Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 310

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 310
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, 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 

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. RJ Tesi,
the Company’s President and a member of our Board of Directors, David Moss, its Chief Financial Officer and Treasurer and Mark Lowdell,
its Chief Scientific Officer, 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 and has recorded a $25,000
payable to Immune Ventures as of December 31, 2024.

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 an NDA or equivalent. All
other provisions in the INKmune License Agreement shall continue in full force and effect.

University of Pittsburg License Agreement

On October 3, 2017, the Company entered into an
Assignment and Assumption Agreement with Immune Ventures related to intellectual property licensed from the University