Company: INMB
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003354
Chunk: 253

Company: Inmune Bio, Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 253
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1. The United Kingdom and Australia are no longer subject to income tax examination for years prior to
2023 and 2022, respectively.

As of December 31, 2024, the Company has a federal net operating loss
carryforward of approximately $41.4 million, a United Kingdom net operating loss carryforward of $17.4 million and an Australia net operating
loss carryforward of $19.7 million. The federal net operating loss carryforwards for 2017 will begin to expire in the year ending December
31, 2037. The remaining federal net operating loss carryforwards generated after 2017 have no expiration. The United Kingdom and Australia
net operating losses have no expiration. The Company has net operating loss carryforwards in California and Florida of $14.9 million and
$24.2 million, respectively, of which the California net operating losses will begin to expire in the year ending December 31, 2037, and
the Florida net operating losses have no expiration.

The Company’s gross deferred tax assets
of $25.7 million and $19.6 million at December 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