Estados financieros detallados de Immunic, Inc. (IMUX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $10.12, IMUX presenta beneficios negativos (P/E no significativo) y un ROE del 14.56%. La capitalización bursátil es de $138M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $6315 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | $1.8M | $998000 | $15000 | $50000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$1.8M | -$998000 | -$15000 | -$50000 | 0 | 0 | 0 | 0 | 0 | 0 |
| I+D | $30.0M | $39.3M | $24.8M | $22.5M | $38.6M | $61.1M | $71.3M | $83.2M | $80.0M | $82.0M |
| Generales y Administrativos | $11.2M | $13.3M | $13.6M | $14.5M | $10.3M | $13.3M | $15.3M | $16.0M | $18.0M | $21.2M |
| Gastos Operativos | $41.3M | $52.7M | $38.4M | $37.0M | $49.0M | $91.7M | $119.5M | $99.2M | $98.1M | $103.2M |
| Beneficio Operativo | -$41.3M | -$52.7M | -$42.0M | -$37.0M | -$49.0M | -$91.7M | -$119.5M | -$99.2M | -$98.1M | -$103.2M |
| EBITDA | -$39.2M | -$51.1M | -$15.1M | -$37.0M | -$48.9M | -$92.9M | -$86.4M | -$93.5M | -$100.4M | -$97.0M |
| Gastos por Intereses | 0 | 0 | 0 | $107000 | 0 | 0 | $1.0M | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$41.0M | -$52.1M | -$41.5M | -$34.9M | -$44.0M | -$92.9M | -$120.4M | -$93.6M | -$100.5M | -$97.2M |
| Impuestos | 0 | 0 | $549000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$41.0M | -$52.1M | -$41.5M | -$34.8M | -$44.0M | -$92.9M | -$120.4M | -$93.6M | -$100.5M | -$97.2M |
| BPA | $-524.00 | $-524.00 | $-136.28 | $-45.24 | $-28.10 | $-39.30 | $-37.84 | $-21.12 | $-10.03 | $-6.24 |
| BPA Diluido | $-524.00 | $-524.00 | $-136.28 | $-45.24 | $-28.10 | $-39.30 | $-37.84 | $-21.12 | $-10.03 | $-6.24 |
| Acciones en Circulación (Diluidas) | $78468 | $99647 | $84695 | $772226 | $1.6M | $2.4M | $3.2M | $4.4M | $10.0M | $15.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | -$33000 | 0 |
| Beneficio Operativo | -$26.0M | -$23.3M | -$33.2M | -$35.3M |
| EBITDA | -$25.5M | -$19.3M | -$32.6M | -$34.0M |
| Beneficio Neto | -$25.6M | -$19.3M | -$32.6M | -$34.1M |
| BPA | $-1.32 | $-1.60 | $-1.08 | $-0.80 |
| BPA Diluido | $-1.32 | $-1.60 | $-1.08 | $-0.80 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $60.0M | $56.9M | $13.3M | $29.4M | $127.5M | $86.9M | $106.7M | $46.7M | $35.7M | $15.5M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $9.6M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | $408000 | $295000 | $2.1M | $296000 | $703000 | $684000 | $4.1M |
| Inventario | 0 | 0 | -$191000 | -$408000 | 0 | 0 | $5.6M | 0 | 0 | 0 |
| Activos Corrientes | $61.5M | $58.1M | $14.2M | $32.2M | $133.7M | $105.0M | $125.9M | $52.5M | $39.3M | $22.9M |
| Inmovilizado Material | $2.5M | $2.2M | $709000 | $713000 | $1.1M | $1.1M | $1.8M | $1.8M | $1.5M | $1.2M |
| Fondo de Comercio | 0 | 0 | 0 | $33.0M | $33.0M | $33.0M | 0 | 0 | 0 | 0 |
| Activos Intangibles | $3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $64.0M | $60.4M | $15.0M | $66.0M | $167.9M | $139.1M | $127.8M | $54.3M | $40.9M | $24.1M |
| Cuentas por Pagar | $780000 | $1.0M | $268000 | $2.4M | $3.7M | $3.5M | $4.3M | $5.1M | $7.8M | $10.1M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $470000 |
| Pasivos Corrientes | $5.5M | $10.3M | $2.5M | $7.1M | $8.4M | $11.4M | $13.1M | $24.7M | $22.2M | $30.6M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $107000 |
| Pasivos Totales | $5.6M | $10.3M | $2.6M | $7.6M | $9.1M | $12.0M | $14.1M | $25.4M | $22.4M | $30.7M |
| Reservas | -$243.8M | -$296.0M | -$337.4M | -$59.9M | -$103.9M | -$196.9M | -$317.3M | -$410.9M | -$511.4M | -$608.6M |
| Patrimonio Neto | $58.4M | $50.0M | $12.4M | $58.4M | $158.8M | $127.1M | $113.7M | $28.9M | $18.4M | -$6.7M |
| Deuda Total | 0 | 0 | $37.2M | $520000 | $976000 | $992000 | $1.6M | $1.3M | $1.0M | $684000 |
| Deuda Neta | -$60.0M | -$56.9M | $23.9M | -$28.8M | -$126.5M | -$85.9M | -$114.8M | -$45.3M | -$34.7M | -$14.8M |
| Capital Circulante | $56.0M | $47.8M | $11.7M | $25.2M | $125.3M | $93.6M | $112.8M | $27.8M | $17.2M | -$7.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $35.1M | $15.5M | $186.6M | $155.1M |
| Activos Totales | $40.7M | $24.1M | $189.7M | $159.2M |
| Pasivos Totales | $30.2M | $30.7M | $38.5M | $31.6M |
| Patrimonio Neto | $10.5M | -$6.7M | $151.2M | $127.6M |
| Deuda Total | $792000 | $684000 | $421000 | $567000 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$41.0M | -$52.1M | -$41.5M | -$34.9M | -$44.0M | -$92.9M | -$120.4M | -$93.6M | -$100.5M | -$97.2M |
| Amortizaciones | $1.8M | $998000 | $727000 | $50000 | $39000 | $85000 | $77000 | $111000 | $134000 | $168000 |
| Compensación en Acciones | $4.7M | $5.5M | $3.7M | $6.5M | $2.7M | $5.9M | $7.9M | $7.1M | $8.5M | $8.9M |
| Cambio en Capital Circulante | -$1.4M | $4.9M | -$7.6M | -$1.4M | -$2.4M | -$9.3M | $9.5M | $15.0M | $564000 | $1.8M |
| Flujo de Caja Operativo | -$35.8M | -$40.4M | -$43.2M | -$28.5M | -$46.1M | -$83.2M | -$65.1M | -$70.8M | -$84.8M | -$85.8M |
| Inversiones (CapEx) | -$556000 | -$685000 | -$597000 | -$55000 | -$146000 | -$67000 | -$112000 | -$334000 | -$264000 | -$161000 |
| Adquisiciones | $2000 | $7000 | 0 | $10.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$36.3M | -$41.1M | -$43.8M | -$28.6M | -$46.3M | -$83.3M | -$65.3M | -$71.2M | -$85.0M | -$86.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$20.1M | -$19.3M | -$17.3M | -$31.0M |
| Inversiones (CapEx) | -$67000 | -$11000 | -$2000 | -$249000 |
| Flujo de Caja Libre | -$20.2M | -$19.3M | -$17.3M | -$31.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $3.6M | $1.3M | $4.5M | $6.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -100.0% | | | | | | | | |
| Crecimiento Beneficio Neto (anual) | | -27.1% | +20.4% | +16.0% | -26.4% | -111.2% | -29.5% | +22.3% | -7.4% | +3.3% |
| Crecimiento BPA (anual) | | +0.0% | +74.0% | +66.8% | +37.9% | -39.9% | +3.7% | +44.2% | +52.5% | +37.8% |
| Cambio en Acciones (anual) | | +27.0% | -15.0% | +811.8% | +102.8% | +51.0% | +34.5% | +39.3% | +126.0% | +55.4% |
| Crecimiento FCF (anual) | | -13.1% | -6.5% | +34.6% | -61.8% | -80.0% | +21.7% | -9.1% | -19.5% | -1.1% |
| Margen Bruto | -28529.7% | | | | | | | | | |
| Margen Operativo | -653447.6% | | | | | | | | | |
| Margen EBITDA | -620114.9% | | | | | | | | | |
| Margen Neto | -648744.6% | | | | | | | | | |
| Margen FCF | -575286.0% | | | | | | | | | |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -1.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-462.99 | $-412.28 | $-516.70 | $-37.04 | $-29.54 | $-35.22 | $-20.51 | $-16.06 | $-8.49 | $-5.52 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $78468 | $99647 | $84695 | $772226 | $1.6M | $2.4M | $3.2M | $4.4M | $10.0M | $15.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 1456.20% |
| Rentabilidad sobre capital invertido | 1693.37% |
| Rentabilidad sobre activos | -404.01% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | -0.10 |
| Ratio corriente | 0.75 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.32 | -4.54 | -0.55 | -2.14 | -5.44 | -2.44 | -0.37 | -0.71 | -1.00 | -0.86 |
| P/VC | 2.34 | 4.74 | 0.51 | 1.28 | 1.51 | 1.78 | 0.39 | 2.30 | 5.44 | -12.46 |
| P/V | 21620.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | -28529.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | -653447.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | -648744.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |