbH (which both began operations in 2016), Immunic Australia Pty Ltd. (which began operations in 2018) and Vital Therapies (Beijing) Company Limited (“VTL China”), acquired through the Transaction (which began operations in 2005). VTL China was sold in September 2019 in connection with the sale of certain of Vital's clinical development-related intellectual property rights (the "ELAD Assets"). All intercompany accounts and transactions have been eliminated in consolidation. Immunic manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions. Certain prior period amounts have been reclassified to conform to the current basis of presentation. Unaudited Interim Financial Information Immunic has prepared the accompanying interim unaudited condensed consolidated financial statements in accordance with US GAAP and in accordance with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly Immunic’s consolidated financial position, consolidated results of operations, consolidated statement of stockholders’ equity (deficit) and consolidated cash flows for the periods and as of the dates presented. The Company’s fiscal year ends on December 31. The condensed consolidated balance sheet as of December 31, 2019 was derived from audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto included on the Company's Annual Report on Form 10-K filed on March 16, 2020. The nature of Immunic’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. Certain prior period amounts have been reclassified to conform to the current basis of presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements. The most significant estimates in the Company’s financial statements and accompanying notes relate to the application of the acquisition method of accounting related to the Transaction, clinical trial expenses and share-based compensation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ materially from those estimates and assumptions. Foreign Currency Translation and Presentation The Company’s reporting currency is United States (“U.S.”) dollars. During the three and nine months ended September 30, 2020 and 2019, Immunic AG and Immunic Research GmbH’s operations were located in Germany with the euro being their functional currency. Immunic Australia Pty Ltd.’s functional currency is the Australian dollar. All amounts in the financial statements where the functional currency is not the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows: • assets and liabilities at reporting period-end rates; • income statement accounts at average exchange rates for the reporting period; and • components of equity at historical rates. Gains and losses from translation of the financial statements into U.S. dollars are recorded in the statement of comprehensive income (loss) and in stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss). Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as general and administrative expenses in the Consolidated Statements of Operations. The Consolidated Statements of Cash Flows were prepared by using the average exchange rate in effect during the reporting period which reasonably approximates the timing of the cash flows. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on hand and deposits in banks located in the U.S., Germany and Australia. The Company maintains cash and cash equivalent balances denominated in Euro and U.S. dollars with major financial institutions in the U.S. and Germany in excess of the deposit limits insured by the government. Management periodically reviews the credit standing of these financial institutions and believes that the Company is not exposed to any significant credit risk. The Company currently has the majority of its cash and cash equivalents invested with one large financial institution. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 1 assets consisted of money market funds for the periods presented. The Company had no Level 1 liabilities for the periods presented. Level 2— Inputs other than observable quoted prices for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. The Company had no Level 2 assets or liabilities for the periods presented. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. The Company had no Level 3 assets or liabilities for the periods presented. The carrying value of cash and cash equivalents, other current assets and prepaid expenses, accounts payable, accrued expenses, and other current liabilities approximates fair value due to the short period of time to maturity. Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method based on the estimated service lives of the assets, which range from three Impairment of Long-Lived Assets The Company records impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. Impaired assets are then recorded at their estimated fair value. There were no impairment losses during the three and nine months ended September 30, 2020 and 2019, respectively. Goodwill Business combinations are accounted for under the acquisition method. The total purchase price of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, probabilities of success, discount rates, and asset lives, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. The Company assesses qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If after assessing the totality of events or circumstances, the Company were to determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company would perform a quantitative test that compares the fair value to its carrying value to determine the amount of any impairment. Impairment testing for goodwill is done at the reporting unit level. The Company has determined that it operates in a single operating segment and has a single reporting unit. The Company has determined there was no goodwill impairment as of September 30, 2020. Research and Development Expenses Research and development expenses have principally been related to the three development programs, IMU-838, IMU-935 and IMU-856. These three programs include an orally available, small molecule inhibitor of DHODH (IMU-838 program), an inverse agonist of RORgt (IMU-935 program) and an orally available, small molecule modulator targeting the restoration of the intestinal barrier function (IMU-856 program) aimed at treating multiple sclerosis, ulcerative colitis, Crohn’s disease, COVID-19, psoriasis and diarrhea-predominant irritable bowel syndrome. IMU-838 is currently being tested in Phase 2 clinical trials in patients with relapsing-remitting multiple sclerosis, ulcerative colitis and COVID-19. The Company is also considering conducting a Phase 2 clinical trial in Crohn’s disease. An investigator-sponsored proof-of-concept clinical trial for IMU-838 in primary sclerosing cholangitis is ongoing at the Mayo Clinic. IMU-935 is currently being tested in a Phase 1 clinical trial in healthy volunteers, which was initiated in September 2019. IMU-856 is currently being tested in a Phase 1 clinical trial in healthy volunteers, which was initiated in August 2020. Research and development expenses consist of expenses incurred in research and development activities, which include clinical trials, contract research services, certain milestone payments, salaries and related employee benefits, allocated facility costs and other outsourced services. Research and development expenses are charged to operations as incurred. The Company enters into agreements with contract research organizations (“CROs”) to provide clinical trial services for individual studies and projects by executing individual work orders governed by a Master Service Arrangement (“MSA”). The MSAs and associated work orders provide for regular recurrent payments and payments upon the completion of certain milestones. The Company regularly assesses the timing of payments against actual costs incurred to ensure a proper accrual of related expenses in the appropriate accounting period. Collaboration Arrangements Certain collaboration and license agreements may include payments to or from the Company of one or more of the following: non-refundable or partially refundable upfront or license fees; development, regulatory and commercial milestone payments; payment for manufacturing supply services; partial or complete reimbursement of research and development costs; and royalties on net sales of licensed products. The Company assesses whether such contracts are within the scope of Financial Accounting Standards Board (FASB) Accounting Standards Update (“ASU”) 2014-09 “ Revenue from Contracts with Customers ” and ASU No. 2018-18, “ Collaborative Arrangements”, ("ASU 2018-18"). ASU 2018-18, clarifies that certain elements of collaborative arrangements could qualify as transactions with customers is in the scope of ASC 606. In October 2018, the Company entered into an option and license agreement (the "Daiichi Sankyo Agreement") with Daiichi Sankyo Co., Ltd. ("Daiichi Sankyo") which granted the Company the right to license a group of compounds, designated by the Company as IMU-856, as a potential new oral treatment option for diseases such as inflammatory bowel disease, irritable bowel syndrome with diarrhea, immune checkpoint inhibitor induced colitis and other barrier function associated diseases. During the option period, the Company performed agreed upon research and development activities for which it was reimbursed by Daiichi Sankyo up to a maximum agreed-upon limit. Such reimbursement is recorded as other income. On January 5, 2020, the Company exercised its option to obtain the exclusive worldwide right to commercialization of IMU-856. Among other things, the option exercise grants Immunic AG the rights to Daiichi Sankyo’s patent application related to IMU-856. In connection with the option exercise, the Company paid a one-time upfront licensing fee to Daiichi Sankyo. Under the Daiichi Sankyo Agreement, Daiichi Sankyo is also eligible to receive future development, regulatory and sales milestone payments, as well as royalties related to IMU-856. General and Administrative Expenses General and administrative expenses consist primarily of salaries and related costs for personnel in executive, finance, business development and other support functions. Other general and administrative expenses include, but are not limited to, insurance costs, stock-based compensation, professional fees for legal, accounting and tax services, consulting, related facility costs and travel. Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for equity awards based on the grant-date fair value of the award recognized generally as an expense (i) on a straight-line basis over the requisite service period for those awards whose vesting is based upon a service condition, and (ii) on an accelerated method for awards whose vesting is based upon a performance condition, but only to the extent it is probable that the performance condition will be met. Stock-based compensation is estimated at the date of grant based on (i) the award’s fair value for equity classified awards and (ii) final measurement date for liability classified awards. Forfeitures are recorded in the period in which they occur. The Company estimates the fair value of stock options using the Black-Scholes-Merton option-pricing model ("BSM"), which requires the use of estimates and subjective assumptions, including the risk-free interest rate, the fair value of the underlying common stock, the expected dividend yield of the Company’s common stock, the expected volatility of the price of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, the Company’s stock-based compensation expense could be materially different in the future. Leases The Company leases office space and office equipment. The underlying lease agreements have lease terms of less than 12 months and up to 60 months. The short-term leases are deemed immaterial and have not been included in the operating lease right of use asset and operating lease liability. The Company has two existing leases for office space. At inception of a lease agreement, the Company determines whether an agreement represents a lease and at commencement each lease agreement is assessed as to classification as an operating or financing lease. The Company's two leases have been classified as operating leases and an operating lease right-of-use asset and an operating lease liability have been recorded on the Company’s balance sheet. A right-of-use lease asset represents the Company’s right to use the underlying asset for the lease term and the lease obligation represents its commitment to make the lease payments arising from the lease. Right-of-use lease assets and obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company has used an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The right-of-use lease asset includes any lease payments made prior to commencement and excludes any lease incentives. The lease term used in estimating future lease payments may include options to extend when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or changes in expectations regarding the lease term. Variable lease costs such as common area costs and property taxes are expensed as incurred. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income (loss) has been reflected as a separate component of stockholders’ equity (deficit) in the accompanying unaudited Condensed Consolidated Balance Sheets. Income Taxes The Company is subject to corporate income tax laws and regulations in the U.S., Germany and Australia. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment in their application. The Company utilizes the asset and liability method of accounting for income taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its consolidated financial statements. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not some portion or the entire deferred tax asset will not be realized. As of September 30, 2020 and December 31, 2019, the Company maintained a full valuation allowance against the balance of deferred tax assets. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company is subject to U.S. federal, New York, California, Florida, German and Australian income taxes. Due to the carryforward of NOLs, the Company is subject to U.S. federal or state income tax examination by tax authorities for tax returns filed for the years 2003 through 2018. Tax years 2016 through 2018 are subject to audit by German and Australian tax authorities. The Company is not currently under examination by any U.S. state or federal or foreign jurisdictions. Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period and, if dilutive, common stock equivalents outstanding for the period determined using the treasury-stock method. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. Potentially dilutive securities, not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive, are as follows: As of September 30, 2020 2019 Options to purchase common stock 969,822 384,130 Restricted Stock Units — 68,519 Recently Issued and/or Adopted Accounting Standards Recently Adopted Accounting Standards In January 2017, the FASB issued ASU 2017-04, " Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ." This guidance eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit’s fair value. The Company adopted this ASU, as required, in the quarter ended March 31, 2020 on a prospective basis. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement - Disclosure Framework” ("ASU 2018-13.") ASU 2018-13 modifies the disclosure requirements for fair value measurements. The amendments relate to disclosures regarding unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty, and are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments must be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU, as required, in the quarter ended March 31, 2020. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, “ Collaborative Arrangements” ("ASU 2018-18"). ASU 2018-18, clarifies that elements of collaborative arrangements could qualify as transactions with customers in the scope of ASC 606. The Company adopted this ASU, as required, in the quarter ended March 31, 2020. The Company has a collaboration agreement with Daiichi Sankyo, however, the adoption of this ASU did not have an impact on the Company's financial statements as Daiichi Sankyo does not meet the definition of a customer.

Accounting for the Transaction

Accounting for the Transaction	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Accounting for the Transaction	Accounting for the Transaction Based on the exchange ratio of 17.17 shares of Vital common stock for each share of Immunic AG, immediately following the Transaction, former Vital stockholders owned approximately 11.75% of the capital stock of the combined company on a fully diluted basis, and former Immunic AG stockholders owned approximately 88.25% of the capital stock of the combined company on a fully diluted basis. At the closing of the Transaction, all shares of Immunic AG common stock then outstanding were exchanged for Vital common stock. In addition, pursuant to the terms of the Agreement, the Company, for accounting purposes, assumed all outstanding stock options to purchase 16,987 shares of Vital common stock and 127,500 RSUs at the closing of the Transaction, after giving effect to the Reverse Stock Split. Since the exercise prices of the outstanding options to purchase common stock were less than the trading price on the day of the consummation of the Transaction, they were not included in the formula below in calculating the purchase price. The tangible and intangible assets and liabilities of Vital acquired in the Transaction are recorded based on their fair values as of the completion of the Transaction, with the excess of the purchase consideration over the fair value of net assets assigned to and recorded as goodwill. The following summarizes the purchase price paid in the Transaction (amounts in thousands except share and per share amounts): Number of shares owned by Vital stockholders (1) 1,059,269 RSUs (2) 127,500 Total fully-diluted shares 1,186,769 Multiplied by the fair value per share of Vital common stock (3) $ 33.20 Estimated purchase price $ 39,400 (1) The number of shares of 1,059,269 represents the historical 42,369,694 shares of Vital common stock outstanding immediately prior to the closing of the Transaction, adjusted for the Reverse Stock Split. (2) The number of RSUs of 127,500 represents the historical 5,100,000 Vital RSUs, all of which were issued in 2019 to former Vital officers. (3) Based on the last reported sale price of Vital common stock on the Nasdaq Global Market on April 12, 2019, the closing date of the Transaction, adjusted for the Reverse Stock Split. The following summarizes the allocation of the purchase price to the net tangible and intangible assets acquired: (in thousands) Cash and cash equivalents $ 8,151 Prepaid expenses and other assets 307 Supplies and working cell banks 1,000 Clinical development equipment 306 Other property and equipment 30 In-process research and development (“IPR&D ” ) 764 Accounts payable, accrued expenses and other liabilities (4,128) Goodwill 32,970 Purchase price $ 39,400 The fair value of IPR&D was estimated based on the sales price of the ELAD Assets (including the present value of the promissory note issued by the ELAD buyer) less the fair value of the ELAD Assets. See Note 9 for a description of the ELAD Assets transaction.

Balance Sheet Details

Balance Sheet Details	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Other Current Assets and Prepaid Expenses Prepaid Expense and Other Current Assets consist of (in thousands): September 30, 2020 December 31, 2019 Prepaid clinical and related costs $ 2,244 $ 1,307 VAT receivable 245 408 Australian research and development tax incentive 863 350 Prepaid insurance costs 409 179 Other 597 617 Total $ 4,358 $ 2,861 Accounts Payable Accounts Payable consist of (in thousands): September 30, 2020 December 31, 2019 Clinical costs $ 2,991 $ 1,981 Legal and audit costs 168 226 Other 260 216 Total $ 3,419 $ 2,423 Accrued Expenses Accrued expenses consist of (in thousands): September 30, 2020 December 31, 2019 Accrued clinical and related costs $ 3,676 $ 2,863 Accrued legal and audit costs 75 211 Accrued compensation 372 — Accrued other 130 224 Total $ 4,253 $ 3,298 Other Current Liabilities Other Current Liabilities consist of (in thousands): September 30, 2020 December 31, 2019 Deferred income $ — $ 1,008 Other 358 343 Total $ 358 $ 1,351

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease The Company leases certain office space under non-cancelable operating leases. The leases terminate on April 30, 2023 for the New York City office and June 30, 2025 for the Gräfelfing, Germany office. The Company formerly leased office space in Martinsried, Germany pursuant to a modified lease that terminated on August 31, 2020. These leases include both lease (e.g., fixed rent) and non-lease components (e.g., common-area and other maintenance costs). The non-lease components are deemed to be executory costs and are therefore excluded from the minimum lease payments used to determine the present value of the operating lease obligation and related right-of-use asset. The New York City lease has renewal options but they were not included in calculating the right of use asset and liabilities. On April 7, 2020, the Company signed a five The leases do not provide an implicit rate and, due to the lack of a commercially salable product, the Company is generally considered unable to obtain commercial credit. Therefore, the Company estimated its incremental interest rate to be 6%, considering the quoted rates for the lowest investment-grade debt and the interest rates implicit in recent financing leases. Immunic used its estimated incremental borrowing rate and other information available at the lease commencement date in determining the present value of the lease payments. Immunic’s operating lease costs and variable lease costs were $108,000 and $23,000 for the three months ended September 30, 2020 and 2019, respectively, and $267,000 and $78,000, for the nine months ended September 30, 2020 and 2019, respectively. Variable lease costs consist primarily of common area maintenance costs, insurance and taxes which are paid based upon actual costs incurred by the lessor. Maturities of the operating lease obligation are as follows as of September 30, 2020 (in thousands): 2020 84 2021 337 2022 337 2023 188 2024 113 2025 56 Total 1,115 Interest 115 PV of obligation 1,000 Contractual Obligations As of September 30, 2020, the Company has non-cancelable contractual obligations under certain agreements related to its development programs IMU-838, IMU-935 and IMU-856 totaling approximately $0.8 million, most of which is expected to be paid in the next six months. Other Commitments and Obligations In May 2016, the Company entered into a purchase agreement (the “Agreement”) with 4SC AG whereby the Company acquired certain assets, including the rights to patents and patent applications, trademarks and know-how. This transaction has been accounted for as an asset acquisition under ASU 2017- 01, " Business Combinations (Topic 805): Clarifying the Definition of a Business ". The Agreement included payments (Tranches III and IV) that were contingent upon the occurrence of certain events and required the Company to pay royalties equal to 4.4% of the aggregated net sales for a certain period as defined in the Agreement (Tranche III) upon commercialization of the acquired assets. Effective April 12, 2019, the parties agreed to settle Tranche IV by issuing 120,070 shares of the Company’s common stock, immediately following the Transaction, to 4SC AG while keeping Tranche III in effect. Approximately $1.5 million of expense was recorded as a result of the issuance of these shares on April 12, 2019. No royalties are payable as of September 30, 2020, as sales have not commenced. Legal Proceedings The Company is not currently a party to any litigation, nor is it aware of any pending or threatened litigation, that it believes would materially affect its business, operating results, financial condition or cash flows. However, its industry is characterized by frequent claims and litigation, including securities litigation, claims regarding patent and other intellectual property rights and claims for product liability. As a result, in the future, the Company may be involved in various legal proceedings from time to time.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following fair value hierarchy tables present information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value Measurement at September 30, 2020 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 117,111 $ 117,111 $ — $ — Total assets at fair value $ 117,111 $ 117,111 $ — $ — There were no transfers between Level 1, Level 2 or Level 3 assets during the periods presented. Additionally, there were no assets or liabilities measured at fair value on a recurring basis as of September 30, 2020 and 2019. For the Company’s money market funds, which are included as a component of cash and cash equivalents on the condensed consolidated balance sheet, unrealized gains and losses are reported as accumulated other comprehensive income (loss), and realized gains and losses are included in interest income (expense) on the unaudited condensed consolidated statements of operations.

Common Stock and Preferred Stoc

Common Stock and Preferred Stock (Converted into Common Stock)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Common Stock and Preferred Stock (Converted into Common Stock)	Common Stock and Preferred Stock (Converted into Common Stock) Shelf Registration Statement In May 2018, Vital filed a shelf registration statement on Form S-3, (the “2018 Shelf Registration Statement”), which became effective in June 2018. The 2018 Shelf Registration Statement permits: (i) the offering, issuance and sale of up to $200.0 million of common stock, preferred stock, warrants, debt securities, and/or units in one or more offerings and in any combination; (ii) sales of up to 2.5 million shares of common stock by certain selling stockholders; and (iii) the offering, issuance and sale by the Company of up to $60.0 million of common stock under an “at-the-market” sales agreement with Cantor Fitzgerald & Co (“Cantor”). In July 2019, the Company terminated the agreement with Cantor and filed a Prospectus Supplement for the offering, issuance and sale of up to a maximum aggregate offering price of $40.0 million of common stock that may be issued and sold under a Sales Agreement (an "ATM") with SVB Leerink LLC (“SVB Leerink”) as agent. The Company intends to use the net proceeds from any offering under the ATM to continue to fund the ongoing clinical development of its product candidates and for other general corporate purposes, including funding existing and potential new clinical programs and product candidates. The ATM will terminate upon the earlier of (i) the issuance and sale of all of the shares through SVB Leerink on the terms and subject to the conditions set forth in the ATM or (ii) termination of the ATM as otherwise permitted thereby. The ATM may be terminated at any time by either party upon ten days prior notice, or by SVB Leerink at any time in certain circumstances, including the occurrence of a material adverse effect on the Company. As of September 30, 2020, $31.7 million in capacity remains under the ATM. The Company has agreed to pay SVB Leerink a commission equal to 3.0% of the gross proceeds from the sales of common shares pursuant to the ATM and has agreed to provide SVB Leerink with customary indemnification and contribution rights. The Company did not use the ATM in the three months ended September 30, 2020. In the nine months ended September 30, 2020, the Company raised gross proceeds of $2.9 million pursuant to the ATM through the sale of 283,828 shares of common stock at a weighted average price of $10.31 per share. The net proceeds from the ATM were $2.8 million after deducting agent commissions of $87,766 and estimated offering expenses of $23,996. April 2020 Registered Direct Offering On April 23, 2020, the Company entered into an engagement letter with ROTH Capital Partners, LLC ("RCP") relating to the Company’s registered direct offering of common stock to select institutional investors. Pursuant to this agreement, the Company agreed to pay RCP a cash fee of 6.5% of the gross proceeds from the offering raised from investors and to reimburse RCP for certain costs incurred in connection therewith. In addition, on April 23, 2020, the Company and the investors entered into a securities purchase agreement relating to the issuance and sale of an aggregate of 1,764,706 shares of common stock. The purchase price per share was $8.50 for aggregate gross proceeds to the Company of approximately $15.0 million. The net proceeds to the Company from this offering, after deducting the Company’s offering expenses, were approximately $13.9 million. Public Equity Offerings June 2020 Offering On June 10, 2020, the Company entered into a placement agency agreement with RCP and Ladenburg Thalmann & Co. Inc. relating to the Company’s public offering of 2,175,000 shares of common stock. Pursuant to this agreement, the Company agreed to pay the placement agents a cash fee of 6.5% of the gross proceeds from the offering raised from investors and to reimburse the placement agents for certain costs incurred in connection therewith. In addition, on June 10, 2020, the Company and certain institutional investors entered into securities purchase agreements relating to the issuance and sale of an aggregate of 2,175,000 shares of the Company’s common stock. The purchase price per share in the Offering was $11.40 for aggregate gross proceeds to the Company of approximately $25.0 million. The net proceeds to the Company from this offering, after deducting the Company’s offering expenses, were approximately $23.0 million. August 2020 Offering On August 4, 2020, the Company entered into an underwriting agreement with SVB Leerink LLC, as representative of the several underwriters in connection with the Company’s public offering of 5,000,000 shares of common stock, at a public offering price of $18.00 per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, exercisable for 30 days, to purchase up to an additional 750,000 shares of Common Stock at the public offering price, less underwriting discounts and commissions, which was exercised in full on August 6, 2020. On August 7, 2020, the Company closed the Offering. The net proceeds to the Company from the Offering, after giving effect to the exercise in full by the Underwriters of their option to purchase the Option Shares, was approximately $96.5 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Common Stock As of September 30, 2020, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 130,000,000 shares of common stock, par value of $0.0001 per share. The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of any holders of preferred stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Board of Directors (the "Board"), if any. Through September 30, 2020, no cash dividends had been declared or paid. Stock Subscription Not Yet Issued On March 27, 2019, stockholders of the Company resolved to increase the Company’s share capital by an additional 156,920 ordinary shares, par value €1.00 per share, of which 27,176 shares related to bonuses for executive officers of the Company. Under German law a capital increase is valid as soon as the consummation of the capital increase has been officially registered with the commercial register, which occurred on April 3, 2019. Therefore, the capital increase became effective subsequent to March 31, 2019. Preferred Stock From inception (2016) through 2018, Immunic AG issued 13,541 Series A-1 Convertible and 299,456 Series A-2 Convertible preferred shares, par value €1.00 per share, to investors as part of its growth financing plan in a total amount of €31.7 million (approximately $37.2 million). Series A-1 Convertible and Series A-2 Convertible preferred shares were converted into Immunic AG’s ordinary shares immediately prior to the Transaction and were then exchanged for Immunic (former Vital) common shares at the consummation of the Transaction. The Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue 20 million shares of $0.0001 par value preferred stock, rights and preferences to be set by the Board. No preferred shares were outstanding as of September 30, 2020. Stock Reserved for Future Issuance Shares reserved for future issuance at September 30, 2020 are as follows: Number of Common stock reserved for issuance for: Outstanding stock options 969,822 Common stock options available for future grant: 2014 Equity Incentive Plan 43,311 2017 Inducement Equity Incentive Plan 46,250 2019 Omnibus Equity Incentive Plan 978,812 Total common shares reserved for future issuance 2,038,195

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans Stock Option Programs Under German law, (i) a company’s management board consists of employee members and is responsible for overseeing its daily business, and (ii) a company’s supervisory board supervises the management board and serves a role equivalent to the board of directors of an American corporation. Under two stock option programs, the Company granted stock options to the members of the Immunic AG supervisory board (the “Supervisory Board”) and to key employees in 2018 and in 2019 prior to the Transaction. The programs were intended to incentivize the beneficiaries to dedicate their working capabilities in the best manner possible to the benefit of the Company. The stock options vest if and when an exit event occurs. An exit event is defined as a direct initial public offering has taken place, or an indirect initial public offering has taken place, or a trade sale has been consummated, or a disposal of the Company’s assets has been consummated, or another financially equivalent realization event has occurred. Under the stock option program for the members of the Supervisory Board (the “VSOP SB”), the Company may grant stock options of the Company to members of the Company’s Supervisory Board for the time period of their service as members of the Supervisory Board. The shareholders’ approved the VSOP SB with a total of 31,593 stock options, corresponding to approximately 0.5% of the Company’s issued share capital at the time of the decision. Under the stock option program for key employees (the “VSOP”), the Company may grant stock options of the Company to certain key employees. With the approval of the Supervisory Board, Immunic AG’s management board shall determine how many stock options shall be granted and how they shall be allocated to the respective beneficiaries up to a total of 31,593. Further terms and conditions of both programs, the VSOP SB and the VSOP, are substantially similar. The following information is therefore shown aggregated for both programs. The Company accounts for both programs as cash-settled options and classifies their fair value as a liability upon vesting. Vesting of options granted under the VSOP SB and VSOP was contingent upon an exit event. Upon consummation of the Transaction, which occurred on April 12, 2019, all of the awards vested and were settled in cash of $508,000 based on their fair value. The Company also recorded $508,000 in compensation expense related to these stock options in the three and nine months ended September 30, 2019. In July 2019, the Company’s stockholders approved the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”) which was adopted by the Board with an effective date of June 14, 2019. The 2019 Plan allows for the grant of equity awards to employees, consultants and non-employee directors. An initial maximum of 1,500,000 shares of the Company’s common stock are available for grant under the 2019 Plan. The 2019 Plan includes an evergreen provision that allows for the annual addition of up to 4% of the Company’s fully-diluted outstanding stock, with a maximum allowable increase of 4,900,000 shares over the term of the 2019 Plan. In accordance with this provision, the shares available for grant were automatically increased by 448,634 shares effective April 1, 2020. The 2019 Plan is currently administered by the Board, or, at the discretion of the Board, by a committee of the Board, which determines the exercise prices, vesting schedules and other restrictions of awards under the 2019 Plan at its discretion. Options to purchase stock may not have an exercise price that is less than the fair market value of underlying shares on the date of grant, and may not have a term greater than ten years. Incentive stock options granted to employees typically vest over four years. Non-statutory options granted to employees, officers, members of the Board, advisors, and consultants of the Company typically vest over three Shares underlying awards that are expired, terminated, surrendered or canceled under the 2019 Plan without having been fully exercised will be available for future awards. Movements during the year The following table summarizes stock option activity since January 1, 2020 for the 2019 Plan: Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2020 456,645 $ 12.57 Granted 597,068 $ 12.24 Exercised — $ — Forfeited or expired (83,891) $ 13.32 Outstanding as of September 30, 2020 969,822 $ 12.31 9.41 $ 6,075,771 Options vested and expected to vest as of September 30, 2020 969,822 $ 12.31 9.41 $ 6,075,771 Options exercisable as of September 30, 2020 167,515 $ 12.51 8.90 $ 1,015,048 Measurement The weighted-average assumptions used in the BSM option pricing model to determine the fair value of the employee and non-employee stock option grants relating to the 2019 Plan were as follows: Risk-Free Interest Rate The risk-free rate assumption is based on U.S. Treasury instruments with maturities similar to the expected term of the stock options. Expected Dividend Yield The Company has not issued any dividends and does not expect to issue dividends over the life of the options. As a result, the Company has estimated the dividend yield to be zero. Expected Volatility Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company estimates expected volatility based on the historical volatility of a group of publicly traded peer companies. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Expected Term The Company uses the simplified method for estimating the expected term of employee and non-employee options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. The weighted-average grant date fair value of stock options granted under the 2019 Plan during the nine months ended September 30, 2020 was $8.75. The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan: Nine Months 2020 Risk-free interest rate 0.43% Expected dividend yield 0% Expected volatility 87.1% Expected term of options (years) 5.93 Early Exit Bonus Share Agreement (Anti-Dilution Adjustment) In accordance with an Early Exit Bonus Share Agreement (Anti-Dilution Adjustment) between the shareholders of Immunic AG dated August 2017, each of the four members of the Management Board of Immunic AG, through a limited liability company controlled by the respective board member, received new shares in Immunic AG as a form of anti-dilution protection. The AG shares were subscribed by the Management Board members at a price corresponding to their nominal value in the course of the Additional Financing of Immunic AG, which was carried out in March 2019. As part of the closing of the share exchange with Vital Therapies, Inc., now Immunic, Inc., in April 2019, the AG shares were exchanged for 460,336 restricted shares in Vital Therapies, Inc., now Immunic, Inc., which were issued to the members of the management Board. Upon consummation of the Transaction, compensation cost of €5.3 million (approximately $6.0 million) was recognized in the second quarter of 2019. Stock-Based Compensation Expense Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows (in thousands): Three Months Nine Months 2020 2019 2020 2019 Research and development $ 254 $ 57 $ 450 $ 1,727 General and administrative 453 142 979 6,503 Total $ 707 $ 199 $ 1,429 $ 8,230 As of September 30, 2020, there was $6.5 million in total unrecognized compensation expense relating to the 2019 Plan to be recognized over a weighted average period of 3.07 years. General and administrative expenses for the nine months ended September 2019 include $6.0 million of stock compensation expense related to the Early Exit Bonus Share Agreement disclosed above. Research and development expense for the nine months ended 2019 includes $1.5 million of stock compensation expense as a result of the settlement of Tranche IV with 4SC AG as explained in Note 5. Summary of Equity Incentive Plans Assumed from Vital Upon completion of the Transaction with Vital on April 12, 2019, Vital’s 2012 Stock Option Plan (the “2012 Plan”), Vital’s 2014 Equity Incentive Plan (the “2014 Plan”) and Vital’s 2017 Inducement Equity Incentive Plan (the “Inducement Plan”), were assumed by the Company. All awards granted under these plans have either been forfeited or expired. There remain 43,311 shares available for grant under the 2014 Plan as of September 30, 2020. In September 2017, Vital’s Board of Directors approved the Inducement Plan, which was amended and restated in November 2017. Under the Inducement Plan 46,250 shares of Vital’s common stock were reserved to be used exclusively for non-qualified grants to individuals who were not previously employees or directors as an inducement material to a grantee's entry into employment within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. No expense was recorded for the plans assumed from Vital during the three and nine months ended September 30, 2020 and 2019. The following table summarizes stock option activity since January 1, 2020 for the Plans assumed from Vital: Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2020 14,403 $ 306.01 Granted — $ — Exercised — $ — Forfeited or expired (14,403) $ 306.01 Outstanding as of September 30, 2020 — $ — 0 $ — Options vested and expected to vest as of September 30, 2020 — $ — 0 $ — Options exercisable as of September 30, 2020 — $ — 0 $ — In an effort to maximize the cash on Vital’s balance sheet for the Transaction, Vital amended existing change of control and severance agreements with certain of its executive officers in January 2019. At the same time, Vital canceled options granted to such officers and granted them a total of 127,500 RSUs. The primary effect of the amendments and the RSU grants was to substitute stock awards for cash payments owed upon a change of control.

ELAD Sales Agreement

ELAD Sales Agreement	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
ELAD Sales Agreement	ELAD Sales Agreement In March 2019, Vital entered into an asset purchase agreement (the “Vital APA ” ) to sell certain of Vital’s clinical development-related assets and related intellectual property rights to RH Cell Therapeutics (the “Purchaser”) for approximately $2.5 million. The assets sold were clinical development equipment, supplies, intellectual property and working cell banks in addition to the equity interest in VTL China (collectively the “ELAD Assets ” ). The Purchaser deposited $1.1 million into escrow and paid the Company $50,000 prior to the Transaction. The Vital APA was amended and restated on May 28, 2019, to provide for two closings. In the first closing, which occurred on May 28, 2019, $1.1 million was released from escrow to the Company. In addition, the Purchaser executed a promissory note with a face amount of $1.325 million, which accrues simple interest of 10% per annum. The fair value of the promissory note was estimated to be $920,000. Therefore, the fair value of the ELAD Assets was based on the cash in escrow, the $50,000 deposit and the fair value of the promissory note. The estimated fair value of the ELAD Assets was included in the purchase accounting allocation as follows (in thousands): Clinical development equipment 306 Supplies and working cell banks 1,000 In process research & development (“IPR&D”) 764 Total $ 2,070 In the first closing, the Company transferred title of the clinical development equipment and supplies to the Purchaser. Also, the fair value of the promissory note was recorded as a note receivable and the fair value of the IPR&D and working cell banks assets were removed from the Company’s unaudited condensed consolidated balance sheet. The promissory note was paid in full upon the second closing on September 4, 2019, at which time the Company transferred title to the intellectual property and working cell banks as well as its equity interest in VTL China. The difference of $405,000 between the $1.3 million face value of the promissory note collected, and the fair value of $920,000 was recorded as other income in the accompanying condensed consolidated stated of operations in the three month period ended September 30, 2019. The Purchaser is not a related party.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAs previously disclosed, on April 15, 2020, the compensation committee of the Company’s Board independently reviewed and approved entering into an employment agreement with the Company’s current Chairman of the Board, Duane Nash, MD, JD, MBA (the “Executive Chairman Agreement”) and pursuant to such approval, on April 17, 2020, the Company and Mr. Nash entered into the Executive Chairman Agreement.Pursuant to the Executive Chairman Agreement, Mr. Nash shall serve as the Executive Chairman of the Board as long as he is a member of the Board, or until termination of the Executive Chairman Agreement (as described below) or upon his earlier death, incapacity, removal, or resignation. Pursuant to the Executive Chairman Agreement, Mr. Nash is entitled to receive: (i) a monthly base salary of $25,417 (it being agreed that such fee shall be inclusive of any fees associated with Mr. Nash’s services as both a director of the Company and in the capacity of Executive Chairman), (ii) employee benefits including, health insurance, dental insurance, basic life and accidental death and dismemberment insurance, long and short term disability insurance and participation in the Company’s 401(k) Plan, and (iii) reimbursements for pre-approved reasonable business-related expenses incurred in good faith in the performance of the Mr. Nash’s duties for the Company. The Executive Chairman Agreement establishes an “at will” employment relationship pursuant to which Mr. Nash serves as Executive Chairman. The Executive Chairman Agreement contemplated a term that ended on October 15, 2020 and was subsequently extend. See Note 11 below.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events European Investment Bank Loan On October 19, 2020, the Company and Immunic AG, its wholly-owned subsidiary, entered into a Finance Contract (the "Loan Agreement') with the European Investment Bank (“EIB”), pursuant to which EIB agreed to provide Immunic AG with a term loan in an aggregate amount of up to €24.5 million to support the development of Immunic’s lead asset, IMU-838, in moderate COVID-19, to be made available to be drawn in three tranches, with the second and third tranches subject to the completion of certain pre-defined milestones. The Company has the right to defer payment of principal and interest on the first and second tranches until five years after the respective borrowing dates, at which point such tranches must be repaid in full. The third tranche is repayable in annual installments commencing one year after its respective borrowing date and must be repaid in full no later than five years after such date. Any outstanding borrowings under the Loan Agreement will accrue interest as provided in the Loan Agreement. From January 1, 2021 until December 31, 2030, the Company and Immunic AG are also obligated to pay EIB a very low single digit percentage of their revenue, as set forth in the Loan Agreement, subject to certain conditions and limitations tied to the total amount drawn under the Loan Agreement and subject to a cap of €8.6 million if only the first tranche is drawn and subject to a cap of €30 million if the full loan amount is drawn. The Company will guarantee Immunic AG’s obligations to EIB pursuant to a Guarantee Agreement to be executed by the Company, Immunic AG and EIB. Executive Chairman Agreement On October 15, 2020, the Company and Mr. Nash entered into an addendum to the Executive Chairman Agreement, pursuant to which the term of the agreement was extended to April 15, 2021. The Company agreed to make a one-time award to Mr. Nash of 120,000 stock options, which will vest monthly starting on November 15, 2020. All other terms of the employment agreement shall remain the same.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles, ("U.S. GAAP") and include the accounts of Immunic and its wholly-owned subsidiaries, Immunic AG and Immunic Research GmbH (which both began operations in 2016), Immunic Australia Pty Ltd. (which began operations in 2018) and Vital Therapies (Beijing) Company Limited (“VTL China”), acquired through the Transaction (which began operations in 2005). VTL China was sold in September 2019 in connection with the sale of certain of Vital's clinical development-related intellectual property rights (the "ELAD Assets"). All intercompany accounts and transactions have been eliminated in consolidation. Immunic manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions. Certain prior period amounts have been reclassified to conform to the current basis of presentation. Unaudited Interim Financial Information Immunic has prepared the accompanying interim unaudited condensed consolidated financial statements in accordance with US GAAP and in accordance with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly Immunic’s consolidated financial position, consolidated results of operations, consolidated statement of stockholders’ equity (deficit) and consolidated cash flows for the periods and as of the dates presented. The Company’s fiscal year ends on December 31. The condensed consolidated balance sheet as of December 31, 2019 was derived from audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto included on the Company's Annual Report on Form 10-K filed on March 16, 2020. The nature of Immunic’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. Certain prior period amounts have been reclassified to conform to the current basis of presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements. The most significant estimates in the Company’s financial statements and accompanying notes relate to the application of the acquisition method of accounting related to the Transaction, clinical trial expenses and share-based compensation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ materially from those estimates and assumptions.
Foreign Currency Translation and Presentation	Foreign Currency Translation and Presentation The Company’s reporting currency is United States (“U.S.”) dollars. During the three and nine months ended September 30, 2020 and 2019, Immunic AG and Immunic Research GmbH’s operations were located in Germany with the euro being their functional currency. Immunic Australia Pty Ltd.’s functional currency is the Australian dollar. All amounts in the financial statements where the functional currency is not the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows: • assets and liabilities at reporting period-end rates; • income statement accounts at average exchange rates for the reporting period; and • components of equity at historical rates. Gains and losses from translation of the financial statements into U.S. dollars are recorded in the statement of comprehensive income (loss) and in stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss). Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as general and administrative expenses in the Consolidated Statements of Operations. The Consolidated Statements of Cash Flows were prepared by using the average exchange rate in effect during the reporting period which reasonably approximates the timing of the cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 1 assets consisted of money market funds for the periods presented. The Company had no Level 1 liabilities for the periods presented. Level 2— Inputs other than observable quoted prices for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. The Company had no Level 2 assets or liabilities for the periods presented. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. The Company had no Level 3 assets or liabilities for the periods presented. The carrying value of cash and cash equivalents, other current assets and prepaid expenses, accounts payable, accrued expenses, and other current liabilities approximates fair value due to the short period of time to maturity.
Property and Equipment	Property and EquipmentProperty and equipment is stated at cost. Depreciation is computed using the straight-line method based on the estimated service lives of the assets, which range from three
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsThe Company records impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. Impaired assets are then recorded at their estimated fair value.
Goodwill	Goodwill Business combinations are accounted for under the acquisition method. The total purchase price of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, probabilities of success, discount rates, and asset lives, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. The Company assesses qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If after assessing the totality of events or circumstances, the Company were to determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company would perform a quantitative test that compares the fair value to its carrying value to determine the amount of any impairment. Impairment testing for goodwill is done at the reporting unit level. The Company has determined that it operates in a single operating segment and has a single reporting unit. The Company has determined there was no goodwill impairment as of September 30, 2020.
Research and Development Expenses	Research and Development Expenses Research and development expenses have principally been related to the three development programs, IMU-838, IMU-935 and IMU-856. These three programs include an orally available, small molecule inhibitor of DHODH (IMU-838 program), an inverse agonist of RORgt (IMU-935 program) and an orally available, small molecule modulator targeting the restoration of the intestinal barrier function (IMU-856 program) aimed at treating multiple sclerosis, ulcerative colitis, Crohn’s disease, COVID-19, psoriasis and diarrhea-predominant irritable bowel syndrome. IMU-838 is currently being tested in Phase 2 clinical trials in patients with relapsing-remitting multiple sclerosis, ulcerative colitis and COVID-19. The Company is also considering conducting a Phase 2 clinical trial in Crohn’s disease. An investigator-sponsored proof-of-concept clinical trial for IMU-838 in primary sclerosing cholangitis is ongoing at the Mayo Clinic. IMU-935 is currently being tested in a Phase 1 clinical trial in healthy volunteers, which was initiated in September 2019. IMU-856 is currently being tested in a Phase 1 clinical trial in healthy volunteers, which was initiated in August 2020. Research and development expenses consist of expenses incurred in research and development activities, which include clinical trials, contract research services, certain milestone payments, salaries and related employee benefits, allocated facility costs and other outsourced services. Research and development expenses are charged to operations as incurred. The Company enters into agreements with contract research organizations (“CROs”) to provide clinical trial services for individual studies and projects by executing individual work orders governed by a Master Service Arrangement (“MSA”). The MSAs and associated work orders provide for regular recurrent payments and payments upon the completion of certain milestones. The Company regularly assesses the timing of payments against actual costs incurred to ensure a proper accrual of related expenses in the appropriate accounting period.
Collaboration Arrangements	Collaboration Arrangements Certain collaboration and license agreements may include payments to or from the Company of one or more of the following: non-refundable or partially refundable upfront or license fees; development, regulatory and commercial milestone payments; payment for manufacturing supply services; partial or complete reimbursement of research and development costs; and royalties on net sales of licensed products. The Company assesses whether such contracts are within the scope of Financial Accounting Standards Board (FASB) Accounting Standards Update (“ASU”) 2014-09 “ Revenue from Contracts with Customers ” and ASU No. 2018-18, “ Collaborative Arrangements”, ("ASU 2018-18"). ASU 2018-18, clarifies that certain elements of collaborative arrangements could qualify as transactions with customers is in the scope of ASC 606. In October 2018, the Company entered into an option and license agreement (the "Daiichi Sankyo Agreement") with Daiichi Sankyo Co., Ltd. ("Daiichi Sankyo") which granted the Company the right to license a group of compounds, designated by the Company as IMU-856, as a potential new oral treatment option for diseases such as inflammatory bowel disease, irritable bowel syndrome with diarrhea, immune checkpoint inhibitor induced colitis and other barrier function associated diseases. During the option period, the Company performed agreed upon research and development activities for which it was reimbursed by Daiichi Sankyo up to a maximum agreed-upon limit. Such reimbursement is recorded as other income.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of salaries and related costs for personnel in executive, finance, business development and other support functions. Other general and administrative expenses include, but are not limited to, insurance costs, stock-based compensation, professional fees for legal, accounting and tax services, consulting, related facility costs and travel.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for equity awards based on the grant-date fair value of the award recognized generally as an expense (i) on a straight-line basis over the requisite service period for those awards whose vesting is based upon a service condition, and (ii) on an accelerated method for awards whose vesting is based upon a performance condition, but only to the extent it is probable that the performance condition will be met. Stock-based compensation is estimated at the date of grant based on (i) the award’s fair value for equity classified awards and (ii) final measurement date for liability classified awards. Forfeitures are recorded in the period in which they occur. The Company estimates the fair value of stock options using the Black-Scholes-Merton option-pricing model ("BSM"), which requires the use of estimates and subjective assumptions, including the risk-free interest rate, the fair value of the underlying common stock, the expected dividend yield of the Company’s common stock, the expected volatility of the price of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, the Company’s stock-based compensation expense could be materially different in the future.
Leases	Leases The Company leases office space and office equipment. The underlying lease agreements have lease terms of less than 12 months and up to 60 months. The short-term leases are deemed immaterial and have not been included in the operating lease right of use asset and operating lease liability. The Company has two existing leases for office space. At inception of a lease agreement, the Company determines whether an agreement represents a lease and at commencement each lease agreement is assessed as to classification as an operating or financing lease. The Company's two leases have been classified as operating leases and an operating lease right-of-use asset and an operating lease liability have been recorded on the Company’s balance sheet. A right-of-use lease asset represents the Company’s right to use the underlying asset for the lease term and the lease obligation represents its commitment to make the lease payments arising from the lease. Right-of-use lease assets and obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company has used an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The right-of-use lease asset includes any lease payments made prior to commencement and excludes any lease incentives. The lease term used in estimating future lease payments may include options to extend when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or changes in expectations regarding the lease term. Variable lease costs such as common area costs and property taxes are expensed as incurred. Leases with an initial term of twelve months or less are not recorded on the balance sheet.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income (loss) has been reflected as a separate component of stockholders’ equity (deficit) in the accompanying unaudited Condensed Consolidated Balance Sheets.
Income Taxes	Income Taxes The Company is subject to corporate income tax laws and regulations in the U.S., Germany and Australia. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment in their application. The Company utilizes the asset and liability method of accounting for income taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its consolidated financial statements. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not some portion or the entire deferred tax asset will not be realized. As of September 30, 2020 and December 31, 2019, the Company maintained a full valuation allowance against the balance of deferred tax assets. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company is subject to U.S. federal, New York, California, Florida, German and Australian income taxes. Due to the carryforward of NOLs, the Company is subject to U.S. federal or state income tax examination by tax authorities for tax returns filed for the years 2003 through 2018. Tax years 2016 through 2018 are subject to audit by German and Australian tax authorities. The Company is not currently under examination by any U.S. state or federal or foreign jurisdictions.
Net Loss Per Share	Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period and, if dilutive, common stock equivalents outstanding for the period determined using the treasury-stock method. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Recently Adopted Accounting Standards In January 2017, the FASB issued ASU 2017-04, " Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ." This guidance eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit’s fair value. The Company adopted this ASU, as required, in the quarter ended March 31, 2020 on a prospective basis. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement - Disclosure Framework” ("ASU 2018-13.") ASU 2018-13 modifies the disclosure requirements for fair value measurements. The amendments relate to disclosures regarding unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty, and are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments must be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU, as required, in the quarter ended March 31, 2020. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, “ Collaborative Arrangements” ("ASU 2018-18"). ASU 2018-18, clarifies that elements of collaborative arrangements could qualify as transactions with customers in the scope of ASC 606. The Company adopted this ASU, as required, in the quarter ended March 31, 2020. The Company has a collaboration agreement with Daiichi Sankyo, however, the adoption of this ASU did not have an impact on the Company's financial statements as Daiichi Sankyo does not meet the definition of a customer.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share	Potentially dilutive securities, not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive, are as follows: As of September 30, 2020 2019 Options to purchase common stock 969,822 384,130 Restricted Stock Units — 68,519

Accounting for the Transaction

Accounting for the Transaction (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Assets Acquired and Liabilities Assumed	The following summarizes the purchase price paid in the Transaction (amounts in thousands except share and per share amounts): Number of shares owned by Vital stockholders (1) 1,059,269 RSUs (2) 127,500 Total fully-diluted shares 1,186,769 Multiplied by the fair value per share of Vital common stock (3) $ 33.20 Estimated purchase price $ 39,400 (1) The number of shares of 1,059,269 represents the historical 42,369,694 shares of Vital common stock outstanding immediately prior to the closing of the Transaction, adjusted for the Reverse Stock Split. (2) The number of RSUs of 127,500 represents the historical 5,100,000 Vital RSUs, all of which were issued in 2019 to former Vital officers. (3) Based on the last reported sale price of Vital common stock on the Nasdaq Global Market on April 12, 2019, the closing date of the Transaction, adjusted for the Reverse Stock Split. The following summarizes the allocation of the purchase price to the net tangible and intangible assets acquired: (in thousands) Cash and cash equivalents $ 8,151 Prepaid expenses and other assets 307 Supplies and working cell banks 1,000 Clinical development equipment 306 Other property and equipment 30 In-process research and development (“IPR&D ” ) 764 Accounts payable, accrued expenses and other liabilities (4,128) Goodwill 32,970 Purchase price $ 39,400

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expense and Other Current Assets	Prepaid Expense and Other Current Assets consist of (in thousands): September 30, 2020 December 31, 2019 Prepaid clinical and related costs $ 2,244 $ 1,307 VAT receivable 245 408 Australian research and development tax incentive 863 350 Prepaid insurance costs 409 179 Other 597 617 Total $ 4,358 $ 2,861
Schedule of Accounts Payable and Accrued Expenses	Accounts Payable consist of (in thousands): September 30, 2020 December 31, 2019 Clinical costs $ 2,991 $ 1,981 Legal and audit costs 168 226 Other 260 216 Total $ 3,419 $ 2,423 Accrued Expenses Accrued expenses consist of (in thousands): September 30, 2020 December 31, 2019 Accrued clinical and related costs $ 3,676 $ 2,863 Accrued legal and audit costs 75 211 Accrued compensation 372 — Accrued other 130 224 Total $ 4,253 $ 3,298
Schedule of Other Current Liabilities	Other Current Liabilities consist of (in thousands): September 30, 2020 December 31, 2019 Deferred income $ — $ 1,008 Other 358 343 Total $ 358 $ 1,351

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Maturities of Operating Lease Obligation	Maturities of the operating lease obligation are as follows as of September 30, 2020 (in thousands): 2020 84 2021 337 2022 337 2023 188 2024 113 2025 56 Total 1,115 Interest 115 PV of obligation 1,000

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following fair value hierarchy tables present information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value Measurement at September 30, 2020 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 117,111 $ 117,111 $ — $ — Total assets at fair value $ 117,111 $ 117,111 $ — $ —

Common Stock and Preferred St_2

Common Stock and Preferred Stock (Converted into Common Stock) (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Shares Reserved for Future Issuance	Shares reserved for future issuance at September 30, 2020 are as follows: Number of Common stock reserved for issuance for: Outstanding stock options 969,822 Common stock options available for future grant: 2014 Equity Incentive Plan 43,311 2017 Inducement Equity Incentive Plan 46,250 2019 Omnibus Equity Incentive Plan 978,812 Total common shares reserved for future issuance 2,038,195

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity since January 1, 2020 for the 2019 Plan: Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2020 456,645 $ 12.57 Granted 597,068 $ 12.24 Exercised — $ — Forfeited or expired (83,891) $ 13.32 Outstanding as of September 30, 2020 969,822 $ 12.31 9.41 $ 6,075,771 Options vested and expected to vest as of September 30, 2020 969,822 $ 12.31 9.41 $ 6,075,771 Options exercisable as of September 30, 2020 167,515 $ 12.51 8.90 $ 1,015,048 The following table summarizes stock option activity since January 1, 2020 for the Plans assumed from Vital: Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2020 14,403 $ 306.01 Granted — $ — Exercised — $ — Forfeited or expired (14,403) $ 306.01 Outstanding as of September 30, 2020 — $ — 0 $ — Options vested and expected to vest as of September 30, 2020 — $ — 0 $ — Options exercisable as of September 30, 2020 — $ — 0 $ —
Schedule of Valuation Assumptions Used	The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan: Nine Months 2020 Risk-free interest rate 0.43% Expected dividend yield 0% Expected volatility 87.1% Expected term of options (years) 5.93
Schedule of Stock-based Compensation Expense for Stock Awards Recognized	Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows (in thousands): Three Months Nine Months 2020 2019 2020 2019 Research and development $ 254 $ 57 $ 450 $ 1,727 General and administrative 453 142 979 6,503 Total $ 707 $ 199 $ 1,429 $ 8,230

ELAD Sales Agreement (Tables)

ELAD Sales Agreement (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Estimated Fair Value of ELAD Assets	The estimated fair value of the ELAD Assets was included in the purchase accounting allocation as follows (in thousands): Clinical development equipment 306 Supplies and working cell banks 1,000 In process research & development (“IPR&D”) 764 Total $ 2,070

Description of Business and B_2

Description of Business and Basis of Financial Statements (Details) $ in Thousands, € in Millions	Apr. 27, 2020USD ($)	Apr. 23, 2020USD ($)shares	Apr. 12, 2019shares	Apr. 11, 2019USD ($)shares	Apr. 11, 2019EUR (€)shares	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Accumulated deficit | $						$ 92,769		$ 92,769	$ 59,911
Proceeds from issuance of private placement | $								208,600
Cash and cash equivalents | $						133,183		$ 133,183	$ 29,369
Conversion ratio			0.025
Vital Therapies, Inc.
Business Acquisition [Line Items]
Percentage of shares owned			11.75%
Immunic AG
Business Acquisition [Line Items]
Percentage of shares owned			88.25%
Vital Therapies, Inc. | Immunic AG
Business Acquisition [Line Items]
Exchange ratio				17.17	17.17
Immunic AG | Vital Therapies, Inc.
Business Acquisition [Line Items]
Aggregate consideration issuable (in shares)			8,927,130
Shares owned prior to transaction (in shares)			1,059,269
Immunic AG | Restricted Stock Units | Vital Therapies, Inc.
Business Acquisition [Line Items]
RSUs owned prior to transaction (in shares)			127,500	5,100,000	5,100,000
Private Placement | Immunic AG
Business Acquisition [Line Items]
Shares issued in private placement transaction (in shares)				2,197,742	2,197,742
Aggregate consideration from private placement				$ 29,900	€ 26.7
April 2020 Equity Issuances
Business Acquisition [Line Items]
Proceeds from issuance of common stock | $	$ 13,900	$ 15,000				$ 13,918	$ 0
Shares issued in private placement transaction (in shares)		1,764,706

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)financialInstitutionleasedevelopmentProgram	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)financialInstitutionleasedevelopmentProgram	Sep. 30, 2019USD ($)
Property, Plant and Equipment [Line Items]
Number of financial institutions | financialInstitution	1		1
Depreciation expense	$ 43,000	$ 9,000	$ 63,000	$ 38,000
Impairment losses	$ 0	$ 0	0	$ 0
Goodwill impairment			$ 0
Number of development programs | developmentProgram	3		3
Lease terms	5 years		5 years
Number of existing leases | lease	2		2
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life			3 years
Lease terms	12 months		12 months
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life			13 years
Lease terms	60 months		60 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included in the calculation of diluted net loss per share (in shares)		384,130
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included in the calculation of diluted net loss per share (in shares)	0	68,519

Accounting for the Transactio_2

Accounting for the Transaction - Additional Information (Details) $ in Thousands	Apr. 12, 2019USD ($)shares	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Apr. 11, 2019
Business Acquisition [Line Items]
Goodwill		$ 32,970	$ 32,970
Immunic, Inc.
Business Acquisition [Line Items]
Incurred costs		10,000
Non-cash charges		$ 7,500
Immunic AG
Business Acquisition [Line Items]
Percentage of shares owned	88.25%
Immunic AG | Vital Therapies, Inc.
Business Acquisition [Line Items]
Exchange ratio				17.17
Vital Therapies, Inc.
Business Acquisition [Line Items]
Percentage of shares owned	11.75%
Vital Therapies, Inc. | Immunic, Inc.
Business Acquisition [Line Items]
Goodwill	$ 32,970
Outstanding stock options
Business Acquisition [Line Items]
Outstanding shares to purchase (in shares) | shares	16,987
Restricted Stock Units | Vital Therapies, Inc. | Immunic, Inc.
Business Acquisition [Line Items]
Outstanding shares to purchase (in shares) | shares	127,500

Accounting for the Transactio_3

Accounting for the Transaction - Preliminary Estimate of Purchase Price (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 12, 2019	Sep. 30, 2020	Dec. 31, 2019	Apr. 11, 2019
Business Acquisition [Line Items]
Number of shares owned by Vital stockholders (in shares)		20,718,340	10,744,806
Vital Therapies, Inc. | Immunic AG
Business Acquisition [Line Items]
Number of shares owned by Vital stockholders (in shares)	1,059,269			42,369,694
Total fully-diluted shares (in shares)	1,186,769
Multiplied by the fair value per share of Vital common stock (in USD per share)	$ 33.20
Estimated purchase price	$ 39,400
Restricted Stock Units | Vital Therapies, Inc. | Immunic AG
Business Acquisition [Line Items]
RSUs owned prior to transaction (in shares)	127,500			5,100,000
Outstanding shares to purchase (in shares)	127,500

Accounting for the Transactio_4

Accounting for the Transaction - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Apr. 12, 2019
Business Acquisition [Line Items]
Goodwill	$ 32,970	$ 32,970
Vital Therapies, Inc. | Immunic, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 8,151
Prepaid expenses and other assets			307
Supplies and working cell banks			1,000
Clinical development equipment			306
Other property and equipment			30
In-process research and development (“IPR&D”)			764
Accounts payable, accrued expenses and other liabilities			(4,128)
Goodwill			32,970
Purchase price			$ 39,400

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid clinical and related costs	$ 2,244	$ 1,307
VAT receivable	245	408
Australian research and development tax incentive	863	350
Prepaid insurance costs	409	179
Other	597	617
Total	$ 4,358	$ 2,861

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accounts Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical costs	$ 2,991	$ 1,981
Legal and audit costs	168	226
Other	260	216
Total	$ 3,419	$ 2,423

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued clinical and related costs	$ 3,676	$ 2,863
Accrued legal and audit costs	75	211
Accrued compensation	372	0
Accrued other	130	224
Total	$ 4,253	$ 3,298

Balance Sheet Details - Sched_4

Balance Sheet Details - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred income	$ 0	$ 1,008
Other	358	343
Total	$ 358	$ 1,351

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2016	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Apr. 12, 2019	Mar. 27, 2019
Lessee, Lease, Description [Line Items]
Lease terms		5 years		5 years
Additions to right-of-use assets		$ 0		$ 427,000
Incremental borrowing rate on operating leases		6.00%		6.00%
Operating and variable lease costs		$ 108,000	$ 23,000	$ 267,000	$ 78,000
Contractual obligation		$ 800,000		$ 800,000
Asset purchase agreement, royalties as percent of aggregated net sales	4.40%
Common stock, shares issued (in shares)		20,718,340		20,718,340		10,744,806	120,070	156,920
Common stock issued		$ 2,000		$ 2,000		$ 1,000	$ 1,500,000
Minimum
Lessee, Lease, Description [Line Items]
Lease terms		12 months		12 months
Maximum
Lessee, Lease, Description [Line Items]
Lease terms		60 months		60 months

Commitments and Contingencies_2

Commitments and Contingencies - Maturities of Operating Lease Obligation (Details) $ in Thousands	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 84
2021	337
2022	337
2023	188
2024	113
2025	56
Total	1,115
Interest	115
PV of obligation	$ 1,000

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands	Sep. 30, 2020USD ($)
Assets
Total assets at fair value	$ 117,111
Money market funds
Assets
Total assets at fair value	117,111
Level 1
Assets
Total assets at fair value	117,111
Level 1 | Money market funds
Assets
Total assets at fair value	117,111
Level 2
Assets
Total assets at fair value	0
Level 2 | Money market funds
Assets
Total assets at fair value	0
Level 3
Assets
Total assets at fair value	0
Level 3 | Money market funds
Assets
Total assets at fair value	$ 0

Common Stock and Preferred St_3

Common Stock and Preferred Stock (Converted into Common Stock) - Shelf Registration Statement (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 31, 2019	May 31, 2018
Class of Stock [Line Items]
Maximum aggregate offering price of common stock, preferred stock, warrants, debt securities, and/or units				$ 40,000,000	$ 200,000,000
Maximum common stock shares authorized (in shares)					2,500,000
Maximum aggregate offering price of common stock under ATM agreement		$ 31,700,000			$ 60,000,000
Commission, percent of gross proceeds from sale of common stock		3.00%
Shares issued (in shares)	$ 0
Estimated offering expenses			$ 61,000
At the Market Sales Agreement, six months ended June 30, 2020
Class of Stock [Line Items]
Shares issued (in shares)		$ 2,900,000
Stock issued (in shares)		283,828
Issuance of stock (in USD per share)		$ 10.31
Proceeds from issuance of common stock		$ 2,800,000
Underwriter commissions		87,766
Estimated offering expenses		$ 23,996

Common Stock and Preferred St_4

Common Stock and Preferred Stock (Converted into Common Stock) - Registered Direct Offering (Details) - April 2020 Equity Issuances - USD ($) $ / shares in Units, $ in Thousands	Apr. 27, 2020	Apr. 23, 2020	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Cash fee, percent of gross proceeds		6.50%
Shares issued in private placement transaction (in shares)		1,764,706
Sale of stock, price per share (in dollars per share)		$ 8.50
Proceeds from issuance of common stock	$ 13,900	$ 15,000	$ 13,918	$ 0

Common Stock and Preferred St_5

Common Stock and Preferred Stock (Converted into Common Stock) - Public Equity Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 07, 2020	Aug. 04, 2020	Jun. 12, 2020	Jun. 10, 2020	Sep. 30, 2020	Sep. 30, 2019
June 2020 Equity Issuances
Class of Stock [Line Items]
Shares issued in private placement transaction (in shares)				2,175,000
Cash fee, percent of gross proceeds				6.50%
Sale of stock, price per share (in dollars per share)				$ 11.40
Proceeds from issuance of common stock			$ 23,000	$ 25,000	$ 23,048	$ 0
August 2020 Equity Issuances
Class of Stock [Line Items]
Shares issued in private placement transaction (in shares)		5,000,000
Sale of stock, price per share (in dollars per share)		$ 18
Proceeds from issuance of common stock	$ 96,500				$ 96,540	$ 0
Exercisable period on additional issuance of common stock		30 days
Number of additional shares authorized (in shares)		750,000

Common Stock and Preferred St_6

Common Stock and Preferred Stock (Converted into Common Stock) - Common Stock (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Mar. 27, 2019€ / shares
Equity [Abstract]
Common stock, shares authorized (in shares) | shares	130,000,000	130,000,000
Common stock, par value (in USD per share) | (per share)	$ 0.0001	$ 0.0001	€ 1
Common stock, cash dividends declared (in USD per share)	0
Common stock, cash dividends paid (in USD per share)	$ 0

Common Stock and Preferred St_7

Common Stock and Preferred Stock (Converted into Common Stock) - Stock Subscription Not Yet Issued (Details)	Sep. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Apr. 12, 2019shares	Mar. 27, 2019€ / sharesshares
Class of Stock [Line Items]
Common stock, shares issued (in shares)	20,718,340	10,744,806	120,070	156,920
Common stock, par value (in USD per share) | (per share)	$ 0.0001	$ 0.0001		€ 1
Executive Officer [Member]
Class of Stock [Line Items]
Common stock, shares issued (in shares)				27,176

Common Stock and Preferred St_8

Common Stock and Preferred Stock (Converted into Common Stock) - Preferred Stock (Details) € / shares in Units, $ / shares in Units, $ in Thousands, € in Millions	Sep. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2018EUR (€)€ / sharesshares
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	0	0
Preferred stock, par value (in USD per share) | $ / shares	$ 0.0001	$ 0.0001
Preferred stock issued (in shares) | $	$ 0	$ 0
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares outstanding (in shares)	0	0
Immunic AG
Class of Stock [Line Items]
Preferred stock issued (in shares)			$ 37,200	€ 31.7
Immunic AG | Series A-1 Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			13,541	13,541
Preferred stock, par value (in USD per share) | € / shares				€ 1
Immunic AG | Series A-2 Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			299,456	299,456

Common Stock and Preferred St_9

Common Stock and Preferred Stock (Converted into Common Stock) - Shares Reserved for Future Issuance (Details)	Sep. 30, 2020shares
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	2,038,195
Outstanding stock options
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	969,822
2014 Equity Incentive Plan | Common stock options available for future grant:
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	43,311
2017 Inducement Equity Incentive Plan | Common stock options available for future grant:
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	46,250
2019 Omnibus Equity Incentive Plan | Common stock options available for future grant:
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	978,812

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Additional Information (Details) $ / shares in Units, $ in Thousands, € in Millions	Apr. 12, 2019USD ($)	Apr. 12, 2019EUR (€)	Jul. 31, 2019shares	Apr. 30, 2019shares	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)numberOfStockOptionPrograms$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option programs | numberOfStockOptionPrograms							2
Expected dividend yield							0.00%
Total unrecognized compensation expense | $					$ 6,500		$ 6,500
Period over which compensation cost will be recognized (in years)							3 years 25 days
VSOP and VSOP SB
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 508					$ 508		$ 508
VSOP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grant under stock option programs (in shares)							31,593
VSOP SB
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grant under stock option programs (in shares)							31,593
Percent of Company's total issued shared capital available for grant under stock option programs							0.50%
Executive Bonus Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6,000	€ 5.3
Stock issued (in shares)				460,336
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					43,311		43,311
2017 Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)									46,250
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)			1,500,000
Expected term of options (years)							5 years 11 months 4 days
Expected dividend yield							0.00%
Options granted in period, weighted-average grant date fair value (in USD per share) | $ / shares							$ 8.75
2019 Omnibus Equity Incentive Plan, Evergreen Provision
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized, percent			4.00%
Additional shares authorized (in shares)			4,900,000		448,634
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $								1,500
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $								$ 6,000
Incentive stock options | 2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)							4 years
Vital Therapies, Inc. | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)							127,500
Minimum | Non-statutory options | 2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)							3 years
Maximum | 2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options (years)							10 years
Maximum | Non-statutory options | 2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)							4 years

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Employee Stock Options, Vital Therapies Inc.
Options
Outstanding, Beginning balance (in shares) | shares	14,403
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited or expired (in shares) | shares	(14,403)
Outstanding, Ending balance (in shares) | shares	0
Options vested and expected to vest, Ending balance (in shares) | shares	0
Options exercisable, Ending balance (in shares) | shares	0
Weighted- Average Exercise Price
Outstanding, Beginning balance (usd per share) | $ / shares	$ 306.01
Granted (usd per share) | $ / shares	0
Exercised (usd per share) | $ / shares	0
Forfeited or expired (usd per share) | $ / shares	306.01
Outstanding, Ending balance (usd per share) | $ / shares	0
Options vested and expected to vest, Weighted-Average Exercise Price, Ending balance (usd per share) | $ / shares	0
Options exercisable, Weighted-Average Exercise Price, Ending balance (usd per share) | $ / shares	$ 0
Other Disclosures
Outstanding, Weighted-Average Remaining Contractual Term, Ending balance	0 years
Options vested and expected to vest , Weighted-Average Remaining Contractual Term, Ending balance	0 years
Options exercisable, Weighted-Average Remaining Contractual Term, Ending balance	0 years
Outstanding, Aggregate Intrinsic Value, Ending balance | $	$ 0
Options vested and expected to vest , Aggregate Intrinsic Value, Ending balance | $	0
Options exercisable, Aggregate Intrinsic Value, Ending balance | $	$ 0
2019 Omnibus Equity Incentive Plan | Outstanding stock options
Options
Outstanding, Beginning balance (in shares) | shares	456,645
Granted (in shares) | shares	597,068
Exercised (in shares) | shares	0
Forfeited or expired (in shares) | shares	(83,891)
Outstanding, Ending balance (in shares) | shares	969,822
Options vested and expected to vest, Ending balance (in shares) | shares	969,822
Options exercisable, Ending balance (in shares) | shares	167,515
Weighted- Average Exercise Price
Outstanding, Beginning balance (usd per share) | $ / shares	$ 12.57
Granted (usd per share) | $ / shares	12.24
Exercised (usd per share) | $ / shares	0
Forfeited or expired (usd per share) | $ / shares	13.32
Outstanding, Ending balance (usd per share) | $ / shares	12.31
Options vested and expected to vest, Weighted-Average Exercise Price, Ending balance (usd per share) | $ / shares	12.31
Options exercisable, Weighted-Average Exercise Price, Ending balance (usd per share) | $ / shares	$ 12.51
Other Disclosures
Outstanding, Weighted-Average Remaining Contractual Term, Ending balance	9 years 4 months 28 days
Options vested and expected to vest , Weighted-Average Remaining Contractual Term, Ending balance	9 years 4 months 28 days
Options exercisable, Weighted-Average Remaining Contractual Term, Ending balance	8 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value, Ending balance | $	$ 6,075,771
Options vested and expected to vest , Aggregate Intrinsic Value, Ending balance | $	6,075,771
Options exercisable, Aggregate Intrinsic Value, Ending balance | $	$ 1,015,048

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees (Detail)	9 Months Ended
	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.43%
Expected dividend yield	0.00%
Expected volatility	87.10%
Expected term of options (years)	5 years 11 months 4 days

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Schedule of Stock-based Compensation Expense for Stock Awards Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense			$ 1,429	$ 6,182
Employees
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 707	$ 199	1,429	8,230
Employees | Research and Development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	254	57	450	1,727
Employees | General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 453	$ 142	$ 979	$ 6,503

ELAD Sales Agreement - Addition

ELAD Sales Agreement - Additional Information (Details) - USD ($) $ in Thousands	May 28, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 04, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other income, net			$ 612	$ 904	$ 1,875	$ 1,512
ELAD-Related Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred		$ 2,500
Amount released from escrow	$ 1,100
Fair value of promissory note	920						$ 920
Other income, net				$ 405
ELAD-Related Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Notes Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Face amount of receivable	$ 1,325						$ 1,300
Effective interest rate	10.00%
Vital Therapies, Inc. | ELAD-Related Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit		1,100
Cash consideration		$ 50

ELAD Sales Agreement - Estimate

ELAD Sales Agreement - Estimated Fair Value of ELAD Assets (Details) - ELAD-Related Assets - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	Sep. 30, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value of ELAD Assets	$ 2,070
Clinical development equipment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value of ELAD Assets	306
Supplies and working cell banks
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value of ELAD Assets	1,000
In process research & development (“IPR&D”)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated fair value of ELAD Assets	$ 764

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Apr. 17, 2020USD ($)
Board of Directors Chairman
Related Party Transaction [Line Items]
Monthly base salary	$ 25,417

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Oct. 15, 2020shares	Oct. 19, 2020USD ($)	Oct. 19, 2020EUR (€)
Line of Credit
Subsequent Event [Line Items]
Loan maximum borrowing capacity | $		$ 24,500,000
Cap of percent of revenue required to pay if first tranche drawn			€ 8,600,000
Cap of percent of revenue required to pay if full drawn			€ 30,000,000
Board of Directors Chairman
Subsequent Event [Line Items]
Stock options awarded (in shares) | shares	120,000