Breaking Down INmune Bio, Inc. (INMB) Financial Health: Key Insights for Investors

You're looking at INmune Bio, Inc. (INMB) and trying to map their clinical progress to their burn rate, which is the right way to think about a clinical-stage biotech. Honestly, the Q3 2025 report, released in October, shows a mixed bag: disciplined cost management against a still-finite cash runway. The good news is they've significantly tightened the reins, reporting a net loss of just $6.5 million for the quarter, a huge improvement from the $12.1 million loss a year prior, largely by slashing Research and Development (R&D) expenses to $4.9 million. Here's the quick math: with $27.7 million in cash and cash equivalents as of September 30, 2025, management is confident that this cash position funds operations into Q4 2026, but that timeline is defintely tied to achieving key milestones like the CORDStrom marketing application submission next year. This is a classic biotech tightrope walk: you're betting on pipeline execution, because with zero revenue, every dollar of that $27.7 million cash balance is precious capital funding the next data readout.

Revenue Analysis

You're looking at INmune Bio, Inc. (INMB) financials, and the first thing you notice is the top-line number: $0 in product revenue for the third quarter of 2025. That's the reality of a clinical-stage biotechnology company; their value isn't in current sales, but in the pipeline and the capital needed to advance it. It's defintely a different lens than analyzing a mature company like BlackRock.

The company's primary revenue stream isn't from selling XPro™ or CORDStrom™ yet. Instead, their operations are almost entirely funded by capital raises and cash reserves. For Q3 2025, INmune Bio, Inc. reported $0 in revenue, which is consistent with their status as a development-stage firm. This means the year-over-year revenue growth rate from product sales is 0%, as there is no commercial product to sell.

Here's the quick math for the business segments: the contribution of their three key platforms-DN-TNF (XPro™), CORDStrom™, and INKmune®-to overall revenue is zero for the 2025 fiscal year. Their financial health is measured by how efficiently they burn capital to hit clinical milestones, not by revenue growth. This is a crucial distinction for biotech investors.

• Primary revenue source: Capital financing (equity raises, etc.).
• Product revenue contribution: $0 for all segments in Q3 2025.
• Year-over-year product revenue growth: 0% (from a non-existent base).

The significant change in their financial picture isn't a revenue stream change, but a notable improvement in expense management. The net loss attributable to common stockholders for Q3 2025 was approximately $6.5 million, a substantial reduction from the $12.1 million net loss reported in Q3 2024. This improvement was largely driven by a sharp drop in Research & Development (R&D) expenses, which fell to approximately $4.9 million in Q3 2025 from $10.1 million in the comparable 2024 period. That's a 51.5% reduction in R&D spend, which directly impacts the burn rate.

To be fair, lower R&D spend can signal cost prudence, but you need to ensure it doesn't slow down key clinical trials. The good news is the company still advanced its pipeline, with CORDStrom™ on track for a UK Marketing Authorization Application (MAA) mid-2026. You can dive deeper into the clinical value by Exploring INmune Bio, Inc. (INMB) Investor Profile: Who's Buying and Why?

The table below summarizes the key financial metrics that matter for a pre-revenue company like INmune Bio, Inc. as of the most recent 2025 data:

What this estimate hides is the reliance on future non-dilutive funding, like a partnership for XPro™, to fully execute their 2026 regulatory and trial plans. The cash runway is projected to last into Q4 2026, which gives management a decent window, but a partnership or further financing is almost certainly coming.

Next step: Check the Q4 2025 data release for any non-dilutive revenue, like grants or milestone payments, to see if the revenue line moves from zero.

Profitability Metrics

You're looking at INmune Bio, Inc. (INMB)'s profitability, and the first thing you need to understand is that for a clinical-stage biotechnology company, traditional metrics like Gross Profit Margin are defintely misleading. Since INmune Bio, Inc. (INMB) is pre-revenue, meaning they have no product sales yet, their gross revenue for Q3 2025 was $0.00.

This means their Gross Profit is also $0.00, and therefore, their Gross Profit Margin is 0%. Operating Profit and Net Profit are both negative, which is the expected financial profile for a company focused solely on research and development (R&D) before a drug is approved and commercialized. What matters here is the rate of loss, or the cash burn, and the efficiency of that burn.

Net Loss and Margin Trends

While the margins are technically undefined (or negative infinity) due to zero revenue, we can track the Net Loss to understand the trend in cash burn. The company has shown a positive trend in controlling its losses in the most recent quarter, but the overall 2025 picture is volatile due to a one-time event.

• Q3 2025 Net Loss: The net loss was $6.5 million, a significant improvement from the $12.1 million loss reported in the comparable period in 2024.
• Q2 2025 Net Loss: The net loss was $24.5 million, but this figure included a substantial $16.5 million impairment charge related to an acquired R&D asset, which is a non-cash, one-time accounting hit.
• Q1 2025 Net Loss: The net loss stood at $9.7 million.

The clear trend is that, absent the one-time impairment charge, INmune Bio, Inc. (INMB) is managing to reduce its quarterly net loss year-over-year, which shows a tightening of the belt. That's a good sign of financial discipline.

Operational Efficiency and Cost Management

For a pre-revenue biotech, operational efficiency is best measured by how much of the total operating expense budget is dedicated to R&D-the engine of future growth-versus general and administrative (G&A) costs. Here's the quick math for Q3 2025:

The company slashed its R&D spend by over 50% from Q3 2024 to Q3 2025, from $10.1 million to $4.9 million. This is a massive cost-control move. While G&A expenses increased slightly to $2.5 million from $2.2 million, the overall reduction in operating expenses to $7.4 million is a strong indicator of disciplined cost management, even as they advance key programs like CORDStrom™ toward regulatory filings in mid-2026.

Comparison to the Industry

You can't compare INmune Bio, Inc. (INMB)'s negative margins to a profitable pharmaceutical giant like Pfizer or AbbVie. Clinical-stage biotech firms are fundamentally different; they are valued on the potential of their pipeline, not current earnings. The industry norm for a company in this stage is a negative Earnings Per Share (EPS) and a negative Return on Equity (ROE).

The real metric for INmune Bio, Inc. (INMB) is its cash runway (the time until it runs out of money). As of September 30, 2025, INmune Bio, Inc. (INMB) held approximately $27.7 million in cash and cash equivalents, which management believes is sufficient to fund operations into Q4 2026. That runway is the profitability metric that matters most right now. It gives them time to hit their clinical milestones, which you can read more about in their Mission Statement, Vision, & Core Values of INmune Bio, Inc. (INMB).

Your action item is to track the cash balance and the R&D spend in Q4 2025 to see if they maintain this spending discipline and extend the runway further. If onboarding takes 14+ days, churn risk rises.

Debt vs. Equity Structure

You're looking at INmune Bio, Inc. (INMB) and wondering how a clinical-stage biotech company, which is pre-revenue, funds its multi-platform drug development. The direct takeaway is that INmune Bio, Inc. has an extremely conservative capital structure, relying almost entirely on equity financing to fuel its growth and clinical trials, not debt.

This is a typical-and smart-strategy for a biotech firm. Given the long, uncertain path to drug approval, relying on significant debt would create a massive, fixed interest burden that could trigger a default if a trial fails. The company's financial position as of the trailing twelve months (TTM) ending September 30, 2025, shows this clearly: total debt is a negligible $1.08 million.

Here's the quick math on their leverage, or lack thereof. The company's Debt-to-Equity (D/E) ratio is a tiny 0.04. For context, the average D/E ratio for the Biotechnology industry in late 2025 is around 0.17. INmune Bio, Inc.'s ratio is less than a quarter of the industry average, signaling minimal financial leverage and a strong balance sheet. They are defintely not a debt-laden firm.

The total debt of $1.08 million is so small it barely registers against their equity base, which we can estimate at approximately $27 million (calculated by dividing the TTM total debt by the D/E ratio of 0.04). This minimal debt is mostly composed of short-term liabilities like notes payable, meaning there is no significant long-term debt burden to worry about. The Long-Term Debt-to-Capital ratio for Q3 2025 was just 0.02.

The balance is overwhelmingly tilted toward equity funding. When INmune Bio, Inc. needs capital to push a program like XPro1595 or CORDStrom through a new phase of clinical trials, they go to the equity market. For example, subsequent to the first quarter of 2025, the company raised gross proceeds of approximately $2.1 million from the sale of common stock. Furthermore, in Q2 2025, they successfully closed a $19 million registered direct offering.

This equity-heavy approach has clear implications for you as an investor:

• Lower Default Risk: Minimal debt means interest rate hikes or trial setbacks won't trigger a liquidity crisis.
• Dilution is the Cost: Funding is secured by issuing new shares, which dilutes the ownership stake of existing shareholders.
• No Credit Rating Pressure: The company does not have public credit ratings because it doesn't rely on the corporate bond market.

The strategy is clear: trade shareholder dilution for financial stability, ensuring they have the runway to execute on their Mission Statement, Vision, & Core Values of INmune Bio, Inc. (INMB). The cash and cash equivalents of approximately $27.7 million as of September 30, 2025, are sufficient to fund operations into Q4 2026.

Here is a snapshot of the company's financial leverage compared to the industry norm:

Liquidity and Solvency

You need to know if INmune Bio, Inc. (INMB) has enough short-term cash to keep the lights on and fund its drug pipeline. The direct takeaway is that, while the company has no revenue and burns cash from operations, a successful financing round has given them a solid liquidity cushion that extends their runway well into 2026.

As of late 2025, INmune Bio, Inc.'s liquidity position looks strong, but it's built on capital raises, not product sales. Their Current Ratio is 4.17, and the Quick Ratio is 4.10 (Trailing Twelve Months, or TTM, as of November 2025). A ratio above 1.0 is generally good, meaning current assets cover current liabilities; a ratio over 4.0 is defintely excellent, indicating a very high capacity to pay off immediate debts. The quick ratio is almost identical because, as a clinical-stage biotech, they have virtually no inventory to exclude from the quick calculation.

Here's the quick math on their working capital (Current Assets minus Current Liabilities): The TTM Net Current Asset Value stands at $22.69 million. This is a healthy position for a company focused on Research and Development (R&D), and it's a slight improvement from the $21.08 million reported at the end of 2024. The trend is positive, but you have to remember this improvement is entirely due to raising capital, not generating revenue.

Looking at the cash flow statements for the first nine months of 2025 (YTD Q3 2025) reveals the core business model of a clinical-stage biotech:

• Operating Cash Flow: Net cash used in operating activities was $(19.638) million. This is the cash burn funding R&D and General & Administrative expenses.
• Investing Cash Flow: Net cash used in investing activities was minimal, at $(0.899) million, primarily for the purchase of equipment.
• Financing Cash Flow: Net cash provided by financing activities was $27.545 million. This is the lifeblood right now, mainly from the sale of common stock and warrants.

The financing cash flow is the only reason the company's cash and cash equivalents balance at September 30, 2025, was a solid $27.7 million. Honestly, this is the single most important number for a pre-revenue biotech. Management has guided that this cash is sufficient to fund operations into Q4 2026. That's a strong cash runway.

The main liquidity strength is the large cash cushion, but the primary concern is the reliance on financing. The company has no revenue (it was $0.00 in Q3 2025) and must continue to raise capital or secure a partnership to sustain operations past late 2026. This is the classic biotech risk profile. You should also review their long-term strategy and commitment to their programs, which you can read more about here: Mission Statement, Vision, & Core Values of INmune Bio, Inc. (INMB).

Here is a quick overview of the key liquidity metrics:

The clear action for you, the investor, is to monitor the timing and success of their clinical milestones, especially for CORDStrom and XPro, because non-dilutive funding (like a partnership) is the only way to break the cycle of financing-driven liquidity.

Valuation Analysis

You're looking at INmune Bio, Inc. (INMB) right now, seeing a stock trading near its 12-month low and wondering if there's a deep-value opportunity or just a deep-value trap. The short answer is that traditional valuation metrics are essentially useless for a clinical-stage biotech like this, but the analyst consensus points to a massive potential upside, assuming their pipeline delivers.

As of late 2025, INmune Bio, Inc. is a story stock, not an earnings story. You can see this clearly in its core ratios. Its Price-to-Earnings (P/E) ratio is -0.86 and its Enterprise Value-to-EBITDA (EV/EBITDA) is -0.84. Both are negative because the company, which is focused on drug development, has no significant revenue and operates at a loss, reporting a net loss of approximately $6.5 million in Q3 2025.

The Price-to-Book (P/B) ratio, however, gives us a small anchor. At around 1.58, the market values the company at slightly more than its net tangible assets (Total Stockholders' Equity was approximately $25.378 million as of September 30, 2025). This P/B is relatively low for a biotech with multiple Phase 2 programs, suggesting that the market is currently assigning a low probability of success to its pipeline, especially after the XPro Phase 2 trial missed its primary cognitive endpoints in the full patient population earlier in 2025.

Here's the quick math on the stock price trend: The stock has been on a wild ride over the last year, with a 52-week high of $11.64 and a 12-month low of $1.71. With the stock trading around $1.51 in November 2025, it's currently sitting defintely below that 12-month low, reflecting the recent clinical trial volatility. This is where you have to decide if the risk is worth the reward, especially since INmune Bio, Inc. pays no dividend, with a yield of 0.00%.

• P/E Ratio: -0.86 (Negative due to net loss)
• P/B Ratio: 1.58 (Slight premium to book value)
• EV/EBITDA: -0.84 (Negative due to pre-revenue status)
• Dividend Yield: 0.00% (No dividend paid)

The Wall Street consensus is telling a story of high risk, high reward. The average analyst rating is a 'Hold', but the price targets show a massive disparity in expectations. The average 12-month price target from a group of seven analysts is $18.00, which implies an incredible upside of over 1,092.05% from the recent $1.51 price. This range is huge, with targets running from a low of $4.30 to a high of $23.00. What this estimate hides is the binary nature of biotech: clinical success means the high target is possible, but a major failure means the stock could go to zero. You should read the full analysis on this company's financial health here: Breaking Down INmune Bio, Inc. (INMB) Financial Health: Key Insights for Investors.

Risk Factors

You're looking at INmune Bio, Inc. (INMB), a clinical-stage biotech, so the primary risk is always binary: will the drug work and get approved? The 2025 fiscal year has defintely highlighted this reality, mapping out both clinical setbacks and critical financial actions.

The biggest operational risk that materialized was the top-line data from the Phase 2 MINDFuL trial for XPro™ in Alzheimer's disease. The trial missed its primary cognitive endpoints in the overall population of 208 patients, a major blow in Q2 2025. This led to an earlier-year impairment charge of approximately $16.51 million related to the drug candidate. This is the nature of drug development; one trial result can change the valuation overnight. Plus, the regulatory timeline for XPro™ slipped, with the End of Phase 2 meeting with the FDA moving from Q4 2025 to Q1 2026 to finalize data.

Financial health remains a constant concern for a company with $0 in revenue for Q2 and Q3 2025. The cash burn is real. While the net loss for Q3 2025 improved to approximately $6.5 million, down from $24.5 million in Q2 2025 (which included the impairment charge), sustaining operations requires continuous capital. To be fair, management has been proactive, successfully raising capital through a registered direct offering of $19 million in Q2 2025 and subsequent raises. This action extended the cash runway guidance from 'into 2026' to 'into Q4 2026' as of the Q3 2025 report, which is a key mitigation strategy.

The company faces a few clear risks that you need to watch:

• Clinical Efficacy: XPro™'s success now hinges on the pre-defined enriched population (100 patients with inflammation biomarkers) where data showed positive trends, not the overall population.
• Pipeline Restructuring: The INKmune® CARE-PC trial for prostate cancer was closed to new recruitment in Q3 2025, forcing a pivot to a randomized Phase 2 design in less advanced disease.
• Financing/Dilution: Despite the improved cash runway, the need for substantial additional funding remains an explicit risk, meaning future stock offerings and shareholder dilution are likely.
• Leadership Transition: The retirement of CEO RJ Tesi in Q2 2025 and the appointment of a new CEO and Interim CFO introduce a degree of execution risk during a critical clinical period.

The mitigation is a sharp focus on the specific patient subgroup for XPro™ and the successful scaling of CORDStrom™ manufacturing for a mid-2026 regulatory submission in the UK. That's where the near-term value creation potential lies, but it's still a high-stakes, all-or-nothing game. For a deeper dive into the valuation models, check out Breaking Down INmune Bio, Inc. (INMB) Financial Health: Key Insights for Investors.

Growth Opportunities

You're looking at INmune Bio, Inc. (INMB) right now and seeing a clinical-stage biotech, so the financials are all about cash runway and pipeline milestones, not sales. The near-term growth story isn't revenue; it's about validating their three distinct technology platforms, which is what will defintely drive value long-term.

The company's strategy centers on a three-platform approach, leveraging the innate immune system to fight disease. This diversification is a key strength, but it means you have to track three separate clinical timelines. For the 2025 fiscal year, the consensus revenue forecast from analysts is a modest $1,084,679, with a wide range from $0 to $1,395,726, reflecting the pre-commercial stage of their assets. The net loss for the year is projected to be around -$42,140,292, which is typical for a biotech burning cash on R&D.

Product Innovations: The Three-Pillar Pipeline

The biggest growth driver is the success of their lead product candidates, especially XPro1595, CORDStrom™, and INKmune®. Each one targets a huge market with a differentiated mechanism of action (MOA).

• XPro1595 (DN-TNF Platform): This is a selective soluble Tumor Necrosis Factor (sTNF) neutralizer for Alzheimer's Disease (AD). Its competitive edge is that it targets the harmful, soluble form of TNF-a key driver of neuroinflammation-while sparing the beneficial transmembrane TNF. The Phase 2 MINDFuL trial results in the overall population missed the primary cognitive endpoint, but in the pre-defined subset of patients with inflammation biomarkers (ADi population), it showed a slowed cognitive decline on the EMACC cognitive measure with an effect size of 0.27 and reduced neuropsychiatric symptoms (effect size -0.23). That is a clear, actionable signal in a high-need population.
• CORDStrom™ (Cell Therapy): This platform is moving toward regulatory filings for Recessive Dystrophic Epidermolysis Bullosa (RDEB), a rare pediatric disease. The company is on target to file a Marketing Authorization Application (MAA) and Biologics License Application (BLA) by mid-2026. Rare disease indications often have faster regulatory pathways and better pricing power.
• INKmune® (Cancer): A natural killer (NK) cell priming agent for cancer. The Phase I/II trial in metastatic Castration-Resistant Prostate Cancer (mCRPC) met its primary safety endpoint and showed evidence of NK cell proliferation and function, which is exactly what you want to see in an early-stage immuno-oncology asset.

Strategic Initiatives and Financial Runway

To support this pipeline, INmune Bio, Inc. is focused on manufacturing readiness and financial management. They successfully completed commercial pilot-scale manufacturing runs for CORDStrom™ in partnership with CGT Catapult in 2025, which is a critical de-risking step for a cell therapy. You need to see this kind of operational focus.

Here's the quick math on their runway: the company reported approximately $27.7 million in cash and cash equivalents as of September 30, 2025. This cash position, plus any future capital raises, will fund the pivotal trials needed to bring these drugs to market. The average quarterly net loss for the first three quarters of 2025 was about $13.57 million (calculated from Q1 loss of $9.7M, Q2 loss of $24.5M, Q3 loss of $6.47M). That cash burn rate means they will need to raise more capital, but positive clinical data (like the XPro1595 subset data) makes that easier.

The company's future is tied to the clinical success of its platforms, which you can track in a detailed breakdown here: Breaking Down INmune Bio, Inc. (INMB) Financial Health: Key Insights for Investors.

The next concrete step is to watch for the full presentation of the Phase 2 XPro1595 data at the Clinical Trials on Alzheimer's Disease (CTAD) conference in December 2025. That's the near-term catalyst that will move the stock. The market is waiting for that validation.