INmune Bio (INMB) Q1 2026 earnings summary

Executive summary

• Entered 2026 with clear priorities, advancing CORDStrom toward regulatory filings in the UK, EU, and US for RDEB, and progressing XPro with new imaging data and rare disease trial exploration.

• Expanded collaboration with Anthony Nolan to secure long-term supply of umbilical cord tissue for CORDStrom.

• Presented new Phase 2 imaging data for XPro in Alzheimer's Disease and received FDA alignment for an adaptive Phase 2b/3 registrational pathway.

• Showcased INB03 preclinical data demonstrating efficacy in HER2-positive breast cancer models.

Financial highlights

• Net loss attributable to common stockholders for Q1 2026 was $5.4 million, down from $9.7 million in Q1 2025.

• Research and development expenses were $3.6 million, compared to $7.6 million in the prior year period.

• General and administrative expenses were $2.2 million, slightly down from $2.3 million year-over-year.

• Cash and cash equivalents stood at $21.4 million as of March 31, 2026.

• Weighted average common shares outstanding increased to 26.6 million from 22.5 million year-over-year.

Outlook and guidance

• Cash is expected to fund operations through Q1 2027 based on the current operating plan, but there is substantial doubt about ability to continue as a going concern due to insufficient liquidity.

• Regulatory filings for CORDStrom are on track, with commercial manufacturing and supply targeted for 2027 and BLA submission to FDA anticipated in Q4 2026.

• Multiple value-creating opportunities anticipated, including regulatory milestones and partnership developments.