INmune Bio, Inc. (INMB) Bundle
A Brief History of INmune Bio, Inc.
Company Overview
INmune Bio, Inc. (Ticker: INMB) is a clinical-stage biotechnology company focused on developing therapies that harness the immune system to treat cancer and neurodegenerative diseases. The company's primary product candidates include treatments targeting Alzheimer's disease and cancer.
Financial Performance
As of September 30, 2024, INmune Bio reported a net loss of $32.9 million for the nine months ended September 30, 2024, compared to a net loss of $21.6 million for the same period in 2023. The significant increase in losses is attributed to higher research and development expenses, primarily due to advancements in clinical trials.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $32,864,000 | $21,600,000 |
| Research and Development Expenses | $25,813,000 | $14,266,000 |
| General and Administrative Expenses | $7,369,000 | $7,223,000 |
| Total Operating Expenses | $33,182,000 | $21,489,000 |
| Revenue | $14,000 | $127,000 |
Stock Performance and Capital Raises
As of September 30, 2024, INmune Bio had cash and cash equivalents of $33.6 million. The company has relied heavily on equity financing to fund its operations. During the nine months ended September 30, 2024, INmune Bio sold 3,898,852 shares of common stock and warrants for gross proceeds of approximately $25.4 million.
Research and Development Highlights
In the nine months ended September 30, 2024, INmune Bio's research and development expenses amounted to $25.8 million, significantly higher than the $14.3 million incurred in the same period of 2023. This increase was primarily driven by costs associated with the Alzheimer’s clinical program, which saw enhanced enrollment efforts.
| Research & Development Expenses | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Alzheimer’s Program | $10,300,000 (increased) | N/A |
| INKmune Program | $1,800,000 (increased) | N/A |
| Other R&D Costs | $14,713,000 | $14,266,000 |
Stock Options and Warrants
As of September 30, 2024, INmune Bio had 6,296,807 stock options outstanding with a weighted average exercise price of $8.87. The company also issued warrants related to its financing activities, with an intrinsic value of $0 as of the same date.
| Stock Options Activity | Outstanding Shares | Weighted Average Exercise Price |
|---|---|---|
| Outstanding at January 1, 2024 | 5,496,000 | $8.73 |
| Options Granted | 832,307 | $9.79 |
| Options Cancelled | (31,500) | $7.35 |
| Outstanding at September 30, 2024 | 6,296,807 | $8.87 |
Future Outlook
INmune Bio continues to face significant challenges in achieving profitability, as indicated by its recurring net losses and negative cash flows. The company's ability to continue operations will depend on its capacity to raise additional capital and successfully advance its product candidates through clinical development.
A Who Owns INmune Bio, Inc. (INMB)
1. Shareholder Composition
As of September 30, 2024, the total number of shares issued and outstanding for INmune Bio, Inc. was 22,172,451. The major shareholders include both institutional and individual investors, with a significant portion of shares held by insiders.
2. Institutional Ownership
Institutional ownership is a critical aspect of INmune Bio's shareholder structure. The following table summarizes the top institutional shareholders as of 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group, Inc. | 1,200,000 | 5.41% |
| BlackRock, Inc. | 1,000,000 | 4.51% |
| State Street Corporation | 800,000 | 3.61% |
| Invesco Ltd. | 600,000 | 2.71% |
| Other Institutions | 2,500,000 | 11.29% |
3. Insider Ownership
Insider ownership plays a pivotal role in aligning the interests of management with those of shareholders. The following table details the insider ownership as of September 30, 2024:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| RJ Tesi | President and CEO | 1,500,000 | 6.77% |
| David Moss | CFO | 500,000 | 2.26% |
| Mark Lowdell | Chief Scientific Officer | 300,000 | 1.35% |
| Other Insiders | Various | 1,000,000 | 4.51% |
4. Recent Share Issuances
During the nine months ended September 30, 2024, INmune Bio, Inc. raised approximately $25.4 million through the sale of 3,898,852 shares of common stock and an equal number of warrants. The average price per share was approximately $6.50 during this period.
5. Market Performance
As of September 30, 2024, the market capitalization of INmune Bio, Inc. was approximately $145 million, based on a share price of $6.52. The stock has experienced volatility, with a 52-week high of $10.56 and a low of $5.50.
6. Other Relevant Financial Data
The financial position of INmune Bio, Inc. includes the following key figures as of September 30, 2024:
| Financial Metric | Value |
|---|---|
| Total Assets | $52,782,000 |
| Total Liabilities | $14,107,000 |
| Total Stockholders' Equity | $38,675,000 |
| Net Loss (Nine Months Ended) | $(32,864,000) |
| Cash and Cash Equivalents | $33,552,000 |
7. Financial Obligations
As of September 30, 2024, INmune Bio, Inc. reported a total debt of $2,494,000, primarily due to long-term financing obligations.
INmune Bio, Inc. (INMB) Mission Statement
Company Overview
INmune Bio, Inc. is a clinical stage biotechnology company focused on advancing innovative therapies that target diseases where the innate immune system is dysfunctional. The company emphasizes the development of treatments for conditions such as Alzheimer's disease, treatment-resistant depression, and various cancers through its proprietary platforms.
Mission Statement
As of 2024, INmune Bio's mission is to harness the power of the innate immune system to develop and commercialize therapies that improve patient outcomes in serious diseases. The company aims to innovate within the biotechnology space, focusing on precision medicine to address unmet medical needs.
Financial Overview
For the nine months ended September 30, 2024, INmune Bio reported the following financial metrics:
| Financial Metrics | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Revenues | $14 | $127 | $(113) |
| Research and Development Expenses | $25,813 | $14,266 | $11,547 |
| General and Administrative Expenses | $7,369 | $7,223 | $146 |
| Total Operating Expenses | $33,182 | $21,489 | $11,693 |
| Net Loss | $(32,864) | $(21,600) | $(11,264) |
Research and Development Focus
INmune Bio is actively engaged in several clinical programs, particularly those related to:
- Alzheimer's Disease: Significant investment in clinical trials, with expenses totaling approximately $10.3 million as of September 30, 2024.
- Treatment-Resistant Depression: Development of XPro1595 as part of their product pipeline.
- Cancer Therapies: Focus on INKmune for enhancing the efficacy of natural killer cells in oncology.
Liquidity and Capital Resources
As of September 30, 2024, INmune Bio reported:
- Cash and Cash Equivalents: $33,552,000
- Total Current Assets: $35,851,000
- Total Current Liabilities: $13,823,000
- Total Stockholders' Equity: $38,675,000
Recent Developments
During the nine months ended September 30, 2024, the company executed several strategic financial moves:
- Sold 247,126 shares of common stock at an average price of $9.85, generating approximately $2.4 million in gross proceeds.
- Entered into securities purchase agreements for the sale of 2,341,260 shares, raising gross proceeds of $13.0 million in September 2024.
- Increased stock options granted to employees, directors, and consultants, with a total of 832,307 options at a fair value of approximately $6.8 million.
Conclusion
INmune Bio continues to pursue its mission of leveraging the innate immune system to develop innovative therapies, while navigating financial challenges and advancing its clinical programs.
How INmune Bio, Inc. (INMB) Works
Company Overview
INmune Bio, Inc. (INMB) is a clinical-stage biotechnology company focused on developing therapies that harness the immune system to treat various diseases, including cancer and neurodegenerative conditions. The company primarily works on its proprietary drug candidates, which are currently in various phases of clinical trials.
Financial Performance
As of September 30, 2024, INmune Bio reported the following financial highlights:
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Revenue | $14,000 | $127,000 |
| Net Loss | $32,864,000 | $21,600,000 |
| Research and Development Expenses | $25,813,000 | $14,266,000 |
| General and Administrative Expenses | $7,369,000 | $7,223,000 |
| Cash and Cash Equivalents | $33,552,000 | $41,813,000 |
| Weighted Average Shares Outstanding | 19,176,853 | 17,966,990 |
Research and Development Pipeline
INmune Bio's current pipeline includes several key product candidates:
- XPro1595: Focused on treating Alzheimer’s disease.
- INKmune: Aimed at metastatic castration-resistant prostate cancer.
Research and development expenses have increased significantly, reflecting advancements in clinical trials, particularly for Alzheimer’s therapy, which saw an increase of approximately $10.3 million due to higher enrollment in clinical trials.
Operating Activities
For the nine months ended September 30, 2024, the cash flows from operating activities were as follows:
| Cash Flow Activity | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(22,348,000) | $(8,579,000) |
| Net Cash Provided by Financing Activities | $20,289,000 | $(1,725,000) |
| Change in Cash and Cash Equivalents | $(2,059,000) | $(10,304,000) | Cash and Cash Equivalents at End of Period | $33,552,000 | $41,813,000 |
Stockholder Equity
As of September 30, 2024, the stockholder equity details were as follows:
| Equity Item | Amount |
|---|---|
| Common Stock | $22,000 |
| Additional Paid-In Capital | $193,575,000 |
| Accumulated Other Comprehensive Loss | $(1,036,000) |
| Accumulated Deficit | $(153,886,000) |
| Total Stockholders’ Equity | $38,675,000 |
Capital Raising Activities
During the nine months ended September 30, 2024, INmune Bio engaged in several capital-raising activities:
- Sold 247,126 shares of common stock under its ATM program for net proceeds of approximately $2.4 million.
- Entered into agreements for a registered direct offering, selling 2,341,260 shares and warrants for gross proceeds of $13.0 million.
- Raised approximately $9.7 million from selling 986,000 shares and warrants.
Debt Obligations
As of September 30, 2024, INmune Bio's term loan details were as follows:
| Debt Item | Amount |
|---|---|
| Term Loan Payable | $2,500,000 |
| Interest Expense (2024, Nine Months) | $752,000 |
| Interest Rate | 12.5% |
Market Position and Future Prospects
INmune Bio continues to incur significant development costs and has not yet achieved profitability. The company relies on a combination of equity sales and strategic financing to support ongoing operations and clinical trials. As of September 30, 2024, the company’s cash balance was $33.6 million, which is projected to be insufficient for sustaining operations without additional capital.
How INmune Bio, Inc. (INMB) Makes Money
Revenue Generation
As of September 30, 2024, INmune Bio, Inc. reported revenues of $14,000 for the nine months ended September 30, 2024, a decline from $127,000 in the same period of 2023. For the three months ended September 30, 2024, the company had no sales, compared to $43,000 in the same quarter in 2023.
| Period | Revenues | Change |
|---|---|---|
| Q3 2024 | $0 | -$43,000 |
| 9 Months Ended Sept 30, 2024 | $14,000 | -$113,000 |
| 9 Months Ended Sept 30, 2023 | $127,000 | N/A |
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, totaled $25.8 million, increasing from $14.3 million in 2023. This rise is attributed to heightened costs associated with the Alzheimer’s clinical program and other ongoing trials.
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $25,813 | $14,266 | $11,547 | General and Administrative | $7,369 | $7,223 | $146 |
Operating Losses
For the nine months ended September 30, 2024, INmune Bio reported a loss from operations of $33.2 million, compared to a loss of $21.4 million for the same period in 2023. The total net loss for the nine months ended September 30, 2024, was $32.9 million, which marks an increase of $11.3 million from the previous year.
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Loss from Operations | $(33,168) | $(21,362) | $(11,806) |
| Net Loss | $(32,864) | $(21,600) | $(11,264) |
Cash Flow and Financing Activities
As of September 30, 2024, INmune Bio had cash and cash equivalents of $33.6 million. During the nine months ended September 30, 2024, the company used approximately $22.3 million in operating activities, which was primarily driven by the net loss.
| Cash Flow Type | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(22,348) | $(8,579) |
| Net Proceeds from Sale of Common Stock and Warrants | $27,789 | $775 |
Stock and Warrant Issuance
During the nine months ended September 30, 2024, INmune Bio sold 3,898,852 shares of common stock and corresponding warrants for gross proceeds of approximately $25.4 million. The average share price was $6.50 for shares sold in registered direct offerings.
| Type | Shares Sold | Gross Proceeds (in millions) | Average Price |
|---|---|---|---|
| Common Stock | 3,898,852 | $25.4 | $6.50 |
Future Financial Outlook
INmune Bio expects to continue incurring significant losses as it advances its clinical programs and seeks regulatory approval for its product candidates. The company anticipates that operating losses will increase over the next few years.
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Article updated on 8 Nov 2024
Resources:
- INmune Bio, Inc. (INMB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of INmune Bio, Inc. (INMB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View INmune Bio, Inc. (INMB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.