INmune Bio, Inc. reported significant financial challenges in its latest 10-Q filing for the nine months ended September 30, 2024. The company recorded a net loss of $32.9 million, a substantial increase from the $21.6 million loss reported for the same period in 2023. Revenue for the nine months was $14,000, a sharp decline from $127,000 in the prior year. The lack of revenue generation was attributed to the absence of product sales, as the company continues to focus on clinical development rather than commercialization.
Total operating expenses for the nine months reached $33.2 million, up from $21.5 million in 2023, primarily driven by increased research and development (R&D) costs. R&D expenses surged to approximately $25.8 million, compared to $14.3 million in the previous year, reflecting heightened investment in the Alzheimer's clinical program and other therapeutic initiatives. General and administrative expenses remained relatively stable at around $7.4 million.
As of September 30, 2024, INmune Bio had cash and cash equivalents of $33.6 million, a decrease from $35.8 million at the end of 2023. The company reported net cash used in operating activities of $22.3 million for the nine-month period, significantly higher than the $8.6 million used in the same timeframe in 2023. This increase in cash outflow was primarily due to the larger net loss and changes in operating assets and liabilities.
The company has raised concerns regarding its liquidity, projecting insufficient funds to sustain operations for the next year without additional financing. To address this, management is exploring various funding strategies, including public and private equity sales, debt financing, and potential collaborations.
In terms of strategic developments, INmune Bio has been active in capital raising, having sold 3,898,852 shares of common stock and warrants for net proceeds of approximately $25.4 million during the nine months ended September 30, 2024. This includes a notable sale in September 2024, where the company raised $12 million through the issuance of shares and warrants.
Overall, INmune Bio's financial performance reflects a challenging environment as it continues to invest heavily in R&D while facing significant operating losses and liquidity concerns.
About Inmune Bio, Inc.
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