INmune Bio Inc. (NASDAQ: INMB) released its fourth‑quarter and full‑year 2025 financial results, reporting a net loss of $45.9 million, up from $42.1 million in 2024. Research and development expenses fell to $20.7 million from $33.2 million, while general and administrative costs rose to $10.3 million from $9.5 million. The company also recorded a $16.5 million impairment charge on acquired in‑process research and development intangible assets, a one‑time hit that pushed the loss higher.
The increase in net loss is largely attributable to the $16.5 million impairment, which offsets the $12.5 million reduction in R&D spending. The modest rise in G&A reflects ongoing investments in regulatory and commercial infrastructure as the company prepares for upcoming filings. Despite the larger loss, the company’s operating margin remained stable, indicating that core operating efficiency was maintained.
Cash and cash equivalents stood at $24.8 million as of December 31 2025, giving the company a runway through the first quarter of 2027. In 2025, INmune Bio raised $27.5 million by issuing 4,304,707 shares of common stock, bolstering its liquidity position and supporting its capital‑efficient strategy.
Pipeline progress was highlighted during the call. The CORDStrom™ program is on track to file a marketing authorization application in the United Kingdom by mid‑summer 2026, with subsequent EMA and FDA submissions expected. XPro™ received new Phase 2 imaging data at the CTAD conference, and the company announced FDA alignment to advance to an adaptive Phase 2b/3 registrational pathway for early Alzheimer’s disease. The INKmune® CARE‑PC trial met its primary endpoint and two of three secondary endpoints, reinforcing the platform’s clinical promise.
CEO David Moss emphasized the company’s focus on capital efficiency and milestone‑driven execution. He said, “2026 is the year of filings and preparation; 2027 will be the year of pivotal execution and potential launch. We thank you for your continued trust and partnership as we work to transform the treatment of inflammatory disease.” Moss added, “From a capital perspective, we remain committed to capital efficiency. Our strategy is built on hitting clear, data‑driven milestones that allow us to maximize shareholder value while minimizing unnecessary burn. We are focused on maintaining the lean, execution‑oriented culture that has brought us to this stage.”
The earnings release underscores INmune Bio’s disciplined approach to growth, balancing investment in clinical development with careful cost management. The company’s cash runway and recent capital raise provide a buffer for the upcoming regulatory milestones, while the pipeline updates signal potential revenue streams in the coming years. Investors will likely view the results as a confirmation of the company’s strategic trajectory, even as the net loss reflects the impact of a significant impairment charge.
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