World News: 14:03 GMT Wednesday 15th May 2019. [INmune BIO, Inc. via Globe Newswire via SPi World News]
LA JOLLA, Calif., May 15, 2019 (GLOBE NEWSWIRE) -- an immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, today reported its financial results and is providing a business update for the first quarter ended March 31, 2019.
“2019 has marked a transformative period for INmune Bio, as the first biotech of the year to close its IPO and list on the Nasdaq,” stated RJ Tesi, M.D., Chief Executive Officer of INmune Bio. “We are focused on advancing our clinical programs for the foreseeable future.”
Research and development expense totaled approximately $0.1 million for the first quarter ended March 31, 2019, compared with approximately $0.1 million for the quarter ended March 31, 2018. During the three months ended March 31, 2019, research and development expense included $0.4 million of research and development expense incurred for our clinical trials, partially offset by a grant received from the Alzheimer’s Association of which $0.3 million was recorded as contra-research and development expense.
General and administrative expense was approximately $1.8 million in the quarter ended March 31, 2019, compared to approximately $2.7 million in the quarter ended March 31, 2018. The $0.9 million decline in general and administrative expense is due to lower noncash stock-based compensation ($1.0 million for the quarter ended March 31, 2019 compared to $2.5 million for the quarter ended March 31, 2018), partially offset by higher general and administrative expenses including professional fees and payroll expense.
At March 31, 2019, the Company had cash and cash equivalents of approximately $6.0 million with no debt. Subsequently, the Company received proceeds of $4.7 million at a purchase price of $9.00 per share led by RJ Tesi, CEO, David Moss, CFO, and existing shareholders.
As of May 10, 2019 the Company had 10.3 million common and 13.3 million fully diluted shares outstanding.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. For a more detailed description of the risk factors and uncertainties affecting the Company please refer to the Company’s recent Securities and change Commission filings, which are available at . The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
The following table summarizes our results of operations for the periods indicated:
The following table summarizes our cash flows for the periods indicated:
Globe Newswire: 14:03 GMT Wednesday 15th May 2019
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