<SEC-DOCUMENT>0001213900-20-035894.txt : 20201109
<SEC-HEADER>0001213900-20-035894.hdr.sgml : 20201109
<ACCEPTANCE-DATETIME>20201109161029
ACCESSION NUMBER:		0001213900-20-035894
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20201105
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201109
DATE AS OF CHANGE:		20201109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inmune Bio, Inc.
		CENTRAL INDEX KEY:			0001711754
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				475205835
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38793
		FILM NUMBER:		201297769

	BUSINESS ADDRESS:	
		STREET 1:		1200 PROSPECT STREET
		STREET 2:		SUITE 525
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		8589643720

	MAIL ADDRESS:	
		STREET 1:		1200 PROSPECT STREET
		STREET 2:		SUITE 525
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea129550-8k_inmunebioinc.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): November 5, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 100%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INMUNE
    BIO INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
    name of registrant as specified in charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-38793</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>47-5205835</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>1200
Prospect Street, Suite 525, La Jolla, CA 92037</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of Principal Executive Offices) (Zip Code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>(858)
964 3720</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&rsquo;s
Telephone Number, Including Area Code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Not
Applicable</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
Name or Former Address, If Changed Since Last Report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 310.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<U>see</U>&nbsp;General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant
    to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant
    to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications
    pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications
    pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="vertical-align: bottom; width: 36%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Symbol(s)</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INMB</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    NASDAQ Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><BR>
Item&nbsp;8.01.&nbsp;Other Events.<BR>
<BR>
</B></FONT><FONT STYLE="font-weight: normal">INmune Bio Inc. (the &ldquo;Company&rdquo;) is
filing as Exhibit 99.1 to this Current Report on Form 8-K the script to the Company&rsquo;s earnings call that was held on November
5, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">On
November 9, 2020 the Company</FONT> issued a press release announcing the first patient dosed in the Phase 2 Trial of Quellor&trade;
for Pulmonary Complications in COVID-19 patients<FONT STYLE="background-color: white">. A copy of the press release is attached
as exhibit 99.1.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white"><BR>
<BR>
</FONT><B>Item 9.01 Financial statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="ea129550ex99-1_inmunebio.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Script for earnings call held on &nbsp;November 5, 2020</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">99.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; color: blue"><FONT STYLE="color: Black"><A HREF="ea129550ex99-2_inmunebio.htm">Press Release, dated November 9, 2020</A></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: November 9, 2020</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INMUNE
    BIO INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    David Moss</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Moss</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial
    Officer</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="width: 750px; height: 536px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>C O R P O R A T E P A R T I C I P A
N T S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David Moss, </B><I>Chief Financial Officer,
Treasurer &amp; Secretary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi, </B><I>Co-Founder, President,
Chief Executive Officer, Chief Medical Officer &amp; Chairman</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>C O N F E R E N C E C A L L P A R T
I C I P A N T S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jonathan Aschoff, </B><I>ROTH Capital
Partners</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Julian Harrison, </B><I>BTIG</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jason McCarthy, </B><I>Maxim Group</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Michael Irwin, </B><I>Univest Security</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>P R E S E N T A T I O N</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greetings and welcome to the INmune Bio
Third Quarter 2020 Earnings Call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the presentation, all participants
will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question,
please press the one, followed by the four on your telephone. If at any time during the conference you need to reach an Operator,
please press star and zero. As a reminder, this conference is being recorded. A transcript will follow within 24 hours of this
conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this time, it is my pleasure to introduce
Mr. David Moss, Co-Founder and CFO of INmune Bio. David, the floor is yours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David Moss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, Kevin, and good afternoon, everyone.
We thank you for joining us for the call of INmune Bio's third quarter 2020 financial results. With me on the call is Dr. RJ Tesi,
CEO and Co-Founder of INmune Bio, who will provide a business update.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before we begin, I remind everyone that
except for statements of historical fact, statements made by Management and responses to questions on this conference call are
forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements
involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements.
Please see the forward-looking statements disclaimer on the Company's earnings press release as well as risk factors in the Company's
SEC filings including our most recent quarterly filing with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance of any specific outcome.
Undue reliance should not be placed on the forward-looking statements, which speak only as of the date they are made as the facts
and circumstances underlying these forward-looking statements may change. Except as required by law, INmune Bio disclaims any obligations
to update these forward-looking statements to reflect future information, events or circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now I'd like to turn the call over to Dr.
RJ Tesi, Co-Founder, CEO of INmune Bio. RJ?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, David, and thank you, everyone,
for joining the call. I will arrange my remarks to highlight key takeaways for the third quarter, year-to-date and provide updates
on our two platform programs, before I pass it back to David to discuss our financial results and upcoming milestones. Then we
will move to Q&amp;A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I'll start with our DN-TNF program, beginning
with XPro1595, which we are developing for Alzheimer's disease and other CNS indications where neuroinflammation plays an important
role. A significant highlight since our last quarterly update was the announcement in September that we were awarded a $2.9 million
SBIR grant from the NIH to support a Phase 2 study in XPro1595 in patients with treatment resistant depression. In rough numbers,
we expect to receive $0.75 million this year, $1.2 million in 2021 and the balance in 2022. Importantly, we will conduct this trial
in collaboration with two of the world's pioneers in this field, Professor Andrew Miller, MD; and Associate Professor, Jennifer
Felger, both at Emory University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Treatment resistant depression is an indication
with a significant unmet need. An estimated 7 million patients in the U.S. with major depressive disorder are resistant to current
therapies. The definition of treatment resistant depression is simple, the patient must fail two lines of treatment for their depression
to be labeled treatment resistant. There are two surprises hidden in that simple statement. The diagnosis is one&mdash;that one
comes to by trial and error of treatment. There are no biomarkers that predict which patients are going to be successful or fail
or which drug you should use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Imagine a disease with 7 million patients
is treated with the diagnostic precision of some ancient time, namely hit and miss. I find that remarkable. This trial hopes to
change that, at least to begin the process of changing that. The trial will use biomarkers of inflammation to enroll patients and
will use biomarkers to determine responsive therapy with XPro, a strategy that is rarely, if ever used, in the development of psychiatric
drugs. Based on our work using XPro to treat patients with neuroinflammation in Alzheimer's disease, we believe treatment with
XPro will decrease neuroinflammation in the patients with treatment resistant depression; restore functional connectivity in a
reward-related brain circuitry, an MRI neuroimaging biomarker that can be seen; and will improve anhedonia, an important symptom
of major depression which is sort of apathy and they just can't get excited about anything.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A more detailed discussion of this biology
in the trial are beyond the scope of this call. I refer you to our September 29 KOL webinar that is posted on our website. Needless
to say, we are excited about the expansion of our neuroinflammation franchise beyond Alzheimer's disease and look forward to commencing
enrollment of this trial in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Turning to our flagship program in Alzheimer's
disease. In July, we presented interim data from a Phase 1 trial using XPro1595 to treat neuroinflammation in patients with Alzheimer's
disease. XPro reduced neuroinflammation by an average of 40.6% in a white matter pathway, important for language and memory in
patients with Alzheimer's disease. In this study, neuroinflammation is assessed in many ways, but as part of this preliminary data
snapshot, we focused on MRI measures of white matter free water, a validated biomarker of neuroinflammation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the admittedly small preliminary data
set, we had six patients, half in a low-dose and half in a high-dose cohort&mdash;excuse me, that were treated for 12 weeks. As
a reminder, this trial is a neuroinflammation trial in Alzheimer's disease&mdash;in patients with Alzheimer's disease. The primary
endpoint is decreasing neuroinflammation. We are measuring cognitive changes but as in a 12-week trial, the expectation for significant
changes is tempered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were several important findings in
this preliminary data set. First, neuroinflammation was decreased over the 12-week period as measured by white matter free water.
White matter free water was measured in two ways: a whole brain measure using a white&mdash;safe white matter mask and we look
at neuroinflammation in specific white matter tracts, the super highway of the brain&mdash;connecting parts of the brain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Using the safe white matter mask, we saw
a clear dose response with an increase of 1.7% of neuroinflammation over a three-month period in the low-dose group but a decrease
of neuroinflammation of 2.3% in the high-dose group. In a more detailed analysis of white matter tract pathology, we showed the
40% reduction of neuroinflammation in the arcuate fasciculus in patients treated with XPro. Every patient had a decrease and the
range was between 20% and 50%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Why do we believe a decrease in neuroinflammation
in the arcuate fasciculus is important? The arcuate fasciculus is a major white matter tract that connects regions of the brain
important for language and short-term memory. Language, more specifically the deterioration of language skills, is a sensitive
clinical sign used by clinicians in Alzheimer's disease. Language skills or the deterioration of language skills are helpful in
the diagnosis of MCI, to monitor the progression of MCI to Alzheimer's disease and to measure the worsening of cognitive decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We acknowledge these are preliminary data
in a small number of patients. Regardless, we are encouraged by these results for three reasons. First, the results are predicted
by preclinical studies. Second, we treated Alzheimer's patients with a novel therapeutic protein by subcutaneous injection in the
thigh or abdomen like an insulin shot to decrease neuroinflammation in a specific nerve anatomic structure that is important in
one of the most sensitive clinical science of Alzheimer's disease, language. We believe this gives us considerable optimism.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, we&mdash;in measuring white matter
free water using a sensitive, and I stress, noninvasive biomarker, that we will increase the precision and decrease the risk of
drug development in Alzheimer's disease and the other neurodegenerative diseases we will be looking to in the future. We look forward
to expanding the data set in the patients of the Phase 1 trial and studying patients who have entered the extension trial. The
extension trial is patients who reached their three-month deadline or treatment end-of-study and want to stay on the drug. They
get treated once a week for long term. I encourage you to review the July 13 webinar cached on the INmune Bio YouTube channel to
gain further insight into the data. These data give us confidence in our plans to initiate two phase trials in 2021, one in treatment
resistant depression that I've already mentioned, supported by the NIH, and one will be a Phase 2 trial in Alzheimer's disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are no longer alone in believing that
neuroinflammation is an important pathology associated with CNS diseases. Our approach of targeting neuroinflammation caused by
the dysregulated innate immune system has received votes of confidence in the form of funding from the National Institute of Mental
Health, the Alzheimer's Association and the ALS Foundation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We remain confident that our focus on targeting
glial activation combined with the use of biomarkers in patient selection and functional renal provides a path forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On to Quellor, the name of our program
for treating hospitalized patients with COVID-19. We have a simple hypothesis related to the pathology of the disease in this pandemic.
First, patients are hospitalized because COVID-19&mdash;because of COVID-19-related cytokine storm. Second, we believe blending,
suppressing, eliminating, curtailing, you choose the word, that cytokine storm will benefit the patient, decrease symptoms and
decrease pathology. Finally, we are&mdash;we believe how you attack the cytokine storm matters. We believe TNF is the master cytokine
of a cytokine storm and that's what Quellor targets. We're testing these principles in a Phase 2 clinical trial in patients with
respiratory-compromised COVID-19 infection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Why do we think blocking TNF will be important?
TNF decreases the expression of IL-1 and IL-6, the other major cytokines of the cytokine storm. That is if you cut the knees out
of the TNF, IL-1 and IL-6 don't get upregulated. There are three additional what we call TNF pathologies important to the progression
of symptoms in these hospitalized patients. First, as I mentioned, TNF causes activation of the innate immune system, the driving
force of the hyperimmune response. TNF also causes activation of endothelial cells. Endothelial cells are the cells that line the
blood vessels. Activated endothelial cells express ICAM, VCAM and tissue factor. The first two, ICAM and VCAM, direct transmigration
of activated immune cells from the blood to the tissue. These activated cells have to be in the tissue to cause damage and they
need to be directed to go there. That's what ICAM and VCAM do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tissue factor causes blood clots. You've
all heard that aberrant blood clots seem to get stuck in the blood vessels of the lungs, the kidneys, the heart, the brain and
beyond and contribute to the catastrophic complications of C-19. We believe that the blood clots are one of the major problems
associated with this vexing viral disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 1, we announced the FDA accepted
our IND application, paving the way for the initiation of the Phase 2 clinical trial, evaluating Quellor to treat patients who
have respiratory compromised and are hospitalized with the C-19. We aim to enroll 366 patients in a randomized trial with a 1:1
randomization. One, the control group get standard of care and the treatment group with standard of care plus Quellor as a single
injection on admission to the hospital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Last quarter, we announced that our INB03
oncology program was delayed due to the pandemic. We hope to initiate the Phase 2 trial in MUC4 positive cancers next year after
the pandemic has been controlled. Although this clinical program is&mdash;the clinical part of this program is dormant, the laboratory
research continues. We're looking at the combination of INB03 with TKIs and MUC4 expressing tumors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, our LIVNate program in NASH
will not begin a Phase 2 trial until the pandemic has been controlled. We hope to have more clarity on these two programs by the
end-of-the-year update in March. In the meantime, however, we are all in, in progressing our neuroinflammation programs and the
cytokine storm program focused on COVID-19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That's what I have to say about the dominant
negative TNF platform. I'll now move to INKmune, which is our NK cell priming platform. NK cells play a critical role in cancer
outcomes given their importance in targeting residual disease, one of the primary causes of cancer relapse. INKmune restores the
function of patients' own NK cells to attack residual disease. We believe that by eliminating residual disease, INKmune should
prolong survival. We have two therapeutic programs in the queue, high-risk Myelodysplastic Syndrome or MDS, a precursor to acute
myeloid leukemia that predominantly affects elderly patients. The second program is ovarian cancer, a heretofore uncurable malignancy.
We plan to initiate a single-center Phase 1 trial in high-risk MDS, a first-in-man study using the INKmune product in the very
near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is ready to go, but the U.K.
is suffering from a resurgence of COVID-19 like we are in the U.S. The development time lines in the U.K. are being compromised.
For when the clinical site is ready, we will be able to support admission of patients to the clinical trial. The high-risk MDS
trial will include at least nine patients. The ability to expand both the number of centers and the number of patients will depend
on ongoing results, both in the treatment as well as control of the pandemic. Likewise, the ovarian cancer program is delayed because
of the pandemic. We are hopeful to start enrolling patients in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We remain aggressive in pursuit of new
IP and expansion of existing IP. In August, we were granted a European patent covering the peripheral administration of XPro1595
for treatment of Alzheimer's disease and other diseases of the CNS. This is part of the foundational patent suite supporting our
all-important neuroinflammation franchise. The patent runs through 2033.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September, we will announce the issuance
of the U.S. patent covering INKmune as it primes NK cells and in the role in combating the malignancy. This patent runs through
2036. I can promise you we have much more IP in the ring&mdash;in the wings, and we will announce those as they are made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I now turn it back to David Moss, INmune
Bio's CFO, to discuss financial results and upcoming announcements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David Moss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, RJ. I'll provide a brief overview
of our financial results and upcoming milestones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss attributable to common stockholders
for the second quarter ended September 30, 2020 was approximately $4.7 million compared to approximately $3.1 million for the quarter
ended September 30, 2019. Research and development expenses totaled $2.4 million for the third quarter ended September 30, 2020,
compared with approximately $1.2 million for the quarter ended September 30, 2019. The primary reason for the increase in loss
was an increase in R&amp;D activities related to our clinical programs, as RJ outlined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">G&amp;A, general and administrative expense
was approximately $2.5 million for the quarter ended September 30, 2020, compared to $1.9 million for the quarter ended September
30, 2019. At September 30, 2020, the Company had cash and cash equivalents of approximately $24.3 million with no debt. This figure
includes closing of a public offering of common stock in July that raised gross proceeds of $25 million and net proceeds of approximately
$23.1 million after deducting underwriting discounts and commissions and other offering expenses payable by the Company. As of
November 5, 2020, the Company had approximately 13.4 million shares of common stock outstanding and no preferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now I'd like to move on to a list of our
upcoming milestones and catalysts. Before the year-end, as RJ had mentioned, we plan to initiate enrollment of patients with Quellor
for the treatment of complications of COVID-19 infection. In January, we plan to report additional data on the Phase 1b XPro1595
in Alzheimer's disease. The Company will host another KOL call in tandem with this announcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Midyear 2021, we plan to initiate a Phase
2 trial of XPro1595 in treatment resistant depression that is partially funded by a $2.9 million National Institute of Mental Health
grant. Also midyear 2021, we plan to initiate a Phase 2 program for Alzheimer's disease with XPro1595 in patients with neuroinflammation.
In addition, assuming the clinical landscape has not changed, we are planning trials in our other programs once the COVID-19 pandemic
has been controlled and our trial sites give us to go ahead. These include enrolling our INKmune Phase 1 program for the treatment
of ovarian cancer; enrolling patients in the INKmune Phase 1 trial in high-risk MDS; LIVNate Phase 2 program for the treatment
of NASH; and finally, INB03 Phase 2 for treatment of MUC4-resistant metastatic cancers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In summary, notwithstanding the pandemic,
we believe we are making good progress, particularly in our neuroinflammation franchise following the very compelling data that
we reported in July.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this point, I'd like to thank you for
your time and your attention. I'd like to turn it back to the Operator, Kevin, for Q&amp;A. Kevin, could you please poll for questions?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you. Everyone, to register a question,
press the one followed by the four on your keypad. You will hear a three tone prompt that acknowledges your request. If your question
has been answered and you would like to withdraw your registration, please press one, followed by the three. Again, for your questions
it's one, four on your keypad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First question is from Jonathan Aschoff
with ROTH Capital Partners. Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jonathan Aschoff</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you. RJ, at the next AD data release,
will you release any new biomarkers that will be in addition to what you released at the first interim look?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you for that question. Yes, we are
pedaling hard to expand the biomarker set. We think it's important to do that. I don't want to promise it at this point, but we
are certainly planning to expand the biomarker set. We hope to begin to get people comfortable that this concept of measuring white
matter free water as a biomarker of neuroinflammation correlates well with the kind of things they're more used to seeing like
cytokine measurements in the CSF, et cetera.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jonathan Aschoff</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RJ, what's the uphill part of the other
biomarkers that make you have to pedal so hard?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: -0.05pt">It's just
a matter that you have to get them analyzed. That's all. I mean, when we did this study from a cost control point of things, we
batched all the studies, okay? The plan was to do them once while we've&mdash;because things are moving relatively quickly, we've
had to change that process. It&rsquo;s not like dialing up and ordering a hamburger. There's a considerable amount of planning
because of the way the specimens are stored, et cetera. It takes time, it takes effort and takes resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jonathan Aschoff</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. What do you think of the Biogen aducanumab
documents? I mean, what could that potentially (inaudible)?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, I'm not going to comment on the Biogen's&mdash;on
the aducanumab data, but I am going to&mdash;I am fascinated and quite encouraged by the FDA's response here. My view is&mdash;and
this is pretty simple. I think the FDA has decided that Alzheimer's disease is a lethal disease. It's currently the seventh most
common cause of death and that might be an underestimation. But the fact is it's a lethal disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, I think they've used a drug
development set of hurdles that are more consistent with the quality of life disease, that is they were aiming for perfection.
I think what they clearly signaled, and this is, once again, my take on it is that they have signaled that they are now going to
approach this the way they approach lethal diseases like oncology where they accept less than perfection. In other words, their
goal is to have more therapies for a patient tomorrow than they have today. They understand that the first products that come to
market aren't going to be perfect. They're going to have warts and pimples but they're certainly going to be better than no product,
right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">They also know that the second product
is going to be better than the first. The third product is going to be better than the second. I think the FDA, by finally acknowledging
that Alzheimer's disease is a lethal disease, they're able to change the mindset to allow the development to look more like oncology
than asthma, for instance, right, where&mdash;I mean, to get an asthma drug approved, you really have to have a perfect drug. You
all know to get a cancer drug approved, you don't have to have a cancer-perfect drug. You just have to make a difference at the
bedside.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jonathan Aschoff</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Could you know if tractography was used
in any of the Biogen patients?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To my knowledge, they do not. I do know
that (Inaudible), which is the CRO that we are working with, has a very close relationship with Biogen. I mean, it's on their website.
Obviously, I'm not privy to what that relationship is.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I think tractography is the future for
CNS. I mean, white matter&mdash;we've got this funny view that neurology is gray matter disease. In fact, there's a lot going on
in the white matter and we all need to learn about it. I think we're farther along than most and it provides us with a set of tools
that really give some more depth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jonathan Aschoff</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Then lastly, the MUC4 trial. I believe
you used to speak of that MUC4 breast cancer. Did that all of a sudden morph to any MUC4 cancer? Or is that always the case?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. Actually, I've always said breast cancer
and other MUC4 cancers because I like the MUC4 story. If you look at the gastric cancer&mdash;HER2-positive gastric cancers express
MUC4, pancreatic cancers express MUC4 and TKIs have a role in some of these diseases. We believe that the MUC4, which is a very
easy biomarker to measure, it's just an immunohistochemistry, is in combinations potentially with (inaudible) and something else,
whether it be Herceptin or the Herceptin-based combination therapies or TKIs is the way forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We'll make a decision based on the work
we're doing. Right now we've got great data that suggest we should move forward in breast cancer. But I'll be honest with you,
Jon, you know how hard&mdash;Jonathan, you know how hard it is to ring the bell in breast cancer. They require big trials that
have to go a long, long time. We're a small company. There might be some better places for us to do our drug development but it
will be based on MUC4 expression. I can promise you that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once again, to register your questions,
press the one, followed by the four on your keypad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Next question is from Tom Shrader with
BTIG. Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Julian Harrison</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is Julian on for Tom. I actually had
another question in the wake of Wednesday&rsquo;s briefing documents. I was wondering if you could talk about the relationship
between XPro1595's mechanism and a beta, both where maybe there's some overlap in side effects and key differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. Thank you very much. We have some
very strong opinions here and many of you are familiar with and have spoken with CJ Barnum, who's the head of our neuroscience
programs. A lot of what I'm saying really is from him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">But we believe that inflammation causes
expression of amyloid, and then amyloid actually promotes inflammation. You get this positive feedback&mdash;actually, it's actually
negative because of the pathology. That is to say that you&mdash;if you don't have neuroinflammation, the chance of expressing
the amyloid is low. Once you get amyloid, you get more inflammation which causes more expression of amyloid and then you get this
speed-forward with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our personal opinion or our corporate opinion
is that neuroinflammation is an important part of the pathophysiology in patients with Alzheimer's disease that have amyloid, okay?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We actually believe that like most complex
diseases, Alzheimer's disease will ultimately need to be treated with some kind of combination therapy. You could very easily see
the combination therapy that targets neuroinflammation like XPro and combine it with a drug that's trying to get rid of the cause
of the neuroinflammation, which could be an antibody trying to get rid of amyloid. We are thrilled that it looks like aducanumab
is moving forward because we think it's great for the space. We think it's a tremendous opportunity for XPro1595, either as a monotherapy
because neuroinflammation is part of this disease complex or even as part of combination with drugs such as aducanumab.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Julian Harrison</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Great. That's very helpful. Then
on treatment resistant depression, I was curious how far the NIH grant gets you through that proof-of-concept development. What
kind of signals would support further development in this direction?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We think that it's basically funds for
a majority of the Phase 2 trial. We think that, as you know, we are big fans of using biomarkers and really, the people we're working
with have been pioneers in the use of biomarkers in tumor resistant depression. We think that this will set us up really to move
forward. If we get the kind of results that we are expecting, we would transition quickly, assuming things go well with what discussions
you have to have with the regulatory agencies to a potential registration trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It's the same drug. It doesn't require
anything special as far as pharma talks or anything. We just need to hone the patient selection criteria and the response criteria
so you can be guaranteed to ring the bell when you do the trial. I didn't mention that the endpoint is only six weeks, right? That's
one of the beauties of depression trials, quite frankly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clinical development that has long endpoints
is&mdash;are difficult for companies of our size. They're difficult for any company. But if you get into&mdash;just to get back
to Jon Aschoff's question about breast cancer&mdash;if you get into a breast cancer trial where you can't get an endpoint for 24
months, that's a great&mdash;that's a trial that you can design, you can do it, but it just takes a long time. I would much rather
have an endpoint at six weeks, two months, six months, 12 months. I'd rather not to have to do long-term trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We like depression. We think that it's
a significant unmet need, but we are approaching it like we do everything with biomarkers. We are going after the patients that
we think their mechanism, their disease pathology aligns with our mechanism of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Again, for your questions, press the one,
followed by the four on your keypad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Next question is from Jason McCarthy with
Maxim Group. Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jason McCarthy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hey, guys. Thanks for taking the questions.
On the Quellor trial, have you selected what regions of the U.S. that you'll target for centers which is&mdash;obviously it's a
big deal now. Also, when you consider the inclusion/exclusion criteria, how will you manage patients who are coming into the hospital
getting oxygen? Maybe they're going to get steroids. Maybe if they're that far along, they'll get some sort of IL-6 inhibitors.
Are those factors that are going to play a role in your study?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good question. We are in the South for
the most part, which is still busy. I mean, we are beginning to look at sites in the Upper Midwest, all of&mdash;such as Michigan
and Wisconsin and Salt Lake, which is the Intermountain West. The legacy states, New York, Massachusetts, Washington, are relatively
quiet. The rest of the country is really quite active. Unfortunately, you can't call up a hospital on Monday and be enrolling patients
on Friday. It takes a lot longer than that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anyway, right now where we are, which is&mdash;we
think we're okay. Having said that, I think your question about what happens when a patient comes in the hospital is a good question.
The trial allows dexamethasone, as is written by the U.K. study, which is I think it's 6 milligrams a day for up to five days,
maybe 10 days. It allows remdesivir. I will say that clinicians are not sold on either of those treatments for these patients.
It does not allow another cytokine inhibitor. If the patient is&mdash;the standard of care cannot include an anti-IL-6 an anti-IL-1.
But for the most part, we don't see that to be a major problem because most of those trials have been patients that are already
in the ICU. You've already failed this trial with&mdash;we're not treating patients in the ICU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There's no question that I was&mdash;a
month ago, I was very worried that the standard of care arm was a very much a moving target. But I'll be honest with you, Jason,
there have been so many failures out there now, I'm less worried. Unfortunately, what's happening is even when the trial fails,
they don't stop it necessarily. They actually cannibalize patients that could be on a new product like ours. But the fact is, so
far, we don't have much that works, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hopefully, Quellor will. We are quite confident
in the mechanism of action. But at the end of the day, as Chris Berman used to say on ESPN, that's why we do the study, right?
We got to do the study and prove it. We're underway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jason McCarthy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Then just last one on the MDS study. I
know it's really an issue for next year. But when you're thinking about those nine patients is going to be in first line in combination
with ASO, will be second line in ASO failures, in which case will move to ASA. If so, would you be looking at specific mutation
types?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">They will be on&mdash;many of them will
be on ASA already and we won't stop that. It will be actually both. It could be first line, but most of the patients will have&mdash;will
be on ASA and be considered not progressing on the disease&mdash;progressing on therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Next question is from Michael Irwin with
Univest Security. Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Michael Irwin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I have two questions. For the treatment
resistant depression, will expanding to the cancer and neurodegenerative space probably be promising for something like that?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ask the question again. I didn't quite
get the tenor. I'm sorry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Michael Irwin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. For the treatment resistant depression,
XPro1595, if that goes well, will that expand to cancer and neurodegenerative patient space?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The TRD, the treatment resistant depression
is one trial. That's part of the CNS franchise, right? The INB03, which is our cancer program, and LIVNate which is the NASH program
is&mdash;are different programs. Really, it's just a matter&mdash;I mean, I'm not telling any of you something you haven't heard.
Virtually every company is experiencing delays in initiating trials and enrolling trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From our perspective, we just decided to
focus on Quellor, which is COVID-19, and our CNS franchise, which is where we have funding and where we have a very unique offering.
Those are moving forward. It's not that we don't like INB03 or LIVNate, it's just that right now we're focusing on the programs
we know we can move forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Michael Irwin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reason being is that if those were failing
to reduce fatality in the&mdash;prior to passage of trial, how would that affect your Quellor trials?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I'm sorry. Say that again. Where we&rsquo;re
decreasing mortality?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Michael Irwin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Inaudible)?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our endpoint is&mdash;although mortality
is considered a bad outcome and if you die before 28 days, you are considered&mdash;that is a negative outcome. We're looking in
patients that are coming to the hospital but are not in the intensive care unit, right? It is pretty rare. It happens in the U.K.
because of their medical system. But in the United States, for the most part, patients don't come into the hospital and die with
COVID-19. They go to the ICU, where some&mdash;after some period of time as they get worse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary endpoint of our COVID-19 trial
is respiratory failure. We define respiratory failure as anything with a plug. If you need CPAP, BiPAP or need to be intubated
and mechanical ventilation, you have failed. We're enrolling patients who are hypoxic, have symptoms of respiratory distress but
aren't so bad that they are going right off to the ICU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes, one of the great bright spots of the
COVID-19 pandemic is the mortality rate in November 2020 is, I think, fourfold lower at least than it was in March because the
clinical teams have gotten much better at taking care of the patients. They don't have many more tools. They're just better at
taking care of the patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I am not concerned about that decrease
in mortality because what we're focused on is, does the patient's respiratory disease progress and that's related to their cytokine
storm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no further questions. I'll turn
the call back over to RJ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RJ Tesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Well, we appreciate you attending
this call and we are delighted with the questions. They've been excellent questions. We will conclude today's call and we look
forward to our next quarterly update which will be the end of the year call, which will be in March 2021. Thank you very much.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Everyone, that does conclude our call for
today. We thank you for participating, and you may now disconnect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ViaVid has made considerable efforts to
provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of
the conference call. This transcript is being made available for information purposes only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1-888-562-0262 1-604-929-1352 www.viavid.com</P>

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<TYPE>EX-99.2
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<DESCRIPTION>PRESS RELEASE, DATED NOVEMBER 9, 2020
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="color: Black"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">INmune Bio, Inc. Announces
First Patient Dosed in Phase 2 Trial of Quellor&trade; for Pulmonary Complications in COVID-19 Patients</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">LA JOLLA, Calif, Nov. 08, 2020
(GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the, &ldquo;Company&rdquo;), a clinical-stage immunology company focused
on developing treatments that harness the patient&rsquo;s innate immune system to fight disease, announced today that the first
patient has been dosed in its Phase 2 clinical trial evaluating Quellor&trade; for the treatment of pulmonary complications from
COVID-19. Quellor&trade; is a selective soluble Tumor Necrosis Factor (sTNF) inhibitor designed to potentially prevent the progression
of immune mediated pulmonary complications resulting from SARS-CoV-2 viral infection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">&ldquo;Clinical evidence over
the last several months has shown that while infection with COVID-19 virus makes people sick, it&rsquo;s the uncontrollable immune
response and subsequent cytokine storm that is responsible for their admission to a hospital,&rdquo; stated RJ Tesi, M.D., Chief
Executive Officer of INmune Bio. &ldquo;By neutralizing TNF, the master inflammatory cytokine of the cytokine storm with Quellor,
we believe Quellor&trade; can blunt the symptoms of this dysregulated immune response.&nbsp; This US based clinical trial expands
both our geographic and therapeutic footprint with our DN-TNF platform.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">The dosing of the first patient
took place at UofL Health &ndash; Jewish Hospital, Louisville, KY. As the largest academic health system in Kentucky, UofL Health
is committed to increasing regional access to leading edge treatments and therapies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">The double-blind, randomized,
placebo-controlled Phase 2 clinical trial (NCT04370236) will enroll 366 COVID-19 high risk patients in two equal sized cohorts:
standard of care (SOC), which may include remdesivir, and SOC plus Quellor&trade; given as a 1mg/kg subcutaneous injection on
admission to the hospital. A second dose of Quellor&trade; may be given a week later if the patient remains hospitalized. High
risk patients include the elderly, patients with diabetes, cardiovascular disease, obesity, African American&nbsp;or Hispanic
ethnicity.&nbsp; The primary study endpoint is the need for mechanical ventilation during the 28 days following admission to the
hospital, including CPAP, BiPAP or intubation. Secondary endpoints include transfer to the ICU, new onset neurologic, cardiovascular
or thromboembolic disease, development of renal failure or death. The first 100 patients randomized into the study will provide
proof-of-concept and inform a &ldquo;go/no go&rdquo; decision by the Data Safety Monitoring Board (DSMB). If the DSMB recommends
that the trial continue, the remaining 266 patients will be enrolled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>About Quellor&trade;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">Quellor&trade; is a next-generation
inhibitor of tumor necrosis factor (TNF) that is different from currently existing non-selective TNF inhibitors. Quellor&trade;
neutralizes soluble TNF (sTNF) using a novel dominant-negative biology that importantly does not affect trans-membrane TNF (tmTNF)
or TNF receptors. Currently approved TNF inhibitors block both sTNF and tmTNF. Quellor&trade; could have beneficial effects in
patients with immune mediated complications from COVID-19 by decreasing inflammation and inflammatory immune complications such
as&nbsp;endothelial cell activation, a potentially important cause of COVID-19-related coagulopathy which is increasingly blamed
for end-organ dysfunction in lungs, kidneys, heart and brain. By targeting only sTNF, Quellor&trade; does not cause immunosuppression
that is typical of most anti-cytokine therapies including currently approved anti-TNF and anti-IL-6 therapies. This may be an
advantage when treating patients with a life-threatening viral infection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>About UofL Health</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">UofL Health is a fully integrated
regional academic health system with five hospitals, four medical centers, nearly 200 physician practice locations, more than
700 providers, the Frazier&nbsp;Rehab Institute and James Graham Brown Cancer Center. With more than 12,000 team&nbsp;members
&ndash; physicians, surgeons, nurses, pharmacists and other highly skilled health care&nbsp;professionals, UofL Health is focused
on one mission&mdash;one purpose&mdash;delivering&nbsp;patient-centered care to each and every patient&mdash;each and every day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>About UofL Health &ndash;
Jewish Hospital&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">Jewish Hospital, part of UofL
Health, is an internationally renowned, high-tech tertiary referral center, developing leading-edge advancements in hand and microsurgery,
heart and lung care, orthopedics and sports medicine, neuroscience, organ transplantation and outpatient care. The hospital is
the site of the world&rsquo;s first successful hand transplant and AbioCor&reg; implantable replacement heart procedures, in addition
to the first trial of adult cardiac stem cells in chronic heart failure. Jewish Hospital continues to be recognized for its specialized
heart care procedures, including the implantation of ventricular assist devices (VAD), and transcatheter aortic valve replacement
(TAVR). The UofL Health &ndash; Trager Transplant Center is in a select group of hospitals nationwide that perform heart, lung,
liver, kidney, pancreas and hand transplantation.&nbsp;The center also includes a Pancreas Disease Center, a GI Motility Clinic,
and Advanced Heart Failure and Ventricular Assist Device programs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>About INmune Bio, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">INmune Bio, Inc. is a publicly
traded (NASDAQ: INMB), clinical-stage biotechnology company focused on developing treatments that target the innate immune system
to fight disease. INmune Bio has two product platforms.&nbsp;The DN-TNF product platform utilizes dominant-negative technology
to selectively neutralize soluble TNF, a key driver of innate immune dysfunction and mechanistic target of many diseases. DN-TNF
is currently being developed for COVID-19 complications (Quellor&trade;), cancer (INB03&trade;), Alzheimer&rsquo;s (XPro1595),
and NASH (LIVNate&trade;). The Natural Killer Cell Priming Platform includes INKmune&trade; aimed at priming the patient&rsquo;s
NK cells to eliminate minimal residual disease in patients with cancer.&nbsp;INmune Bio&rsquo;s product platforms utilize a precision
medicine approach for the treatment of a wide variety of hematologic malignancies, solid tumors and chronic inflammation. To learn
more, please visit&nbsp;www.inmunebio.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>Information&nbsp;about Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black">Clinical trials are in early
stages and there is no assurance that any specific outcome will be achieved. Any statements contained in this press release that
do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation
Reform Act of 1995.&nbsp; Any statements contained in this press release that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking
statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. Actual results
and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements
as a result of these risks and uncertainties. INB03&trade;, Quellor&trade;, XPro1595, LIVNate&trade;, and INKmune&trade; are still
in clinical trials and have not been approved and there cannot be any assurance that they will be approved or that any specific
results will be achieved. The factors that could cause actual future results to differ materially from current expectations include,
but are not limited to, risks and uncertainties relating to the Company&rsquo;s ability to produce more drug for clinical trials;
the availability of substantial additional funding for the Company to continue its operations and to conduct research and development,
clinical studies and future product commercialization; and, the Company&rsquo;s business, research, product development, regulatory
approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail
in the Company&rsquo;s filings with the Securities and Exchange Commission, including the Company&rsquo;s Annual Report on Form
10-K, the Company&rsquo;s Quarterly Reports on Form 10-Q and the Company&rsquo;s Current Reports on Form 8-K. The Company assumes
no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the
date of this release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>INmune Bio Contact:</B><BR>
David Moss, CFO<BR>
(858) 964-3720<BR>
DMoss@INmuneBio.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>Investor Contact:</B><BR>
Chuck Padala<BR>
LifeSci Advisors<BR>
(646) 627-8390<BR>
chuck@lifesciadvisors.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"><B>Media Contact:</B><BR>
Meredith Sosulski, Ph.D.<BR>
LifeSci Communications<BR>
(929) 469-3851<BR>
msosulski@lifescicomms.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
