Nasdaq:INMB
Inmune Bio, Inc.
A clinical-stage biopharmaceutical firm advancing immune-targeting therapies for oncology and infectious diseases, currently funded by recent equity issuances.
Key Metrics
Investment Thesis
Bull Case
Investors may buy based on potential upside from breakthrough therapies in oncology and infectious disease if clinical trials succeed, supported by recent capital raises extending the runway. The company's proprietary cell-based technology offers a differentiated approach to immune modulation that could yield significant market value upon product approval.
Bear Case
The stock carries extreme risk due to zero revenue over the last three years and a massive annualized burn rate exceeding $40M. Without imminent catalysts or major partnership deals, the company faces a high probability of insolvency or further dilution before generating any commercial income.
About Inmune Bio, Inc.
Inmune Bio is a clinical-stage biopharmaceutical company focused on developing novel immune-targeting therapies primarily for oncology and infectious disease markets. The company leverages its proprietary cell-based platforms to advance multiple late-stage programs while navigating significant cash burn associated with research and development activities.
Analysis
Management Discussion
The company reported a net loss of $42.1M in 2024, driven by substantial research and development expenses of $33.2M and general administrative costs of $9.5M. While the company maintained a cash balance of $20.9M through financing activities raising $27.8M, it continues to operate without meaningful revenue, accumulating a retained earnings deficit of $163.1M.
Industry Overview
The biopharmaceutical industry is characterized by long development cycles, high regulatory barriers, and significant capital requirements to bring novel therapies to market. Success depends heavily on clinical trial data and the ability to secure partnerships or funding while navigating complex patent landscapes in oncology and infectious disease.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $374.0K | $155.0K | $14.0K |
| Cost of Revenue | $0 | $0 | $0 |
| Gross Profit | $374.0K | $155.0K | $14.0K |
| Operating Expenses | $26.3M | $29.9M | $42.6M |
| Operating Income | $-26.0M | $-29.7M | $-42.6M |
| R&D | $17.1M | $20.3M | $33.2M |
| G&A | $9.3M | $9.6M | $9.5M |
| Stock-Based Comp | $7.1M | $7.4M | $7.6M |
| Other OpEx | $0 | $0 | $0 |
| Non-Operating Income | $0 | $0 | $84.7M |
| Interest Expense | — | $2.3M | $789.0K |
| Pre-Tax Income | $-26.0M | $-29.7M | $42.1M |
| Income Tax | $1.3M | $267.0K | $84.2M |
| Continuing Ops | $-27.3M | $-30.0M | $-42.1M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-27.3M | $-30.0M | $-42.1M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-27.3M | $-30.0M | $-42.1M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $64.7M | $39.9M | $22.7M |
| Cash & Equivalents | $52.2M | $35.8M | $20.9M |
| Accounts Receivable | — | — | $1.2M |
| Prepaid Expenses | $34.0K | $1.5M | $331.0K |
| Other Current Assets | $12.5M | $2.6M | $228.0K |
| Long-Term Assets | $17.1M | $17.1M | $16.9M |
| Intangibles | $16.5M | $16.5M | $16.5M |
| Operating Leases | $507.0K | $414.0K | $307.0K |
| Other LT Assets | $99.0K | $131.0K | $79.0K |
| Total Assets | $81.8M | $57.0M | $39.6M |
| Current Liabilities | $10.9M | $18.5M | $7.2M |
| Current Debt | — | $9.9M | — |
| Current Leases | $87.0K | $119.0K | $140.0K |
| Other Current Liab | $10.8M | $8.4M | $7.1M |
| Long-Term Liabilities | $10.8M | $397.0K | $244.0K |
| LT Operating Leases | $526.0K | $397.0K | $244.0K |
| Other LT Liab | $10.2M | $0 | $0 |
| Total Liabilities | $21.7M | $18.9M | $7.5M |
| Shareholders' Equity | $60.1M | $37.3M | $32.1M |
| Paid-In Capital | $151.8M | $159.1M | $195.8M |
| Retained Earnings | $-91.0M | $-121.0M | $-163.1M |
| AOCI | $-699.0K | $-799.0K | $-575.0K |
| Total L&E | $81.8M | $57.0M | $39.6M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-27.3M | $-30.0M | $-42.1M |
| Non-Cash Adjustments | $1.4M | $18.2M | $12.4M |
| Working Capital Changes | $3.2M | $-162.0K | $-3.6M |
| Cash from Operations | $-22.7M | $-12.0M | $-33.4M |
| Cash from Investing | $0 | $0 | $0 |
| Cash from Financing | $729.0K | $-4.2M | $18.2M |
| FX Effect | $-700.0K | $-100.0K | $224.0K |
| Net Change in Cash | $-22.7M | $-16.3M | $-14.9M |
| Beginning Cash | $74.8M | $52.2M | $35.8M |
| Ending Cash | $52.2M | $35.8M | $20.9M |
Frequently Asked Questions
How does Inmune Bio, Inc. make money?
Oncology Therapeutics, Infectious Disease Solutions, and Cell-Based Platform Technologies
What are the main risks for INMB?
Severe cash burn depleting reserves without revenue generation, dependence on successful clinical trial outcomes for future funding, limited operating history as a clinical-stage company, and potential dilution from equity issuances to extend liquidity.
What is INMB's competitive advantage?
Proprietary cell-based platforms enabling unique immune modulation, strong pipeline of late-stage clinical candidates, and strategic focus on high-value therapeutic areas with unmet medical needs.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.