SCHEDULE: INmune Bio: CVI Investments Reports 4.9% Passive Stake

CVI Investments, Inc. and Heights Capital Management, Inc. disclose a 4.9% passive beneficial ownership in INmune Bio Inc. common stock, primarily through warrants.

Summary

• CVI Investments, Inc. and its investment manager, Heights Capital Management, Inc., reported beneficial ownership of 1,396,279 shares of INmune Bio Inc. common stock.
• This represents 4.9% of INmune Bio Inc.'s outstanding common stock.
• The ownership is primarily derived from shares issuable upon the exercise of warrants.
• The warrants include a blocker provision preventing exercise if beneficial ownership would exceed 4.99%.
• This filing is an Amendment No. 1 to a Schedule 13G, indicating a change from a previous filing.
• As of June 30, 2025, INmune Bio Inc. had 26,585,258 shares outstanding, as reported in their Quarterly Report on Form 10-Q filed on August 7, 2025.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of a passive investment stake. The reduction to below 5% (implied by Amendment No. 1 and the blocker) could be seen as slightly negative, but the overall nature of a 13G is informational rather than indicative of strong positive or negative sentiment.

Positives

• The continued investment by CVI Investments, Inc. and Heights Capital Management, Inc. indicates ongoing institutional investor interest in INmune Bio Inc.
• The passive nature of the stake, below the 5% threshold for active reporting and with a control disclaimer, suggests no immediate intent to influence company control, which can be viewed as a sign of stability.

Negatives

• The reduction of the beneficial ownership to 4.9% from a potentially higher previous stake (implied by 'Amendment No. 1' and the 4.99% blocker) could suggest a partial divestment or reduction in exposure by the reporting entities.

Risks

• The beneficial ownership is primarily through warrants, which introduces potential dilution risk if exercised, although the 4.99% blocker limits immediate impact.
• A reduction in stake by a significant investor, as implied by the amendment to 4.9%, could signal a change in their outlook on the company, potentially impacting investor confidence.

Future Outlook

The filing does not contain forward-looking statements or guidance from INmune Bio Inc. management, as it is a disclosure of beneficial ownership by external entities.

Management Comments

• The reporting persons, CVI Investments, Inc. and Heights Capital Management, Inc., certified that the securities were not acquired or held for the purpose of changing or influencing the control of INmune Bio Inc.

Industry Context

This filing is a standard disclosure of a passive investment stake by institutional investors in a publicly traded company. It does not provide specific insights into INmune Bio Inc.'s operational performance or broader industry trends, but rather reflects an investment position.

Stakeholder Impact

• Shareholders: The disclosure provides transparency regarding a significant, albeit passive, institutional investor's stake. A reduction in stake (implied by the amendment) could be interpreted differently by investors.
• Company Management: Awareness of a significant passive investor holding warrants, but with no intent to influence control.

Key Dates

Keywords

INmune Bio Inc., CVI Investments, Heights Capital Management, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Passive Investment, SEC Filing, Biotechnology Investment