Full Transcript: INmune Bio Q2 2026 Earnings Call

INmune Bio (NASDAQ: INMB ) held its second-quarter earnings conference call on Thursday. Below is the complete transcript from the call. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

5 million in Q2 2025, primarily due to a prior period impairment charge. 3 million. 4 million in cash and expects this to fund operations into Q2 2027. Key strategic initiatives include the advancement of ABSTRACEL, with expected UK MAA submission by Q4 2026 and US BLA submission in Q1 2027.

XPro received FDA Fast Track designation and showed promising Phase 2 study results for early Alzheimer's disease. The company is focused on strategic partnership opportunities to accelerate programs, particularly for Alzheimer's disease. INmune Bio is working towards global regulatory submissions for ABSTRACEL, with a strong manufacturing and supply chain foundation in place. Future milestones include submissions to the EMA and FDA, with an emphasis on disciplined execution and capital preservation.

Full Transcript OPERATOR Welcome to INmune Bio's second quarter 2026 earnings call. At this time all participants are in a listen-only mode. Following the presentation there will be a question-and-answer session, at which time you may press star-one to ask a question. As a reminder, this conference call is being recorded.

A transcript will be available approximately 24 hours after the call. Before we begin, please note that, except for statements of historical fact, statements made by management and responses to questions may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

Please review the forward-looking statements disclaimer in today's earnings release and the risk factors described in the company's filings with the SEC, including its most recent quarterly report. Forward-looking statements speak only as of the date they are made and, except as required by law, INmune Bio undertakes no obligation to update them. It is now my pleasure to turn the call over to INmune Bio's Chief Executive Officer, David Maher. David Maher, Chief Executive Officer Thank you for joining INmune Bio's second quarter conference call.

The second quarter and the weeks that followed were defined by execution across both of our late-stage platforms. I will begin with the investor perspective on the progress we have made. I will then turn the call over to Dr. Mark Liddell, our Chief Scientific Officer and the inventor of Cordstrom, to discuss ABSTRACEL and the Cordstrom platform in greater detail.

Corey Alsperman will review our financial results and I will return to discuss the milestones ahead before we open the call for questions. For ABSTRACEL, we secured formal MHRA alignment, received approval of the Pediatric Investigation Plan, completed a commercial manufacturing milestone, and strengthened our long-term supply chain. Together, these achievements materially reduced regulatory and operational risk. Ahead of our planned UK Marketing Authorization Application, we now expect to submit the ABSTRACEL MAA to the MHRA by the end of Q3 or early Q4 2026.

The application will seek conditional marketing authorization in RDEB and is supported by written MHRA alignment across the CMC, non-clinical, and clinical evidence packages. The agency also recognized the Mission EB data as demonstrating clinically meaningful symptomatic benefits, particularly in pain and pruritus. After submitting the MAA in the UK, we plan to submit the MAA to the EMA in early 2027 along with a BLA in the US seeking conditional approval. Manufacturing readiness has advanced in parallel.

We successfully processed the first commercial-ready umbilical cord tissue at the Cell and Gene Therapy Catapult facility in Stevenage and transferred the MSC isolation stage used to manufacture master cell banks into the intended commercial facility. Combined with our expanded Anthony Nolan agreement, this gives us a scalable supply foundation designed to support UK, EU, and US filings and future commercial supply. We also advanced the Cordstrom platform patent application into the US national phase and established a working Scientific Advisory Board of internationally recognized MSC and RDEB experts.

The SAB will help strengthen ABSTRACEL's late-stage development package and prioritize additional disease-specific applications of the Cordstrom platform. XPro also reached important milestones this quarter. FDA granted Fast Track designation for early Alzheimer's disease and the Phase 2 MINDful study showed a statistically significant treatment effect on white matter myelin MRI biomarkers in the full modified intent-to-treat population. 46.

59. Expanded analysis presented at AAIC showed concordant treatment-related effects across independent white matter and cortical gray matter measures at week 24. These data, together with our successful end-of-phase-2 alignment with the FDA and publication of the MINDful results in NPJ Dementia, strengthened the clinical and regulatory foundation of the phase 2b/3 program. The peer-reviewed report shows directionally consistent benefit across clinical and biomarker endpoints in the prespecified inflammation-rich subgroup, with no amyloid-related imaging abnormalities observed.

Recent TBI—traumatic brain injury—and oncology data also support broader platform optionality. Although our clinical priority remains Alzheimer's disease, we continue to evaluate strategic partnership opportunities that could accelerate the program while preserving meaningful value for INmune shareholders. While we focus all of our attention and resources on getting ABSTRACEL to the RDEB patients who are in great need. With that, I will turn the call over to Dr.

Mark Liddell to discuss the Cordstrom program in greater detail. Mark Liddell, Chief Scientific Officer Thank you, David. I want to focus on three key areas in the road to bringing ABSTRACEL to the market that have been materially de-risked since our last call: first, the regulatory package; second, the manufacturing and supply chain; and third, the broader Cordstrom platform from which ABSTRACEL is the first product to market. First, the MHRA's official minutes from our May 12 pre-MAA scientific advice meeting confirmed their alignment across every question that we submitted, covering CMC, non-clinical, and clinical matters.

This is important because it gives us a defined path for the planned conditional marketing authorization application, rather than requiring us to infer what the agency might expect. Second, the MHRA approved the ABSTRACEL Pediatric Investigation Plan in less than three months. The pediatric strategy incorporates the planned open-label phase 3 confirmatory study, and the agency's feedback recognized the Mission EB phase 2 data as demonstrating clinically meaningful improvement in symptoms that matter to patients, mostly pain and pruritus, or itch. The feedback also supports evaluating ABSTRACEL as a chronic or intermittent supportive therapy in RDEB.

Third, we completed a key commercial manufacturing milestone at the Cell and Gene Therapy Catapult Centre, the manufacturing innovation centre in Stevenage, for ABSTRACEL and for subsequent cell drugs from the Cordstrom platform. The first commercial-compliant cord tissues have been processed successfully and the MSC isolation stage for manufacture of the master cell banks was transferred into the facility intended to support registration and subsequently future commercial supply. Our expanded agreement with the Anthony Nolan cord blood bank secures long-term access to qualified umbilical cord tissue for the platform for use in the UK and the EU and the US.

This matters because the Cordstrom platform was designed to solve two persistent challenges that we've seen in MSC therapy over the past: donor variability and manufacturing inconsistency. Our proprietary donor screening, pooling, and expansion processes are intended to produce an off-the-shelf, scalable, batch-to-batch consistent cell medicine, and that is what we have shown the MHRA. The recent manufacturing work brings the initial master cell bank production stage into the commercial-ready manufacturing supply chain. We have also strengthened the platform from which the ABSTRACEL lead program is derived.

The Cordstrom patent application entered the US national phase following a favorable international written opinion and, if granted, could provide broad protection into at least 2045. In addition, our newly formed Scientific Advisory Board brings together major leaders in MSC clinical translation, potency assessment, manufacturing, rare pediatric skin disease, and additional therapeutic areas that we can focus on. This is a working advisory board with defined priorities including phase 3 design, translational biomarker identification, potency and release assays, and selection of these additional indications.

Taken together, these achievements give us greater confidence that the scientific, clinical, regulatory, and manufacturing components required for a successful filing are now converging. Our immediate objective is to submit the UK MAA by the end of Q3 or early Q4 this year, followed by the planned European and US filings, while preparing the platform for future indications. I'll now turn the call over to Corey for a review of our financial results. Corey Alsperman Thank you, Mark.

I'll provide a brief overview of our financial results for the second quarter. 5 million for the quarter ended June 30, 2025. 5 million impairment charge related to acquired in-process research and development intangible assets. 8 million of expense for the quarter ended June 30, 2025.

The research and development benefit during the 2026 period was primarily due to the recognition of additional Australian research and development rebate. 3 million for each of the quarters ended June 30, 2026 and June 30, 2025. 2 million in Australian research and development tax rebate, providing non-dilutive capital to support our development programs. Based on our current operating plan, we believe our existing cash resources are sufficient to fund operations into the second quarter of 2027.

8 million shares of common stock outstanding. I will now turn the call back to David. David Maher, Chief Executive Officer Thank you, Corey. Before we open the call for questions, I'd like to leave you with a clear view of the value-driving milestones ahead.

INmune Bio now has two differentiated late-stage platforms. ABSTRACEL is approaching global regulatory submissions with a commercial manufacturing and supply foundation in place. XPro is supported by FDA Fast Track designation and the phase 2 alignment and statistically significant phase 2 imaging data. We believe this combination provides both a near-term regulatory opportunity and meaningful long-term pipeline value.

Based on our current plans and subject to regulatory feedback, investors should watch for four principal milestones. First, we expect to submit the ABSTRACEL Marketing Authorization Application to the UK MHRA this year, seeking conditional marketing authorization in RDEB. Second, following the UK submission, we plan to submit ABSTRACEL to the European Medicines Agency, expanding the regulatory strategy to patients across the European Union early next year. S.

Food and Drug Administration in the first quarter of 2027. Fourth, we continue advancing the XPro registrational strategy and evaluating strategic partnerships supported by FDA Fast Track designation. End of Phase 2 alignment and increasingly consistent clinical imaging evidence from Mindful. In parallel, we will continue commercial readiness work for Abstracel, including manufacturing, supply chain, market access, and distribution planning.

The new Cordstrom Scientific Advisory Board will also begin executing against defined priorities for late-stage development and platform expansion. Taken together, these activities provide a clear path to multiple regulatory and strategic value inflection points. Our priority is disciplined execution, completing high-quality submissions, preserving capital, and building the capabilities required to deliver these therapies to patients.

I want to thank our employees for their relentless dedication; our investigators and clinical collaborators for their partnerships; the patients and families who have placed their trust in us; and our shareholders for their continued confidence and support. Our team is motivated, working tremendously hard, and is always thinking about the patients we serve and are dedicated to improving their lives. We believe the next several quarters can redefine INmune Bio as we move from clinical development toward regulatory review and potential commercialization. We look forward to updating you as we execute against these milestones.

With that, I'd like to move to questions and answers. Thank you. OPERATOR Thank you, ladies and gentlemen. We will now begin the question-and-answer session.

Should you have a question, please press the star followed by the one on your touchtone phone. Should you wish to cancel your request, please press the star followed by the two. If you are using a speakerphone, please lift the handset before pressing in any case. Once again, that is star one should you wish to ask a question.

Your first question is from James Malloy from Alliance Global Partners. Your line is now open. James Malloy, Analyst at Alliance Global Partners Hi, thank you very much for taking my question. S.

trial, is that the 12-month open-label safety trial we discussed previously, or is this a different trial? David, I'm not sure if you're on mute. David Maher, Chief Executive Officer Sorry about that. Hi James, it's David here.

Because we are submitting Abstracel for conditional approval, we have a follow-on trial that will be running during the approval process. So this is a Phase 3 confirmation trial. It's the same one we spoke about earlier, James Malloy, Analyst at Alliance Global Partners I think. Yeah, previously we talked about a 12-month open-label safety trial not needed for filing.

Is that this, or is the 12-month safety trial also going to be running in addition to this? David Maher, Chief Executive Officer No, it's one trial and it is a safety and confirmation trial. James Malloy, Analyst at Alliance Global Partners Okay, all right. You guys had already guided to this and that's the one you talked about before.

Okay, very good. David Maher, Chief Executive Officer That's right. James Malloy, Analyst at Alliance Global Partners And when you look at the UK filing or the EU filing, sort of the next two filings, what do you guys see as the biggest—sort of the biggest thing they'll be looking for? I think we obviously know the potential benefits of Abstracel.

What do you think are the biggest hurdles that you think they'll be looking for against approval, and how you've addressed those? David Maher, Chief Executive Officer Yeah, so the UK is very straightforward, very clear. We're very far along with the discussions that we've had with them. If you look at the top complaints from EB patients, RDEB patients, number one and two is pain and itch.

And in fact, the FDA did a patient response outcome forum, I think in 2018. You can find it on YouTube from the FDA's website. And again, the top complaints are itch and pain. And clearly itch is also related to wounds.

You know, if you have an existing wound and you itch it, you introduce bacteria, you keep it from healing. These patients have such sensitive skin that even if they don't have a wound and they itch, they can very easily open up a wound. And so itch—if you talk to the investigators, they'll clearly tell you that itch is a factor with wound healing and persistent wounds and opening up new wounds. The regulators in all three jurisdictions realize that.

There's published papers around that. So, you know, there have been trials also in itch. So we're moving forward with itch/pain as a primary endpoint. So we feel very confident about it.

It's clear with the investigators, it's clear with the patients. And in our trial, we also did, in the ABDASI score—which was not the primary—pick up the wound scores later in the trial around the six-month mark. Because if you think about it, over a period of time when you're not itching, it takes a while to see those results in terms of wounds. And that's what we saw in the trial.