Company: INMB
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001213900-25-104141
Chunk: 21

Company: Inmune Bio, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 Bio’s former CEO is on the board of directors of the Company.

NOTE 8 – DEBT

During 2021,
the Company entered into a Loan and Security Agreement (the “Term Loan”) with Silicon Valley Bank and SVB Innovation Credit
Fund VIII, L.P., together (the “Lenders”) in which the Company borrowed $15 million. The Term Loan was secured by the Company’s
assets. During December 2024, the Company paid off the Term Loan in full. During February 2025, the Company entered into a letter agreement
with the Lenders whereby the Term Loan was terminated.

For the
three and nine months ended September 30, 2024, the Company recognized interest expense of $145,000 and $752,000, respectively, related
to the Term Loan

NOTE 9 – STOCKHOLDERS’ EQUITY

Registered Direct Offerings

During June 2025, the Company entered into securities
purchase agreements with investors whereby the Company sold 3,000,000 shares of the common stock in a registered direct offering in exchange
for gross proceeds of $18.9 million (net proceeds of approximately $17.4 million).

During September 2024, the Company entered into
securities purchase agreements with investors whereby the Company sold 2,341,260 shares of the Company’s common stock
and warrants to purchase an additional 2,341,260 shares of the Company’s common stock in a registered direct offering
in exchange for gross proceeds of $13.0 million (net proceeds of approximately $12.0 million). Directors and officers
that participated in the offering paid a combined offering price of $6.50 per share and warrant, and other investors paid a combined
offering price of $5.50 per share and warrant. The warrants are exercisable until March 16, 2030 and the exercise price is $6.40.
The Company determined the warrants were equity classified. The fair value of the warrants was approximately $9.1 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 3.41% based on the applicable US Treasury bill rate (2) expected life of 5.5 years, (3) expected volatility of
approximately 92% based on the trading history of the Company, and (4