INmune Bio Inc. Completes Repayment of Silicon Valley Bank Debt
Rhea-AI Summary
INmune Bio (NASDAQ: INMB) has announced the complete repayment of its $15.0 million Term Loan from Silicon Valley Bank and SVB Innovation Credit Fund VIII, L.P. The loan, borrowed in 2021, was fully repaid on December 2, 2024, ahead of its January 1, 2025 maturity date. The company's CFO, David Moss, noted that this repayment will reduce quarterly cash burn and strengthen the balance sheet before upcoming Phase 2 Alzheimer's Disease trial data.
The company also mentioned the over-enrollment of its AD02 Trial in Alzheimer's Disease, focusing on Early AD patients with elevated neuroinflammation biomarkers. Top-line cognitive data from this six-month phase 2 trial is expected in Q2 2025.
Positive
- Early debt repayment strengthens balance sheet
- Reduction in quarterly cash burn due to loan repayment
- Over-enrollment achieved in Phase 2 Alzheimer's Disease trial
Negative
- None.
News Market Reaction
On the day this news was published, INMB gained 2.26%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Boca Raton, Florida, Dec. 10, 2024 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the “Company”), a clinical-stage inflammation and immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, announced today that Company’s has paid the final installment of its 2021 Loan and Security Agreement (the “Term Loan”) with Silicon Valley Bank and SVB Innovation Credit Fund VIII, L.P. The Term Loan provided for a
Under the terms of the Term Loan, the Company was required to make interest and principal payments monthly through the maturity date of January 1, 2025. On December 2, 2024, the Company repaid the outstanding balance of the term loan in full. “We are pleased to complete repayment of our remaining obligations for this Term Loan,” said David Moss, Chief Financial Officer of of INmune Bio. “The final payment will reduce our quarterly cash burn while clearing us of all remaining debt, strengthening our balance sheet ahead of data from our Phase 2 Alzheimer’s Disease trial.”
INmune Bio recently announced over-enrollment of its AD02 Trial in Alzheimer’s Disease focused on patients with Early AD and biomarkers of elevated neuroinflammation. Top-line cognitive data from the six-month phase 2 trial is expected in Q2 2025.
About INmune Bio Inc.
INmune Bio Inc. is a publicly traded (NASDAQ: INMB), clinical-stage biotechnology company focused on developing treatments that target the innate immune system to fight disease. INmune Bio has two product platforms that are both in clinical trials: The Dominant-Negative Tumor Necrosis Factor (DN-TNF) product platform utilizes dominant-negative technology to selectively neutralize soluble TNF, a key driver of innate immune dysfunction and a mechanistic driver of many diseases. DN-TNF product candidates are in clinical trials to determine if they can treat cancer (INB03™), Mild Alzheimer’s disease, Mild Cognitive Impairment and treatment-resistant depression (XPro™). The Natural Killer Cell Priming Platform includes INKmune™ developed to prime a patient’s NK cells to eliminate minimal residual disease in patients with cancer. INmune Bio’s product platforms utilize a precision medicine approach for the treatment of a wide variety of hematologic and solid tumor malignancies, and chronic inflammation. To learn more, please visit www.inmunebio.com.
Forward Looking Statements
Clinical trials are in early stages and there is no assurance that any specific outcome will be achieved. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. INB03™, XPro1595 (XPro™), and INKmune™ are still in clinical trials or preparing to start clinical trials and have not been approved by the US Food and Drug Administration (FDA) or any regulatory body and there cannot be any assurance that they will be approved by the FDA or any regulatory body or that any specific results will be achieved. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to produce more drug for clinical trials; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q and the Company’s Current Reports on Form 8-K. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
David Moss
Co-founder and Chief Financial Officer
(858) 964-3720
info@inmunebio.com
Daniel Carlson
Head of Investor Relations
(415) 509-4590
dcarlson@inmunebio.com
Investor Contact:
Mike Moyer
Managing Director – LifeSci Advisors
mmoyer@lifesciadvisors.com
FAQ
When did INmune Bio (INMB) repay its Silicon Valley Bank loan?
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When will INmune Bio (INMB) release top-line data from its Phase 2 Alzheimer's Disease trial?
