INmune Bio (INMB) investor relations material

Executive summary

• CEO transition with David Moss succeeding RJ Tessi, and Cory Ellspermann as Interim CFO, following Dr. Tesi's retirement; leadership emphasizes continuity and strategic focus on three platforms: EXPAREL/XPro, Cordstrom, and INKmune.

• Phase 2 MINDFUL/XPro trial in Alzheimer's did not meet primary endpoints in the overall group but showed safety and cognitive/biomarker benefits in a high-inflammation/enriched subgroup; no ARIA or deaths observed.

• Cordstrom/ CORDStrom program for RDEB showed positive clinical results, received FDA Rare Pediatric Disease and Orphan Drug Designations, and is progressing toward regulatory filings in the UK and US by mid-2026.

• INKmune phase 1/2 trial in metastatic prostate cancer demonstrated safety, NK cell activation, and early efficacy signals, with plans to target earlier-stage disease and further data expected in 2026.

• $16.5M impairment charge on acquired in-process R&D intangible assets following conservative reassessment of EXPAREL/XPro's value after Phase 2 data.

Financial highlights

• Net loss attributable to common stockholders for Q2 2025 was $24.5M, up from $9.7M in Q2 2024; net loss for six months ended June 30, 2025, was $34.2M.

• Research and development expenses decreased to $5.8M–$5.9M from $7.1M year-over-year; general and administrative expenses fell to $2.3M from $2.8M.

• Revenue for the six months ended June 30, 2025, was $50,000, compared to $14,000 in the prior year period.

• Cash and cash equivalents stood at $33.4M as of June 30, 2025, expected to fund operations into 2026.

• $16.5M impairment charge recorded in Q2 2025; no such charge in Q2 2024.

Outlook and guidance

• Preparing for end-of-Phase 2 FDA meeting for EXPAREL/XPro in Q4 2025, with manuscript submission and peer-reviewed publication of MINDFUL trial results expected soon.

• Regulatory filings for Cordstrom/ CORDStrom in the UK and US targeted by mid-2026; additional Cordstrom data anticipated in Q4 2025.

• INKmune: Ongoing Phase II enrollment in mCRPC, with open-label data expected in 2026.

• Actively exploring strategic partnerships for EXPAREL/XPro, with partnership likely post-FDA meeting and publication.

• Company expects continued significant losses and negative cash flows, seeking additional funding through equity, debt, partnerships, or other capital sources.