Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 589

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 589
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-of-use
assets and liabilities:

  (in thousands, except years and rate)  December 31, 2024   December 31, 2023   Right-of-use asset  $307   $414                Operating lease, current liability   140    119                Long-term operating lease liability   244    397   Total lease liability  $384   $516                Weighted-average remaining lease term   2.3 years    3.3 years                Weighted-average discount rate   12.0%   12.0% 

NOTE 7 – RELATED PARTY TRANSACTIONS

UCL

At December 31, 2024 and 2023,
the Company recorded $0 and $112,000, respectively, of prepaid expenses – related party for payments made to UCL in advance
of medical research to be provided. During the years ended December 31, 2024 and 2023, the Company paid UCL $321,000 and $573,000,
respectively. UCL is a wholly owned subsidiary of the University of London. The Company’s Chief Scientific and Manufacturing Officer
is a professor at the University of London.

AmplifyBio

During the
years ended December 31, 2024 and 2023, the Company paid AmplifyBio $384,000 and $77,000, respectively, to perform certain research and
development on behalf of the Company. The CEO of AmplifyBio 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
years ended December 31, 2024 and 2023, the Company recognized interest expense of $789,000 and $2,278,000, respectively, related to the
Term Loan.