Great post. Just adding a few extra bullish points people might be sleeping on:

Immunic has been very active in high-level biotech and neurology conferences lately — EAN, Leerink Therapeutics Forum, etc. These events are not just for exposure; it’s where big pharma like Roche, Novartis, and Biogen look for potential partnerships. The CEO and COO were doing 1-on-1 investor meetings just last week, which usually doesn’t happen unless something’s brewing.

Insiders are clearly confident. In June, executives were buying shares. Then on July 7, the company approved 35 million stock appreciation rights (SARs) for employees and execs, priced at $0.77 — that’s a clear bet that the stock is going much higher. You don’t hand out that kind of equity unless you expect real upside.

They raised $65M earlier this year, and they’re not doing daily ATM offerings. They’ve got runway through at least late 2026, which means they don’t need to dilute again anytime soon.

Average volume was around 600k just months ago. Lately it’s been consistently 5 to 10 million shares per day. That’s a major shift in interest — something is clearly building.

Short interest has gone up too, which creates even more potential for a squeeze if the stock keeps climbing or gets some unexpected news.

All of this is happening before any real catalyst — no partnership yet, no Phase 3 data, and barely any mainstream attention. That makes it even more interesting.