MeritValue

Inmune Bio, Inc.

INMBdata completeness 88%9 fiscal years on file
The thesis, from the filings

Inmune Bio, Inc. earns about -98% on equity, but has diluted owners by 53% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$181,0001$374,0002$155,0003$14,0004$50,0004
Net income−$30.3M5−$27.3M6−$30M7−$42.1M8−$45.9M8
Operating cash flow−$28.5M9−$22.7M10−$12M11−$33.4M12−$22.6M12
Capital expenditure————$1.04M13
Free cash flow (derived)————−$23.6M12
Total debt$15M14$29.7M15$9.92M16$15M17—
Cash & equivalents$74.8M18$52.2M19$35.8M20$20.9M21$24.8M21
Diluted shares16.1M17.9M18.0M19.9M24.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$9.5
your share of equity
Profit it earned you last year
−$18.55
Free cash flow it threw off
−$9.54
Debt you’d be carrying
—

10 shares is a claim on $9.5 of net worth that earned you −$18.55 and generated −$9.54 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-98% avg · 5y
FY21 -38%FY22 -45%FY23 -80%FY24 -131%FY25 -195%

It earned an average -98% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+53% shares · 5y

Share count is up 53% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-016875 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-027206 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-003354 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-036370 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-016875 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-027206 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-003354 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-036370 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-016875 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-027206 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-003354 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-036370 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2025-12-31 · accession 0001213900-26-036370 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-26-036370 (LongTermDebt)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-027206 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2023-12-31 · accession 0001013762-25-003354 (LongTermDebtCurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001013762-25-003354 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001213900-23-016875 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001213900-24-027206 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001013762-25-003354 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001213900-26-036370 (CashAndCashEquivalentsAtCarryingValue)