Persistent cash burn is evident as free cash flow remains deeply negative, with quarterly outflows reaching as high as $11.0 million, while stock-based compensation of $2.4 million in 2024Q2 masks the true economic cost of operations.
| Cash from Operations | -19.17M | -22.58M | -33.36M | -11.98M | -22.69M | -28.5M | -8.94M | -5.38M | -2.06M | -761.83K | -317.38K | -18.12K |
| Operating CF Margin % | - | -45164% | -238292.86% | -7729.03% | -6065.78% | -15748.07% | -81305.87% | - | - | - | - | - |
| Operating CF Growth % | 151.92% | 32.31% | -178.47% | 47.19% | 20.41% | -218.71% | -66.09% | -161.52% | -170.27% | -140.04% | -1651.73% | - |
| Net Income | -41.6M | 0 | -42.08M | -30.01M | -27.3M | -30.34M | -12.1M | -7.68M | -12.44M | -831.49K | -277.49K | -48.87K |
| Depreciation & Amortization | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | -2.08M | 0 | 7.61M | 7.37M | 7.15M | 4.8M | 0 | 4.1M | 10M | 199.56K | 0 | 120K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -18.7M | -20.05M | 79K | 224K | 328K | 126K | 3.11M | -1.54M | 9.81M | -150K | 50K | 30K |
| Working Capital Changes | -2.82M | -2.53M | 1.04M | 10.44M | -2.86M | -3.09M | 43.51K | -260.88K | 379.67K | 20.1K | -89.89K | 750 |
| Change in Receivables | 646K | -3.13M | 1.03M | 6.02M | -2.96M | -3.71M | -1.15M | 2.22K | -319.98K | -67.12K | -260.49K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 2.96M | 3.71M | 0 | -2.22K | 0 | 0 | 0 | 0 |
| Change in Payables | -1.9M | 1.85M | -1.37M | 2.72M | 1.4M | 2.26M | 1.08M | -131.68K | 514.05K | 238.91K | 220.06K | 0 |
| Cash from Investing | -1.04M | -1.04M | 0 | 0 | 0 | -15M | 0 | 0 | 0 | -100K | 0 | 0 |
| Capital Expenditures | -1.6M | -1.04M | 0 | 0 | 0 | -15M | 0 | 0 | 0 | -100K | 0 | 0 |
| CapEx % of Revenue | - | 2084% | - | - | - | 8287.29% | 0.04% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 563K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Cash from Financing | 22.34M | 27.61M | 18.21M | -4.22M | 729K | 96.36M | 23.9M | 12.21M | 900K | 2.06M | 450K | 30K |
| Debt Issued (Net) | 0 | 0 | -10M | -5M | 0 | 14.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 22.34M | 27.61M | 27.79M | 775K | 699K | 80.25M | 23.9M | 12.21M | 900K | 2.06M | 450K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -1.01M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 422K | 0 | 30K | 1.15M | 0 | 0 | 0 | 0 | 0 | 120K |
| Net Change in Cash | 2.02M | 3.83M | -14.93M | -16.3M | -22.66M | 52.84M | 14.97M | 6.81M | -1.18M | 1.23M | 129.78K | 11.88K |
| Free Cash Flow | -20.78M | -23.62M | -33.36M | -11.98M | -22.69M | -43.5M | -8.94M | -5.38M | -2.06M | -861.83K | -317.38K | -18.12K |
| FCF Margin % | - | -47248% | -238292.86% | -7729.03% | -6065.78% | -24035.36% | -81305.91% | - | - | - | - | - |
| FCF Growth % | 36.48% | 29.19% | -178.47% | 47.19% | 47.85% | -386.42% | -66.1% | -161.52% | -138.91% | -171.55% | -1651.73% | - |
| FCF per Share | -0.78 | -0.89 | -1.67 | -0.67 | -1.27 | -2.70 | -0.75 | -0.52 | -0.18 | -0.08 | -0.06 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.49x | 0.79x | 0.40x | 0.83x | 0.94x | 0.74x | 0.70x | 0.17x | 0.92x | 1.15x | 0.37x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
According to quarterly financial statements, INMB's operating cash flow consistently trails net losses, with an OCF/NI ratio fluctuating between 0.30 and 1.19, suggesting that non-cash items and working capital volatility frequently obscure the true magnitude of the company's underlying cash consumption during its clinical development phase.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual liquidity needs. Investors should monitor the persistent gap between accounting losses and cash outflows, as this suggests that the company's reliance on non-cash adjustments may mask the accelerating pace of its operational cash requirements.
As reported in recent filings, INMB's free cash flow remains deeply negative, with quarterly outflows reaching as high as $11.0 million, confirming that the company is currently in a state of sustained cash depletion to support its ongoing neuroinflammation and oncology clinical trial programs.
The trajectory of free cash flow appears to be dictated entirely by the intensity of clinical trial enrollment and site activity rather than any internal revenue generation. This trend warrants further investigation into how long the current $24.75 million cash position can sustain operations before additional dilutive financing becomes necessary.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $3.4 million inflow in 2024Q3 to a $3.6 million outflow in 2024Q4, which highlights the unpredictable nature of the company's short-term cash management during its pre-commercial stage.
These fluctuations suggest that the company's cash position is sensitive to the timing of vendor payments and clinical trial accruals. Such volatility may indicate that management is actively managing liquidity by timing payments around capital raises, which could create temporary distortions in the reported cash flow figures.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $2.4 million in 2024Q2, serves as a significant non-cash add-back that effectively masks the true economic cost of talent acquisition required to maintain the company's complex DN-TNF platform development.
While stock-based compensation is a standard tool for biotech firms to preserve cash, it represents a real economic cost to shareholders through dilution. Investors should interpret these figures as a hidden operational expense that, if converted to cash, would significantly accelerate the company's current burn rate.
Quick answers to the most common questions about buying INMB stock.
INmune Bio, Inc. (INMB) generated $-22.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
INmune Bio, Inc. (INMB) reported negative free cash flow of $23.6M in 2025, indicating capital requirements exceeded cash from operations.
INmune Bio, Inc. (INMB) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.