Company: INMB
Filing Date: 2025-03-07
Form Type: 424B5
Source: 0001213900-25-021719
Chunk: 18

Company: Inmune Bio, Inc.
Filing Date: 2025-03-07
Form: 424B5
Chunk 18
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 illustrates
per share dilution:

| Offering price per share (representing the average exercise price of the Warrants)                                     |     | $ | 7.67 |
| Pro forma net tangible book value per share as of September 30, 2024                                                   |     | $ | 1.15 |
| Increase in pro forma net tangible book value per share attributable to this offering                                  |     | $ | 0.95 |
| Pro forma as adjusted net tangible book value per share as of September 30, 2024, after giving effect to this offering |     | $ | 2.10 |
| Dilution per share to investor purchasing shares in this offering upon exercise of the Warrants on a pro forma basis   |     | $ | 5.57 |

The information above assumes
the exercise for cash of all of the Warrants. There is no assurance any or all of the Warrants will be exercised.

The information above is based
on 22,172,451 shares of our common stock outstanding as of September 30, 2024, and excludes, as of that date:

| ● | 6,296,807 shares of our common stock issuable upon the exercise of outstanding stock options, at a weighted average exercise price of $8.87 per share, 5,032,843 of which are exercisable at a weighted average exercise price of $8.62 per share; |

| ● | 3,944,238 shares of our common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $7.75 per share; and |

| ● | 1,151,718 additional shares of our common stock available for future issuance under our amended and restated INmune Bio Inc. 2021 stock incentive plan. |

To the extent that outstanding
options are exercised or we issue other shares, the investor purchasing shares in this offering could experience further dilution.

<div align='center'>S-8

DESCRIPTION OF THE SECURITIES WE ARE OFFERING</div>

We are offering an aggregate
3,898,852 shares of our common stock issuable from time to time upon exercise of the previously issued Warrants.

Common Stock

The material terms and provisions
of our common stock are described under the caption “Description of Capital Stock” beginning on page 7 of the accompanying
prospectus.

Warrants

The following is a brief summary
of certain terms and conditions of the Warrants which may be exercised to