INmune Bio, Inc. Reports Third Quarter 2019 Financial Results and Provides Shareholder Update
LA JOLLA, Calif., Nov. 08, 2019 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the “Company”), an immunology company developing treatments that harness the patient’s innate immune system to fight disease, today reported its financial results for the third quarter ended September 30, 2019 and is providing a business update.
Q3 2019 and Recent Highlights:
“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™ in Cancer and XPro1595 for Alzheimer’s Disease. Also, we expanded our pipeline with the launch of our NeuLiv™ 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.”
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.
About INmune Bio, Inc.
Information about Forward-Looking Statements
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The following table summarizes our results of operations for the periods indicated:
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CONSOLIDATED STATEMENTS OF OPERATIONS
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