On November 8, 2019 INmune Bio, Inc. (NASDAQ: INMB) (the "Company"), an immunology company developing treatments that harness the patient’s innate immune system to fight disease, reported its financial results for the third quarter ended September 30, 2019 and is providing a business update (Press release, INmune Bio, NOV 8, 2019, View Source [SID1234551121]).
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Q3 2019 and Recent Highlights:
·Launched NeuLiv(TM) program for the treatment of NASH
.Presented data related to lead compound XPro1595 at the Society for Neuroscience’s annual meeting
·Announced a potential link between obesity and Alzheimer’s Disease at the Society for Neuroscience 49th annual meeting: Dr. Malú Tansey’s new data was highlighted at the corresponding press conference
·Announced USPTO Allowance of Key Patent Covering the Company’s DN-TNF Platform Technology for Treating Cancer
·Presented XPro1595 for Treating Neuroinflammation in Alzheimer’s Disease at 2019 Alzheimer’s Association International Conference (AAIC) Satellite Symposium
·Invited to present at industry meetings in the US and EU including Targeting Innate Immunity Congress, Inflammasome Therapeutics Summit and Markets&Markets Next Gen Immuno-Oncology Congress
"During the quarter we advanced our existing programs and expanded our pipeline of therapies reprograming the innate immune system to fight disease," stated RJ Tesi, M.D., Chief Executive Officer of INmune Bio. "For our existing pipeline, we are looking to the up-coming Phase II trials for INB03 and Phase 1 trials of INKmune(TM) in Cancer and XPro1595 for Alzheimer’s Disease. Also, we expanded our pipeline with the launch of our NeuLiv(TM) program for the treatment of NASH which we expect to start a Phase 2a trial next year. Looking ahead, the team at INmune Bio is focused on executing against our upcoming milestones to maximize shareholder value."
Upcoming Milestones:
·4Q19 – First patient enrolled XPro1595 Alzheimer’s Disease trial
·1H20 – Initiate INB03 Phase II cancer trial
·2H20 – Initiate NeuLiv(TM) Phase IIa trial in NASH
·2H20 – First patient enrolled INKmune(TM) cancer trial
·2H20 – Phase I data on Alzheimer’s Disease XPro1595 AD data
·Financial Results for the Third Quarter Ended September 30, 2019:
Net loss attributable to common stockholders for the third quarter ended September 30, 2019 was $3.1 million, compared to $1.5 million for the quarter ended September 30, 2018.
Research and development expense totaled approximately $1.2 million for the third quarter ended September 30, 2019, compared with approximately $0.7 million for the quarter ended September 30, 2018. Research and development expenses increased during the three months ended September 30, 2019 as a result of the further advancement of our drug platforms.
General and administrative expense was approximately $1.9 million in the quarter ended September 30, 2019, compared to approximately $0.9 million in the quarter ended September 30, 2018. The $1.0 million increase in general and administrative expense is largely due to costs associated with being a public company.
At September 30, 2019, the Company had cash and cash equivalents of approximately $7.4 million with no debt. During October 2019, the Company received $0.4 million of cash proceeds from Australia pursuant to a research and development tax credit.
As of November 8, 2019, the Company had 10.8 million common and 13.9 million fully diluted shares outstanding.