INmune Bio (INMB) Q4 2025 earnings summary

Executive summary

• Achieved key clinical milestones in 2025, advancing CORDStrom and XPro platforms toward late-stage regulatory filings and commercialization, and completed pivotal MINDFuL Alzheimer's phase II and INKmune prostate cancer trials ahead of schedule and under budget.

• Transitioned to a late-stage, registration-directed organization with two lead assets targeting significant unmet needs in inflammation and neurodegeneration.

• Maintained capital efficiency and extended cash runway through Q1 2027, supported by equity financing and R&D rebates.

• CORDStrom demonstrated clinically meaningful wound healing, itch reduction, and improved quality of life in RDEB, with a favorable safety profile.

• INKmune phase II met primary and two of three secondary endpoints in metastatic castration-resistant prostate cancer.

Financial highlights

• Net loss attributable to common stockholders for 2025 was $45.9 million, up from $42.1 million in 2024.

• Research and development expenses decreased to $20.7 million in 2025 from $33.2 million in 2024.

• General and administrative expenses rose to $10.3 million in 2025 from $9.5 million in 2024.

• Recorded a $16.5 million impairment of acquired in-process R&D intangible assets in 2025 following phase II Alzheimer's results.

• Cash and cash equivalents totaled $24.8 million as of December 31, 2025, with $27.5 million raised through equity offerings.

Outlook and guidance

• CORDStrom MAA submission to UK MHRA planned for mid-summer 2026, with EMA and FDA filings to follow by year-end.

• Expect regulatory feedback or potential approvals for CORDStrom in 2027.

• Preparing for XPro phase III initiation, with ongoing partnership and funding discussions; XPro to advance into an adaptive Phase 2b/3 registrational trial for early Alzheimer's disease.

• Operational readiness for CORDStrom commercialization established with successful pilot-scale manufacturing runs.

• Cash runway expected through Q1 2027 based on current operating plan.