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An early-stage Biogen or Eli Lilly, focused on developing new immune-system treatments for Alzheimer's disease and cancer.

A startup biotech version of a major pharmaceutical company, but entirely dedicated to finding immune-based cures for challenging diseases like Alzheimer's and cancer.

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• XPro1595 (XPro™): A drug candidate being developed to treat neurodegenerative and inflammatory diseases by selectively inhibiting soluble TNF.
• INB03: A drug candidate in development for cancer, designed to activate natural killer cells and enhance anti-tumor immunity.
• INKmune™: An allogeneic, off-the-shelf natural killer (NK) cell therapeutic candidate for the treatment of cancer.

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INmune Bio (NASDAQ: INMB) is a clinical-stage biotechnology company focused on developing immunotherapies for cancer and neurodegenerative diseases. As such, it does not currently have commercialized products or traditional "major customers" in the sense of companies or individuals purchasing its products.

Its business model at this stage is centered on research and development, conducting clinical trials, and advancing its drug candidates through various phases of development. The company's funding primarily comes from:

• Equity financing (issuing shares to investors)
• Potential grants
• Future strategic partnerships or licensing agreements with larger pharmaceutical companies, should its drug candidates prove successful and reach later stages of development or market approval. These future partners would then be responsible for commercialization, but they are not current customers purchasing products from INmune Bio.

Therefore, INmune Bio does not sell primarily to other companies or primarily to individuals, and consequently, does not have major customers to list in either category at this time.

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David J. Moss, President & CEO

Mr. Moss was appointed President & CEO of INmune Bio in August 2025, succeeding co-founder RJ Tesi. He is a co-founder of INmune Bio, which was formed in September 2015. Since 1995, Mr. Moss has founded, funded, and taken public various companies across different industries. He was also a founding investor in Reliant Service Group LLC, which was acquired in 2015 by a leading private equity firm. His prior experience includes serving as Managing Director, Corporate Finance for a New York-based securities firm, and as Managing Partner at a Seattle-based venture capital firm. Before co-founding INmune Bio, he spent years in private equity.

Cory Ellspermann, Interim Chief Financial Officer

Mr. Ellspermann assumed the role of Interim Chief Financial Officer in August 2025. Prior to this appointment, he served as the Controller and Vice President of Finance at INmune Bio since June 2019. He brings nearly 30 years of financial management experience from both public and private companies. Before joining INmune Bio, Mr. Ellspermann was a Senior Accounting Manager at Artivest, an alternative investments company. He is a certified public accountant and previously worked as a Senior Audit Manager at Ernst & Young.

Dr. Mark Lowdell, Chief Scientific Officer

Dr. Lowdell has served as Chief Scientific Officer and Co-founder of INmune Bio since its formation in September 2015. 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 held the position of Director of Cellular Therapy at the Royal Free London NHS Foundation Trust. A serial entrepreneur, Dr. Lowdell has co-founded four companies in his field; one was sold, two went through an IPO on Nasdaq, and one was sold in a management buy-out. He also co-founded Autolomous, a technology company that provides software solutions for the manufacturing of cell and gene therapy.

Dr. Raymond J. Tesi, Co-founder

Dr. Tesi is a co-founder of INmune Bio, established in September 2015, and previously served as its President and CEO until August 2025. He has a distinguished career as a biotech entrepreneur and an experienced surgeon. From 2011 to 2015, Dr. Tesi was the CEO, President, and Acting Chief Medical Officer of FPRT Bio Inc., a biotech company focused on developing XPro1595 for neurodegenerative and inflammatory diseases. He founded Coronado Biosciences, serving as its CEO and President from 2007 to 2010. Prior to entering the biotechnology field in 1997, Dr. Tesi spent a decade as an academic transplant surgeon.

Christopher J. Barnum, Vice President of Neuroscience

Dr. Barnum is the Head of Neuroscience at INmune Bio. He is a neuroimmunologist with extensive expertise across neurodegenerative and psychiatric diseases. His career includes various positions in both academia and the industry, such as at Emory University, FPRT Bio., SonosBio, and Takeda Pharmaceuticals. Dr. Barnum has been involved with XPro1595 for more than ten years, initially at Emory University, then as a consultant for FPRT Bio and INmune Bio, before joining INmune Bio full-time in 2018.

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The key risks to INmune Bio's business include:

1. Clinical Trial Failure and Regulatory Approval: INmune Bio's product candidates are in early clinical development or are yet to enter clinical trials, inherently carrying a high risk of failure. It remains uncertain when or if these candidates will demonstrate safety and efficacy in humans or receive regulatory approval. The Phase 2 MINDFuL trial for XPro in Alzheimer's disease recently missed its primary endpoint in the overall patient population, leading to a significant drop in the company's stock price. While a subset of patients showed some clinical benefit, there is no guarantee that the FDA will permit advancement to a Phase 3 study for this subpopulation or grant Breakthrough Therapy Designation. Furthermore, other pipeline assets, such as CORDStrom and INKmune, face similar risks of failing to achieve their primary endpoints in ongoing trials.
2. Need for Additional Funding and Financial Viability: INmune Bio is a clinical-stage biotechnology company that is currently operating at a loss and experiencing negative free cash flow. The company has a limited cash runway and will require substantial additional funding to support its ongoing operations, research and development activities, clinical studies, and eventual product commercialization. Although a recent $19 million equity raise aimed to extend its cash runway, this funding is still considered limited. Successful outcomes in clinical trials are critical for securing future financing, and failure to raise additional capital could lead to dilution of existing shareholders if new shares are issued at lower prices.
3. Intense Competition: INmune Bio faces significant competition from existing treatments and therapies under development by other companies. The competitive landscape includes large, fully integrated pharmaceutical companies and more established biotechnology firms that possess substantially greater financial resources and expertise. In the Alzheimer's disease market, specifically, major pharmaceutical companies like Biogen and Eli Lilly are actively developing treatments, and many companies have recently encountered failures in this therapeutic area, highlighting the challenging competitive environment.

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INmune Bio (NASDAQ: INMB) is a clinical-stage biotechnology company with several product candidates targeting various diseases. The addressable markets for their main products are as follows:

• XPro™ (DN-TNF platform):
  • Alzheimer's Disease (AD): INmune Bio estimates that XPro™ could address at least 70% of patients with early Alzheimer's disease. One source refers to the Alzheimer's market as a "$50 billion market" globally.
  • Major Depressive Disorder (MDD) / Treatment-Resistant Depression: The global major depressive disorder market size was valued at approximately USD 5.15 billion in 2024 and is projected to reach USD 11.09 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. Another estimate places the global MDD market at US$ 6.84 billion in 2024, expected to reach US$ 14.57 billion by 2033, growing at a CAGR of 8.8% from 2025-2033.
• INKmune® (Natural Killer Cell Priming Platform):
  • Cancer (specifically metastatic castration-resistant prostate cancer): INKmune® is being developed for cancer treatment, including metastatic castration-resistant prostate cancer. The global immuno-oncology (IO) market, which encompasses treatments harnessing the immune system to fight cancer, was estimated at USD 43.73 billion in 2023 and is projected to reach approximately USD 284.29 billion by 2033, growing at a CAGR of 23.12% from 2024 to 2033. Another report estimated the global immuno-oncology market size at US$ 24.17 billion in 2024, expecting it to reach US$ 111.64 billion by 2034 with a CAGR of 16.5%. The global immune checkpoint inhibitors market, a segment of immuno-oncology, was valued at USD 50.28 billion in 2024 and is predicted to reach around USD 229.60 billion by 2034, with a CAGR of 16.40%. North America holds a significant share of this market.
• CORDStrom™ (hucMSCs platform):
  • Epidermolysis Bullosa (EB): The global market size for Epidermolysis Bullosa is projected to reach $9.9 billion by 2032, with an 11.2% CAGR from 2025 to 2032.

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1. Regulatory Approval and Commercialization of CORDStrom™ for Recessive Dystrophic Epidermolysis Bullosa (RDEB): INmune Bio is actively pursuing regulatory submissions for its CORDStrom™ platform. The company announced the successful completion of the first two commercial pilot-scale manufacturing runs and is on target to file a Marketing Authorization Application (MAA) in the UK by mid-2026, followed shortly thereafter by an anticipated Biologics License Application (BLA) filing with the FDA for CORDStrom™ for RDEB. The potential approval and subsequent launch of CORDStrom™ in these key markets represent a significant future revenue opportunity for INmune Bio.
2. Advancement and Potential Partnerships for XPro™ in Alzheimer's Disease (AD): While the Phase 2 MINDFuL trial for XPro™ in early Alzheimer's disease with inflammation did not meet its primary cognitive endpoints in the main patient population, it showed positive trends and larger effect sizes in dose-compliant participants and a predefined ADi population. INmune Bio is pursuing an accelerated regulatory pathway with the FDA and plans to publish comprehensive insights from the Phase 2 trial. Securing partnerships for late-stage clinical development of XPro™ is a key objective, which, if successful, could bring in significant non-dilutive funding and ultimately lead to product commercialization and revenue generation.
3. Clinical Progression and Expansion of INKmune® for Oncology: The INKmune® platform, designed to prime natural killer (NK) cells to eliminate minimal residual disease in cancer patients, has shown promising results. The Phase 1 dose escalation part of the trial for metastatic castration-resistant prostate cancer (CaRe PC) has been completed, meeting its primary endpoint, and the company is continuing to dose patients in the Phase 2 part of the trial. Early analysis has demonstrated that secondary endpoints of NK activation and NK cell proliferation in vivo were met. The successful progression of INKmune® through clinical trials and potential expansion into treating other solid tumors could open new avenues for revenue growth.

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Share Issuance

• In July 2020, INmune Bio priced an underwritten public offering of 2,173,914 shares of common stock at $10.00 per share, with gross proceeds of approximately $21.7 million and net proceeds estimated at $20 million. The offering included the full exercise of the underwriters' over-allotment option, resulting in a total of 2,500,000 shares issued and net proceeds of approximately $23.1 million. The net proceeds were intended for general corporate purposes, including supporting research and development and clinical trials.
• In June 2025, INmune Bio announced and subsequently closed a registered direct offering of 3,000,000 shares of common stock at $6.30 per share, raising approximately $19 million in gross proceeds. The net proceeds from this offering are intended for working capital and general corporate purposes.

Inbound Investments

• INmune Bio received approximately $19 million in gross proceeds from a registered direct offering in June 2025, with the shares purchased by two healthcare-focused institutional investors.
• The company received $2.9 million in grant (prize money) funding in September 2020, with investors including NIH and HHS.
• A $2.5 million R&D rebate from Australia is expected to contribute to funding ongoing programs.

Capital Expenditures

• In the second quarter of 2025, an impairment of acquired in-process research and development intangible assets amounted to $16.5 million.
• In April 2025, INmune Bio partnered with Cell and Gene Therapy Catapult to establish large-scale, commercial-ready manufacturing for its cell therapy platforms, initially focusing on CORDStrom™ and later INKmune®. This partnership aims to accelerate the path to commercialization by delivering efficient, scalable manufacturing.