INmune Bio Inc (INMB) Reports Q3 2023 Financial Results
INmune Bio Inc (NASDAQ:INMB) announced its Q3 2023 financial results on November 1, 2023.
The company reported a net loss of $8.56 million for the quarter.
Cash and cash equivalents decreased by 19.8% to $41.81 million compared to $52.15 million in December 2022.
Research and development expenses increased to $5.98 million from $5.16 million in the same period last year.
On November 1, 2023, INmune Bio Inc (NASDAQ:INMB), a clinical-stage immunology company, released its financial results for the third quarter ended September 30, 2023. The company reported a net loss of $8.56 million for the quarter, compared to a net loss of $7.73 million in the same period last year.
Financial Performance
According to the company's condensed consolidated balance sheets, INMB's cash and cash equivalents decreased by 19.8% to $41.81 million from $52.15 million at the end of December 2022. The company's total assets also decreased to $62.70 million from $81.80 million in the same period.
On the liabilities side, INMB's total current liabilities increased to $14.36 million from $10.92 million at the end of December 2022. The company's long-term debt also decreased to $2.38 million from $9.70 million in the same period.
Operating Expenses
INMB's total operating expenses for the quarter were $8.57 million, an increase from $7.54 million in the same period last year. The increase was primarily due to a rise in research and development expenses, which increased to $5.98 million from $5.16 million in Q3 2022.
Revenue and Comprehensive Loss
The company reported revenue of $43,000 for the quarter. The total comprehensive loss for the quarter was $8.59 million, compared to a loss of $8.17 million in the same period last year.
Cash Flow
INMB's net cash used in operating activities for the nine months ended September 30, 2023, was $8.58 million, compared to $16.99 million in the same period last year. The company's cash and cash equivalents at the end of the period were $41.81 million, a decrease from $57.41 million at the end of September 2022.
Overall, INmune Bio Inc (NASDAQ:INMB) experienced a challenging third quarter in 2023, with an increase in net loss and operating expenses, and a decrease in cash and cash equivalents. However, the company continues to invest in research and development, indicating its commitment to advancing its clinical-stage immunology treatments.
Explore the complete 8-K earnings release (here) from INmune Bio Inc for further details.
This article first appeared on GuruFocus.
