Company: INMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001213900-25-073077
Chunk: 20

Company: Inmune Bio, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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During 2025, AmplifyBio ceased operations. Amplify Bio’s former CEO 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
three and six months ended June 30, 2024, the Company recognized interest expense of $250,000 and $607,000, respectively, related
to the Term Loan

NOTE 9 – STOCKHOLDERS’ EQUITY

Registered Direct Offerings

During June 2025, the Company entered into securities
purchase agreements with investors whereby the Company sold 3,000,000 shares of the common stock in a registered direct offering in exchange
for gross proceeds of $18.9 million (net proceeds of approximately $17.4 million).

During April 2024, the Company entered into a
securities purchase agreement with an investor whereby the Company sold 986,000 shares of the Company’s common stock and
warrants to purchase an additional 986,000 shares of the Company’s common stock in a registered direct offering in exchange
for gross proceeds of approximately $9.7 million (net proceeds of approximately $8.9 million). The exercise price of the warrants
is $9.84 and the warrants are exercisable until April 29, 2026. The Company determined that the warrants were equity classified.
The fair value of the warrants was approximately $5.8 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 4.97% based on the applicable US Treasury bill rate
(2) expected life of 2.0 years, (3) expected volatility of approximately 77% based on the trading history of the Company,
and (4) zero expected dividends.

During April 2024, the Company entered into securities
purchase agreements with investors whereby the Company sold 571,592