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1. Company Snapshot

1.a. Company Description

INmune Bio, Inc., a clinical-stage immunotherapy company, focuses on developing drugs to reprogram the patient's innate immune system to treat disease.The company develops and commercializes product candidates to treat hematologic malignancies, solid tumors, and chronic inflammation.Its development programs include INKmune, which focuses on treating women with relapse refractory ovarian carcinoma and patients with high-risk myelodysplastic syndrome; INB03, an immunotherapy that treats patients with hematologic malignancies and solid tumors; and XPro1595 for the treatment of Alzheimer's disease.


The company has license agreements with Xencor, Inc.; Immune Ventures, LLC; University of Pittsburg; and University College London.INmune Bio, Inc.was incorporated in 2015 and is headquartered in Boca Raton, Florida.

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1.b. Last Insights on INMB

The recent 3-month performance of INmune Bio, Inc. was negatively impacted by the impending Phase 2 Alzheimer's readout of its lead asset XPro1595. The company's high-risk, high-reward opportunity is driven by XPro1595's unique mechanism of selectively targeting soluble TNF (sTNF), which has shown strong preclinical, mechanistic, and limited but encouraging Phase 1b data. However, the investment remains speculative due to clinical and market risks, casting a shadow over the company's short-term prospects.

1.c. Company Highlights

2. INmune Bio's Q3 2025 Earnings: Progress on Multiple Fronts

INmune Bio reported a net loss attributable to common stockholders of $6.5 million for Q3 2025, a significant improvement from the $12.1 million loss in Q3 2024. The company's research and development expenses were $4.9 million, while general and administrative expenses totaled $2.5 million. The actual EPS came out at -$0.24, beating estimates of -$0.31. The company's cash and cash equivalents stood at $27.7 million as of September 30, 2025, sufficient to fund operations into Q4 2026.

Publication Date: Nov -17

📋 Highlights
  • Regulatory Progress:: CORDStrom nears marketing approval submission in the UK and US for RDEB, with UK MAA expected Q2 2026 and FDA BLA planned a few months later.
  • Financial Improvement:: Net loss reduced to $6.5M (Q3 2025) vs. $12.1M (Q3 2024), with $27.7M cash reserves funding operations through Q4 2026.
  • INKmune Success:: Phase II trial in prostate cancer met primary endpoint and two of three secondary endpoints, advancing plans for further trials and partnerships.
  • XPro Alzheimer’s Potential:: Manuscript submitted for peer-review on Phase II MINDFuL trial, with FDA accelerated pathway feedback anticipated Q1 2026.

Operational Highlights

The company made notable progress on its platform programs, particularly with CORDStrom, its most advanced program, which is preparing for marketing approval submission to regulatory bodies in the UK and US for treating recessive dystrophic epidermolysis bullosa (RDEB). CORDStrom has shown a clear and safe benefit to patients, with significantly reduced itch and improved quality of life. The program has a unique mechanism of action, with a systemic effect on inflammatory cytokines, making it a potential platform technology.

Regulatory Updates and Milestones

INmune Bio is on track to file a marketing authorization application (MAA) in the UK in mid-2026 and a Biologics License Application (BLA) with the FDA a few months later. The company is also preparing for a scientific advice meeting with the MHRA to discuss CORDStrom's European regulatory pathway. For XPro, the company expects to receive more MRI data in Q4 2025 and hear from the FDA on an accelerated pathway in Q1 2026.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 166.7%. The company's current valuation metrics show a P/S Ratio of 755.02 and an EV/EBITDA of -0.32. With several milestones expected before the end of next year, including the filing of an MAA and BLA for CORDStrom, the company's growth prospects appear promising. However, the high P/S Ratio suggests that the market has already priced in significant growth expectations.

Future Outlook

The company's cash runway extends to Q4 2026, providing sufficient time to achieve key milestones. With CORDStrom's potential to fill the gap in the current treatment paradigm for RDEB, INmune Bio is well-positioned for future growth. As the company progresses on its platform programs, investors will be watching for updates on CORDStrom's regulatory progress and XPro's accelerated pathway.

3. NewsRoom

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Peer Reviewed Study Highlights Therapeutic Potential Around Application of Stromal Cell Therapies Such as INmune Bio's CORDStrom™ Platform

Dec -05

Source: globenewswire.com

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INmune Bio Reports New Phase 2 Grey Matter Imaging Data at CTAD Conference Reinforcing XPro1595's Evidence Base in High-Inflammation Alzheimer's Patients

Dec -01

Source: globenewswire.com

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INmune Bio Announces Two Presentations at the Upcoming 18th Annual CTAD Conference

Nov -18

Source: globenewswire.com

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INmune Bio (INMB) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

Nov -06

Source: zacks.com

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Focus Partners Advisor Solutions LLC Acquires 37,224 Shares of INmune Bio, Inc. $INMB

Nov -02

Source: defenseworld.net

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INmune Bio, Inc. (INMB) Q3 2025 Earnings Call Transcript

Oct -31

Source: seekingalpha.com

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INmune Bio Inc. Announces Third Quarter 2025 Results and Provides Business Update

Oct -30

Source: globenewswire.com

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INmune Bio to Participate in Dermatologic Rare Disease Panel at the Maxim Growth Summit 2025

Oct -14

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

INKmune and DN-TNF Product Platform

Expected Growth: 12.4%

Growing demand for immunomodulatory therapies, increasing prevalence of chronic diseases, and advancements in cancer treatment are expected to drive the growth of INmune Bio's INKmune and DN-TNF platforms, which modulate the immune system to treat various diseases.

7. Detailed Products

INB-200

A novel, soluble TNF inhibitor that neutralizes soluble TNF, a key driver of inflammation and immune system dysregulation.

INKmune

A natural killer (NK) cell priming platform that enhances the anti-tumor functionality of NK cells.

INB-100

A novel, dominant-negative TNF inhibitor that selectively neutralizes soluble TNF, reducing inflammation and immune system dysregulation.

Xenomune

A novel, soluble TNF receptor that neutralizes soluble TNF, reducing inflammation and immune system dysregulation.

8. INmune Bio, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for INmune Bio, Inc. is medium due to the availability of alternative treatments for cancer and inflammatory diseases. While there are some substitutes available, they may not be as effective or have similar benefits as INmune Bio's products.

Bargaining Power Of Customers

The bargaining power of customers for INmune Bio, Inc. is low due to the specialized nature of their products and the lack of alternative options for patients. This gives the company more power in negotiating prices and terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers for INmune Bio, Inc. is medium due to the availability of multiple suppliers for raw materials and services. However, the company may still have some dependence on key suppliers, which could impact their bargaining power.

Threat Of New Entrants

The threat of new entrants for INmune Bio, Inc. is high due to the growing interest in immunotherapy and the potential for new companies to enter the market. This could lead to increased competition and potentially lower prices.

Intensity Of Rivalry

The intensity of rivalry for INmune Bio, Inc. is high due to the competitive nature of the biotechnology industry. The company faces competition from established players and new entrants, which could lead to pricing pressure and increased marketing efforts.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 21.49%
Debt Cost 3.95%
Equity Weight 78.51%
Equity Cost 13.56%
WACC 11.49%
Leverage 27.37%

11. Quality Control: INmune Bio, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Coherus BioSciences

A-Score: 4.9/10

Value: 8.2

Growth: 3.6

Quality: 6.5

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
aTyr Pharma

A-Score: 4.6/10

Value: 7.6

Growth: 6.4

Quality: 6.8

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Veracyte

A-Score: 4.3/10

Value: 1.2

Growth: 8.4

Quality: 6.4

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Codexis

A-Score: 2.7/10

Value: 7.0

Growth: 0.7

Quality: 3.9

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
INmune Bio

A-Score: 2.7/10

Value: 7.2

Growth: 3.2

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Adverum Biotechnologies

A-Score: 2.6/10

Value: 8.0

Growth: 1.9

Quality: 3.6

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.04$

Current Price

2.04$

Potential

-0.00%

Expected Cash-Flows