CVI Investments and Heights Capital disclose 4.9% INMB position via warrants

Rhea-AI Filing Summary

INmune Bio Inc. disclosure shows two reporting persons—CVI Investments, Inc. and its investment manager Heights Capital Management, Inc.—beneficially hold 1,396,279 shares represented by warrants. Those shares equal 4.9% of the outstanding common stock based on 26,585,258 shares reported outstanding as of June 30, 2025. The warrants include an anti-exercise limitation that prevents exercise to the extent ownership would exceed 4.99%.

The filing states neither reporting person has sole voting or dispositive power; voting and disposition are shared. Heights serves as investment manager to CVI and may exercise voting and dispositive power over the shares held by CVI, while each party disclaims beneficial ownership except for pecuniary interest.

Positive

• Transparent disclosure of ownership structure by CVI Investments, Inc. and Heights Capital Management, Inc.
• Material stake quantified: reporting persons hold 1,396,279 warrants representing 4.9% of the class
• Anti-exercise limit prevents conversion beyond 4.99%, clarifying potential dilution/control implications

Negative

• No sole voting or dispositive power reported, indicating limited direct control over corporate decisions
• Holdings are warrants, so ownership is contingent on exercise and not current free-floating common shares

Insights

Financial Analyst

TL;DR Holdings equal 4.9% via warrants, capped below a 5% threshold, so current position is sizable but non-controlling.

The reported 1,396,279 warrants convert into common shares but include an express limitation preventing exercise beyond 4.99%, which constrains a shift in control. Using the stated outstanding share count of 26,585,258, the position mathematically equals 4.9% and therefore falls short of a 5% ownership trigger that typically would alter regulatory or takeover dynamics. The lack of sole voting or dispositive power further reduces immediate governance impact, though the investment manager relationship means coordinated decision-making is possible.

Corporate Governance Expert

TL;DR Disclosure indicates transparency and a non-controlling stake managed by an investment manager, limiting governance influence.

The statement clarifies that Heights Capital Management, Inc. acts as investment manager to CVI Investments, Inc. and may exercise voting and dispositive power over the reported holdings, but both entities expressly disclaim beneficial ownership beyond pecuniary interest. Because the reported 4.9% stake arises from warrants and lacks sole voting or dispositive authority, this disclosure signals limited ability to change board control or corporate policy absent further accumulation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/14/2025 - 02:01 PM Learn about SEC filing dates

FAQ

How many INmune Bio (INMB) shares do CVI Investments and Heights Capital report owning?

They report beneficial ownership of 1,396,279 shares represented by warrants.

What percentage of INMB does 1,396,279 shares represent?

The reported amount equals 4.9% of the class based on 26,585,258 shares outstanding as stated in the filing.

Do the reporting persons have voting control over the shares?

The filing states 0 sole voting power and shared voting power of 1,396,279 shares; Heights may exercise voting power as investment manager to CVI.

Are the reported holdings immediately exercisable into common stock?

The holdings are warrants and include an anti-exercise limitation preventing exercise to the extent ownership would exceed 4.99%.

Does this filing indicate a controlling stake in INMB?

No. The reported position is below 5% and the parties report no sole voting or dispositive power, indicating no controlling stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

INmune Bio Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

45782T105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 45782T105

1

Names of Reporting Persons

CVI Investments, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,396,279.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,396,279.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,396,279.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

CUSIP No. 45782T105

1

Names of Reporting Persons

Heights Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,396,279.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,396,279.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,396,279.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: INmune Bio Inc.
(b)	Address of issuer's principal executive offices: 225 NE Mizner Blvd., Suite 640, Boca Raton, FL 33432
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the shares of common stock of INmune Bio Inc. (the "Company"), $0.001 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 45782T105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants to purchase Shares (the "Warrants"). The Warrants are not exercisable to the extent that the total number of Shares then beneficially owned by a Reporting Person and its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with such Reporting Person for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, would exceed 4.99%. The Company's Quarterly Report on Form 10-Q, filed on August 7, 2025, indicates there were 26,585,258 Shares outstanding as of June 30, 2025.
(b)	Percent of class: 4.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CVI Investments, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:	08/12/2025

Heights Capital Management, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:	08/12/2025

Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ I Limited Power of Attorney* II Joint Filing Agreement* * Previously filed