Here are 1-2 brief analogies for INmune Bio:

• Like a Moderna or BioNTech, but focused on developing therapies that 'reprogram' the innate immune system to fight cancer and inflammation.
• A CRISPR Therapeutics for the immune system, 'reprogramming' it to combat cancers and neurodegenerative diseases.

• INKmune: A drug candidate focusing on treating women with relapse refractory ovarian carcinoma and patients with high-risk myelodysplastic syndrome.
• INB03: An immunotherapy drug candidate for treating patients with hematologic malignancies and solid tumors.
• XPro1595: A drug candidate developed for the treatment of Alzheimer's disease.

David J. Moss, Chief Executive Officer

Mr. Moss was appointed CEO in August 2025, having previously served as the CFO since INmune Bio's formation in September 2015. He is a co-founder of INmune Bio. Mr. Moss has a history of founding, funding, and taking various companies public across multiple industries since 1995. He was a founding investor in Reliant Service Group LLC, which was acquired by a leading private equity firm in 2015. His prior experience includes serving as Managing Director, Corporate Finance for a New York-based securities firm, where he provided counsel on corporate strategy, financings, and business development, and as Managing Partner at a Seattle-based venture capital firm.

Cory Ellspermann, Interim Chief Financial Officer

Mr. Ellspermann was appointed Interim CFO in 2025. Before this role, he was the Controller and VP of Finance for the company starting in June 2019. He brings nearly 30 years of financial management experience from both public and private companies. Mr. Ellspermann previously worked as a Senior Accounting Manager at Artivest, an alternative investments company, and was a Senior Audit Manager at Ernst & Young.

Professor Mark Lowdell, PhD, Chief Scientific Officer and Chief Manufacturing Officer

Professor Lowdell has served as Chief Scientific Officer and Chief Manufacturing Officer since INmune Bio's inception in September 2015, and is a co-founder of the company. He is also a Professor of Cell and Tissue Therapy at University College London, where he has led a translational immunotherapy group since 1994. Since February 2009, he has also held the position of Director of Cellular Therapy at the Royal Free London NHS Foundation Trust. Professor Lowdell earned his PhD in clinical immunology from London Hospital Medical College, University of London in 1992 and is a qualified immunopathologist.

Christopher J. Barnum, Vice President of Neuroscience

Dr. Barnum is the Head of Neuroscience at INmune Bio, Inc. He is a neuroimmunologist with extensive expertise in neurodegenerative and psychiatric diseases, having held various positions in academia and industry, including at Emory University, FPRT Bio., SonosBio, and Takeda Pharmaceuticals. His work has concentrated on translating inflammatory therapies into clinical treatments for neurological diseases through a biomarker-directed approach. Dr. Barnum has been involved with XPro1595 for more than a decade, joining INmune Bio full-time in 2018.

Joshua S. Schoonover, Esq., General Counsel

Mr. Schoonover serves as INmune Bio's in-house counsel, primarily focusing on developing the Company's intellectual property rights and managing its various licenses and agreements. He has over ten years of experience in building and monetizing intellectual property portfolios. His professional background includes involvement in multiple transactions, notably a nine-figure acquisition of a portfolio comprising over 230 patent matters that he drafted and prosecuted.

1. Clinical Trial and Regulatory Failure

   As a clinical-stage immunotherapy company, INmune Bio's business success is heavily dependent on the successful completion of clinical trials for its product candidates (INKmune, INB03, and XPro1595) and subsequent regulatory approvals. The failure of any of these programs in clinical trials due to lack of efficacy, safety concerns, or other issues, or the inability to obtain necessary regulatory approvals, would significantly jeopardize the company's prospects and financial viability.

2. Funding and Commercialization Risk

   Developing and commercializing novel drugs is an expensive and lengthy process. As a company without currently approved and revenue-generating products, INmune Bio relies on external funding to advance its pipeline. The inability to secure sufficient capital to fund ongoing clinical trials, research and development, and potential commercialization efforts for any approved products poses a significant risk. Furthermore, even with successful clinical development, the company faces substantial challenges and costs associated with effectively commercializing its products in competitive markets.

3. Intellectual Property and Competition

   INmune Bio's long-term success depends on its ability to protect its intellectual property through patents and other means. Challenges to its existing patents, the inability to obtain new patents for its discoveries, or the expiration of current patents could weaken its competitive position. The company also operates in highly competitive therapeutic areas, including hematologic malignancies, solid tumors, and Alzheimer's disease, facing competition from larger pharmaceutical companies and other biotechnology firms with established products or advanced development pipelines.

The addressable markets for INmune Bio's main products are as follows:

• INKmune for relapse refractory ovarian carcinoma: The global advanced recurrent ovarian cancer market was valued at approximately USD 3.70 billion in 2023 and is projected to reach USD 5.79 billion by the end of 2030. The global ovarian cancer drugs market was approximately USD 4.09 billion in 2025 and is projected to reach around USD 7.78 billion by 2035. The U.S. ovarian cancer drugs market is estimated at USD 1.30 billion in 2025 and is projected to be worth around USD 2.57 billion by 2035.
• INKmune for high-risk myelodysplastic syndrome: The global myelodysplastic syndrome drugs market size was valued at USD 4.55 billion in 2024 and is anticipated to reach around USD 11.17 billion by 2034. In 2023, the total myelodysplastic syndrome market size in the 7MM (United States, EU5, and Japan) was more than USD 2,800 million, with the U.S. market size alone estimated at nearly USD 2,000 million.
• INB03 for hematologic malignancies and solid tumors:
  • Hematologic Malignancies: The global hematologic malignancies market size was valued at USD 72.87 billion in 2024 and is expected to reach USD 147.38 billion by 2033. North America accounted for a 41% share of this market in 2024.
  • Solid Tumors: The global solid tumors market size was valued at USD 362.21 billion in 2024 and is projected to reach USD 1557.42 billion by 2032. North America dominates this market due to the rising prevalence of solid tumors and technological advancements. The global solid tumor therapeutics market is expected to grow from USD 207.29 billion in 2025 to USD 326.82 billion by 2031.
• XPro1595 for Alzheimer's disease: The global Alzheimer's therapeutics market size was approximately USD 6.49 billion in 2025 and is predicted to increase to about USD 33.62 billion by 2034. The Alzheimer's disease market in the 7MM (US, EU4, UK, and Japan) is valued at approximately USD 5,048 million in 2025 and is projected to grow to USD 34,335 million in 2034. The United States accounted for the highest Alzheimer's disease market size, approximately 54% of the total in the 7MM in 2023.

INmune Bio (NASDAQ: INMB) is a clinical-stage immunotherapy company with several promising drug candidates in development that are expected to drive future revenue growth over the next 2-3 years through clinical advancements, regulatory milestones, and potential commercialization or partnerships.

Here are 3-5 expected drivers of future revenue growth for INmune Bio:

1. Advancement and Potential Commercialization of XPro1595 for Alzheimer's Disease: XPro1595, a selective soluble TNF neutralizer for early Alzheimer's disease with inflammation (ADi), has shown promising results in a prespecified subgroup of patients in its Phase 2 MINDFuL trial. In February 2026, INmune Bio announced FDA alignment on an integrated Phase 2b/3 clinical development strategy for XPro1595. The company is incorporating FDA feedback into the final Phase 2b/3 protocol, which aims to establish the clinical evidence base for Phase 3 and ultimately lead to regulatory approval and commercialization. Further neuroimaging data from the MINDFuL trial are anticipated in 2026, which could reinforce its therapeutic potential.

2. Progression of INKmune in Metastatic Castration-Resistant Prostate Cancer (mCRPC): The Phase I/II CaRe PC trial of INKmune for mCRPC has successfully met its primary and secondary endpoints and concluded enrollment as of August 2025. INKmune demonstrated an excellent safety profile and effectively activated NK cells in patients. INmune Bio plans to initiate a randomized Phase 2b trial to further evaluate INKmune's clinical benefits in patients with less severe disease. The company has also planned for FDA Biologic License Application (BLA) standard validation in 2025, indicating a strategic path toward potential regulatory submission and market entry.

3. Development of INB03 in Combination Immunotherapy for Cancer: INB03, a dominant-negative TNF inhibitor, has completed a Phase 1 trial in advanced solid tumors, demonstrating safety, tolerability, and a reduction in inflammatory biomarkers. The company is planning a Phase 2 trial to evaluate INB03 in combination immunotherapy for cancer patients. Preclinical data presented in November 2023 showed that INB03 enhances the efficacy of trastuzumab deruxtecan in HER2+ breast cancer models, suggesting its potential to overcome resistance mechanisms and improve outcomes in various cancer types. This could lead to expanded indications and potential partnerships, generating future revenue.

4. Advancement of CORDStrom™ and Anticipated Regulatory Filings: INmune Bio's CORDStrom™ platform, which utilizes human umbilical cord-derived mesenchymal stromal/stem cells, recently completed a blinded randomized trial for recessive dystrophic epidermolysis bullosa (RDEB). The company has outlined plans for Biologic License Application (BLA) and Marketing Authorization Application (MAA) filings for CORDStrom™ targeted for mid-2026. Successful regulatory approval and subsequent commercialization of CORDStrom™ would represent a significant revenue-generating event for INmune Bio within the next 2-3 years.

Capital Allocation Decisions for INmune Bio (INMB)

Share Issuance

• In June 2025, INmune Bio completed a registered direct offering, selling 3,000,000 shares of common stock at $6.30 per share, which generated $19 million in gross proceeds.
• For the nine months ending September 30, 2025, the company reported net proceeds from the sale of common stock and warrants of approximately $27.5 million. This compares to approximately $27.8 million for the same period in 2024.

Inbound Investments

• INmune Bio closed a private placement in June 2025, which contributed to its cash position.
• The company anticipates receiving a research and development rebate from Australia.

Capital Expenditures

• Purchases of equipment amounted to $899,000 for the nine months ended September 30, 2025.
• The company has ongoing capital expenditures, with reported capital expenditures of $193,000 covered weakly by free cash flow, indicating a need for external financing for growth initiatives.
• INmune Bio plans to continue investing in expanding its patent portfolio and in-licensing intellectual property related to the innate immune system.