inmb-20251231

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

________________________________

SCHEDULE 14A INFORMATION

________________________________

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

Filed by the Registrant		☒
Filed by a Party other than the Registrant		☐

Check the appropriate box:

☐		Preliminary Proxy Statement
☐		Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒		Definitive Proxy Statement
☐		Definitive Additional Materials
☐		Soliciting Material under §240.14a-12

INMUNE BIO INC.
(Name of Registrant as Specified In Its Charter)

_____________________________________________________________________________________________________________________________

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒		No fee required.
☐		Fee paid previously with preliminary materials.
☐		Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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INMUNE BIO INC.
225 NE Mizner Blvd, Suite 640, Boca Raton, FL 33432

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON June 16, 2026
AT 10:00 A.M. EASTERN TIME

TO THE STOCKHOLDERS OF INMUNE BIO INC.:

The annual meeting of stockholders (the “Meeting”) of INmune Bio Inc. (which we refer to as “INmune” or the “Company”) will be a completely virtual meeting of stockholders.

To participate, vote, or submit questions 15 minutes before and during
the Meeting via live webcast, please visit

www.virtualshareholdermeeting.com/INMB2026
There will not be a physical location for the Meeting.

At the Meeting, the holders of the Company’s outstanding capital stock will act on the following matters:

1. To elect five directors to serve until the next annual meeting of stockholders and until their successors are duly elected and qualified;

2. To ratify the appointment of CBIZ CPAs P.C. as the Company’s independent registered public accounting firm for the year ending December 31, 2026; and

3. To approve the Third Amended and Restated INmune Bio Inc. 2021 Stock Incentive Plan.

We also will transact such other business as may properly come before the Meeting and any adjournments or postponements of the Meeting.

These matters are more fully described in the proxy statement accompanying this notice.

Only holders of the Company’s common stock of record at the close of business on April 20, 2026, are entitled to notice of and to vote at the Meeting. A proxy statement containing important information about the Meeting and the matters voted upon appear on the following pages.

The Board of Directors recommends that you vote “FOR” the proposals set forth in this Notice of Annual Meeting of Stockholders and the proxy statement.

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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING

The Company has enclosed a copy of the proxy statement, the proxy card and the Company’s annual report, as amended to stockholders for the year ended December 31, 2025 (the “Annual Report”). The proxy statement, the proxy card and the Annual Report are also available on the Company’s website at https://www.inmunebio.com/index.php/investors/sec-filings.

If you have any questions or need assistance voting your shares of our common stock, please contact the Company at (561) 710-0512.

		/s/ David Moss
		David Moss
		Chief Executive Officer and Secretary

Boca Raton, FL
April 23, 2026

PLEASE NOTE: The Meeting will be held to tabulate the votes cast and to report the results of voting on the items described above. No other business matters are planned for the Meeting.

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TABLE OF CONTENTS

		Page
QUESTIONS AND ANSWERS		1
PROPOSAL NO. 1 — ELECTION OF DIRECTORS		6
PROPOSAL NO. 2 — RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		7
PROPOSAL NO. 3 — APPROVAL OF THE THIRD AMENDED AND RESTATED 2021 EQUITY INCENTIVE PLAN		10
AUDIT COMMITTEE REPORT		15
DIRECTORS, OFFICERS AND KEY EMPLOYEES		16
CORPORATE GOVERNANCE		19
EXECUTIVE COMPENSATION		23
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END		26
PAY VERSUS PERFORMANCE		27
DIRECTOR COMPENSATION		30
TRANSACTIONS WITH RELATED PERSONS		31
STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT OF INMUNE BIO INC.		32
HOUSEHOLDING OF MATERIALS		33
STOCKHOLDER PROPOSALS FOR THE 2027 ANNUAL MEETING		34
OTHER MATTERS		35
ANNUAL REPORT		36
ANNEX A — THIRD AMENDED AND RESTATED INMUNE BIO INC. 2021 STOCK INCENTIVE PLAN		A-1

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QUESTIONS AND ANSWERS

The following are some questions that you, as a stockholder of the Company, may have about the Meeting, the proposals being considered at the Meeting, as applicable, and brief answers to those questions. These questions and answers may not address all questions that may be important to you as a stockholder of the Company. We encourage you to read carefully the more detailed information contained elsewhere in this proxy statement.

Q: Why am I receiving this proxy statement?

A: These proxy materials describe the proposals on which the Company would like you to vote and also give you information on these proposals so that you can make an informed decision. We are furnishing our proxy materials to all stockholders of record entitled to vote at the Meeting.

Q: When and where is the Meeting?

A: This year’s Meeting will be a completely virtual meeting of stockholders. It will be help via live webcast at www.virtualshareholdermeeting.com/INMB2026 on June 16, 2026, starting at 10:00 a.m., Eastern Time.

Q: How may I attend and participate in the Meeting?

A: We will be hosting the Meeting live via the internet. There will not be a physical location.

Our Board of Directors annually considers the appropriate format of our annual meeting. Our virtual format allows stockholders to submit questions and comments before and during the Meeting. After the Meeting, we will spend up to 15 minutes answering stockholder questions.

Our virtual format allows stockholders from around the world to participate and ask questions and for us to give thoughtful responses.

Any stockholder can listen to and participate in the Meeting live via the internet at www.virtualshareholdermeeting.com/INMB2026. Stockholders may begin submitting written questions through the internet portal at 9:30 a.m. (Eastern Time) on June 16, 2026, and the webcast of the Meeting will begin at 10:00 a.m., Eastern Time that day.

Stockholders may also vote while connected to the Meeting on the internet. You will need the control number included on your Notice of Internet Availability of Proxy Materials or your proxy card (if you received a printed copy of the proxy materials) in order to be able to vote your shares or submit questions.

Instructions on how to connect and participate via the internet, including how to demonstrate proof of stock ownership, are posted at www.virtualshareholdermeeting.com//INMB2026.

We will have technicians ready to assist you with any technical difficulties you may have accessing the virtual Meeting. If you encounter any difficulties accessing the virtual Meeting during the check-in or Meeting time, please call the technical support number that will be posted on the Virtual Shareholder Meeting log in page.

If you do not have your control number, you will be able to listen to the Meeting only — you will not be able to vote or submit questions.

Q: Who is entitled to vote at the Meeting?

A: Only stockholders who our records show owned shares of our common stock as of the close of business on April 20, 2026, which is the record date for the Meeting (the “Record Date”), may vote at the Meeting. Each stockholder is entitled to one vote for each share of the Company’s common stock held as of the Record Date. As of the Record Date, there were 26,585,258 shares of common stock outstanding and entitled to vote.

Q: How are votes counted?

A: Each share of our common stock entitles its holder to one vote per share.

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Q: What am I being asked to vote on?

A: You will be voting on the following proposals.

• A proposal to elect five directors to serve until the next annual meeting of stockholders and until their successors are duly elected and qualified.

• A proposal to ratify the appointment of CBIZ CPAs P.C. as our independent registered public accounting firm for the year ending December 31, 2026.

• A proposal to approve the Third Amended and Restated INmune Bio Inc. 2021 Stock Incentive Plan (the “Third Amended and Restated 2021 Plan”).

Q: How does the Company’s Board of Directors recommend that I vote on the proposals set forth in the Notice of Annual Meeting of Stockholders and the proxy statement?

A: Our Board of Directors recommends that you vote “FOR” the election of each of the nominees for director, “FOR” the ratification of the appointment of CBIZ CPAs P.C. as the Company’s independent registered public accounting firm for the year ending December 31, 2026 and “FOR” the approval of the Third Amended and Restated 2021 Plan.

Q: Do I have dissenters’ rights if I vote against the proposals?

A: There are no dissenters’ rights available to the Company’s stockholders with respect to any matter to be voted on at the Meeting.

Q: What do I need to do now?

A: We encourage you to read this entire proxy statement, and the documents we refer to in this proxy statement Then complete, sign, date and return, as promptly as possible, the enclosed proxy card in the accompanying reply envelope or grant your proxy electronically over the Internet or by telephone, so that your shares can be voted at the Meeting. If you hold your shares in “street name,” please refer to the voting instruction forms provided by your broker, bank or other nominee to vote your shares.

Q: What quorum is required for the Meeting?

A: A quorum will exist at the Meeting if the holders of record of 33.3 percent of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy. Shares of the Company’s common stock that are voted to abstain are treated as shares that are represented at the Meeting for purposes of determining whether a quorum exists.

Q: Who will tabulate the votes?

A: The Company has designated a representative of Broadridge Financial Solutions as the Inspector of Election who will tabulate the votes.

Q: What vote is required in order for the proposals to be approved?

A: Provided a quorum is present, the following are the voting requirements for each proposal:

• Proposal 1. To elect five (5) directors to serve until the next annual meeting of stockholders and until their successors are duly elected and qualified. The five (5) nominees receiving a majority number of votes will be elected.

• Proposal 2. To ratify the appointment of CBIZ CPAs P.C. as the Company’s independent registered public accounting firm for the year ending December 31, 2026. Approval of the ratification of our independent registered public accounting firm requires the affirmative vote of a majority of the shares present in person or by proxy.

• Proposal 3. The Third Amended and Restated 2021 Plan requires the affirmative vote of a majority of the shares present in person or by proxy.

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Abstentions will have no impact on the vote for the election of directors or ratification of our independent registered accounting firm. Failures of record holders to submit a signed proxy card, grant a proxy electronically over the Internet or by telephone or to vote in person by ballot at the Meeting will have no effect on the outcome of the votes for such items, although such failure may contribute to a quorum not being present at such Meeting. Abstaining votes and broker non-votes are counted for purposes of establishing a quorum.

Q: What are broker non-votes?

A: Broker non-votes are shares held by brokers that do not have discretionary authority to vote on the matter and have not received voting instructions from their clients. Brokers holding shares of record for customers generally are not entitled to vote on “non-routine” matters, unless they receive voting instructions from their customers. Brokers cannot use discretionary authority to vote shares on the election of directors (Proposal 1) and the Third Amended and Restated 2021 Plan (Proposal 3) if they have not received instructions from their clients. Please submit your vote instruction form so your vote is counted. The proposed ratification of the appointment of CBIZ CPAs P.C. as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026 (Proposal 2) is considered a “routine” matter. Accordingly, brokers are entitled to vote uninstructed shares only with respect to the ratification of the appointment of CBIZ CPAs P.C. as our independent registered public accounting firm.

Q: How do I vote my shares if I am a record holder?

A: If you are a record holder of shares (that is, the shares are registered with our transfer agent in your name and not the name of your broker or other nominee), you are urged to submit your proxy as soon as possible, so that your shares can be voted at the Meeting in accordance with your instructions. Registered stockholders may vote in person at the Meeting, or by sending a personal representative to the Meeting with an appropriate proxy, or by one of the following methods:

• By Internet. www.proxyvote.com

• By Telephone. 1-800-690-6903

• By Mail. If you received our proxy materials in the mail, you can complete, sign and date the included proxy card and return the proxy card in the prepaid envelope provided.

• During the Annual Meeting. Instructions on how to vote while participating in our Meeting live via the internet are posted at www.virtualshareholdermeeting.com/INMB2026. We will have technicians ready to assist you with any technical difficulties you may have accessing the virtual Meeting. If you encounter any difficulties accessing the virtual meeting during the check-in or Meeting time, please call the technical support number that will be posted on the virtual shareholder log in page.

Please note that the Internet and telephone voting facilities for registered stockholders will close at 11:59 p.m., Eastern Time, on the day before the Meeting.

Q: How do I vote my shares if I hold my shares in “street name” through a bank, broker or other nominee?

A: If you hold your shares as a beneficial owner through a bank, broker or other nominee, you should have received instructions on how to vote your shares from your broker, bank or other nominee. Please follow their instructions carefully. You must provide voting instructions to your bank, broker or other nominee by the deadline provided in the materials you receive from your bank, broker or other nominee to ensure your shares are voted in the way you would like at the Meeting.

Q: If my bank, broker or other nominee holds my shares in “street name,” will such party vote my shares for me?

A: For all “non-routine” matters, not without your direction. Your broker, bank or other nominee will be permitted to vote your shares on any “non-routine” proposal only if you instruct your broker, bank or other nominee on how to vote. Under applicable stock exchange rules, brokers, banks or other nominees have the discretion to vote your shares on routine matters if you fail to instruct your broker, bank or other nominee on how to vote your shares with respect to such matters. The proposals to be voted upon by our stockholders described in this proxy statement, except for the ratification of the appointment of our independent registered public accounting firm, are “non-routine” matters, and brokers, banks and other nominees therefore cannot vote on these proposals

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without your instructions. The proposed ratification of the appointment of CBIZ CPAs P.C. as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, is considered a “routine” matter. Accordingly, brokers, banks and other nominees are entitled to vote uninstructed shares only with respect to the ratification of the appointment of CBIZ CPAs P.C. as our independent registered public accounting firm. Therefore, it is important that you instruct your broker, bank or nominee on how you wish to vote your shares.

You should follow the procedures provided by your broker, bank or other nominee regarding the voting of your shares of the Company’s common stock. Without instructions, a broker non-vote will result, and your shares will not be voted, on all “non-routine” matters.

Q: What is a proxy?

A: A proxy is your legal designation of another person, referred to as a “proxy,” to vote shares of stock. The written document describing the matters to be considered and voted on at the Meeting is called a “proxy statement.” Our Board of Directors has designated David Moss, our chief executive officer and Cory Ellspermann, our chief financial officer, and each of them, with full power of substitution, as proxies for the Meeting.

Q: If a stockholder gives a proxy, how are the shares voted?

A: When proxies are properly dated, executed and returned, the shares represented by such proxies will be voted at the Meeting in accordance with the instructions of the stockholder. If no specific instructions are given on properly-executed returned proxies, however, the shares will be voted in accordance with the recommendations of our Board of Directors as described above. If any matters not described in this proxy statement are properly presented at the Meeting, the proxy holders will use their own judgment to determine how to vote your shares.

Q: What happens if I do not vote or return a proxy?

A: A quorum will exist at the Meeting only if the holders of record of a majority of the issued and outstanding shares of the capital stock of the Company entitled to vote at the Meeting are present in person or by proxy. Your failure to vote on the proposals, by failing to either submit a proxy or attend the Meeting if you are a stockholder of record, may result in the failure of a quorum to exist at the Meeting.

Q: What happens if I abstain?

A: If you abstain, whether by proxy or in person at the Meeting, or if you instruct your broker, bank or other nominee to abstain your abstention will not be counted for or against the proposals, but will be counted as “present” at the Meeting in determining whether or not a quorum exists.

Q: Can I revoke my proxy or change my vote?

A: You may change your vote at any time prior to the vote at the Meeting. To revoke your proxy instructions and change your vote if you are a holder of record, you must (i) vote again on a later date on the Internet or by telephone (only your latest Internet or telephone proxy submitted prior to the Meeting will be counted), (ii) advise our Secretary at our principal executive offices (225 NE Mizner Blvd., Suite 640, Boca Raton, FL 33432) in writing before the proxy holders vote your shares, (iii) deliver later dated and signed proxy instructions (which must be received prior to the Meeting) or (iv) participating in the Meeting live via the internet and voting again. If you hold shares in “street name,” you should refer to the instructions you received from your broker, bank or other nominee. Attendance in and of itself at the Meeting will not revoke a proxy. For shares you hold beneficially but not of record, you may change your vote by submitting new voting instructions to your broker or nominee or, if you have obtained a valid proxy from your broker or nominee giving you the right to vote your shares, by participating in the Meeting live via the internet and voting again.

Q: What should I do if I receive more than one set of voting materials?

A: You may receive more than one set of voting materials, including multiple copies of this proxy statement and multiple proxy cards or voting instruction cards. For example, if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage account in which you hold shares.

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If you are a stockholder of record and your shares are registered in more than one name, you will receive more than one proxy card. Please complete, date, sign and return (or vote via the Internet or telephone with respect to) each proxy card and voting instruction card that you receive to ensure that all of your shares are counted.

Q: What is “householding”?

A: We have adopted a procedure approved by the U.S. Securities and Exchange Commission (the “SEC”) called “householding” for stockholders who have the same address and last name and do not participate in electronic delivery of proxy materials. In some instances, only one copy of the proxy materials is being delivered to multiple stockholders sharing an address, unless we have received instructions from one or more of the stockholders to continue to deliver multiple copies. This procedure reduces our printing costs and postage fees.

We will deliver promptly, upon oral or written request, a separate copy of the applicable materials to a stockholder at a shared address to which a single copy was delivered. If you wish to receive a separate copy of the proxy materials you may call us at (561) 710 0512, or send a written request to INmune Bio Inc., 225 NE Mizner Blvd, Suite 640, Boca Raton, FL 33432, Attention: Secretary. If you have received only one copy of the proxy materials, and wish to receive a separate copy for each stockholder in the future, you may call us at the telephone number or write us at the address listed above. Alternatively, stockholders sharing an address who now receive multiple copies of the proxy materials may request delivery of a single copy, also by calling us at the telephone number or writing to us at the address listed above.

Q: Where can I find the voting results of the Meeting?

A: The Company intends to announce preliminary voting results at the Meeting and publish final results in a Current Report on Form 8-K that will be filed with the SEC following the Meeting. All reports the Company files with the SEC are publicly available when filed.

Q: What if I have questions about lost stock certificates or need to change my mailing address?

A: You may contact our transfer agent, VStock Transfer, LLC at (212) 828-8436, or by email at action@vstocktransfer.com, if you have lost your stock certificate or if you need to change your mailing address.

Q: Who can help answer my additional questions about the proposals or the other matters discussed in this proxy statement?

A: If you have questions about the proposals or other matters discussed in this proxy statement, you may contact the Company by mail at INmune Bio Inc., 225 NE Mizner Blvd., Suite 640, Boca Raton, FL 33432, Attention: Secretary.

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PROPOSAL NO. 1 — ELECTION OF DIRECTORS

Proposal

Five directors are to be elected at the Meeting to serve until the next annual meeting of the Company’s stockholders. Unless otherwise instructed, the persons named in the accompanying proxy intend to vote the shares represented by the proxy for the election of the nominees listed below. Although it is not contemplated that any nominee will decline or be unable to serve as a director, in such event, proxies will be voted by the proxy holder for such other persons as may be designated by the Board of Directors, unless the Board of Directors reduces the number of directors to be elected.

The following table sets forth the nominees for directors on the Board of Directors. Certain biographical information about the nominees as of the Record Date can be found above in the section titled “Directors and Officers.”

Nominees for Directors

Name	Age	Position(s) with the Company	Date First Elected or Appointed
David J. Moss	56	President and CEO, Secretary, Treasurer and Director	August 2025
J. Kelly Ganjei	53	Director, Chairman of the Board	September 2016
Timothy Schroeder	68	Director	December 2016
Scott Juda, J.D.	55	Director	March 2018
Marcia Allen	76	Director	November 2019

Required Stockholder Vote and Recommendation of Our Board of Directors

The directors receiving the majority of votes will be elected. This Proposal 1 is a “non-discretionary” or “non-routine” item, meaning that brokerage firms cannot vote shares in their discretion on behalf of a client if the client has not given voting instructions. Accordingly, if you hold your shares in street name and fail to instruct your broker to vote your shares, your shares will not be counted as votes cast and will have no effect on the outcome of this Proposal 1.

OUR BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE
“FOR” EACH OF THE NOMINEES IN THIS PROPOSAL NO. 1.

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PROPOSAL NO. 2 — RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Proposal

The Board of Directors has appointed CBIZ CPAs P.C. (“CBIZ CPAs”) as our independent registered public accounting firm for the fiscal year 2026 and has further directed that the selection of CBIZ CPAs. be submitted to a vote of the Company’s stockholders at the Meeting for ratification.

As described below, the stockholder vote is not binding on the Board of Directors. If the appointment of CBIZ CPAs is not ratified, the Board of Directors will evaluate the basis for the stockholders’ vote when determining whether to continue the firm’s engagement, but may ultimately determine to continue the engagement of the firm or another audit firm without re-submitting the matter to stockholders. Even if the appointment of CBIZ CPAs is ratified, the Board of Directors may in its sole discretion terminate the engagement of the firm and direct the appointment of another independent auditor at any time during the year if it determines that such an appointment would be in the best interests of our Company and our stockholders.

Representatives of CBIZ CPAs are not expected to attend the Meeting.

Change in Independent Registered Public Accounting Firm

On November 1, 2024, CBIZ CPAs acquired the attest business of Marcum LLP. On May 7, 2025, with the approval of the audit committee, the Company dismissed Marcum LLP as our independent registered public accounting firm. Previously, Marcum LLP served as our independent registered public accounting firm from August 5, 2018 to May 7, 2025, and reported on our financial statements for the years ended December 31, 2018, 2019, 2020, 2021, 2022, 2023 and 2024.

The audit report of Marcum LLP on the Company’s consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2023 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope, or accounting principles, except that the report included an explanatory paragraph relating to substantial doubt about the Company’s ability to continue as a going concern.

During the fiscal years ended December 31, 2024 and 2023 and through May 7, 2025, there were no (1) “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and Marcum LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Marcum LLP, would have caused Marcum LLP to make reference to the subject matter of the disagreement in their reports on the financial statements for such years, or (2) “reportable events” (as described in Item 304(a)(1)(v) of Regulation S-K).

We provided Marcum LLP with a copy of the above disclosures and requested that Marcum LLP furnish us with a letter addressed to the SEC stating whether it agrees with the statements made above and, if it does not agree, the respects in which it does not agree. A copy of Marcum LLP’s letter, dated May 7, 2025, was attached as Exhibit 16.1 to our Current Report on Form 8-K filed with the SEC on May 7, 2025.

Approval of Appointment of CBIZ CPAs P.C. as Our New Independent Registered Public Accounting Firm

On May 7, 2025, with the approval of the Company’s audit committee, CBIZ CPAs was engaged as the Company’s new independent registered public accounting firm for the fiscal year ending December 31, 2025.

During the fiscal years ended December 31, 2024 and 2023, and through May 7, 2025, neither the Company nor anyone on its behalf consulted with CBIZ CPAs regarding (1) the application of accounting principles to a specified transaction, completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company that CBIZ CPAs concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (2) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).

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Fees

The aggregate fees billed to us by CBIZ CPAs P.C. for services rendered for the years ended December 31, 2025 and 2024, are set forth in the table below:

Fee Category	For the Year Ended December 31, 2025		For the Year Ended December 31, 2024
Audit fees	$	465,848	$	—
Audit-related fees		—		—
Tax fees		25,750		—
All other fees		—		—
Total fees	$	491,598	$	—

The aggregate fees billed to us by Marcum LLP for services rendered for the years ended December 31, 2025 and 2024, are set forth in the table below:

Fee Category	For the Year Ended December 31, 2025		For the Year Ended December 31, 2024
Audit fees	$	—	$	418,261
Audit-related fees		—		—
Tax fees		—		23,304
All other fees		—		—
Total fees	$	—	$	441,565

Audit Committee

The audit committee, among other things, is responsible for:

• Appointing, approving the compensation of, overseeing the work of, and assessing the independence, qualifications, and performance of the independent auditor;

• reviewing the internal audit function, including its independence, plans, and budget;

• approving, in advance, audit and any permissible non-audit services performed by our independent auditor;

• reviewing our internal controls with the independent auditor, the internal auditor, and management;

• reviewing the adequacy of our accounting and financial controls as reported by the independent auditor, the internal auditor, and management;

• overseeing our financial compliance system; and

• overseeing our major risk exposures regarding the Company’s accounting and financial reporting policies, the activities of our internal audit function, and information technology.

The Board of Directors has affirmatively determined that each member of the audit committee meets the additional independence criteria applicable to audit committee members under SEC rules and the Nasdaq Stock Market LLC. The Board of Directors has adopted a written charter setting forth the authority and responsibilities of the audit committee. The Board of Directors has affirmatively determined that each member of the audit committee is financially literate, and that all members meet the qualifications of an audit committee financial expert. The audit committee consists of Timothy Schroeder, Scott Juda, J.D., and Marcia Allen. Scott Juda, J.D., is the chairman of the audit committee.

Based on the review and the discussions described above, the audit committee recommended to the Board of Directors that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for filing with the SEC.

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The audit committee also considered whether the non-audit services rendered by our independent registered public accounting firm are compatible with an auditor maintaining independence. The audit committee has determined that the rendering of such services is compatible with CBIZ CPAs maintaining its independence.

Required Stockholder Vote and Recommendation of Our Board of Directors

Approval of our independent registered public accounting firm requires the affirmative vote of a majority of the votes cast at the Meeting, whether in person or by proxy, provided that a quorum is present. An abstention will not be counted for or against the proposal, and therefore will not affect the vote outcome.

OUR BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE
“FOR” THIS PROPOSAL NO. 2.

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PROPOSAL NO. 3 — APPROVAL OF THE THIRD AMENDED AND RESTATED 2021 EQUITY INCENTIVE PLAN

Description of Proposed Amendment

On April 7, 2026, the Board of Directors unanimously approved to amend and restate (the “Plan Amendment”) the Company’s Amended and Restated 2021 Equity Incentive Plan (the “2021 Plan” and as amended by the Plan Amendment, the “Third Amended and Restated 2021 Plan”), subject to stockholder approval, to increase the number of shares of common stock authorized for issuance under the current 2021 Plan by 2,658,525 shares from 6,500,000 to 9,158,525 shares and to implement an evergreen provision for the purpose of increasing the number of shares of common stock reserved for the grant of Awards under the 2021 Plan automatically on the first trading day of each calendar year beginning with calendar year 2027 through and including the first trading day of calendar year 2031 by the lesser of: (A) 10.0% of the total number of shares of our common stock outstanding on December 31 of the immediately preceding calendar year or (B) such smaller number of shares as is determined by our Board of Directors.

The full text of the proposed Third Amended and Restated 2021 Plan is set out in Annex A to this proxy statement. The text of the proposed Third Amended and Restated 2021 Plan is subject to modification to include such changes as the Board of Directors deems necessary and advisable to affect the increase in the number of shares of common stock reserved and available for issuance and permit acceleration of vesting awards upon a Change of Control. Stockholders are being asked to approve the Third Amended and Restated 2021 Plan.

Vote Required and Recommendation

The approval of the Third Amended and Restated 2021 Plan will be made upon the affirmative vote of the majority of shares cast on the proposal. Abstentions and broker non-votes will have no direct effect on the outcome of this proposal. If the proposal is not approved by the stockholders, the Third Amended and Restated 2021 Plan will not be effective and the proposal will not be implemented.

Reasons for the Plan Amendment

Currently, awards (consisting of options to purchase shares of common stock and restricted stock) issued under the 2021 Plan totals 6,409,291 shares of common stock. On June 16, 2026, at our annual stockholders meeting, our stockholders will vote to increase the shares authorized by 2,658,525 shares from 6,500,000 shares to 9,158,525 shares. With these grants and approvals, as of June 16, 2026, the Company will have 2,749,234 awards available to be issued. In addition, our stockholders will vote to increase the shares authorized by implementing an evergreen provision for the purpose of increasing the number of shares of common stock reserved for the grant of Awards under the 2021 Plan automatically on the first trading day of each calendar year beginning with calendar year 2027 through and including the first trading day of calendar year 2031 by the lesser of: (A) 10.0% of the total number of shares of our common stock outstanding on December 31 of the immediately preceding calendar year or (B) such smaller number of shares as is determined by our Board of Directors.

The Board of Directors determined to increase the number of shares of common stock reserved and available for issuance under the 2021 Plan and to implement the evergreen provision because it believes that the current number is insufficient for the purposes of future issuances.

The Board of Directors believes that evergreen provision is essential to the Company’s continued success and therefore is in the best interests of the Company and its stockholders, since it allows the Company to annually maintain a sufficient number of shares of common stock issuable under the 2021 Plan, which is necessary for the Company to be able to provide its employees with sufficient award grants under the 2021 Plan to incentivize them to work with the Company and to maintain their services.

The Third Amended and Restated 2021 Plan will result in (i) an increase in the total number of shares of common stock reserved for issuance. This will provide the Company with the ability to grant more awards than are currently available to eligible recipients including employees, directors, consultants and advisors and allow necessary flexibility for such awards.

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The issuance in the future of awards under the Third Amended and Restated 2021 Plan consisting of full value awards and options to purchase shares of common stock may have the effect of diluting the earnings per share and book value per share, as well as the stock ownership and voting rights, of the holders of the currently outstanding shares of common stock. The effective increase in the number of authorized but unissued shares of common stock which may be issued as awards under the Third Amended and Restated 2021 Plan may be construed as having an anti-takeover effect by permitting the issuance of shares to purchasers who might oppose a hostile takeover bid or oppose any efforts to amend or repeal certain provisions of the Articles of Incorporation or Bylaws. Holders of the common stock have no preemptive or other subscription rights. There are no other material differences to the 2021 Plan as a result of the Plan Amendment, except as mentioned herein.

Material Terms of the Third Amended and Restated 2021 Plan

This summary, however, does not purport to be a complete description of all provisions of the Third Amended and Restated 2021 Plan and is qualified in its entirety by reference to the Third Amended and Restated 2021 Plan.

Administration. The authority to manage the operation of and administer the Third Amended and Restated 2021 Plan shall be vested in a committee (the “Committee”). The Committee shall be selected by the Board of Directors, and shall consist solely of two or more members of the Board of Directors who are non-employee directors within the meaning of Rule 16b-3 and are outside directors within the meaning of Internal Revenue Code Section 162(m) (“Section 162(m)”). Unless otherwise determined by the Board of Directors, the compensation committee of the Board of Directors shall be designated as the “Committee.”

Eligibility. Awards may be granted pursuant to the Third Amended and Restated 2021 Plan only to persons who are eligible persons. Under the Third Amended and Restated 2021 Plan, “Eligible Persons” are all employees, non-employee directors, consultants and other key advisors who provide services to the Company (or any subsidiary of the Company) who are eligible under the Third Amended and Restated 2021 Plan.

Available Shares. Currently, the number of shares of common stock that may be the subject of Awards issued under the 2021 Plan is 6.500,000 shares. The Plan Amendments would initially increase the share reserve by an additional 2,658,525 shares to a total of 9,158,525 shares. Beginning on the first trading day of each calendar year starting with calendar year 2027 through and including the first trading day of calendar year 2031, the number of shares of common stock reserved for the grant of Awards under the 2021 Plan will increase automatically by the lesser of: (A) 10.0% of the total number of shares of our common stock outstanding on December 31 of the immediately preceding calendar year or (B) such smaller number of shares as is determined by our Board of Directors.

Awards. Pursuant to the terms of the Third Amended and Restated 2021 Plan, an “Award” shall include any award or benefit granted under the Third Amended and Restated 2021 Plan, including but not limited to, Options (as defined below), Stock Appreciation Rights (as defined below), Restricted Stock (as defined below), Restricted Stock Units (as defined below), other stock-based awards and cash based Awards, each such term defined herein. Each Award shall be evidenced by an award agreement containing such terms and conditions applicable to such Award as the Committee shall determine.

Options. The term “Option” means a right to purchase shares of common stock. An Option may be either any Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code (“ISO”) or any Option that is not designated as an ISO, or which is designated by the Committee as an ISO but which subsequently fails or ceases to qualify as an ISO (“NQSO”). The award agreement evidencing an Option shall designate the Option as either an ISO or an NQSO, as determined in the discretion of the Committee. At the time of the grant of Options, the Committee may place restrictions on the exercisability or vesting of Options that shall lapse, in whole or in part, upon the attainment of performance goals; provided that such performance goals shall relate to periods of performance of at least one fiscal year.

Restricted Stock. The term “Restricted Stock” means an Award of shares of common stock that may be subject to certain restrictions and to a risk of forfeiture. Stock issued upon the exercise of Options or SARs is not “Restricted Stock” for purposes of the plan, even if subject to post-issuance transfer restrictions or forfeiture conditions. When Restricted Stock vests, it ceases to be “Restricted Stock” for purposes of the Third Amended and Restated 2021 Plan. Restricted Stock shall be subject to such restrictions on transferability and other restrictions, if any, as the Committee may impose at the date of grant, which restrictions may lapse separately or in combination at such times, under such circumstances, in such instalments, or otherwise, as the Committee may determine.

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Restricted Stock Units. The term “Restricted Stock Unit” means a right to receive shares of common stock or cash at the end of a specified deferral period, which right may be conditioned on the satisfaction of specified performance or other criteria. At the time of the grant of Restricted Stock Units, the Committee may place restrictions on Restricted Stock Units that shall lapse, in whole or in part, upon the attainment of performance goals; provided that such performance goals shall relate to periods of performance of at least one fiscal year.

Stock Appreciation Rights. The term “Stock Appreciation Right” or “SAR” means the right to be paid an amount measured by the appreciation in the fair market value of shares of common stock from the date of grant to the date of exercise of the right. SARs may be granted independently or in tandem with an Option at the time of grant of the related Option. An SAR granted in tandem with an Option shall be exercisable only to the extent the underlying Option is exercisable. Payment of an SAR may be made in cash, shares of common stock, or a combination of the foregoing, as specified in the award agreement or determined in the sole discretion of the Committee.

Cash-Based Awards. The term “Cash-Based Award” means a right or other interest that may be denominated or payable in cash, other than an Award pursuant to which the amount of cash is determined by reference to the value of a specific number of shares of common stock. The Committee is authorized to grant Awards to grantees in the form of Cash-Based Awards, as deemed by the Committee to be consistent with the purposes of the Third Amended and Restated 2021 Plan. At the time of the grant of Cash-Based Awards, the Committee may place restrictions on the payout or vesting of Cash-Based Awards that shall lapse, in whole or in part, upon the attainment of performance goals.

Change of Control. The Committee may, at the time an Award is made or at any time prior to, coincident with or after the time of a Change of Control: (a) provide for the adjustment of any performance goals as the Committee deems necessary or appropriate to reflect the Change of Control; (b) provide for the cancellation of any Awards then outstanding if the surviving entity or acquiring entity (or the surviving or acquiring entity’s parent company) in the Change of Control replaces the Awards with new rights of substantially equivalent value, as determined by the Committee; (c) provide that upon an involuntary termination of a participant’s employment as a result of a Change of Control, any time periods shall accelerate, and any other conditions relating to the vesting, exercise, payment or distribution of an Award shall be waived; or (d) provide that Awards shall be purchased for an amount of cash equal to the amount that could have been obtained for the shares covered by a Restricted Stock Award if it had been vested and or by an Option and or by an SAR if it had been exercised at the time of the Change of Control.

Notwithstanding any other provisions of the Third Amended and Restated 2021 Plan or an award agreement to the contrary, the vesting, payment, purchase or distribution of an Award for any grantee whose service to the Company has not terminated shall automatically be accelerated by reason of a Change of Control for any Grantee with respect to any outstanding grants. Further, unless otherwise provided by the applicable award agreement or determined by the Committee, any portion of an Award outstanding immediately prior to a Change of Control, the exercisability and/or vesting of such portion of the Award held by a Participant whose service to the Company has not terminated prior to Change in Control shall be accelerated in full effective as of a date prior to, but conditioned upon, the consummation of a Change in Control.

The term “Change of Control” shall be deemed to occur if and when:

(i) any person, including a “person” as such term is used in Section 14(d)(2) of the Exchange Act (a “Person”), is or becomes a beneficial owner (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities;

(ii) individuals who, as of the effective date of the Third Amended and Restated 2021 Plan (the “Effective Date”), constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors;

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(iii) all or substantially all of the assets of the Company are sold, transferred or distributed, or the Company is dissolved or liquidated; or

(iv) a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”) is consummated, in each case, with respect to which the stockholders of the Company immediately prior to such Transaction does not, immediately after the Transaction, own more than 50% of the combined voting power of the Company or other corporation resulting from such Transaction in substantially the same respective proportions as such stockholders’ ownership of the voting power of the Company immediately before such Transaction.

Notwithstanding the foregoing or any other provision of this Plan, the term Change of Control shall include a sale of assets, merger or other transaction effected, except for the purpose of changing the domicile of the Company.

Section 162(m) of the Internal Revenue Code. Following the enactment of the Tax Cuts and Jobs Act (the “TCJA”) in December 2017, Section 162(m) disallows a tax deduction for any publicly held corporation for individual compensation exceeding $1.0 million in any taxable year to its chief executive officer, chief financial officer, and any of its three other most highly compensated executive officers (the “covered employees”). Prior to the enactment of the TCJA, Section 162(m) disallowed a tax deduction for any publicly held corporation for individual compensation exceeding $1.0 million in any taxable year to its chief executive officer and any of its three other most highly compensated executive officers, other than its chief financial officer, unless such compensation qualified as “performance-based compensation” within the meaning of the Internal Revenue Code. The changes to Section 162(m) made by the TCJA are generally effective for taxable years beginning in 2018, but there is a grandfather rule for compensation paid pursuant to a written, binding contract that was in effect on November 2, 2017, which was not modified in any material respect on or after that date. Awards granted under the Third Amended and Restated 2021 Plan to our covered employees, whether performance-based or otherwise, will be subject to the $1.0 million annual deduction limitation under Section 162(m). The Board of Directors or the Compensation Committee, as applicable, intends to consider the potential impact of Section 162(m) on compensation decisions, but reserves the right to grant awards under the Third Amended and Restated 2021 Plan that may not be deductible because of Section 162(m), as the Board of Directors or the Committee in the exercise of its business judgment determines appropriate to meet our compensation objectives.

New Plan Benefits. SEC rules require us to disclose any amounts that we currently are able to determine will be allocated to our named executive officers, directors and other employees following approval of the Third Amended and Restated 2021 Plan. The aggregate benefits or amounts, including shares or options to be received by or allocated to certain executive officers, directors or other employees are not known with specificity at this time. All benefits under the Third Amended and Restated 2021 Plan shall be subject to approval by the stockholders.

Eligible Persons Under the Third Amended and Restated 2021 Plan. As of the Record Date, there were approximately 24 employees and 4 non-executive directors eligible for Awards under the Third Amended and Restated 2021 Plan. The number of other service providers potentially eligible to participate in the Third Amended and Restated 2021 Plan is not currently determinable.

Federal Income Tax Information Regarding the Third Amended and Restated 2021 Plan.

The following is a brief summary of the principal federal income tax consequences of awards under the Third Amended and Restated 2021 Plan to U.S. taxpayers and the Company based on applicable provisions of the Internal Revenue Code and Treasury Regulations now in effect.

The following discussion assumes that the fair market value of our common stock on the date of exercise is greater than the per share exercise price.

Nonstatutory Stock Options. No taxable income is reportable when a nonstatutory stock option with an exercise price equal to the fair market value of the underlying stock on the date of grant is granted to a participant. Upon exercise, the participant will recognize ordinary income in an amount equal to the excess of the fair market value (on the exercise date) of the shares purchased over the exercise price of the option. Any taxable income recognized in connection with an exercise of the nonstatutory stock option by an employee of the Company is subject to tax withholding by the Company. Any additional gain or loss recognized upon any later disposition of the shares would be capital gain or loss.

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Incentive Stock Options. No taxable income is reportable when an incentive stock option is granted or exercised (except for purposes of the alternative minimum tax, in which case taxation is the same as for nonstatutory stock options). If the participant exercises the option and then later sells or otherwise disposes of the shares more than two years after the grant date and more than one year after the exercise date, the difference between the sale price and the exercise price will be taxed as capital gain or loss. If the participant exercises the option and then later sells or otherwise disposes of the shares before the end of the two- or one-year holding periods described above, he or she generally will recognize ordinary income at the time of the sale equal to the fair market value of the shares on the exercise date (or the sale price, if less) minus the exercise price of the option.

Stock Appreciation Rights. Generally, no taxable income is reportable when a participant is granted a stock appreciation right. Upon exercise, the participant will recognize ordinary income in an amount equal to the amount of cash received and the fair market value of any shares received in excess of the exercise price. Any additional gain or loss recognized upon any later disposition of the shares would be capital gain or loss.

Restricted Stock Awards, Restricted Stock Units, Performance Shares and Performance Units. A participant generally will not have taxable income at the time an award of restricted stock, restricted stock units, performance shares, or performance units are granted. Instead, he or she will recognize ordinary income in the first taxable year in which his or her interest in the shares underlying the award becomes either (i) freely transferable, or (ii) no longer subject to a substantial risk of forfeiture. However, the recipient of an award of restricted stock may elect to recognize income at the time he or she receives the award in an amount equal to the fair market value of the shares underlying the award (less any cash paid for the shares on the date the award is granted). Any additional gain or loss recognized upon any later disposition of the shares would be capital gain or loss.

Tax Effect for the Company. The Company generally will be entitled to a tax deduction in connection with an award under the Third Amended and Restated 2021 Stock Plan in an amount equal to the ordinary income realized by a participant and at the time the participant recognizes such income (for example, the exercise of a nonstatutory stock option).

Securities Authorized for Issuance Under Equity Compensation Plans

Equity Compensation Plan Information

The following table provides certain information with respect to all of our compensation plans in effect as of December 31, 2025:

Plan Category	(A) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights		(B) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights		(C) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (A))
Equity Compensation Plans approved by stockholders	9,759,882	(1)	$	2.63	64,668	(2)
Equity Compensation Plans not approved by stockholders	—			—	—
Total	9,759,882		$	2.63	64,668

____________

(1) Consists of shares subject to outstanding stock options, under the Second Amended and Restated 2021 Stock Plan, the 2019 Stock Incentive Plan (the “2019 Plan”) and INmune Bio Inc. 2017 Stock Incentive Plan (the “2017 Plan”) some of which are vested and some of which remain subject to the vesting of the respective equity award.

(2) Consists of shares subject to outstanding stock options, under the Amended and Restated INmune Bio Inc. 2021 Stock Incentive Plan, some of which are vested and some of which remain subject to the vesting of the respective equity award

OUR BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE
“FOR” THIS PROPOSAL NO. 3.

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AUDIT COMMITTEE REPORT

The Board of Directors has reviewed and discussed with management our audited financial statements for the fiscal year ended December 31, 2025, which were audited by CBIZ CPAs, our independent registered public accounting firm. The Board of Directors discussed with CBIZ CPAs the matters required to be discussed pursuant to Public Company Accounting Oversight Board (United States) Auditing Standard 1301 (Communication with Audit Committee). The Board of Directors received the written disclosures and letter from the independent registered public accounting firm required by applicable requirements of the PCAOB regarding the independent registered public accounting firm’s communications with the Board of Directors concerning independence, and discussed with the independent registered public accounting firm the independent registered public accounting firm’s independence. The Board of Directors also considered whether the provision of services other than the audit of our financial statements for the fiscal year ended December 31, 2025 were compatible with maintaining CBIZ CPAs’s independence.

The Board of Directors has selected CBIZ CPAs as our independent auditor for 2026.

Respectfully submitted by the audit committee,

Messrs. Schroeder, Juda and Allen

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DIRECTORS, OFFICERS AND KEY EMPLOYEES

Set forth below are the Company’s Directors, and Executive Officers and key employees as of December 31, 2025, together with an overview of their professional experience and expertise.

Name	Age	Position(s) Held	Director Since
David J. Moss	56	President, CEO, Secretary, Treasurer and Director	2025
Cory Ellspermann	53	Chief Financial Officer	N/A
Mark Lowdell, PhD	64	Chief Scientific Officer	N/A
J. Kelly Ganjei	53	Independent Director	2016
Timothy Schroeder	68	Independent Director	2016
Scott Juda, J.D.	55	Independent Director	2018
Marcia Allen	76	Independent Director	2019

Directors are elected annually and hold office until the next annual meeting of the stockholders of the Company and until their successors are elected. Officers are elected annually and serve at the discretion of the Board of Directors.

David J. Moss, M.B.A. is a co-founder and has been the chief executive officer and a director since August 2025. He also serves as secretary and treasurer. From the Company’s formation in September 2015 until August 2025 he served as the chief financial officer of the Company. Mr. Moss was audit committee chair for Qilian International Holding Groups LTD. from December 2020 to February 2022 and served as a director and audit committee chair of Xiangtai Food Co from Aug 2019 to Aug 2020 and was a director of Pegasi Energy Resources Corporation from May 2007 to January 2014 and was a founding investor in Reliant Service Group LLC which sold in 2015 to a leading private equity firm. From 1996 until 2001 he served as Managing Partner at a Seattle based venture capital firm, The Phoenix Partners. From November 2010 until October 2011, Mr. Moss was the Chief Executive Officer, sole director and a majority shareholder of Tamandare Explorations Inc. a private specialty pharmaceutical company. In October 2011 Tamandare Explorations engaged in a merger transaction pursuant to with Tonix Pharmaceuticals Holding Corp., which at the time had its common stock listed on the OTC Bulletin Board and is currently listed on Nasdaq Capital Market. In connection with the merger transaction Mr. Moss resigned as Tamandare Explorations Chief Executive Officer and a member of its board of directors. From 2001 until the formation of INmune Bio in 2015, Mr. Moss has invested in healthcare technology companies. Mr. Moss holds an MBA from Rice University and a BA in Economics from the University of California, San Diego.

Cory Ellspermann has been the Company’s chief financial officer since August 2025. Prior to Mr. Ellspermann’s appointment as our Chief Financial Officer, Mr. Ellspermann served as our Controller and VP of Finance since June 2019. Mr. Ellspermann possesses over 30 years of financial management experience at public and private companies. Prior to joining us, Mr. Ellspermann was Senior Accounting Manager at Artivest, an alternative investments company. He is a certified public accountant in the State of Texas and previously served as a Senior Audit Manager at Ernst & Young. He holds a BS in Accounting from Purdue University.

Mark Lowdell, Ph.D. was a member of the board of directors of the Company from its formation in September 2015 until July 2018 and has been the Company’s Chief Scientific Officer since October 2015. Prof. Lowdell is Professor of Cell and Tissue Therapy at University College London where he has led a translational immunotherapy group and cGMP cell manufacturing facility since 1994. Since February 2009, Prof. Lowdell was the Director of Cellular Therapy at the Royal Free London NHS Foundation Trust; a post from which he retired in 2022 to focus fully on his role in INmune Bio and the extension of our clinical programs. He received his PhD in clinical immunology from London Hospital Medical College, University of London in 1992 and is a qualified immunopathologist. Prof. Lowdell is a past Vice President and board member of the International Society for Cell & Gene Therapy. His education and significant academic and clinical experience with cellular therapies were instrumental in his selection as Chief Scientific Officer.

Timothy Schroeder, has been one of the Company’s directors since December 2016. Timothy Schroeder, Chairman, CEO and Founder of CTI Clinical Trial & Consulting Services (“CTI”), has over 35 years of clinical, academic, and industry experience in global drug and device development programs. CTI, founded in 1999, is a multi-national research firm with associates in North America, Europe, Latin America, Middle East, Africa and Asia-Pacific. The firm has supported more than 200 drug and device approvals, and currently works on behalf of approximately

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300 global pharmaceutical and biotechnology companies. Prior to founding CTI, Mr. Schroeder held numerous faculty positions with the University of Cincinnati College of Medicine. He was also the founding Executive Vice President of Clinical Development at SangStat Medical Corporation, which went public in 1995. Mr. Schroeder is currently a board member for over a dozen corporate and non-profit organizations, including Xavier University, which he attended. He also serves on the boards of Bexion Pharmaceuticals, Cognitive Research, and Lepton Pharmaceuticals. Mr. Schroeder was named as an EY Entrepreneur of the Year in 2015 and was recognized as Top Leader by the Enquirer Media in 2016. In 2020, he also received the St Xavier Insignis Award, The Xavier University Distinguished Alumnus Award in 2021 and the Mt Saint Joseph University Trustee Award in 2022. Mr. Schroeder has significant clinical trial and drug development experience which is why he was selected as a member of the board of directors.

J. Kelly Ganjei, has been one of the Company’s directors since September 2016. Until 2025, Mr. Ganjei was the CEO and President of AmplifyBio, LLC, a contract research organization focused on helping advanced therapy clients navigate the concept to commercial journey. AmplifyBio and subsidiaries filed for bankruptcy and subsequently closed during 2025. Mr. Ganjei is the former Chief Executive Officer and Chairman of the Board of Cognate BioServices, a CDMO focused on the cell and gene therapy fields that was recently acquired by Charles River Laboratories International. Mr. Ganjei has nearly 30 years of experience within the life science, venture capital and IT sectors and has lead companies through various stages of development, ranging from the virtual start-up, to mid-cap restart, through the exponential growth through M&A, and into an exit. Prior to joining Cognate, Mr. Ganjei was the principal at an SBA venture capital firm where he was brought on to support deal flow into and out of the fund, with a specific focus on regenerative medicine, immunotherapy and cell therapy investments within the portfolio. While in this role, he helped the venture capital firm exit the SBA program and was the key driver of several other strategic deals for various portfolio companies. Previously, Mr. Ganjei was the CEO and Co-founder of Remegenix, Inc. Prior to Remegenix, Inc., was a Vice President of Business Development at TissueGene, Inc., a cell-mediated gene therapy company, where he helped close several tranches of TissueGene’s Series A and B funding, helped navigate a complex development pathway and was responsible for developing the global informatics infrastructure for the company and its affiliates. Prior to TissueGene, Inc., Mr. Ganjei served as a Product Marketing Manager for LabVantage where he was the key technical sales and marketing lead for LabVantage’s life science software product offering globally and was responsible for the design of all life science product initiatives. Mr. Ganjei has published numerous scientific, peer-reviewed papers and has been an invited guest speaker and presenter at various business forums. Mr. Ganjei received his B.S. in Microbiology from the University of Maryland College Park in 1995 and began his career at NIH in May of the same year. Mr. Ganjei has significant biotechnology operational experience as well as significant pre-clinical, clinical and commercial drug development and manufacturing knowledge which is why he was selected as a member of the board.

Scott Juda, J.D. has been one of the Company’s directors since March 2018. He is the Co-Founder of Fossick Capital, a technology focused hedge fund. From 2012 to 2016, Scott was the Chief Executive Officer and Co-Founder of The Juda Group, Inc., a division of CCM, an institutional capital markets focused broker-dealer. Scott was at SMH Capital from 2002 until 2011, serving as a Managing Director in the Investment Banking Group as well Chief Operating Officer of The Juda Group subsidiary. From 2000 to 2002, Mr. Juda was an institutional sales-trader for Sutro & Co. From 1997 to 2000, Scott practiced corporate and securities law at Buchalter Nemer LLP. Mr. Juda received his bachelor’s degree from the University of Southern California and his juris doctor from the University of Pepperdine School of Law. Mr. Juda is a member of the State Bar of California. We believe that Mr. Juda is qualified to serve on our board of directors because of his significant experience in capital markets.

Marcia Allen has been one of the Company’s directors since November 2019. Ms. Allen is the CEO and founder of Allen & Associates, a global Strategic Advisory and Investment firm. Ms. Allen has a broad financial background, with both corporate and institutional experience, which is why she was selected as a member of the board of directors. For the past three decades she has been devoted to corporate finance, focused on wealth management, private equity, venture capital and M&A. She has represented all levels of investors and corporate clients for strategic consulting, acquisitions, restructures and divestitures. Her primary focus is to build value through balanced structures and proper timing of financing, growth and divestiture. In this capacity, Ms. Allen has developed and successfully completed many financial transactions through her companies, Allen & Associates, Elite Capital, a California based Venture Capital Firm, and Allen/Brenner, Inc., a wealth and cash management firm focused on the entertainment and media industry. Ms. Allen was a founder and served as Managing Director of The Movie Group, (AMX) the originating company

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which is today Lionsgate Entertainment (NYSE). Ms. Allen’s began her career as a member of the founding group of Ruby Tuesday, Inc. Upon her departure, she joined Taco Bell, Inc. (NASDAQ) as the Chief Financial Officer; where she structured and facilitated the acquisition of Taco Bell, Inc. by PepsiCo, Inc (NYSE). From PepsiCo, Ms. Allen moved to W.R. Grace & Co. (NYSE) initially she was based in Newport Beach, CA with the Restaurant/Retail Division as CFO, and later in their New York headquarters as a Corporate Development Officer (M&A). Her expertise in the financial world comes from both the operational sector and investment arena, which gives her a unique insight and advantage in financial structuring and operations. Her Advisory clients are quite diverse from the House of Al Thani, the governments of Zambia, Turkey and other developing countries to US hospitality giants Marriott and McDonalds. She is a problem solver and she is known for her “out of the box” strategic plans. She was educated at the University of Tennessee in finance and accounting. She has been a speaker for Forbes, Strategic Research Institute, Inc. magazine, the National Restaurant Association, Los Angeles Venture Association (LAVA). She is active in numerous civic and political organizations. Since 2003 she has been a Member of the Board of Directors of Ark Restaurants (ARKR).

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CORPORATE GOVERNANCE

The Company is committed to maintaining strong corporate governance practices that benefit the long-term interests of our stockholders by providing for effective oversight and management of the Company. The Company’s governance policies, including its insider trading policy, code of ethics, financial conflicts of interest policy and committee charters can be found on the Company’s website at http://www.inmunebio.com/.

The nominating and corporate governance committee regularly reviews the Company’s corporate governance policies, code of ethics, and committee charters to ensure that they take into account developments at the Company, changes in regulations and listing requirements, and the continuing evolution of best practices in the area of corporate governance.

The Board of Directors conducts an annual self-evaluation in order to assess whether the directors, the committees, and the Board of Directors are functioning effectively.

The Board of Directors has granted Mark Lowdell rights to observe board meetings as long as he owns at least 750,000 shares of the Company’s common stock.

Code of Ethics

The Company has adopted a code of ethics that applies to its principal executive officers and principal financial officer, principal accounting officer or controller, or persons performing similar functions and also to other employees. The Company’s code of ethics can be found on our website at www.inmunebio.com.

Involvement in Certain Legal Proceedings

Except as disclosed in the bios above, the Company’s directors and executive officers have not been involved in any of the following events during the past ten years:

1. any bankruptcy petition filed by or against such person or any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

2. any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

3. being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting his involvement in any type of business, securities or banking activities or to be associated with any person practicing in banking or securities activities;

4. being found by a court of competent jurisdiction in a civil action, the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

5. being subject of, or a party to, any federal or state judicial or administrative order, judgment decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

6. being subject of or party to any sanction or order, not subsequently reversed, suspended, or vacated, of any self-regulatory organization, any registered entity or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Family Relationships

There are no family relationships among and between the issuer’s directors, officers, persons nominated or chosen by the issuer to become directors or officers, or beneficial owners of more than ten percent of any class of the issuer’s equity securities.

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Anti-Hedging, Pledging and Insider Trading Policy

As part of our insider trading policy, our officers, directors, employees and consultants are prohibited from engaging in short sales of our securities and our officers, directors and employees are prohibited from engaging in hedging transactions involving our securities. Our insider trading policy further prohibits officers, directors and employees from pledging securities as collateral for a loan unless pre-cleared by the compliance officer for the insider trading policy. A copy of the insider trading policy is filed as Exhibit 19.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Clawback Policy

Our Board of Directors has adopted a Policy for Recovery of Erroneously Awarded Compensation (the “Clawback Policy”) that is applicable to our current and former executive officers, and such other of our senior executive team as may be determined. If we determine that we must restate our financial results as reported in a periodic or other report filed with the SEC to correct an accounting error due to material noncompliance with any financial reporting requirement under the U.S. securities laws, our Board of Directors must recover all incentive compensation, both cash and equity-based, awarded or paid to an executive officer covered by the Clawback Policy to the extent any such compensation would not have been awarded or paid to such officer based on the restated financial results during the three completed fiscal years preceding the date on which the Company is required to prepare the restatement. A copy of the Clawback Policy is filed as Exhibit 97.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Policies and Practices Related to the Timing of Option Awards

The Company generally grants annual equity-based awards during the first half of the calendar year, although such timing may change from year to year. The compensation committee also may consider and approve interim or mid-year grants, or grants made on another basis, from time to time based on business needs, changing compensation practices or other factors, in the discretion of the compensation committee. The compensation committee does not take into account material nonpublic information in determining the timing and terms of equity-based awards, and the Company has not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.

Board Committees

Our Board of Directors has established three standing committees: an audit committee, a nominating and corporate governance committee and a compensation committee, which are described below. Members of these committees are elected annually at the regular board meeting held in conjunction with the annual stockholders’ meeting. The charter of each committee is available on our website at www.inmunebio.com.

Audit Committee

The audit committee, among other things, is responsible for:

• appointing, approving the compensation of, overseeing the work of, and assessing the independence, qualifications, and performance of the independent auditor;

• reviewing the internal audit function, including its independence, plans, and budget;

• approving, in advance, audit and any permissible non-audit services performed by our independent auditor;

• reviewing our internal controls with the independent auditor, the internal auditor, and management;

• reviewing the adequacy of our accounting and financial controls as reported by the independent auditor, the internal auditor, and management;

• overseeing our financial compliance system; and

SEC Form DEF 14A filed by INmune Bio Inc.