Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 522

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 522
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 top line data in the Phase 2 Alzheimer’s program of XPro1595. The Company determined that the warrants were equity
classified. The fair value of the warrants was approximately $5.8 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 4.97% based on the applicable US Treasury
bill rate (2) expected life of 2.0 years, (3) expected volatility of approximately 77% based on the trading history of
the Company, and (4) zero expected dividends.

During April 2024, the Company entered into securities
purchase agreements with investors whereby the Company sold 571,592 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 term is the earlier of two years from the issuance
of the warrants and thirty trading days following the release of top line data in the Phase 2 Alzheimer’s program, provided that
directors and officers of the Company that are subject to a blackout with respect to trading in the Company’s stock will have an
additional 60 days from the termination of the blackout date to exercise the warrant. 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
similar companies, and (4) zero expected dividends.

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