8-K: INmune Bio Changes Accounting Firms Following Acquisition

INmune Bio dismisses Marcum LLP as its independent auditor due to its acquisition by CBIZ CPAs, and subsequently engages CBIZ CPAs as its new auditor.

Summary

• INmune Bio Inc. dismissed Marcum LLP as their independent registered public accounting firm on May 7, 2025, following CBIZ CPAs P.C.'s acquisition of Marcum's attest business on November 1, 2024.
• The company's audit committee approved the dismissal of Marcum.
• Marcum's audit report for the fiscal years ended December 31, 2024 and 2023 contained an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern, but did not contain an adverse opinion or disclaimer.
• There were no disagreements or reportable events between INmune Bio and Marcum during the fiscal years ended December 31, 2024 and 2023 and through May 7, 2025.
• On May 7, 2025, INmune Bio engaged CBIZ CPAs as its new independent registered public accounting firm for the fiscal year ending December 31, 2025, with the approval of the company's audit committee.
• INmune Bio did not consult with CBIZ CPAs regarding accounting principles or the type of audit opinion during the fiscal years ended December 31, 2024 and 2023 and through May 7, 2025.

Sentiment

Score: 6

Explanation: The sentiment is neutral. While there's a change in auditors, which is a standard process, the mention of 'substantial doubt' about the company's ability to continue as a going concern in the previous auditor's report tempers any positive outlook.

Positives

• Marcum LLP agreed with the statements made by INmune Bio in the Form 8-K regarding their dismissal.
• The transition to a new auditor appears to have been handled smoothly, with no reported disagreements or reportable events.

Negatives

• Marcum's audit report for 2023 and 2024 included an explanatory paragraph relating to substantial doubt about INmune Bio's ability to continue as a going concern.

Risks

• The explanatory paragraph in Marcum's audit report regarding the company's ability to continue as a going concern could raise concerns among investors.
• Changing auditors can sometimes lead to increased scrutiny and potential adjustments to financial reporting.

Future Outlook

The document does not contain specific forward-looking statements regarding financial performance or business operations.

Industry Context

Changes in auditing firms are not uncommon, especially following mergers and acquisitions within the accounting industry. Companies are required to disclose such changes to maintain transparency with investors.

Comparison to Industry Standards

• The engagement of a new auditor following an acquisition of the previous auditor's business is a standard practice.
• Companies like INmune Bio are expected to maintain a qualified and independent auditor to ensure the integrity of their financial reporting, similar to other publicly traded companies in the biotechnology sector.

Key Dates

Keywords

auditor, CBIZ CPAs, Marcum LLP, accounting firm, INmune Bio, dismissal, engagement, audit committee