Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 315

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 315
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gross proceeds of approximately $4.8 million (net proceeds of approximately $4.5 million). Directors and
officers that participated in the offering paid a combined offering price of $8.445 per share and warrant, and other investors paid
$8.32 per share and warrant. The exercise price of the warrants is $9.152, and the term is the earlier of two years from the issuance
of the warrants and thirty trading days following the release of top line data in the Phase 2 Alzheimer’s program, provided that
directors and officers of the Company that are subject to a blackout with respect to trading in the Company’s stock will have an
additional 60 days from the termination of the blackout date to exercise the warrant. The Company determined the warrants were equity
classified. The fair value of the warrants was approximately $3.0 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 4.89% based on the applicable US Treasury
bill rate (2) expected life of 2.0 years, (3) expected volatility of approximately 78% based on the trading history of
similar companies, and (4) zero expected dividends.

Common Stock – At the Market Offering

During March 2021, the Company entered into a
sales agreement (“Sales Agreement”) with BTIG, LLC (“BTIG”), as sales agent, to establish an At-The-Market (“ATM”)
offering program of up to $45 million of common stock, which the Company amended in August 2023. The Company was required to pay
BTIG a commission of 3% of the gross proceeds from the sale of shares. During the year ended December 31, 2024, the Company issued
and sold 198,364 shares of common stock at an average price of $10.56 per share under the ATM program. The aggregate net
proceeds were approximately $2.0 million after BTIG’s commission expenses.

During August 2024, the Company entered into an
amended and restated at-the-market sales agreement with RBC Capital Markets LLC and BTIG (together, the “Sales Agents”) relating
to the offer and sale of shares of our common stock with an aggregate offering price of up to $75.0 million. This amended