Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 322

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 322
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 31, 2024 and 2023, respectively, primarily consist of net operating loss carryforwards
for income tax purposes. A valuation allowance is required to be recorded when it is not more likely than not that some portion or all
of the net deferred tax assets will be realized. Since the Company cannot be assured of generating taxable income and thereby realizing
the net deferred tax assets, a full valuation allowance has been recorded. The change in the valuation allowance was $6,081,000 during
the year ended December 31, 2024.

The Company recognizes uncertain tax positions
in accordance with ASC 740 on the basis of evaluating whether it is more likely than not that the tax positions will be sustained upon
examination by tax authorities. For those tax positions that meet the more-likely-than not recognition threshold, we recognize the largest
amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement. As of December 31, 2024, and 2023,
the Company has no significant uncertain tax positions. There are no unrecognized tax benefits included on the balance sheet that would,
if recognized, impact the effective tax rate. The Company does not anticipate there will be a significant change in unrecognized tax benefits
within the next 12 months.

NOTE 11 – COLLABORATIVE AGREEMENTS

During September 2020, the Company was awarded
a grant from the National Institutes of Health (“NIH”). The grant will support a Phase 2 study of XPro in patients with treatment
resistant depression. During 2024, the grant was reduced from approximately $2.9 million to approximately $2.0 million. As of December
31, 2024, the Company has not received any proceeds pursuant to this grant. 

NOTE
12 – COMMITMENTS AND CONTINGENCIES

Lease

During September
2021, the Company signed a lease agreement with a third party for office space in Boca Raton, Florida. The operating lease has a 64-month
term and commenced during the fourth quarter of 2021.

Future minimum payments pursuant
to the leases are as follows:

    (in thousands, except years) 

    2025 
     193 
  
    2026 
     198 
  
    2027 
     51 
  
    Total lease payments 
     442 
  
    Less: imputed interest 
     (58)
  
    Present value of future lease