What was your biggest professional highlight of the past 12 months?
My biggest highlight was the closing of our private placement financing of up to $400 million, including $200 million in upfront proceeds, in February of this year. For Immunic, this was a transformational milestone that is expected to fund the completion of our Phase 3 ENSURE trials in relapsing multiple sclerosis, support the initiation of a Phase 3 program in primary progressive multiple sclerosis and begin our transition into a commercial neurology company.
What makes this particularly meaningful is that it reflects strong conviction from leading healthcare investors in both our science and our strategy. The order book was heavily oversubscribed – a strong signal from the market. This financing puts us in a position to execute on late-stage development and take important steps toward potentially bringing a new treatment option to patients in need.
Have small molecules been overshadowed by newer modalities – and where do they still hold a clear advantage?
I would not say they have been overshadowed – every technology and modality has its role. The field is finding a natural balance where each modality is used where it brings the most value.
Small molecules remain essential, particularly when targeting intracellular pathways or regions like the central nervous system. In multiple sclerosis, for example, targets such as the nuclear receptor-related 1 (Nurr1) protein are located inside the cell, which makes small molecules the most practical and often the only viable option. They also offer advantages in terms of oral administration, scalability and overall accessibility for patients.
At Immunic, our investigational therapy vidofludimus calcium reflects this approach by combining neuroprotective and anti-inflammatory effects in an oral small molecule.
What’s one area of drug development or manufacturing that is advancing faster than most people realize?
Early small-molecule discovery is advancing faster than many people realize. The integration of AI and more sophisticated screening technologies, for example, are significantly accelerating how we identify and optimize candidates.
We are now able to move faster from concept to viable molecules, with better-informed decisions earlier in the process. That kind of efficiency at the front-end of development has a meaningful impact on the entire pipeline.
What is the biggest bottleneck slowing progress in drug development – and how do we fix it?
Rather than a single bottleneck, drug development faces increasing complexity. Clinical trials are naturally becoming more complex and resource-intensive. Patient recruitment, in particular, has become increasingly difficult as inclusion criteria grow more specific and studies expand globally. At the same time, regulatory and legal requirements continue to evolve, adding additional layers of cost and time. While these safeguards are important, they also contribute to longer development timelines and, ultimately, higher costs and drug prices.
To address this, we need to find ways to make clinical development more efficient without compromising scientific rigor or patient safety. That includes smarter trial design, better use of data and closer alignment between regulators and developers to streamline the path from innovation to patients.
What’s one widely held belief in your field that you disagree with – and why?
One widely held belief I disagree with is the idea that diseases can be addressed through a single, highly targeted intervention. There's often an assumption that identifying and blocking a single pathway is enough. Biology is usually far more complex.
Most diseases are multidimensional. Effective therapies need to account for that complexity, balancing efficacy, safety and long-term outcomes. We have seen this evolution over time. Even in well-established areas such as hypertension, treatments have improved significantly not by targeting one mechanism alone, but by better understanding the broader system and minimizing side effects.
This more holistic view of treatment is critical if we want to deliver meaningful and durable benefits for patients.
How can the pharmaceutical industry become more resilient in an increasingly uncertain world?
Resilience starts with staying grounded in science and making disciplined decisions. In times of uncertainty, it becomes even more important to focus on approaches that are well understood and supported by strong data, rather than overextending into areas that may not be sustainable.
At the same time, the industry needs to remain mindful of cost and efficiency. Development has become increasingly expensive, and managing resources carefully is critical to maintaining long-term resilience. Resilient supply chains are also increasingly important, even if they come at higher cost.
Many of the uncertainties we face today are external to the industry, whether geopolitical, economic or regulatory. We cannot control all of them, but we can respond by building organizations that are focused, adaptable and committed to delivering meaningful value for patients.
If you could introduce one policy change to accelerate progress in drug development and manufacturing, what would it be – and why?
The clinical development burden has room for improvement. I'd expand the use of biomarker-based trial endpoints and conditional approvals. If we can demonstrate a clear therapeutic effect through validated endpoints and biomarkers, there could be an opportunity to enable earlier approval, followed by confirmation of long-term clinical outcomes post-approval in Phase 4 and real-world settings.
This approach could significantly reduce the time and cost required to bring new medicines to patients, while still maintaining high standards of safety and efficacy. It would also allow innovation to reach patients faster, particularly in areas with high unmet medical need. And, finally, this would also add more competition from smaller companies and make R&D investments much more attractive.
Earlier access combined with continued evidence generation could make drug development more efficient without compromising scientific rigor.
What will look completely different about drug development in 10 years?
In 10 years, I expect drug development to become significantly more efficient, particularly in early discovery. AI, better data integration, and improved biomarkers will help researchers make better decisions earlier, while adaptive development pathways could speed clinical development and support more personalized therapies. What won't change is the need to demonstrate safety and efficacy in patients. The greatest advances will come from improving efficiency around those fundamentals rather than replacing them.
Do you think your younger self would be surprised to see the career you’ve had?
Yes, absolutely. I have always been curious about science and new technologies, and I have followed that interest without a fixed plan. Early on, I made decisions based on what I found intellectually compelling at each stage. Over time, that evolved into taking on more responsibility, increasingly incorporating strategic and operative considerations over the years and eventually co-founding a company and helping grow it into a publicly listed organisation with multiple clinical programs ongoing.
What might surprise my younger self the most is the entrepreneurial journey and how far it has progressed, including building a team of nearly 100 people at Immunic, advancing a late-stage development pipeline and approaching milestones such as a clinical Phase 3 readout. Becoming a CEO was not the original goal, but in hindsight it feels like a natural extension of my journey, combining scientific curiosity with the opportunity to build, lead and drive a company. I have always followed my credo: do what you enjoy, and work becomes so fulfilling that it never really feels like work.
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