INmune Bio, Inc. (INMB): Business Model Canvas [Dec-2025 Updated]

You're analyzing a clinical-stage biotech, and the question is always the same: does the science justify the burn? Well, looking at INmune Bio, Inc. (INMB), they are betting their future on three distinct innate immune platforms-targeting Alzheimer's, RDEB, and prostate cancer-all moving through late-stage trials. Honestly, the near-term risk is clear: they are funding this high-stakes science with cash reserves of about $27.7 million as of September 30, 2025, against a combined R&D and G&A spend that hit roughly $7.4 million in the third quarter of 2025. So, to see how they plan to bridge that gap to approval or a major partnership, let's dive into the nine building blocks of their Business Model Canvas below.

INmune Bio, Inc. (INMB) - Canvas Business Model: Key Partnerships

You're looking at the external relationships INmune Bio, Inc. (INMB) is using to get its therapies to market, which is crucial when you're managing a pipeline across multiple indications. These aren't just handshake deals; they represent concrete steps toward manufacturing scale and clinical execution.

Cell and Gene Therapy Catapult (CGT Catapult) for Commercial Manufacturing Scale-Up

The collaboration with the Cell and Gene Therapy Catapult (CGT Catapult) is all about moving from clinical supply to commercial readiness. This partnership, announced in April 2025, leverages CGT Catapult's Stevenage Manufacturing Innovation Centre expertise. The initial focus was scaling production of CORDStrom™, which INmune Bio, Inc. estimates could benefit approximately 4,000 children with intermediate to severe Recessive Dystrophic Epidermolysis Bullosa (RDEB) across the US, UK, and EU. By the third quarter of 2025, INmune Bio, Inc. reported the successful completion of the first two commercial pilot-scale manufacturing runs of CORDStrom™ at the facility. Following CORDStrom™, INmune Bio, Inc. plans to transition production of INKmune® to the same site. The company is targeting an MAA submission for CORDStrom™ in mid-2026, followed by an anticipated BLA filing.

OmniScience for genAI-Powered Clinical Trial Data Analysis (Vivo Platform)

To handle the complexity of global trials, INmune Bio, Inc. partnered with OmniScience to deploy its Vivo platform, a genAI-powered control tower. This was specifically integrated into the 208-patient Phase 2 Alzheimer's disease (AD02) trial. The goal was to centralize and analyze vast clinical data in real time. Top-line cognitive results from this trial, involving 208 patients with MCI and early Alzheimer's, were released in the second half of June 2025. The platform unifies data from sources like EDC, CTMS, PROs/COAs, and labs.

Academic Institutions and Clinical Research Organizations (CROs) for Global Trial Execution

Global trial execution relies on a network of clinical sites and organizations. While specific CRO contracts aren't itemized here, the breadth of INmune Bio, Inc.'s operations is noted across the UK, Europe, Australia, Canada, and the US. The company's R&D expenses for the quarter ended September 30, 2025, were approximately $4.9 million, a portion of which supports these external clinical operations. The company's cash position of approximately $27.7 million as of September 30, 2025, is intended to fund operations into Q4 2026, which covers ongoing trial activities.

VA Health Care System for Expanding the INKmune Phase II Prostate Cancer Trial

The expansion of the INKmune Phase I/II trial for metastatic castration-resistant prostate cancer (mCRPC) into the VA Health Care System began in January 2025 with the dosing of the first veteran patient at the West Los Angeles VA Medical Center. This CaRe PC trial is testing INKmune across three dose levels, with up to 10 patients potentially enrolled at each level, aiming for a total enrollment of up to 30 patients. The VA system is a significant partner, as approximately 15,000 Veterans are diagnosed with prostate cancer there annually, and over 200,000 Veterans are survivors. Initial Phase I data from 3 patients in the lowest dose cohort showed sustained NK cell activation for more than 40 days. The trial completion was expected in November 2025. The net loss attributable to common stockholders for Q3 2025 was approximately $6.5 million.

Here's a quick look at the key players and associated metrics:

The company had approximately 26.6 million common shares outstanding as of October 30, 2025.

You'll want to track the MAA submission timeline for CORDStrom™, as that's the next major external dependency for that platform.

INmune Bio, Inc. (INMB) - Canvas Business Model: Key Activities

You're looking at the core engine of INmune Bio, Inc. (INMB) right now-the activities that consume the most capital and drive the potential for future value. For a clinical-stage company, this is where the rubber meets the road, translating science into regulatory submissions.

Executing and Analyzing Clinical Trials

The primary focus is advancing the three distinct product platforms through clinical validation. The financial commitment to this is evident in the Research and Development (R&D) spend, which totaled approximately $4.9 million for the quarter ended September 30, 2025, a reduction from the approximately $10.1 million spent in the same period of 2024. This activity is about generating the data needed for the next steps.

Here's a snapshot of where each platform stood as of late 2025:

• Executing and analyzing Phase 2/3 clinical trials for all three platforms.
• The INKmune® platform is treating patients in an open-label Phase I/II trial for metastatic castration-resistant prostate cancer in the US.
• The DN-TNF Platform (XPro™) saw the submission of its Phase 2 MINDFuL trial manuscript to npj Dementia in September 2025, with new neuroimaging data presented at the CTAD conference in early December 2025.
• The CORDStrom™ platform completed its blinded randomized trial in Recessive Dystrophic Epidermolysis Bullosa (RDEB).

The XPro™ program, specifically in early Alzheimer's Disease with Inflammation (ADi), showed that participants with higher drug exposure demonstrated larger effect sizes across clinical endpoints. The company is on track to request an End of Phase 2 meeting with the FDA, anticipated in Q1 2026.

Preparing and Filing Regulatory Applications

This activity is the direct consequence of successful clinical execution. For the CORDStrom™ platform in RDEB, the path is clearly defined following manufacturing milestones.

INmune Bio, Inc. expects to file a UK Marketing Authorization Application (MAA) by mid-2026, with the US Biologics License Application (BLA) anticipated shortly thereafter. The overall plan targets both the MAA and BLA submissions in 2026 for CORDStrom™ in RDEB.

Scaling Up Proprietary cGMP Manufacturing for CORDStrom

Securing a reliable, scalable, and consistent supply chain is a non-negotiable key activity for any cell therapy. INmune Bio, Inc. achieved a critical milestone here by announcing the successful completion of its first two commercial pilot-scale manufacturing runs of CORDStrom™ at the Cell and Gene Therapy Catapult's facility in Stevenage, United Kingdom. This was done specifically in preparation for the upcoming regulatory filings.

The CORDStrom™ product is designed to be an off-the-shelf, allogeneic, cGMP manufactured medicine, which shares similarities in reagents, equipment, and procedures with the INKmune® product, allowing for strategic rotational campaigns to leverage economies of scale.

Managing and Expanding the Intellectual Property Portfolio

Protecting the innovation is crucial for long-term viability. This activity involves securing patents and defending existing rights. A recent positive development was receiving a favorable written opinion from The United States Patent and Trademark Office (USPTO), acting as the International Search Authority, on all claims within the international patent application PCT/US25/17028, which covers the CORDStrom™ composition.

The company explicitly notes that ongoing work, such as that related to CORDStrom manufacturing, continues to provide data to strengthen its existing intellectual property (IP) position portfolio. The overall goal is to maintain, leverage, and expand this portfolio to support future commercialization efforts.

Financially, the company is managing its burn rate to ensure sufficient runway. As of September 30, 2025, cash and cash equivalents stood at approximately $27.7 million, with management guiding this cash to fund operations well into Q4 2026. The net loss for Q3 2025 was approximately $6.5 million, an improvement from the $12.1 million loss in Q3 2024.

INmune Bio, Inc. (INMB) - Canvas Business Model: Key Resources

The Key Resources for INmune Bio, Inc. as of late 2025 center on its intellectual property, human capital, and current financial standing to support ongoing clinical advancement.

The foundation of INmune Bio, Inc.'s value resides in its distinct, proprietary drug platforms:

• Proprietary DN-TNF (XPro1595) platform, selectively neutralizing soluble TNF.
• Proprietary CORDStrom cell medicine platform, leveraging pooled, off-the-shelf hucMSCs.
• INKmune platform, designed to prime the patient's own NK cells for tumor killing.
• Specialized scientific and clinical development personnel driving platform progression.

Financial resources are critical for sustaining operations through near-term milestones. As of September 30, 2025, INmune Bio, Inc. reported cash and cash equivalents of approximately $27.7 million.

Here's a quick look at the financial position and platform advancement as of the third quarter of 2025:

The CORDStrom platform is a key asset, utilizing proprietary screening, pooling, and expansion techniques to create consistent, scalable, cGMP manufactured cellular medicines. While the prompt mentions patent-pending status, the latest data confirms the platform has successfully completed its first two commercial pilot-scale manufacturing runs at CGT Catapult in preparation for regulatory filings.

The DN-TNF (XPro1595) platform demonstrated an excellent safety profile in trials, notably with no reported cases of amyloid-related imaging abnormalities (ARIA), which is a significant differentiator for potential use in high-risk populations. The INKmune platform's CARE-PC trial met its primary endpoint and two of three secondary endpoints, with final data analysis expected in Q4 2026.

The company's human capital, comprising specialized scientific and clinical development personnel, is tasked with navigating these platforms through upcoming milestones, including the anticipated End of Phase 2 meeting for XPro1595 in Q1 2026 and the Marketing Authorization Application (MAA) for CORDStrom in the U.K. by mid-2026.

INmune Bio, Inc. (INMB) - Canvas Business Model: Value Propositions

The Value Propositions for INMune Bio, Inc. center on its three distinct product platforms, each addressing significant unmet needs through novel mechanisms targeting innate immune dysfunction.

XPro1595: Selective neutralization of soluble TNF to slow neurodegeneration in inflammation-driven Alzheimer's.

The Phase 2 MINDFuL trial data, presented on December 1, 2025, provided evidence supporting this approach in a specific patient group. The trial involved 208 patients with MCI and early Alzheimer's disease (AD), with the analysis focusing on the pre-defined ADi population of 100 amyloid-positive early Alzheimer's patients with high inflammatory burden.

• XPro1595 demonstrated consistent positive trends across cognitive endpoints in the ADi population, with an EMACC (Early Mild Alzheimer's Cognitive Composite) effect size of 0.27.
• Neuropsychiatric symptoms showed improvement on the NPI (Neuropsychiatric Inventory) with an effect size of -0.23.
• New neuroimaging data using PerpPD+ showed a trend towards slowed neurodegeneration progression in the dose-compliant subgroup.
• The Company anticipates requesting an End of Phase 2 meeting with the FDA in Q1, 2026.

CORDStrom: Allogeneic cell therapy for systemic treatment of rare diseases like Recessive Dystrophic Epidermolysis Bullosa (RDEB).

CORDStrom, a proprietary pooled, allogeneic, human umbilical cord-derived mesenchymal Stromal/Stem cell (hucMSCs) platform, completed a blinded randomized trial in pediatric RDEB patients. The company is targeting regulatory submission timelines based on this data.

• The FDA has granted CORDStrom both Rare Pediatric Disease Designation and Orphan Drug Designation for RDEB.
• The company intends to file a Marketing Authorization Application (MAA) in the U.K. in mid-2026, followed shortly by a Biologics License Application (BLA) with the FDA.
• The estimated patient population potentially benefiting from CORDStrom in RDEB is approximately 4,500 children.
• As of the Q3 2025 earnings report on October 30, 2025, INmune Bio, Inc. had completed the first two commercial pilot-scale manufacturing runs of CORDStrom.

INKmune: NK-priming immunotherapy to eliminate minimal residual disease in cancer.

INKmune is designed to convert resting Natural Killer (NK) cells into tumor-killing memory-like NK cells (mlNK cells). The platform is currently in a trial for metastatic castration-resistant prostate cancer (mCRPC).

• In treated patients, INKmune primed tumor-killing NK cells have persisted for more than 100 days.
• Final data analysis for the INKmune CARE-PC trial is expected in Q4 2026.
• The Phase I portion of the trial met its primary safety endpoint.

Differentiated mechanism of action from anti-amyloid Alzheimer's therapies (no ARIA risk).

The mechanism of XPro1595, which selectively neutralizes soluble TNF (sTNF) without affecting trans-membrane TNF (tmTNF) or TNF receptors, provides a key differentiator from anti-amyloid agents. This is best illustrated by comparing the safety profile against the risk associated with other Alzheimer's treatments.

The company's financial runway, based on the Q3 2025 results, is believed to be sufficient to fund operations into Q4 2026.

INmune Bio, Inc. (INMB) - Canvas Business Model: Customer Relationships

You're looking at how INmune Bio, Inc. manages its critical relationships with the various groups that drive its clinical and financial success as of late 2025. It's a mix of very close scientific collaboration and broad financial communication.

High-touch engagement with clinical investigators and trial participants

The relationship with those running and participating in the trials is intensely personal, given the focus on neuroinflammation in Alzheimer's disease. The Phase 2 MINDFuL trial, for example, enrolled a total of 208 participants, split between 92 individuals diagnosed with mild cognitive impairment (MCI) and 116 with mild Alzheimer's disease.

Engagement is focused on specific patient profiles. The analysis highlighted benefits in a predefined subgroup of 100 patients identified as amyloid-positive early Alzheimer's patients with high inflammatory burden (the ADi population). Still, the trial saw common adverse events, with injection site reactions (ISR) occurring in 80% of the XPro™ group, leading to 10 discontinuations out of 14 total dropouts in that arm.

The trial utilized the Early and Mild Alzheimer's Cognitive Composite (EMACC) measure, which showed a reliability correlation of 0.93 when measured during screening versus the first study visit.

Direct communication with regulatory bodies (FDA, MHRA) for BLA/MAA alignment

The path to market requires direct, documented alignment with the FDA. INmune Bio, Inc. is on track to request an End of Phase 2 meeting with the FDA, which is anticipated to occur in Q1, 2026. This is a crucial step following the Phase 2 data releases.

For the CORDStrom™ platform, the company is targeting an MAA submission mid-2026, which will be followed shortly by an anticipated BLA filing with the FDA. This demonstrates a structured, multi-jurisdictional regulatory strategy.

Investor relations via earnings calls and conference presentations (e.g., CTAD)

Investor communication is frequent, balancing clinical updates with financial performance. The Q3 2025 results conference call was scheduled for October 30, 2025, at 4:30pm ET, covering the quarter ended September 30, 2025.

Financially, the Q2 2025 results showed a net loss attributable to common stockholders of approximately $24.5 million for the quarter ended June 30, 2025, compared to approximately $9.7 million for the comparable period in 2024. The Q2 2025 EPS was -$1.05, missing the forecast of -$0.40, and revenue was reported at $0 against a forecast of $3,000. As of September 30, 2025, cash and cash equivalents stood at approximately $27.7 million.

Market engagement around data is also key. Following the presentation of new Phase 2 neuroimaging data at the 18th Clinical Trials on Alzheimer's Disease conference (CTAD) on December 1-4, 2025, the stock closed at $1.86 on December 1, 2025, reflecting a market capitalization of $46M at that time.

Here's a quick look at some key metrics related to these touchpoints:

Scientific peer-review process through journal submissions (e.g., npj Dementia)

The scientific community is engaged through formal peer review. INmune Bio, Inc. announced the submission of a manuscript detailing the results of its Phase 2 MINDFuL trial to npj Dementia, a Nature Portfolio journal, on September 29, 2025.

The data within that submission showed that in the predefined ADi population, XPro™ demonstrated slowed cognitive decline on EMACC with an effect size of 0.27, and reduced neuropsychiatric symptoms on the NPI with an effect size of -0.23.

The company also presented new Phase 2 neuroimaging analyses from the MINDFuL trial at CTAD between December 1-4, 2025.

The engagement with scientific peers involves specific reporting metrics:

• Manuscript submitted to npj Dementia on September 29, 2025.
• XPro™ effect size on EMACC in ADi population: 0.27.
• XPro™ effect size on NPI in ADi population: -0.23.
• XPro™ effect size on pTau217 in ADi population: -0.18.
• Data presented at CTAD from December 1-4, 2025.

Finance: draft 13-week cash view by Friday.

INmune Bio, Inc. (INMB) - Canvas Business Model: Channels

You're looking at how INmune Bio, Inc. gets its science and data out to the world-from the clinic to the conference hall and eventually to regulators and investors. This is all about the distribution and communication pathways for a clinical-stage biotech, which is quite different from a product company.

Global network of clinical trial sites for patient enrollment

The primary channel for generating clinical evidence is through its network of trial sites. For the XPro™ program targeting Alzheimer's disease, the Phase 2 MINDFuL trial (also referred to as AD02) was a global effort. This trial successfully completed enrollment, securing a total of 208 patients, which actually exceeded the initial target enrollment of 201 patients. Randomization for all participants was finalized on November 11, 2024. This established network of sites is the essential conduit for testing the therapy in the target population.

Here's a quick look at the scale of the key clinical trial activities that define this channel:

Scientific and medical conferences for data dissemination (e.g., CTAD)

Getting data in front of peers and key opinion leaders happens at specialized medical meetings. INmune Bio, Inc. was actively using these forums in late 2025 to disseminate findings from its trials. For instance, the company announced two presentations at the 18th Clinical Trials on Alzheimer's Disease conference (CTAD), held in San Diego, CA, from December 1-4, 2025. This is a critical channel for validating the science behind XPro1595.

Furthermore, data on XPro™ was presented previously at the Alzheimer's Association International Conference (AAIC) on July 29th. The company also participated in a Dermatologic Rare Disease Panel at the Maxim Growth Summit 2025.

These presentations are the primary way the company communicates clinical progress outside of formal press releases:

• Data presented at CTAD 2025 included XPro1595 results from the Phase 2 MINDFuL Trial.
• New neuroimaging data from the MINDFuL trial was presented on December 1, 2025.
• The company presented at the Maxim Growth Summit 2025, focusing on CORDStrom™.

Regulatory submission pathways (BLA/MAA) for market access

The ultimate channel to market access is the regulatory filing itself. For the CORDStrom™ platform in RDEB, INmune Bio, Inc. has clear targets for these major submissions. Honestly, hitting these dates is what drives the next phase of valuation.

The planned regulatory milestones are:

• File a Marketing Authorization Application (MAA) in the UK for CORDStrom™ in RDEB.
• File a Biologic License Application (BLA) with the FDA for CORDStrom™ in RDEB.
• The target filing window for both the MAA and BLA is set for mid-2026.

The company also reported having a Type C meeting with the FDA, which supported the intent to submit the BLA/MAA.

Corporate website and press releases for investor and public updates

For investors and the general public, the corporate website (www.inmunebio.com) and official press releases via services like GlobeNewswire are the direct channels for official communication. You can track the cadence of these updates, which is crucial for understanding near-term risk awareness.

For example, the company provided a major update via its Q3 2025 results conference call on Thursday, October 30, 2025, at 4:30 PM Eastern Time. This call included updates from CEO David Moss and CSO Dr. Mark Lowdell.

Key financial and operational data points released through these channels as of the Q3 2025 update include:

The Head of Investor Relations, Daniel Carlson, is the direct contact point for professional inquiries. Finance: draft 13-week cash view by Friday.

INmune Bio, Inc. (INMB) - Canvas Business Model: Customer Segments

You're looking at the specific groups INmune Bio, Inc. (INMB) is targeting with its pipeline assets as of late 2025. This isn't a broad market play; it's precision medicine focused on inflammation drivers in distinct, high-need patient populations.

Patients with early Alzheimer's Disease and high inflammatory burden (ADi population)

This segment is targeted by the XPro1595 (DN-TNF) platform. The Phase 2 MINDFuL trial specifically focused on an enriched population within early Alzheimer's Disease (AD) patients.

• The predefined ADi population for analysis consisted of amyloid-positive early Alzheimer's patients with high inflammatory burden, totaling n=100 patients.
• The overall Phase 2 MINDFuL trial enrolled 208 patients with MCI and early Alzheimer's.
• In the ADi cohort, XPro demonstrated an effect size of 0.27 on EMACC (cognition) and -0.23 on NPI (neuropsychiatric symptoms).
• Imaging data from this trial is anticipated for release in Q4 2025.

To put this in context, the broader US population aged 65 and older living with Alzheimer's dementia was estimated at 7.2 million in 2024.

Patients with Recessive Dystrophic Epidermolysis Bullosa (RDEB)

The CORDStrom platform is aimed squarely at RDEB patients. The strategy here is regulatory submission based on trial data.

• INmune Bio, Inc. has completed the first two commercial pilot-scale manufacturing runs for CORDStrom in preparation for filings.
• The company is on target to file a Marketing Authorization Application (MAA) submission in the U.K. in mid-2026.
• A Biologics License Application (BLA) with the FDA is anticipated shortly after the MAA filing.

Patients with metastatic castration-resistant prostate cancer (mCRPC)

The INKmune platform is being tested in an open-label Phase I/II trial for mCRPC patients in the US during 2025.

Here's a snapshot of the financial context surrounding these clinical efforts as of the Q3 2025 report:

The company stated its current cash position is sufficient to fund operations into Q4 2026. The INKmune CARE-PC trial closed to recruitment due to high patient disease burden, with final data analysis expected in Q4 2026.

Future large pharmaceutical companies for licensing or acquisition post-Phase 2/3 data

This represents the ultimate exit or partnership customer segment. The value proposition for these entities hinges on de-risked clinical data, particularly for XPro1595 and CORDStrom.

• The market capitalization for INmune Bio, Inc. stood at $51 million on October 30, 2025.
• Positive data from the XPro1595 Phase 2 trial, especially for the ADi subgroup, is the key catalyst for attracting this segment.
• Successful MAA filing for CORDStrom in mid-2026 would significantly enhance attractiveness to potential acquirers in the cell therapy space.

You'll want to watch the final data release from the INKmune CARE-PC trial, expected in Q4 2025, as this will provide the final data point for that platform before a potential partnership discussion.

INmune Bio, Inc. (INMB) - Canvas Business Model: Cost Structure

The Cost Structure for INmune Bio, Inc. (INMB) is heavily weighted toward the necessary expenditures to advance its clinical pipeline, reflecting its status as a clinical-stage biotechnology company. You see these costs primarily broken down into Research and Development and General and Administrative categories in their public filings.

Here's the quick math on the major components from the third quarter of 2025:

High Research and Development (R&D) expenses, approximately $4.9 million for Q3 2025, represent the core investment in advancing the CORDStrom™, XPro™, and INKmune® platforms. This figure was significantly lower than the $10.1 million spent on R&D in the same period last year, showing tighter spend while advancing programs.

Clinical trial operations and patient enrollment costs are embedded within the R&D spend. For instance, the INKmune CARE-PC trial closed to further recruitment, which would shift costs from active enrollment to follow-up and final data analysis, with release expected in Q4 2026. Also, costs related to the Phase 2 MINDFuL trial for XPro™ continue as the company awaits regulatory alignment on next steps following the end of Phase II meeting outcomes anticipated in Q1 2026.

Manufacturing and supply chain costs are a critical, evolving component, particularly with the CORDStrom™ platform. INmune Bio, Inc. announced the successful completion of the first two commercial pilot-scale manufacturing runs of CORDStrom™ at the CGT Catapult facility in preparation for regulatory filings. This partnership is designed to establish large-scale, commercial-ready manufacturing, aiming for high-quality, off-the-shelf, low-cost production, which is a key strategy to manage future Cost of Goods Sold (COGS).

General and Administrative (G&A) expenses were approximately $2.5 million for Q3 2025, a slight uptick from the $2.2 million reported in Q3 2024. These costs cover the necessary overhead to run a public company and support ongoing operations.

Intellectual property maintenance and legal fees are inherent to protecting the pipeline assets, though specific dollar amounts for these were not itemized separately in the Q3 2025 summary data. These costs support the patent-pending nature of the CORDStrom™ platform and the ongoing regulatory strategy, which includes filing a Marketing Authorization Application (MAA) in the U.K. for CORDStrom™ in mid-2026.

The overall cost profile is managed with an eye toward runway extension, as the company held approximately $27.7 million in cash and cash equivalents as of September 30, 2025, which management believes is sufficient to fund operations into Q4 2026.

• R&D spending reduction year-over-year: approximately 51% ($10.1 million down to $4.9 million).
• G&A expense increase year-over-year: approximately 13.6% ($2.2 million up to $2.5 million).
• Cash runway projection: sufficient into Q4 2026.
• Key manufacturing milestone: completion of two pilot-scale runs at CGT Catapult.
• Trial status impacting R&D: INKmune CARE-PC trial closed to recruitment.

Finance: draft 13-week cash view by Friday.

INmune Bio, Inc. (INMB) - Canvas Business Model: Revenue Streams

For INmune Bio, Inc. (INMB), as a clinical-stage inflammation and immunology company as of late 2025, the revenue streams are almost entirely non-operational, revolving around capital formation and future potential monetization events.

Currently $0 revenue from product sales is the reality for INmune Bio, Inc. (INMB) given its clinical development stage. The financial results reflect this, showing significant net losses, such as the net loss attributable to common stockholders for the quarter ended September 30, 2025, being approximately $6.5 million. This operational burn is covered by non-sales funding sources.

The primary source of cash inflow is capital raised through equity markets. You saw this clearly in the middle of the year.

As of September 30, 2025, the cash and cash equivalents position stood at approximately $27.7 million, which the company believed was sufficient to fund operations into Q4 2026 based on the current operating plan. This cash runway is directly dependent on these financing activities.

Future revenue potential is tied to successful clinical progression and subsequent commercialization or collaboration events. These are currently contingent and not realized income.

• Potential future milestone payments from strategic partnerships, which the company is actively aspiring to secure to expand the pipeline using non-dilutive funding.
• Potential future licensing fees or royalties upon regulatory approval for the CORDStrom™ platform (targeting an MAA submission mid-2026 in the U.K. followed by a BLA with the FDA) or the XPro™ platform.

Another non-dilutive source that supported early development is grant funding. Specifically, the CORDStrom™ platform was 'Initially developed at the INKmune® manufacturing facilities utilizing UK academic grant funding.' This shows a history of non-dilutive support for key platform assets.

You're looking at a company whose current financial lifeblood is equity raises, funding the path toward the potential, but uncertain, revenue streams of partnerships and product sales.

Finance: draft 13-week cash view by Friday.