Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 725

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 725
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Agreement as of December 31, 2024.

Upon first commercial sale of a product making
use of the licensed technology under the PITT Agreement, the Licensee is required to pay royalties equal to 2.5% of Net Sales each calendar
quarter. As of December 31, 2024, there have been no commercial sales of product making use of the licensed technology under the PITT
Agreement.

Moreover, under the PITT Agreement the Licensee
is required to make milestone payments as follows:

    (in thousands) 

    Each Phase I initiation 
    $50 
  
    Each Phase III initiation 
    $500 
  
    First commercial sale of product making use of licensed technology 
    $1,250 

The PITT Agreement expires upon the earlier of:
(i) expiration of the last claim of the Patent Rights forming the subject matter of the PITT Agreement; or (ii) the date that is 20 years
from the effective date of the agreement (June 26, 2037).

The Licensee may terminate the PITT Agreement
upon 3 months prior written notice provided all payments under the license are current. The Licensor may terminate the PITT Agreement
upon written notice if: (i) Licensee defaults as to performance of material obligations which have not been cured within 60 days after
receiving written notice; or (ii) Licensee ceases to carry out its business, becomes bankrupt or insolvent, applies for or consents to
the appointment of a trustee, receiver or liquidator of its assets or seeks relief under any law for the aid of debtors.

NOTE 5 – FAIR VALUE MEASUREMENTS

The following table presents the hierarchy
for assets and liabilities measured at fair value on a recurring basis:

    (in thousands) 
    Total  
    Quoted Price in Active Market (Level 1)  
    Significant Other Observable Inputs (Level 2)  
    Significant Unobservable Inputs  (Level 3) 
  
    December 31, 2024: 

    Cash equivalents 

    Treasury bills 
    $10,260  
    $10,260  
    $      -  
    $        - 
  
    Money market funds 
     10,328  
     10,328  
     -  
     - 
  
    Total cash equivalents 
    $20,588  
    $20,