Company: INMB
Filing Date: 2025-06-30
Form Type: 424B5
Source: 0001213900-25-059298
Chunk: 13

Company: Inmune Bio, Inc.
Filing Date: 2025-06-30
Form: 424B5
Chunk 13
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DILUTION</div>

If you invest in our shares
of common stock in this offering, your investment will be diluted immediately to the extent of the difference between the offering price
per share of common stock you purchase in this offering, and the pro forma net tangible book value per share of common stock immediately
after this offering.

Net tangible book value represents
the amount of our total tangible assets reduced by our total liabilities and preferred stock. Tangible assets equal our total assets less
goodwill and intangible assets. Net tangible book value per share represents our net tangible book value divided by the number of shares
of common stock outstanding. As of March 31, 2025, our historical net tangible book value was $13.2 million or approximately $0.57 per
share of our common stock, based upon 22,930,411 shares outstanding as of such date.

Our pro forma net tangible
book value as of March 31, 2025, was approximately $18.0 million or approximately $0.76 per share of common stock. Pro forma net tangible
book value per share represents the amount of our total tangible assets reduced by our total liabilities and redeemable common stock,
divided by the aggregate number of shares of our common stock outstanding as of March 31, 2025, on a pro forma basis, after giving effect
to (i) the issuance of 654,847 shares of common stock under the Company’s At-The-Market offering program at an average price of
$7.42 per share during April, May and June 2025.

After taking into account
the pro forma adjustments set forth above and the giving effect to the sale of the 3,000,000 shares in this offering at the offering price
of $6.30 per share, and after deducting the Placement Agent fees and estimated offering expenses payable by us, our pro forma as adjusted
net tangible book value would have been approximately $35.4 million or approximately $1.33 per share of common stock, as of March 31,
2025. This represents an immediate increase in pro forma net tangible book value of approximately $0.57 per share to existing stockholders
and an immediate dilution of approximately $4.97 per share to investors in this offering. The following table illustrates this calculation
on a per share basis.

| Offering price per share                                                                     |     | $ | 6.30 |
| Pro forma net tangible book value as of March 31,