Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 727

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 727
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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. 

F-14

NOTE 9 – STOCKHOLDERS’ EQUITY

Registered Direct Offerings

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 exercisable six months from the
issuance date 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
$5.50 per share and warrant. The exercise price of the warrants is $6.40, and are exercisable beginning on March 16, 2025 and
will terminate on March 16, 2030 unless accelerated pursuant to the terms of the warrant agreements. 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