Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 1118

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 1118
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2015 and ends on a country-by-country basis on the date of the expiration of the last to expire patent rights where patent rights exists,
unless terminated earlier in accordance with the agreement. Upon the termination of the agreement, we shall have a fully paid up, perpetual,
royalty-free license without further obligation to Immune Ventures. The agreement can be terminated by Immune Ventures if, after 60 days
from the Company’s receipt of notice that the Company has not made a payment under the agreement, and the Company still does not
make this payment. On July 20, 2018 and October 30, 2020, the parties amended the agreement under which the Company was required
achieve milestones pursuant to the agreement.

On April 17, 2023, the parties executed an additional
amendment to the agreement under which the Company removed the due diligence requirements to achieve reasonable commercial efforts to
bring INKmune to market. This removed all requirements of clinical trial timelines and the filing timelines of an NDA or equivalent. All
other provisions in the INKmune License Agreement shall continue in full force and effect.

University of Pittsburg License Agreement

On October 3, 2017, the Company entered into an
Assignment and Assumption Agreement with Immune Ventures related to intellectual property licensed from the University of Pittsburgh.
Pursuant to the Assignment and Assumption Agreement (“Assignment Agreement”), Immune Ventures assigned all of its rights,
obligations and liabilities under an Exclusive License Agreement between the University of Pittsburgh – Of the Commonwealth System
of Higher Education (“Licensor”) and Immune Ventures to INmune Bio (“Licensee”), (the “PITT Agreement”).

F-12

Consideration under the PITT Agreement includes: (i) annual
maintenance fees, (ii) royalty payments based on the sale of products making use of the licensed technology, and (iii) milestone payments.

Annual maintenance fees under the PITT Agreement
include $25,000 due on June 26, 2025 and thereafter until first commercial sale. The Company had no amounts owed pursuant to the PITT
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