Inmune Bio Inc. · NASDAQ:INMB
Inmune Bio — Investor Presentation (February 2026)
57 slides from Inmune Bio's investor presentation, Feb 27, 2026
Slide 1: Modulating the Innate Immune System to Transform Inflammation-Driven Disease
Modulating the Innate Immune System to Transform Inflammation - Driven Disease 1 Corporate Presentation March 2025 NASDAQ: INMB
Slide 2: Disclaimer
Disclaimer 2 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
Slide 3: Forward-Looking Statements
3 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
Slide 4: Late-Stage Pipeline Across Inflammation & Immunology
4 Late - Stage Pipeline Across Inflammation s Immunology • • • • •
Slide 5: Patents & Exclusivity Position
fiey Patents & Exclusivity Position CORDStrom TM International PCT Stage USPTO (ISA) Favorable Written Opinion on Patentability (all claims) - CoM - Formulation - MoT Nominal Patent Coverage thru 2045 Eligible for PTE up to +5years on approval XPro1595 TM International PCT Stage USPTO (ISA) Favorabl
Slide 6: CORDStrom (pobistrocel) for EB: Beyond Topical Care
INmuneBio Cc O RDSt ro m ip ( pobistrocel ) for EB Beyond Topical Care: Disease-Modifying Systemic Therapy
Slide 7: Summary: A De-Risked, Scalable Asset for an Ultra-Rare Disease
https:// www.youtube.com/live/Ids1WAe5Czo Summary: A De - Risfied, Scalable Asset for an Ultra - Rare Disease 7
Slide 8: The Burden of RDEB is Systemic and Life-Limiting
8 https://academic.oup.com/ced/article/50/6/1125/7985666 https:// www.youtube.com/live/Ids1WAe5Czo The FDA acknowledges that reduction in Itch and Pain are valid clinical endpoints for RDEB, moving away from 'wound surface area' as the sole metric. Our Phase III data focus is optimized for this pati
Slide 9: CORDStrom: A Systemic Disease Requires a Systemic Solution
https:// www.youtube.com/live/Ids1WAe5Czo 9 CORDStrom : A Systemic Disease Requires a Systemic Solution
Slide 10: The Unmet Need: The Itch-Pain Cycle Drives Disease Progression
10 (Source: FDA PFDD Meeting) https:// www.youtube.com/live/Ids1WAe5Czo The Unmet Need: The “Itch - Pain” Cycle Drives Disease Progression
Slide 11: The Progressive Nature of RDEB
0 - 18 months 18 months - 10 years 10 - 20 years Over 20 years Squamous cell carcinoma The Progressive Nature of RDEB 18 Months to 10 Years: The Critical Therapeutic Window 11
Slide 12: What Treatments Do People Living with DEB Want Right Now?
1. Pain relief 2. Itch relief 3. Mental health children/YP 4. Impact of inflammation 5. GI issues e.g., dysphagia Prioritisation survey 865 members EB global community 2024 - Top 5 issues What Treatments do People Living with DEB Want Right Now? 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
Comprehensive Organ System Improvements ISCOREB Improvement Scores Period 1 at 3 and 6 months CORDStrom is potentially the first systemic therapy with itch and pain relief benefits as key differentiation factors in quality of life. Skin Eye Joint Mouth Site 10 5 0 - 5 15 20 Pain indicies CS 3m Place
Slide 15: Comprehensive Organ System Improvements: Itch
Comprehensive Organ System Improvements Itch Man 30 20 10 0 40 Itch Man Categorical mITT Patients affected % CORDStrom Placebo Severity level 2 = “Itch sometimes interferes with my activity” Severity level 3 = “Itches a lot and I find it difficult to be still and to concentrate” 15
Slide 16: Comprehensive Organ System Improvements: iscorEB
Pain indicies 20 15 10 5 0 - 5 Skin Mouth Eye Joint Site CS 3m Placebo 3m CS 6m Placebo 6m Improvement Score Comprehensive Organ System Improvements iscorEB Improvement Scores Eating Bowel - 5 0 5 10 15 20 Gastrointestinal symptoms Site Improvement Score General Sleep Leisure School - 20 - 10 0 10 2
Slide 17: Comprehensive Skin Quality Improvements
Pain indicies 20 15 10 5 0 - 5 Skin Mouth Eye Joint Site Placebo 3 m Placebo 6 m CS 3 m CS 6 m Improvement Score Comprehensive Sfiin Quality Improvements iscoreEB & EBDASI Improvement Scores Period 1 at 3 and 6 months CORDStrom is potentially the first systemic therapy with itch and pain relief bene
Slide 18: CORDStrom Mechanisms of Action – IDO/PGE2 to M1 to M2 Differentiation
CORDStrom Mechanisms of Action – IDO/PGE2 to M1 to M2 Differentiation 0 10 20 30 40 Intracellular IDO Percentage expression (%) <20 CPD >20 CPD M 1 CORDStrom M 2 PGE2 IL - 13 TGF - b / VEGF / IGF - 1 / HGF / CCL13/17/18/22 ENHANCED WOUND HEALING Activates M2 C induces M2 migration to wounds Itch s P
Slide 19: CORDStrom Mechanisms of Action – IL Reduction
19 CORDStrom Mechanisms of Action – IL - 31 Reduction 0 10 20 30 40 Intracellular IDO Percentage expression (%) <20 CPD >20 CPD 0 500000 1000000 0 20000 40000 60000 80000 MedFI (AU) CD 14 CD 73 CD 86 CD80 CD163 HLA - DR Monocyte differentiation in vitro HEALING M 1 CORDStrom M 2 PGE2 IL - 13 TGF - b
Slide 20: CORDStrom Mechanisms of Action – IL & TNF Reduction, Itch and Pain
20 CORDStrom Mechanisms of Action – IL - 31 & TNF reduction – Itch and Pain Improved Placebo CPD <20 CPD >20 - 20 - 10 0 10 20 TNF - a In vivo Delta preRx Placebo CPD >20 - 200 - 100 0 100 200 HGF Delta preRx - 20 - 10 0 10 20 CPD <20 IL - 13 in vivo Delta preRx 0 10 20 30 40 Intracellular IDO Perce
Slide 21: Why Historical MSC Development Failed: The Problem of Heterogeneity
Why Historical MSC Development Failed: The Problem of Heterogeneity 21
Slide 22: The CORDStrom Solution: Engineered Homogeneity Through Identity Selection and Pooling
The CORDStrom Solution: Engineered Homogeneity Through Identity Selection and Pooling 22
Slide 23: CMC Process in Place
23 CMC Process in Place ~ 40 x 200M WCB Bags MCB WCB Scale out Scale up CORDStrom DP ~ 200 Doses (30 patients’ annual treatment) Test/select/pool
Slide 24: CORDStrom: The Path To Commercial Approval
CORDStrom: The Path To Commercial Approval FDA = Food and Drug Administration; MHRA, EMA = regulatory agencies in UK and EU; ODD = Orphan Drug Designation; MAA = Market Authorization Application; BLA = Biologics Licensing Application; RPDD = Rare Pediatric Disease Designation *Estimated dates subjec
Slide 25: CORDStrom: Rare Disease Therapy with Systemic Treatment Needs
CORDStrom : Rare Disease Therapy with Systemic Treatment Needs TAM = Total addressable market; Vyjuvek = Product of Krystal Biotech, Inc.; Filsuvez = Product of Chiesi Farmaceutici S.p.A.; Zevaskyn = Product of Abeona Therapeutics Inc. The TAM is an estimate based on internal assumptions and third -
Slide 26: 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 C iscorEB ski
Slide 27: 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 think it’s jus
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: Quote from a Parent: MISSION EB Team 2024
Ǫuote from a parent : “ 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 is one per cent more real life - that’s
Slide 30: Approaching Alzheimer's as an Immunologic Disease
30 Approaching Alzheimer’s as an Immunologic Disease
Slide 31: Strong Evidence for anti-TNF to Treat Alzheimer's Disease
31 Strong Evidence for anti - TNF to Treat Alzheimer’s Disease 1. Torres - Acosta N, et al. J Alzheimer’s Dis. 2020;78:619 – 626 8. Blasko et al. FASEB Journal. 1999, 13(1):63 - 68 2. Fillit H, et al. Neurosci Letters . 1991;129:318 - 320 9. Gorlovoy et al. FASEB Journal. 2009, 23(8):2502 - 2513 3.
Slide 32: Biomarker Enrichment Rationale
32 Biomarfier 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 XPro15S5. hypothesis - driven precision medici
Slide 33: MINDFuL Phase 2: Consistent Signal in ADi
MINDFuL Phase 2: Consistent Signal in ADi 6 - month RCT · N = 206 (XPro n=139, placebo n=67) · Primary: EMACC · ADi enrichment: ≥2 of 4 biomarkers Population 72 yrs median age · 51% female · 45% MCI 68.5% APOE4 carriers — highest ARIA risk population 75% amyloid positive — confirmed AD pathology 62.
Slide 34: Differentiated Safety Profile
Differentiated Safety Profile No ARIA · Immune Function Preserved · SAEs Lower on Drug 0 ARIA Events Despite a high - risk population: 68.5% APOE4+ · 34% with microbleeds 27% on antithrombotics Placebo infection rates 2 î higher Direct evidence that XPro1595 preserves systemic immune function — sele
Slide 35: Phase 2b/3 Adaptive Trial Design — FDA Aligned
35 Phase 2b/3 Adaptive Trial Design — FDA Aligned End - of - Phase 2 Meeting Completed Q1 2026 FDA Alignment Enrichment ADi biomarker strategy endorsed Design Adaptive 2b/3 with decision gate accepted Endpoint CDR - SB as sole Phase 3 primary Exploratory Non - enriched cohort recommended Summary rep
Slide 36: CDR-SB Confidence: Why Months Will Work
36 CDR - SB Confidence: Why 18 Months Will Worfi 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
Slide 37: EMACC Captures What CDR-SB Will Confirm
37 EMACC Captures What CDR - SB Will Confirm Conceptual Framework — Not Derived from Trial Data CDR - SB captures functional consequences later – lagging indicator and registrational endpoint Conceptual framework. Curves are illustrative — not derived from trial data. EMACC captures subtle cognitive
Slide 38: XPro1595 Path to Execution
XPro1595 Path to Execution 38 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
Slide 39: INmune Bio Strategy
INmune Bio Strategy The Anchor CORDStrom Approvals Expected (2027) * US, UK, & EU Markets ¢ Transition to Revenue Generation * PRV Asset Realization The Upside XPro Phase 3 Readiness * De-risked Protocol * Biomarker-Driven Precision * Massive Alzheimer’s Opportunity 39
Slide 40: Appendix
Appendix 40 INmune Bio Inc. 225 NE Mizner Blvd. Ste. 640 Boca Raton, FL 33432 (561) 710 - 0512 info@inmunebio.com INMB (Nasdaq)
Slide 41: Milestones in 2026–2027
Milestones in 2026 – 2027* CORDStrom / Rare Disease Pre - MAA Doc Submitted (UK) MAA Submission (UK) BLA s MAA Submission (US/EU) Approval Expected (UK,EU,US) XPro1595 / Neuro End - of - Phase - 2 Meeting Completed Protocol Submitted Phase 2b/3 Ready (Assuming Funding) 41
Slide 42: Phase 1: 0 to 18 months
• Cutis aplasia - months to heal • Wounds heal • Weight gain satisfactory • Relatively stable period Phase 1: 0 to 18 months
Slide 43: Phase 2: months to years
Phase 2: 18 months to 10 years • Wound burden C skin colonization advances • Wounds heal within 21 days • They are recurrent C reoccurring wounds but not chronic • First signs of internal involvement • inflammatory markers elevated • weight faltering • the onset of anaemia • first signs of oesophage
Slide 44: Window of opportunity for anti-inflammatory therapy
Phase 1 and 2 • Window of opportunity for anti - inflammatory therapy such as CORDStrom for systemic disease pathology Therapeutic Requirements: Anti - inflammatory cytokines Reprogramming pro - inflammatory macrophages (M1) to anti - inflammatory (M2)
Slide 45: Phase 3: wound chronicity and bacterial colonisation
Phase 3: 10 to 20 years • Skin involvement continues to increase • chronic wounds over 21 days • bacterial colonisation • multiple co morbidities • Dramatic reduction in the ability to heal Therapeutic Requirements: Wound healing cytokines Increased innate immune activity against bacteria/fungi
Slide 46: Phase 3: chronic inflammation
Phase 3: 10 to 20 years • Massive levels of chronic inflammation • affects 4 major pathways Therapeutic Requirements: Wound healing cytokines Increased innate immune activity against bacteria/fungi
Slide 47: Phase 4: From years onwards
Phase 4: From 20 years onwards • Steady progression of the severity • Chronic wounds very rarely heal Therapeutic Requirements: Symptom control
Slide 48: Phase 4: Squamous cell carcinoma risk
Phase 4: From 20 years onwards • Patients are at high risk for developing squamous cell carcinoma, a life threatening complication of severe RDEB • Tumors are usually well differentiated and rapidly - growing, often on the extremities with a median survival of 2.4 years for this EB subtype • Anti -
Slide 49: XPro1595 Peer-Reviewed Publications: Breadth of Scientific Validation
XPro15G5 Peer - Reviewed Publications: Breadth of Scientific Validation More Than A Decade of Research Excellence XPro1595's therapeutic potential has been rigorously validated across more than 90 peer - reviewed publications spanning 24 therapeutic areas, 2 dozen independent laboratories, and 3 con
Slide 50: Cytokines are not informative biomarkers of chronic inflammation
Cytokines are not informative biomarkers of chronic inflammation (Immune Dysfunction) Adapted from PMID: 27SS45S1 and 18c7321S 50
Slide 51: Capturing Stability: from Minutes to Lifelong Predisposition
Capturing Stability: from Minutes to Lifelong Predisposition 51
Slide 52: Mechanistic Links Between TNF and Downstream Biomarkers
Mechanistic Links Between TNF and Downstream Biomarkers Macrophage Amplifies TNF Production Argli2 — Argi58 Inflammatory cell epatocyee Adipocyte Liver/myocyte Glucose TNF-activated hepatocytes utilize STAT TNF-driven inflammation impairs PI3K- signaling to produce C-reactive protein Akt soneng in n
Slide 53: Reduces Misclassification Risk
53 Reduces Misclassification Risk Built - in redundancy ensures that failure of a single assay or transient suppression of an individual biomarker is less likely to incorrectly exclude a truly TNF - responsive patient. Accommodates Biological Heterogeneity The design identifies patients with TNF - d
Slide 54: XPro1595: Dominant-Negative Proteins
54 XPro1595: Dominant - negative proteins see Steed et al., Science , 301, 2003 XPro1595 is identical to the human soluble TNF monomer with the exception of mutations in the receptor binding domain and another for pegylation. Dominant - Negative in genetics: "A mutation producing a rogue protein tha
Slide 55: Normal Soluble TNF Activity
Normal Soluble TNF activity solTNF monomers form active heterotrimers that bind to TNF receptor. Each monomer in the trimer contacts one TNFR subunit 55
Slide 56: XPro1595 MOA
XPro1595 MOA Xpro1595treely exchanges with solfNF monomers to form inactive heterotrimers Inflammatory soluble TNF eliminated: No paracrine signaling through receptors ae. XProl595 soit (recombinant or physiological) Exchange = No paracrine signaling tmTNF homotrimers are anchored to the cell membra
Slide 57: XPro1595 is neuroprotective
XPro1595 is neuroprotective Normal E t a n e r ce p t 57 Anti - inflammatory AND immunosuppressive Cuprizone (Model of Multiple Sclerosis) Exacerbated demyelination XPro1595 Anti - inflammatory NOT immunosuppressive Remyelination Adapted from: Karamita et al., 2017