INmune Bio raises $4.50 million in registered direct offering with warrants

INmune Bio, Inc. (Nasdaq: INMB) priced a registered direct offering of 3,000,000 shares of common stock at $1.50 per share with one healthcare-focused institutional investor. In a concurrent private placement, the investor also received unregistered warrants to buy up to 3,000,000 more shares at $1.65 each. The company's October 28, 2026 press release put gross proceeds at approximately $4.50 million before placement agent fees and expenses. The warrants become exercisable on April 27, 2027 and expire on April 27, 2032.

The last reported sale price was $1.52 on October 27, 2026. The public float figure below uses a $2.51 closing price from September 8, 2026, the highest in the prior 60 days.

Placement agent and advisers

A.G.P./Alliance Global Partners was the sole placement agent. The company agreed to pay a cash fee of 7.0% of gross proceeds, which the prospectus shows as $315,000, or $0.105 per share. Proceeds before expenses come to $4,185,000. INmune also agreed to reimburse certain of the agent's expenses.

Sichenzia Ross Ference Carmel LLP, New York, passes on the validity of the securities for INmune. Lowenstein Sandler LLP, New York, represents the placement agent. The prospectus names no other underwriter or placement agent for this offering.

After closing, INmune agreed not to sell more stock for 60 days, and not to enter into a variable rate transaction for 180 days. It may sell shares under an at-the-market program with the placement agent after the 60th day.

Dilution and share count

The prospectus gives net tangible book value of $0.74 per share as of June 30, 2026. Pro forma, the figure is $0.78, rising to $0.83 after this offering. The dilution to the new investor is $0.67 per share. Under General Instruction I.B.6 of Form S-3, the company is eligible to sell up to approximately $20,883,028 of stock, based on a public float of approximately $62,649,085.

Losses, cash and going concern

INmune reported a net loss of $45.9 million for 2025, against $42.1 million in 2024. Research and development expense fell to $20.7 million from $33.2 million. Cash used in operations was $22.6 million in 2025, compared with $33.4 million a year earlier. Revenue was $50,000.

Cash and cash equivalents were $24.8 million at December 31, 2025, and $18.4 million at June 30, 2026. The auditor of the 2025 statements, CBIZ CPAs, P.C., included an explanatory paragraph on the company's ability to continue as a going concern. Marcum LLP's report on the 2024 statements carried the same paragraph.

The CORDStrom timetable has moved

CORDStrom, for recessive dystrophic epidermolysis bullosa, is the lead program. Its pivotal, blinded, randomized cross-over trial is complete. The annual report filed March 30, 2026 planned a UK Marketing Authorization Application for July 2026, an EU application for September 2026 and a US Biologics License Application for December 2026.

The October 2026 prospectus gives a later schedule. The UK application is now planned for February 2027, the US application is targeted for the second quarter of 2027, and the EU filing for early 2027. INmune said on October 21, 2026 that it had submitted its final pre-application package to the UK regulator, the MHRA. It says faster-than-expected manufacturing progress supports the February filing and potential UK approval in mid-2027, subject to MHRA review.

The other programs are XPro, which has completed Phase I and Phase II trials in Alzheimer's disease but which the company does not currently plan to advance into later-stage development on its own, and INKmune, which is nearing the end of an open-label Phase II trial in metastatic castrate-resistant prostate cancer. For XPro, the company says it will seek strategic partnerships. On October 14, 2026 it announced a collaboration with Quantum Computing Inc. to look for new uses for XPro, and on October 21, 2026 a Master Services Agreement with Uniphar Durbin Ireland Limited for named-patient access to CORDStrom in selected European countries and in the Middle East and North Africa.

What comes next

INmune says it will use the net proceeds for working capital purposes. The warrants and at-the-market sales after the 60th day could add shares.

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