The company exhibits negligible top-line growth, with TTM revenue totaling only $50,000, while R&D intensity continues to drive substantial operating losses that reached $5.8 million in 2026Q1.
| Sales/Revenue | 0 | 50K | 14K | 155K | 374K | 181K | 11K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | 257.14% | -90.97% | -58.56% | 106.63% | 1545.45% | - | - | - | - | - | - |
| Cost of Goods Sold | 108K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -108K | 50K | 14K | 155K | 374K | 181K | 11K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | 257.14% | -90.97% | -58.56% | 106.63% | 1545.45% | - | - | - | - | - | - |
| Operating Expenses | 43.18M | 30.92M | 42.65M | 29.9M | 26.32M | 29.33M | 12.24M | 7.76M | 12.44M | 981.48K | 227.49K | 48.87K |
| OpEx % of Revenue | - | 61838% | 304635.71% | 19287.74% | 7038.77% | 16206.63% | 111263.64% | - | - | - | - | - |
| Selling, General & Admin | 10.12M | 10.26M | 9.48M | 9.62M | 9.26M | 8.79M | 6.32M | 4.47M | 9.09M | 546.12K | 126K | 48.87K |
| SG&A % of Revenue | - | 20520% | 67735.71% | 6208.39% | 2475.4% | 4856.91% | 57463.64% | - | - | - | - | - |
| Research & Development | 16.66M | 20.66M | 33.17M | 20.27M | 17.07M | 20.54M | 5.92M | 3.28M | 1.1M | 435.36K | 101.5K | 0 |
| R&D % of Revenue | - | 41318% | 236900% | 13079.35% | 4563.37% | 11349.72% | 53790.91% | - | - | - | - | - |
| Other Operating Expenses | 892K | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | -6 | 0 | 0 |
| Operating Income | -43.29M | -30.87M | -42.63M | -29.74M | -25.95M | -29.15M | -12.23M | -7.76M | -12.44M | -981K | -227K | -48.87K |
| Operating Margin % | - | -61738% | -304535.71% | -19187.74% | -6938.77% | -16106.63% | -111163.64% | - | - | - | - | - |
| Operating Income Growth % | - | 27.6% | -43.35% | -14.6% | 10.98% | -138.41% | -57.66% | 37.65% | -1168.09% | -332.16% | -364.52% | - |
| EBITDA | -26.72M | -30.79M | -42.08M | 0 | 0 | 0 | 0 | -7.68M | 0 | 480 | 491 | 146.6K |
| EBITDA Margin % | - | -61570% | -300585.71% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 14.4% | 26.85% | - | - | - | - | 100% | - | -100% | -2.24% | -99.67% | - |
| D&A (Non-Cash Add-back) | 56K | 84K | 553K | 29.74M | 25.95M | 29.15M | 12.23M | 0 | 12.44M | 981.48K | 227.49K | 195.47K |
| EBIT | -26.78M | -30.87M | -42.63M | -29.74M | -25.95M | -29.15M | -12.23M | -7.68M | -12.44M | -831K | -277K | -48.87K |
| Net Interest Income | 210K | 850K | 0 | 0 | 0 | 0 | 0 | 77.69K | 0 | 0 | 0 | 0 |
| Interest Income | 210K | 850K | 0 | 0 | 0 | 0 | 0 | 77.69K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.69M | -15.06M | 553K | -267K | -1.35M | -1.19M | 129K | 77.69K | 0 | 149.99K | -50K | 0 |
| Pretax Income | -41.6M | -45.93M | -42.08M | -30.01M | -27.3M | -30.34M | -12.1M | -7.68M | -12.44M | -831K | -277K | -48.87K |
| Pretax Margin % | - | -91866% | -300585.71% | -19360% | -7299.2% | -16762.43% | -109990.91% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -41.6M | -45.93M | -42.08M | -30.01M | -27.3M | -30.34M | -12.1M | -7.68M | -12.44M | -831K | -277K | -48.87K |
| Net Margin % | - | -91866% | -300585.71% | -19360% | -7299.2% | -16762.43% | -109990.91% | - | - | - | - | - |
| Net Income Growth % | -1.97% | -9.15% | -40.24% | -9.92% | 10.02% | -150.76% | -57.57% | 38.28% | -1396.99% | -200% | -466.83% | - |
| Net Income (Continuing) | -41.6M | -45.93M | -42.08M | -30.01M | -27.3M | -30.34M | -12.1M | -7.68M | -12.44M | -831K | -277K | -48.87K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.56 | -1.86 | -2.11 | -1.67 | -1.52 | -1.88 | -1.01 | -0.89 | -1.11 | -0.07 | -0.05 | -0.01 |
| EPS Growth % | 12.89% | 11.85% | -26.35% | -9.87% | 19.15% | -86.14% | -13.48% | 19.82% | -1397.98% | -36.72% | - | - |
| EPS (Basic) | - | -1.86 | -2.11 | -1.67 | -1.52 | -1.88 | -1.01 | -0.89 | -1.11 | -0.07 | -0.05 | -0.01 |
| Diluted Shares Outstanding | 26.59M | 26.59M | 19.94M | 17.98M | 17.93M | 16.13M | 11.99M | 10.27M | 11.22M | 11.22M | 5.11M | 5M |
| Basic Shares Outstanding | 26.59M | 26.59M | 19.94M | 17.98M | 17.93M | 16.13M | 11.99M | 10.27M | 11.22M | 11.22M | 5.11M | 5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As indicated by recent financial filings, INMB currently generates negligible revenue, with TTM figures showing only $50,000 in sporadic income, confirming the company remains in a pre-commercial stage where top-line growth is non-existent and entirely dependent on future clinical milestones rather than current product sales.
The lack of consistent revenue streams underscores the company's status as a pure-play clinical development entity. Investors should interpret the absence of recurring income as a signal that valuation is tied exclusively to the progression of the XPro1595 and INKmune platforms rather than operational scale.
Based on reported income statements, R&D expenses remain the primary driver of the company's cost structure, with quarterly outlays frequently exceeding $7 million, which highlights the significant capital requirements necessary to sustain ongoing Phase 2 clinical trials for its neuroinflammation and oncology pipeline candidates.
The concentration of spending in R&D is consistent with the company's strategic focus on biomarker-driven trials. However, the persistent gap between these expenditures and the lack of commercial revenue suggests that the current cost structure is unsustainable without continued external financing or strategic partnerships.
According to historical income data, INMB exhibits extreme negative operating leverage, as the company continues to incur substantial operating losses that scale with clinical trial activity rather than revenue, reflecting a business model that is currently entirely decoupled from traditional economies of scale or operational efficiency.
The absence of a gross profit margin in most periods renders traditional operating leverage metrics irrelevant for this firm. The primary concern for analysts is the lack of a clear path to overhead absorption until the company can transition from a research-heavy cost structure to a commercial manufacturing model.
As reported in recent SEC filings, the company's reliance on frequent equity offerings to fund its $24.75 million cash position suggests that shareholders face significant dilution risk, which may offset the potential upside from the company's proprietary DN-TNF platform if clinical timelines are further extended.
Short-term observers may focus on the high burn rate relative to the current cash balance as a primary indicator of financial fragility. The necessity of raising capital to bridge the gap to Phase 3 trials warrants further investigation into the company's ability to secure non-dilutive funding or partnerships.
Quick answers to the most common questions about buying INMB stock.
For fiscal year 2025, INmune Bio, Inc. (INMB) reported total revenue of $0.1M.
INmune Bio, Inc. (INMB) reported a net loss of $45.9M for the fiscal year ending 2025.
INmune Bio, Inc. (INMB) reported an operating income of $-30.9M, resulting in an operating profit margin of -61738.0%. This margin reflects the operational efficiency of the business before interest and taxes.
INmune Bio, Inc. (INMB) generated $0.1M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.