Company: INMB
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001213900-25-104141
Chunk: 17

Company: Inmune Bio, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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mune License Agreement, the Company was granted exclusive worldwide rights to the patents, including rights to incorporate
any improvements or additions to the patents that may be developed in the future. In consideration for the patent rights, the Company
agreed to the following milestone payments:

    (in thousands) 

    Each Phase I initiation 
    $25 
  
    Each Phase II initiation 
    $250 
  
    Each Phase III initiation 
    $350 
  
    Each NDA/EMA filing 
    $1,000 
  
    Each NDA/EMA awarded 
    $9,000 

11

In addition, the Company agreed to pay the licensor
a royalty of 1% of net sales during the life of each patent granted to the Company. The License is owned by Immune Ventures. David
Moss, the Company’s Chief Executive Officer, Mark Lowdell, its Chief Scientific Officer, and RJ Tesi, former Chief Executive Officer
of the Company, are the owners of Immune Ventures. No sales have occurred under this license. During December 2023, the Company initiated
a Phase I trial with INKmune in patients with metastatic castration-resistant prostate cancer. At December 31, 2024 and September 30,
2025, the Company recorded $25,000 payable to Immune Ventures within accounts payable and accrued liabilities – related parties
in the consolidated balance sheet.

The term of the agreement began on October 29,
2015 and ends on a country-by-country basis on the date of the expiration of the last to expire patent rights where patent rights exists,
unless terminated earlier in accordance with the agreement. Upon the termination of the agreement, we shall have a fully paid up, perpetual,
royalty-free license without further obligation to Immune Ventures. The agreement can be terminated by Immune Ventures if, after 60 days
from the Company’s receipt of notice that the Company has not made a payment under the agreement, and the Company still does not
make this payment. On July 20, 2018 and October 30, 2020, the parties amended the agreement under which the Company was required
achieve milestones pursuant to the agreement.

On April 17, 2023, the parties executed an additional
amendment to the agreement under which the Company removed the due diligence requirements to achieve reasonable commercial efforts to
bring INKmune to market. This removed all requirements of clinical trial timelines and the filing timelines of