[Form 4] Inmune Bio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Inmune Bio, Inc. (INMB) director reprices stock options following shareholder approval. On November 18, 2025, the company’s stockholders approved a one-time repricing of certain outstanding stock options granted under Inmune Bio’s 2017, 2019 and 2021 stock incentive plans. The repricing reduced the per-share exercise price of each affected option to $1.50, which was the closing price of Inmune Bio common stock on The Nasdaq Capital Market on the repricing date. The table shows prior options with exercise prices such as $7.80, $3.91, $24.82, $17.49, and others being replaced with new options at $1.50 for the same share amounts, including grants of 108,000 and 35,000 shares. All other terms of these options, including vesting schedules and expiration dates, remain unchanged and continue to depend on the director’s ongoing service.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ganjei James Kelly

(Last) (First) (Middle)

C/O INMUNE BIO INC.

225 NE MIZNER BLVD., SUITE 640

(Street)

BOCA RATON FL 33432

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Inmune Bio, Inc. [ INMB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$7.8	11/18/2025		D(1)			108,000	(2)	04/01/2028	Common Stock	108,000	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		108,000		(2)	04/01/2028	Common Stock	108,000	(1)	108,000	D
Stock Option (right to buy)	$3.91	11/18/2025		D(1)			108,000	(2)	11/24/2029	Common Stock	108,000	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		108,000		(2)	11/24/2029	Common Stock	108,000	(1)	108,000	D
Stock Option (right to buy)	$24.82	11/18/2025		D(1)			15,975	(2)	01/18/2031	Common Stock	15,975	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		15,975		(2)	01/18/2031	Common Stock	15,975	(1)	15,975	D
Stock Option (right to buy)	$17.49	11/18/2025		D(1)			19,025	(2)	06/21/2031	Common Stock	19,025	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		19,025		(2)	06/21/2031	Common Stock	19,025	(1)	19,025	D
Stock Option (right to buy)	$7.92	11/18/2025		D(1)			35,000	(2)	03/20/2032	Common Stock	35,000	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		35,000		(2)	03/20/2032	Common Stock	35,000	(1)	35,000	D
Stock Option (right to buy)	$9.74	11/18/2025		D(1)			35,000	(2)	02/15/2033	Common Stock	35,000	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		35,000		(2)	02/15/2033	Common Stock	35,000	(1)	35,000	D
Stock Option (right to buy)	$5.05	11/18/2025		D(1)			32,500	(2)	12/04/2034	Common Stock	32,500	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		32,500		(2)	12/04/2034	Common Stock	32,500	(1)	32,500	D
Stock Option (right to buy)	$9.92	11/18/2025		D(1)			12,500	(2)	05/13/2034	Common Stock	12,500	(1)	0	D
Stock Option (right to buy)	$1.5	11/18/2025		A(1)		12,500		(2)	05/13/2034	Common Stock	12,500	(1)	12,500	D

Explanation of Responses:

1. Effective as of November 18, 2025 (the "Repricing Date"), the Issuer's stockholders approved a one-time repricing of certain outstanding stock options (the "Repriced Options") granted under the Issuer's 2017 Stock Incentive Plan (the "2017 Plan"), 2019 Stock Incentive Plan (the "2019 Plan"), and Second Amended and Restated 2021 Stock Incentive Plan (as may be amended, restated or otherwise modified from time to time in accordance with its terms, the "2021 Plan") , which reduced the per share exercise price of each Repriced Option to $1.50, representing the closing price of the Issuer's common stock on The Nasdaq Capital Market on the Repricing Date (the "Option Repricing"). Except as modified by the Option Repricing, all other terms and conditions of the Repriced Options, including, without limitation, any provisions with respect to vesting and term of the Repriced Options, remain in full force and effect.

2. This stock option award was issued pursuant to the 2017 Plan, 2019 Plan and/or the 2021 Plan, as applicable, and becomes exercisable in accordance with the vesting schedule specified in the award agreement and as previously reported on applicable Form 4, subject to the Reporting Person's continued service with the Issuer as of the applicable vesting date.

	/s/ James Kelly Ganjei	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Inmune Bio (INMB) change in this Form 4 filing?

Inmune Bio reported that a director’s previously granted stock options were repriced so that their exercise price is now $1.50 per share, following stockholder approval of a one-time option repricing.

What is the new exercise price of the repriced Inmune Bio (INMB) stock options?

The repriced options now have a per-share exercise price of $1.50, which the company states was the closing price of its common stock on The Nasdaq Capital Market on November 18, 2025.

Which Inmune Bio (INMB) option grants were affected by the repricing?

The filing shows multiple stock option awards originally granted under the 2017 Plan, 2019 Plan, and 2021 Plan with higher exercise prices, such as $7.80, $24.82, $17.49, and $9.74, now reflected as transactions cancelling those prices and adding replacement options at $1.50 for the same share counts.

How many Inmune Bio (INMB) shares are covered by some of the repriced options?

The table includes several option positions, including grants for 108,000 shares tied to different expiration dates and additional positions of 35,000, 32,500, 19,025, 15,975, and 12,500 shares, each now associated with a $1.50 exercise price.

Did Inmune Bio (INMB) change the vesting or term of the repriced options?

No. The company states that, apart from lowering the exercise price to $1.50, all other terms and conditions of the repriced options, including vesting provisions and option terms, remain in full force and effect.

What conditions apply before the Inmune Bio (INMB) director can exercise these options?

The filing explains that the options become exercisable according to the vesting schedules in the applicable award agreements and remain subject to the director’s continued service with Inmune Bio as of each vesting date.

Under which equity plans were the repriced Inmune Bio (INMB) options granted?

The repriced options were granted under Inmune Bio’s 2017 Stock Incentive Plan, 2019 Stock Incentive Plan, and Second Amended and Restated 2021 Stock Incentive Plan, as referenced in the filing.