Inmune Bio's Schedule 13G/A shows Praetorian-related entities holding disclosed positions in the company's common stock. Praetorian Capital Fund LLC directly beneficially owns 771,200 shares—comprised of 180,800 shares issuable upon warrants and 590,400 shares underlying call options exercisable within 60 days—representing approximately 2.9% of the class based on 26,585,258 shares outstanding. Mongolia (Barbados) Corp. directly owns 150,000 shares underlying call options 0.6%), and Harris Kupperman may be deemed to beneficially own a combined 921,200 shares3.4%).
The filing identifies the reporting persons' roles
Positive
None.
Negative
None.
Insights
TL;DR: Praetorian-related entities disclose a modest passive stake in INMB totaling up to 3.4% via warrants and options.
The filing provides a clear instrument-level breakdown: 771,200 shares for Praetorian Fund, including 180,800 warrants and 590,400 call-option shares, plus 150,000 shares held by Mongolia, measured against a 26,585,258 share base. Reported percentages 2.9%, Mongolia ~0.6%, combined Kupperman ~3.4%) are below the 5% threshold referenced in the filing, implying limited immediate market impact. The identification of instruments exercisable within 60 days is material for potential dilution and voting exposure if exercised.
TL;DR: Reporting persons characterize positions as non-control and provide standard Schedule 13G disclosure for transparency.
The statement names each reporting entity and their relationships 2.9%, Mongolia ~0.6%, Kupperman combined ~3.4%), the filing aligns with passive investor reporting under Schedule 13G rather than an active control filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Inmune Bio, Inc.
(Name of Issuer)
Common Stock, par value $0.001 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
Praetorian PR LLC
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
PUERTO RICO
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
771,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
771,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
771,200.00
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)
2.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
45782T105
1
Names of Reporting Persons
Praetorian Capital Fund LLC
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
771,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
771,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
771,200.00
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)
2.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
45782T105
1
Names of Reporting Persons
Praetorian Capital Management LLC
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
771,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
771,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
771,200.00
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)
2.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
45782T105
1
Names of Reporting Persons
Mongolia (Barbados) Corp.
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
BARBADOS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
150,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
150,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
150,000.00
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)
0.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
45782T105
1
Names of Reporting Persons
Mongolia Growth Group Ltd.
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
ALBERTA, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
150,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
150,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
150,000.00
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)
0.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
45782T105
1
Names of Reporting Persons
Kupperman Harris
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
921,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
921,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
921,200.00
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)
3.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Inmune Bio, Inc.
(b)
Address of issuer's principal executive offices:
225 NE Mizner Boulevard, Suite 640, Boca Raton, FL 33432
Item 2.
(a)
Name of person filing:
This statement is filed by Praetorian Capital Fund LLC ("Praetorian Fund"), Praetorian PR LLC ("Praetorian PR"), Praetorian Capital Management LLC ("PCM"), Mongolia (Barbados) Corp. ("Mongolia"), Mongolia Growth Group Ltd. ("MGG") and Harris Kupperman. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
Praetorian PR serves as the investment manager of Praetorian Fund and may be deemed to beneficially own the shares of common stock, par value $0.001 per share, of the Issuer (the "Shares") owned directly by Praetorian Fund. PCM serves as the manager of Praetorian Fund and may be deemed to beneficially own the Shares owned directly by Praetorian Fund. MGG is the controlling person and sole shareholder of Mongolia and may be deemed to beneficially own the Shares owned directly by Mongolia. Mr. Kupperman, as the managing member of each of Praetorian PR and PCM may be deemed to beneficially own the Shares owned directly by Praetorian Fund, and as the CEO and Executive Chairman of MGG may be deemed to beneficially own the Shares owned directly by Mongolia.
(b)
Address or principal business office or, if none, residence:
The address of the principal office of each of Praetorian PR and Mr. Kupperman is Carr 429, Km 4.1, Bo. Barrero, Rincon, Puerto Rico 00677. The address of the principal office of each of Praetorian Fund and PCM is 3271 Riviera Drive, Coral Gables, Florida 33134. The address of the principal office of each of Mongolia and MGG is 100 King Street West, Suite 5600, Toronto, Ontario, Canada, M5X 1C9.
(c)
Citizenship:
Each of Praetorian Fund and PCM are organized under the laws of Delaware. Praetorian PR is organized under the laws of Puerto Rico. Mongolia is organized under the laws of Barbados. MGG is organized under the laws of Alberta, Canada. Mr. Kupperman is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, par value $0.001 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:
As of the close of business on June 30, 2025:
(i) Praetorian Fund directly beneficially owned 771,200 Shares, consisting of 180,800 Shares issuable upon the exercise of certain warrants exercisable within 60 days of June 30, 2025 (the "Warrants") and 590,400 Shares underlying certain call options exercisable within 60 days of June 30, 2025;
(ii) Praetorian PR, as the investment manager of Praetorian Fund, may be deemed the beneficial owner of the 771,200 Shares directly beneficially owned by Praetorian Fund;
(iii) PCM, as the manager of Praetorian Fund, may be deemed the beneficial owner of the 771,200 Shares directly beneficially owned by Praetorian Fund;
(iv) Mongolia directly beneficially owned 150,000 Shares, consisting of 150,000 Shares underlying certain call options exercisable within 60 days of June 30, 2025;
(v) MGG, as the controlling person and sole shareholder of Mongolia, may be deemed the beneficial owner of the 150,000 Shares directly beneficially owned by Mongolia; and
(vi) Mr. Kupperman, as the managing member of each of Praetorian PR and PCM and the CEO and Executive Chairman of MGG, may be deemed the beneficial owner of the 771,200 Shares directly beneficially owned by Praetorian Fund and the 150,000 Shares directly beneficially owned by Mongolia.
The filing of this Schedule 13G shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that such Reporting Person does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)
Percent of class:
The following percentages are based on 26,585,258 Shares outstanding as of June 30, 2025, which is the total number of Shares outstanding as disclosed in the Issuer's Prospectus Supplement on Form 424B5 filed with the Securities and Exchange Commission on June 30, 2025, plus the Shares underlying the Warrants that may be exercised by the Reporting Persons, as applicable.
As of the close of business on June 30, 2025, (i) Praetorian Fund beneficially owned approximately 2.9% of the outstanding Shares, (ii) each of Praetorian PR and PCM may be deemed to beneficially own approximately 2.9% of the outstanding Shares, (iii) Mongolia beneficially owned approximately 0.6% of the outstanding Shares, (iv) MGG may be deemed to beneficially own approximately 0.6% of the outstanding Shares and (v) Mr. Kupperman may be deemed to beneficially own approximately 3.4% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on January 15, 2025.
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.
Praetorian PR LLC
Signature:
/s/ Harris Kupperman
Name/Title:
Harris Kupperman, Managing Member
Date:
08/14/2025
Praetorian Capital Fund LLC
Signature:
/s/ Harris Kupperman
Name/Title:
Harris Kupperman, Managing Member of its Manager
Date:
08/14/2025
Praetorian Capital Management LLC
Signature:
/s/ Harris Kupperman
Name/Title:
Harris Kupperman, Managing Member
Date:
08/14/2025
Mongolia (Barbados) Corp.
Signature:
/s/ Genevieve Walkden Jackson
Name/Title:
Genevieve Walkden Jackson, Chief Financial Officer of its Controlling Person and Sole Shareholder
How many INMB shares does Praetorian Capital Fund LLC beneficially own?
Praetorian Capital Fund LLC beneficially owns 771,200 shares, consisting of 180,800 shares issuable upon warrants and 590,400 shares underlying call options exercisable within 60 days.
What percentage of INMB does Praetorian Fund own?
Praetorian Fund's position represents approximately 2.9% of the outstanding shares based on a 26,585,258 share base disclosed in the filing.
How many INMB shares does Mongolia (Barbados) Corp. hold?
Mongolia (Barbados) Corp. directly beneficially owns 150,000 shares underlying call options, representing about 0.6% of the class.
What is Harris Kupperman's reported beneficial ownership of INMB?
Harris Kupperman may be deemed to beneficially own a combined 921,200 shares3.4%), reflecting holdings attributable to Praetorian entities and Mongolia as described in the filing.
Were the INMB securities acquired to influence control of the company?
The filing includes a certification stating the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.
