Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 888

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 888
---
 transactions through
the financial statement issuance date for subsequent disclosure consideration.

NOTE 4 – RESEARCH AND DEVELOPMENT
ACTIVITY

According to UK tax law, the Company is allowed
an R&D tax credit that reduces a company’s tax bill in the UK for expenses incurred in R&D subject to certain requirements.
The Company’s UK subsidiary submits R&D tax credit requests annually for research and development expenses incurred. At December
31, 2024 and 2023, the Company had a research and development tax credit receivable of $0 for R&D expenses incurred in the UK. During
the years ended December 31, 2024 and 2023, the Company received $0 and $2,710,000 of R&D tax credit reimbursements, respectively,
from the UK.

According to AUS tax law, the Company is allowed
an R&D tax credit that reduces a company’s tax bill in AUS for expenses incurred in R&D subject to certain requirements.
The Company’s Australian subsidiary submits R&D tax credit requests annually for research and development expenses incurred.
At December 31, 2024 and 2023, the Company had a research and development tax credit receivable of $1,181,000 and $1,905,000, respectively,
for R&D expenses incurred in Australia. During the years ended December 31, 2024 and 2023, the Company received $2,475,000 and $6,557,000
of R&D tax credit reimbursements, respectively, from Australia.

Xencor, Inc. License Agreement

On October
3, 2017, the Company entered into a license agreement (“Xencor License Agreement”) with Xencor, Inc. (“Xencor”),
which discovered and developed a proprietary biological molecule that inhibits soluble tumor necrosis factor. On June 10, 2021, the Company
and Xencor entered into a First Amendment to License Agreement pursuant to which, among other things, Section 3.2 of the Xencor License
Agreement was amended to change the due diligence milestones. Pursuant to the Xencor License Agreement, Xencor granted the Company an
exclusive worldwide, royalty-bearing license in licensed patent rights, licensed know-how and licensed materials (as defined in the license
agreement) to make, develop, use, sell and import any pharmaceutical product that comprises, contains, or incorporates Xencor’s
proprietary protein known as “XPro” that inhibits