INmune Bio (INMB) Q2 2024 earnings summary

Executive summary

• Achieved steady progress in Alzheimer's and oncology clinical programs, with key data readouts expected in late 2024; XPro™ and INKmune™ platforms advanced with new data supporting mechanisms and safety, and new publications in peer-reviewed journals.

• Joined the Russell 3000® Index as of July 1, 2024, increasing visibility and shareholder base.

• The company reported a net loss of $20.8 million for the six months ended June 30, 2024, and continues to face substantial doubt about its ability to continue as a going concern.

Financial highlights

• Raised $14.5 million in gross proceeds from two equity offerings in April 2024, with management and board participating.

• Net loss for Q2 2024 was $9.7 million, up from $6.5 million in Q2 2023; net loss for the six months was $20.8 million, compared to $13.0 million in the prior year.

• R&D expenses rose to $7.1 million for Q2 2024 and $15.7 million for the six months, mainly due to increased spending on Alzheimer's and INKmune clinical programs.

• G&A expenses increased to $2.8 million for Q2 2024 and $5.2 million for the six months.

• Cash and cash equivalents stood at $31.1 million as of June 30, 2024.

Outlook and guidance

• Full enrollment in Phase II XPro™ Alzheimer's trial expected by end of Q3 2024, with top-line data six months after last patient enrolled.

• Phase II trial in treatment-resistant depression to begin in H2 2024.

• INKmune™ mCRPC trial Phase I enrollment to complete in Q4 2024; Phase II completion expected by Q2 2025.

• Management projects current cash is insufficient to sustain operations for one year from the financial statement issuance date; additional capital will be required.