INmune Bio, Inc.

Net loss attributable to common stockholders was approximately $1.3 million for Q2 2026 versus approximately $24.5 million in Q2 2025; the prior-year quarter included a $16.5 million impairment charge. Research and development was a benefit of approximately $800 thousand in Q2 2026 versus approximately $5.8 million of expense in Q2 2025, driven mainly by an Australian R&D rebate. General and administrative expense was approximately $2.3 million in both quarters. Cash and cash equivalents were approximately $18.4 million at 6/30/26, and the company later received approximately $4.2 million in an Australian R&D tax rebate. Management said existing cash is sufficient to fund operations into Q2 2027. Forward-looking targets: UK MAA for Ebstracel by end of Q3 or early Q4 2026, EMA filing in early 2027, and US BLA in Q1 2027.

David J. Moss framed the quarter as a step change in execution across the company’s two late-stage platforms, with Ebstracel as the clear priority. He said the company materially reduced regulatory and operational risk, and emphasized that the team is moving toward global submissions with commercial readiness work underway. His tone was confident but cautious, stressing disciplined execution, capital preservation, and a focus on getting the therapy to RDEB patients.

Cory Ellspermann highlighted a much smaller reported loss, lower R&D expense due to the Australian rebate, and stable G&A at approximately $2.3 million. He said cash was approximately $18.4 million at quarter-end and that the company later received approximately $4.2 million more from the rebate program. He estimated burn at about $1 million to $1.5 million per month and said the company does not expect rebate levels like the recent period to repeat over the next 12 months.

Analysts focused on whether the phase 3/open-label follow-on study for Ebstracel was the same 12-month safety trial previously discussed, and management confirmed it is one trial that serves as a safety and confirmation study. Questions also centered on the key approval hurdles for the UK and EU, with Moss saying pain and itch are the most important patient symptoms regulators recognize and that the trial’s wound data emerged later. Management also laid out the trial as roughly 40 to 45 patients, with about 33 already lined up, 1 to 2 enrollments per week, and data expected around mid-2028. On commercialization, Moss said the UK launch would build from the existing treatment centers and that reimbursement discussions could begin after filing; he also said pricing is expected around $400 thousand to $500 thousand per year per child.