SCHEDULE 13G 0002077247 XXXXXXXX LIVE Common Shares, no par value per share 02/17/2026 0001280776 Immunic, Inc. 4525EP101 1200 Avenue of the Americas, Suite 200 New York NY 10036 Rule 13d-1(c) Trails Edge Capital Partners, LP DE 11454000.00 0.00 11454000.00 0.00 11454000.00 N 8.7 IA PN See Item 4 for additional information. Trails Edge Biotechnology Master Fund, LP E9 11454000.00 0.00 11454000.00 0.00 11454000.00 N 8.7 PN See Item 4 for additional information. Ortav Yehudai X1 11454000.00 0.00 11454000.00 0.00 11454000.00 N 8.7 IN See Item 4 for additional information. Immunic, Inc. 1200 Avenue of the Americas, Suite 200, New York, NY, 10036 This report on Schedule 13G is being filed by Trails Edge Capital Partners, LP, a Delaware limited partnership ("Trails Edge Capital"), Trails Edge Biotechnology Master Fund, LP, a Cayman Islands limited partnership ("Trails Edge Biotechnology"), and Ortav Yehudai ("Mr. Yehudai"). Trails Edge Capital is the investment manager to Trails Edge Biotechnology, and Mr. Yehudai is the Chief Investment Officer of Trails Edge Capital. Each of Trails Edge Capital, Trails Edge Biotechnology and Mr. Yehudai are referred to individually as a "Filer" and collectively as the "Filers". The address for each Filer is 3455 Peachtree Road NE, 5th Floor, Atlanta, GA 30326. See Item 4 of the cover page of each Filer. Y As of February 17, 2026 (the "Event Date"), each Filer may be deemed to beneficially own an aggregate of 11,454,000 shares (the "Shares") of Common Stock, no par value per share (the "Common Stock"), of Immunic, Inc. (the "Issuer"). The 11,454,000 Shares reported as beneficially owned on this Schedule 13G by each Filer consists of (i) 5,727,000 Shares underlying pre-funded warrants held directly by Trails Edge Biotechnology, and (ii) 5,727,000 Shares underlying warrants held directly by Trails Edge Biotechnology. As a result, Trails Edge Biotechnology beneficially owns 8.7% of the outstanding Shares of the Issuer as of the Event Date. Trails Edge Capital, as the investment manager to Trails Edge Biotechnology, may be deemed to beneficially own these securities. Mr. Yehudai, as the Chief Investment Officer of Trails Edge Capital, exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own 8.7% of the outstanding Shares of the Issuer as of the Event Date. Ownership percentages are based on 120,284,724 shares of Common Stock issued and outstanding as of November 11, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 13, 2025. 8.7% 11,454,000.00 0.00 11,454,000.00 0.00 Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 1- Joint Filing Agreement Trails Edge Capital Partners, LP /s/ Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai 02/24/2026 Trails Edge Biotechnology Master Fund, LP /s/ Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai 02/24/2026 Ortav Yehudai /s/ Ortav Yehudai 02/24/2026