Inmune Bio, Inc.INMB

Inmune Bio, Inc. (INMB) is a clinical-stage immunology company whose public identity was forged in the mid-2010s with a simple promise: modulate the innate immune system to fight cancer and Alzheimer’s. The company’s website still carries that strapline, even as its 10-Q for the three months to 31 March 2026 records $50,000 of revenue against a $-5.4 million net loss and $-0.20 diluted EPS. The gap between the polished platform story and the filed numbers is now comically wide: the company’s cash and equivalents stood at $24.8 million in the 10-K for 2025, but operating cash flow in the latest 10-Q is a negative $-3.4 million, leaving the runway shorter than a Phase I coffee break.

What the company actually does today is spend: $3.6 million on R&D in the quarter, another $1 million on capex, and another $-5.8 million on operations, while the balance sheet shows $25.8 million in assets against $6.2 million in liabilities and $19.6 million in shareholders’ equity. The company’s SEC filings are voluminous but thin on commercial progress: the latest ownership statements, filed on 7 July 2026, show insiders holding most of the 26.6 million diluted shares, a structure that amplifies control but does nothing to shorten the distance between Phase I and Phase III.

The company’s public newsroom reads like a time capsule: 2017 calls for “clinical development expertise,” 2018 announces Phase I authorization for INKmune™, 2019 touts “final Phase I data” for INB03, and 2020-2021 offers quarterly financial updates and corporate pivots-none of which translate into revenue, approvals, or partnered sales. The SEC’s official rail lists 8-Ks filed on 17 June, 23 June, and 1 July 2026, but none disclose a single milestone that would justify the share count doubling since 2021. The human comedy is that the brand story still reads like a 2017 IPO deck while the filings read like a 2026 penny-stock document.

The company’s capacity to pivot is evident only in its filing trail: eight 8-Ks in six weeks, a parade of ownership statements, and a steady stream of boilerplate clinical updates. What is missing is any filing that attaches a paying customer, a signed licensing deal, or a regulatory approval. Until one of those appears, the platform narrative remains a marketing artefact, the balance sheet remains a burn sheet, and the stock remains a bet on a future that has not yet arrived.

For context on the filing mechanics and the public archive of releases, see the SEC EDGAR index for INmune Bio, Inc.: https://www.sec.gov/edgar/browse/?CIK=1711754. For the latest 10-Q and 10-K data, see the SEC companyfacts JSON endpoint: https://data.sec.gov/api/xbrl/companyfacts/CIK0001711754.json and the SEC submissions JSON: https://data.sec.gov/submissions/CIK0001711754.json.