Company: INMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001213900-25-073077
Chunk: 21

Company: Inmune Bio, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 shares of the Company’s common stock and warrants
to purchase an additional 571,592 shares of the Company’s common stock in a registered direct offering in exchange for
gross proceeds of approximately $4.8 million (net proceeds of approximately $4.5 million). Directors and
officers that participated in the offering paid a combined offering price of $8.445 per share and warrant, and other investors paid
$8.32 per share and warrant. The exercise price of the warrants is $9.152, and the warrants are exercisable for two years from the
issuance dates. The Company determined the warrants were equity classified. The fair value of the warrants was approximately $3.0 million
and was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1)
discount rate of 4.89% based on the applicable US Treasury bill rate (2) expected life of 2.0 years, (3) expected volatility
of approximately 78% based on the trading history of the Company, and (4) zero expected dividends.

14

Common Stock – At the Market Offering

During March 2021, the Company entered into a
sales agreement (“Sales Agreement”) with BTIG, LLC (“BTIG”), as sales agent, to establish an At-The-Market (“ATM”)
offering program of up to $45 million of common stock, subject to certain limitations on the amount of common stock that may be offered
and sold by the Company set forth in the sales agreement. During August 2023, the Company and BTIG entered into Amendment No. 1 to the
Sales Agreement. The Company is required to pay BTIG a commission of 3% of the gross proceeds from the sale of shares. During the
six months ended June 30, 2024, the Company issued and sold 198,364 shares of common stock at an average price of $10.56 per
share under the ATM program. The aggregate net proceeds were approximately $2.0 million after commission expenses.

During August 2024, the Company entered into an
amended and restated at-the-market sales agreement with RBC Capital Markets LLC and BTIG (together, the “Sales Agents”) relating
to the offer and sale of shares of our common stock with an aggregate offering price of up to $75