Company: INMB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001213900-25-041072
Chunk: 15

Company: Inmune Bio, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 26, 2025 and thereafter until first commercial sale. The Company had no amounts owed pursuant to the PITT
Agreement as of March 31, 2025.

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.

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 Company had no amounts owed pursuant to the
PITT Agreement as of March 31, 2025.

The PITT Agreement expires upon the earlier of:
(i) expiration of the last claim of the Patent Rights (as defined in the PITT Agreement) 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.

12

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) 
  
    March 31, 2025: 

    Cash equivalents 

    Treasury Bills 
    $8,627  
    $8,627  
    $         -  
    $         - 
  
    Money market funds 
     10,348  
     10,348