Company: INMB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001213900-25-041072
Chunk: 14

Company: Inmune Bio, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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, 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. At December 31, 2024
and March 31, 2025, the Company recorded $25,000 payable to Immune Ventures within accounts payable and accrued liabilities –
related parties in the consolidated balance sheet.

The term of the agreement began on October 29,
2015 and ends on a country-by-country basis on the date of the expiration of the last to expire patent rights where patent rights exists,
unless terminated earlier in accordance with the agreement. Upon the termination of the agreement, we shall have a fully paid up, perpetual,
royalty-free license without further obligation to Immune Ventures. The agreement can be terminated by Immune Ventures if, after 60 days
from the Company’s receipt of notice that the Company has not made a payment under the agreement, and the Company still does not
make this payment. On July 20, 2018 and October 30, 2020, the parties amended the agreement under which the Company was required
achieve milestones pursuant to the agreement.

On April 17, 2023, the parties executed an additional
amendment to the agreement under which the Company removed the due diligence requirements to achieve reasonable commercial efforts to
bring INKmune to market. This removed all requirements of clinical trial timelines and the filing timelines of an NDA or equivalent. All
other provisions in the INKmune License Agreement shall continue in full force and effect.

11

University of Pittsburg License Agreement

On October 3, 2017, the Company entered into an
Assignment and Assumption Agreement with Immune Ventures related to intellectual property licensed from the University of Pittsburgh.
Pursuant to the Assignment and Assumption Agreement (“Assignment Agreement”), Immune Ventures assigned all of its rights,
obligations and liabilities under an Exclusive License Agreement between the University of Pittsburgh – Of the Commonwealth System
of Higher Education (“Licensor”) and Immune Ventures to INmune Bio (“Licensee”), (the “PITT Agreement”).

Consideration under the PITT Agreement includes:
(i) annual maintenance fees, (ii) royalty payments based on the sale of products making use of the licensed technology, and (iii) milestone
payments.

Annual maintenance fees under the PITT Agreement
include $25,000 due on June