Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 448

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 448
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its soluble tumor necrosis factor (or all modifications, formulations and variants
of the licensed protein that specifically bind soluble tumor necrosis factor) alone or in combination with one or more active ingredients,
in any dosage or formulation (“Licensed Products”). The Company believes the protein has numerous medical applications. Such
additional alternative applications of the technology are available under the Xencor License Agreement.

The Company
also agreed to pay Xencor a 5% royalty on Net Sales of all Licensed Products in a given
calendar year, which are payable on a country-by- country and licensed product by licensed product basis until the date that is the later
of (a) the expiration of the last to expire valid claim covering such Licensed Product in such country or (b) ten years following the
first sale to a third party of the licensed product in such country. 

F-11

INKmune License Agreement

On October 29, 2015, the Company entered into
an exclusive license agreement (the “INKmune License Agreement”) with Immune Ventures, LLC (“Immune Ventures”).
Pursuant to the INKmune 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 

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