Company: INMB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001213900-25-041072
Chunk: 20

Company: Inmune Bio, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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Pro in patients with treatment resistant depression.
As of March 31, 2025, the Company has not received any proceeds pursuant to this grant. 

15

NOTE 11 – COMMITMENTS

Lease

During September
2021, the Company signed a lease agreement with a third party for office space in Boca Raton, Florida. The lease agreement has a 64-month
term and commenced during the fourth quarter of 2021.

Future minimum payments pursuant
to the leases are as follows:

    (in thousands, except years) 

    2025 
    $144 
  
    2026 
     198 
  
    2027 
     51 
  
    Total lease payments 
     393 
  
    Less: imputed interest 
     (46)
  
    Present value of future lease payments 
     347 
  
    Less: operating lease, current liabilities 
     (146)
  
    Long-term operating lease liabilities 
    $201 

During the three months ended March 31, 2025 and 2024, the Company recognized
$40,000 and $39,000, respectively, in operating lease expense, which is included in general and administrative expenses in the Company’s
consolidated statement of operations.

Dispute

The Company
has an ongoing dispute with a vendor in which the Company believes that the vendor did not properly provide services for which they have
invoiced the Company. As of March 31, 2025, the Company has outstanding invoices with the vendor which aggregate approximately $1.6 million,
of which the Company has recorded approximately $0.2 million, which is the Company’s estimate of the obligation incurred, and
the remaining $1.4 million has not been recorded by the Company as the Company believes the invoices were sent erroneously. The Company
and the vendor are still attempting to resolve the dispute and legal proceedings have not been threatened.

Litigation

The Company
is subject to claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes
that resolving claims against the Company, individually or in aggregate, will not have a material adverse impact in the Company’s
consolidated financial statements, these matters are subject to inherent uncertainties and management’s view of these matters may
change in the future.

The Company’s long-lived assets consist
primarily of acquired in-process research and development intangible assets which are located in the United States