Inmune Bio Inc. · NASDAQ:INMB
Inmune Bio — Q4 2025 Earnings Presentation
41 slides from Inmune Bio's earnings presentation, Mar 30, 2026
Slide 1: Modulating the Innate Immune System to Transform Inflammation-Driven Disease
Modulating the Innate Immune System to Transform Inflammation- Driven Disease Corporate Presentation March 2026 NASDAQ: INMB 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by INmune Bio. Inc. (“INmune Bio” or the “Company”) solely for information purposes and does not constitute investment, legal, or medical advice. The Company makes no representation or warranty, express or implied, as to the accuracy, completeness, or t
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this presentation, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these te
Slide 4: Late-Stage Pipeline Across Inflammation & Immunology
Late-Stage Pipeline Across Inflammation & Immunology • Two Late - Stage Assets: Leading with CORDStrom (RDEB) and XPro1595 (Alzheimer’s), both entering regulatory/pivotal phases. • Near - Term Commercialization: CORDStrom targeting MAA filing (UK/EU) in mid - 2026 and BLA (US) in late 2026.* • Regul
Slide 5: Key Patents & Exclusivity Position
Key Patents & Exclusivity Position CORDStromTM XPro1595TM International PCT Stage International PCT Stage USPTO (ISA) USPTO (ISA) Favorable Written Favorable Written Opinion on Patentability Opinion on Patentability (all claims) (all claims) -CoM -CoM -Formulation -Formulation -MoT -MoT Nominal Pate
Slide 6: CORDStrom (pobistrocel) for EB
CORDStrom ( pobistrocel ) for EB Beyond Topical Care: Disease - Modifying Systemic Therapy 6
Slide 7: Summary: A De-Risked, Scalable Asset for an Ultra-Rare Disease
Summary: A De-Risked, Scalable Asset for an Ultra-Rare Disease The Asset The Market Opportunity The Innovation CORDStrom (Pooled Allogeneic RDEB is devastating and costly Proprietary Pooled Donor Umbilical Cord MSCs). A systemic ($90K /year/patient for bandages manufacturing yields > 300,000 doses I
Slide 8: The Burden of RDEB is Systemic and Life-Limiting
The Burden of RDEB is Systemic and Life-Limiting Aligning with the FDA’s Patient - Focused Guidance Regulatory Insight Corneal erosions Esophageal strictures The FDA acknowledges & Malnutrition that reduction in Itch and Pain are valid clinical endpoints for RDEB, Severe Anemia moving away from 'wou
Slide 9: CORDStrom: A Systemic Disease Requires a Systemic Solution
CORDStrom : A Systemic Disease Requires a Systemic Solution (Source: FDA PFDD Meeting) https://www.youtube.com/live/Ids1WAe5Czo 9
Slide 10: The Unmet Need: The Itch-Pain Cycle Drives Disease Progression
The Unmet Need: The “Itch-Pain” Cycle Drives Disease Progression Patients identify Pruritus (Itch) as their #1 or #2 concern, driving disease progression. "The itch is a monster... an itch that "I don't sleep because of the itch. feels like it's inside my bones." I just wait for the sun to come up."
Slide 11: The Progressive Nature of RDEB
The Progressive Nature of RDEB 18 Months to 10 Years: The Critical Therapeutic Window 0-18 18 months-10 10-20 Over 20 Squamous cell months years years years carcinoma 11
Slide 12: What Treatments do People Living with DEB Want Right Now?
What Treatments do People Living with DEB Want Right Now? Prioritisation survey 865 members EB global community 1. Pain relief 2024-Top 5 issues 2. Itch relief 3. Mental health children/YP 4. Impact of inflammation 5. GI issues e.g., dysphagia 12
Slide 13: Mission EB Phase III: Randomized, Placebo-Controlled Crossover Trial
Mission EB Phase III: Randomized, Placebo-Controlled Crossover Trial 13
Slide 14: Comprehensive Organ System Improvements: ISCOREB Improvement Scores
Comprehensive Organ System Improvements* ISCOREB Improvement Scores* Pain Indicies Pain Scores Placebo - 10) Pain Score (e.g., 0 CORDStrom Weeks O 2 4 6 8 10 12 CORDStrom is potentially the first systemic therapy with itch and pain relief benefits as key differentiation factors in quality of life. *
Slide 15: Comprehensive Organ System Improvements: Itch
Comprehensive Organ System Improvements Itch Man Itch Man Categorical mITT 40 CORDStrom Placebo Patients affected % 30 20 10 0 Se ity vel Pre e Se ity vel Pre e -P t t -P t t s os s os Pr Pr v e - Po v e - Po ve y le 2 - ve lev 3 - ve y le 2 - ve lev 3 - 2 l3 2 l3 el el el el ve lev ve lev le le y S
Slide 16: Comprehensive Organ System Improvements: iscorEB Scores
Comprehensive Organ System Improvements iscorEB Improvement Scores Gastrointestinal symptoms Wellbeing 20 30 15 20 Pain indicies 20 Improvement Score Improvement Score CS 3m 10 10 Placebo 3m 15 CS 6m 5 0 Improvement Score Placebo 6m -10 10 0 -5 -20 5 General Sleep Hands Leisure School Eating Bowel S
Slide 17: Comprehensive Skin Quality Improvements
Comprehensive Skin Quality Improvements* iscoreEB & EBDASI Improvement Scores* Clinician EBDASI Skin Score Incidence of improvement vs worsened Pain indicies Wellbeing Placebo 3m iscorEB Skin Score 30 20 Placebo 6m 100 CS 3m Change from baseline (%) 30 Number of patients 20 15 CS 6m Improvement Scor
Slide 18: CORDStrom Mechanisms of Action – IDO/PGE2 to M1 to M2 Differentiation
CORDStrom Mechanisms of Action – IDO/PGE2 to M1 to M2 Differentiation Effect of CPD on cytokine synthesis 25000 200 Itch & Pain FGF1 REDUCTION Th2/17 20000 FGF2 150 HGF 15000 pg/ml pg/ml 100 VEGF IL-6 10000 IL-8 50 5000 0 0 M1 0 D PD 0 D PD 0 D PD 0 D PD 0 D PD CORDStrom >2 CP >2 CP >2 CP >2 CP >2 C
Slide 19: CORDStrom Mechanisms of Action – IL-31 Reduction
CORDStrom Mechanisms of Action – IL-31 Reduction Itch & Pain REDUCTION Th2/17 Effect of CPD on cytokine synthesis 25000 200 FGF1 20000 FGF2 150 IL-6 15000 HGF pg/ml pg/ml 100 VEGF 10000 IL-8 50 5000 0 0 M1 CORDStrom 0 D PD 0 D PD 0 D PD 0 D PD 0 D PD >2 CP >2 P >2 P >2 P >2 CP PGE2 C C C C C C C C 0
Slide 20: CORDStrom Mechanisms of Action – IL-31 & TNF reduction
CORDStrom Mechanisms of Action – IL-31 & TNF reduction – Itch and Pain Improved TNF-a In vivo Itch & Pain 20 REDUCTION Th2/17 Effect of CPD on cytokine synthesis IscorEB Pain 3 months 25000 200 10 FGF1 40 20000 FGF2 IL-6 150 HGF Delta preRx 15000 pg/ml pg/ml 0 100 VEGF Improvement Score 20 10000 IL-
Slide 21: Why Historical MSC Development Failed: The Problem of Heterogeneity
Why Historical MSC Development Failed: The Problem of Heterogeneity The Heterogeneity issue The Consequence Inconsistent Identity: Donor Variation: Clinically Naive Lots of subsets (with unknown High heterogeneity from donor - to- donor and source - to- source Assumptions. potency or MOA. (Bone marr
Slide 22: The CORDStrom Solution: Engineered Homogeneity Through Identity Selection and Pooling
The CORDStrom Solution: Engineered Homogeneity Through Identity Selection and Pooling Minimum Proprietary High Potency 4 “ selected” UC Donors High Reproducibility Pooling Process Master Cell Stock Source Identity Advantage Umbilical Cord Tissues Characterized by standard markers Pooling minimizes d
Slide 23: CMC Process in Place
CMC Process in Place Test/select/pool MCB Scale up WCB Scale out ~ 40 x 200M WCB Bags CORDStrom DP ~ 200 Doses (30 patients’ annual treatment) 23
Slide 24: CORDStrom: The Path To Commercial Approval
CORDStrom : The Path To Commercial Approval Complete technology RPDD approved transfer to commercial F-2-F pre MAA Submit MAA to by FDA manufacture (Catapult UK) meeting MHRA MHRA and EMA PIP Type B meeting (pre-IND) ODD approved by FDA response for “open label” trial Submit BLA MHRA to FDA Submit f
Slide 25: CORDStrom: Rare Disease Therapy with Systemic Treatment Needs
CORDStrom : Rare Disease Therapy with Systemic Treatment Needs Anticipated treatment schedule • One treatment (2 doses over 14 days) every 4 months: 3 Rx (6 doses)/yr • Anticipated Annual COG per treatment: $120 -180K (scale dependent) Anticipated reimbursement per treatment: • CORDStrom as the only
Slide 26: CORDStrom RDEB Summary
CORDStrom RDEB Summary • Beyond topical care: First-in-class systemic therapy addressing multi-organ pathology of RDEB • CORDStrom i.v. infusions significantly improve multiple SYSTEMIC symptoms of RDEB and improve clinical skin scores in a randomised, double blind, placebo-controlled trial • EBDASI
Slide 27: Parent Quotes
Parent Quotes When she has been getting ill she has just been recovering in the same time as her brother, normally illness affects her much more because it causes inflammation. We have just been able to cope with everything so much better and have lots of energy and I suppose life has felt normal I
Slide 28: Children's Quotes
Children’s Quotes It was less painful, when I itch it’s painful so obviously that’s not comfortable, but I had less pain, my skin was less itchy, my hands were less hot and when they are hot I itch. That was not happening that much. Normally it would hurt when I have a bath but lately it hasn’t been
Slide 29: CORDStrom RDEB Summary
CORDStrom RDEB Summary MISSION EB Team Quote from a parent: 2024 “If it makes only one per cent difference, then I’m happy to come whenever they call us for the trial because that one per cent isn’t a lot I know, maybe it’s nothing for somebody, but it’s a lot for him, one per cent less pain for him
Slide 30: Approaching Alzheimer's as an Immunologic Disease
Approaching Alzheimer’s as an Immunologic Disease 30
Slide 31: Strong Evidence for anti-TNF to Treat Alzheimer's Disease
Strong Evidence for anti-TNF to Treat Alzheimer’s Disease Evidence linking TNF to AD TNF increases TNF levels increase beginning the 3rd or 4th with Age decade of life and correlate with age6 TNF increased in Plasma and CSF TNF levels increased in AD AD Patients patients2,3 TNF co-localizes with amy
Slide 32: Biomarker Enrichment Rationale
Biomarker Enrichment Rationale Matching drug biology to patient · Predictive enrichment using downstream indicators of TNF-driven biology Enrichment is predictive — identifying patients with TNF-driven disease biology most likely to benefit from XPro1595. hypothesis-driven precision medicine. ADi =
Slide 33: MINDFuL Phase 2: Consistent Signal in ADi
MINDFuL Phase 2: Consistent Signal in ADi 6-month RCT · N = 206 (mITT: XPro n=139, placebo n=67) · ADi enrichment: ≥2 of 4 biomarkers AND amyloid positive (n=100) Key Findings: ADi Enriched Population Overall Population (mITT) Endpoint Effect Size Signal 72 yrs median age · 51% female · 45% MCI Clin
Slide 34: Differentiated Safety Profile
Differentiated Safety Profile No ARIA · Immune Function Preserved · SAEs Lower on Drug 0 ARIA Events Placebo infection rates 2× higher Despite a high-risk population: XPro1595 preserves systemic immune function 68.5% APOE4+ · 34% with microbleeds — selectively inhibiting inflammatory TNF (sTNF) 27%
Slide 35: Phase 2b/3 Adaptive Trial Design — FDA Aligned
Phase 2b/3 Adaptive Trial Design — FDA Aligned End-of-Phase 2 Meeting Completed Q1 2026 FDA Alignment Enrichment Design Endpoint Exploratory ADi biomarker strategy endorsed Adaptive 2b/3 with decision CDR-SB as sole Phase 3 primary Non-enriched cohort gate accepted recommended Summary represents spo
Slide 36: CDR-SB Confidence: Why 18 Months Will Work
CDR-SB Confidence: Why 18 Months Will Work EMACC detects subtle cognitive changes- CDR-SB measures the consequences. The Confidence Bridge: In external AD cohorts, correlation between cognitive composites and CDR-SB strengthens over time: r = 0.41 (early) → r = 0.65 (18 months). Cognition precedes f
Slide 37: Why CDR-SB Requires More Time: Evidence from External AD Cohorts
Why CDR-SB Requires More Time: Evidence from External AD Cohorts Conceptual Framework — Not Derived from Trial Data EMACC captures subtle cognitive change early — the leading indicator. CDR-SB captures cognitive and functional consequences later – lagging indicator and registrational endpoint Concep
Slide 38: XPro Summary: A Targeted Approach to Early AD and Inflammation
XPro Summary: A Targeted Approach to Early AD and Inflammation Phase 2 MINDFuL Trial Outcomes Strategic Roadmap: Phase 2b/3 Design Consistent Efficacy Across All Modalities - Cognitive FDA Alignment on Dual - Phase De - risked Staged - Neuropsychiatric Target Population Efficacy Endpoints Investment
Slide 39: XPro1595 Path to Execution
XPro1595 Path to Execution o Staged Investment: The Phase 2b/3 design stages the capital commitment. The Phase 2b serves as a de-risking milestone with a built-in go/no-go decision before full Phase 3 expenditure. o Partnership Strategy: With all this data in hand, we will run a structured global pr
Slide 40: INmune Bio Strategy
The Anchor The Upside CORDStrom XPro Phase 3 Approvals Expected Readiness (2027) * De-risked Protocol a A * Biomarker-Driven * US, UK, & EU Markets , ‘ant Precision ¢ Transition to Revenue * Massive Alzheimer’s ZA » Generation DN Opportunity * PRV Asset Realization al M (ery,
Slide 41: Thank You!
Thank You! INmune Bio Inc. 225 NE Mizner Blvd. Ste. 640 Boca Raton, FL 33432 +1 561 710 0512 info@inmunebio.com Investor Relations: Daniel Carlson +1 415 509 4590 dcarlson@inmunebio.com INMB (Nasdaq) 41