Earnings Call Transcript - INMB Q3 2025

Operator, Operator

Greetings, and welcome to the INmune Bio Third Quarter 2025 Earnings Call. As a reminder, this conference is being recorded. A transcript will follow within 24 hours of this conference call. At this time, it is my pleasure to introduce Mr. Daniel Carlson, Head of Investor Relations of INmune Bio. Daniel?

Daniel Carlson, Head of Investor Relations

Thank you, operator, and good afternoon, everyone. We thank you for joining us for the call for INmune Bio's Third Quarter 2025 Financial Results. Presenting on today's call are David Moss, CEO and Co-Founder of INmune Bio; Dr. Mark Lowdell, Chief Scientific Officer and Co-Founder of INmune Bio; Dr. CJ Barnum, Head of Neuroscience; and Cory Ellspermann, INmune Bio's CFO. Before we begin, I'd like to remind everyone that except for statements of historical fact, the statements made by management and responses to questions on this conference call are forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that can cause actual results to differ materially. Please see the forward-looking statements disclaimer on the company's earnings press release as well as risk factors in the company's SEC filings, including our most recent quarterly filings with the SEC. There is no assurance of any specific outcome. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made as the facts and circumstances underlying these forward-looking statements may change. Except as required by law, INmune Bio disclaims any obligation to update these forward-looking statements to reflect future information, events, or circumstances. It's now my pleasure to turn the call over to INmune Bio's CEO, David Moss. David?

David Moss, CEO

Thank you, Dan, and good afternoon, everyone. For our third quarter 2025 call, today, I will review key takeaways and provide an update on our platform programs. Following my review of the recent developments at INmune Bio, I will pass the microphone to Dr. Lowdell, INmune Bio's Chief Scientific Officer and inventor of CORDStrom, who will provide an update on our CORDStrom MSC platform and particularly our RDEB program, along with INKmune. Next, Dr. CJ Barnum, who leads our CNS drug development efforts, will provide an update on the Alzheimer's program; and then Cory Ellspermann, our CFO, will present our financial results, after which I'll conclude our prepared remarks with a review of our upcoming catalysts, and then we'll be happy to take your questions. Since taking over the role of CEO at INmune Bio in July, it's been a time of transition for the company. Having spent the last 2 years focused on the Alzheimer's trial, which ended in late June, we're now able to direct our attention to the next stage of development for our platform drug programs. We're highly optimistic that the next couple of years will demonstrate the success of our efforts as we take our programs through key development milestones, which we expect could lead to benefits not only for investors but for patients suffering from diseases with limited therapeutic options available at this time. CORDStrom is our most advanced program as we are now in the process of preparing for submission for marketing approval to the regulatory bodies in both the U.K. and the U.S. We believe CORDStrom has demonstrated a clear and safe benefit to patients suffering from recessive dystrophic epidermolysis bullosa, also referred to as RDEB, a very debilitating disease. Patients on the drug had a significantly reduced itch, which not only affects wound healing in these young sufferers but also reduces the itch-scratch wound cycle. While RDEB primarily manifests as a genetic condition causing skin fragility, blistering, and scarring due to mutations of the collagen VII gene, it also involves the mucous membrane and internal organs, leading to multisystem complications. While RDEB has traditionally been treated topically, RDEB is a systemic disease that has blisters and scarring in the mouth, esophagus, eyes, urethra, and anal area causing nutritional deficiencies, emotional stress, and other problems. We believe CORDStrom is potentially one of the first systemic treatments for RDEB and has made an improvement in the quality of life of the patients treated in our trial. Looking beyond our initial indications of RDEB, we believe CORDStrom is a platform opportunity for INmune Bio as it has the potential to accomplish all sorts of things in many different diseases. For example, we can genetically modify it to treat cancer cells, which is what it was originally developed for, and there are many other modifications you will hear about in the near future. So there's a lot that we can do with CORDStrom to improve its targeting in a variety of rare diseases and indeed, less rare or more common diseases. We'll be excited to share these modifications in the future as well as expansions towards other indications. Turning to the XPro platform. We remain confident in its potential to treat neuroinflammation in Alzheimer's disease. In September, we submitted a manuscript detailing the results of the Phase II MINDFuL trial for peer-review publication. As we analyze the complete data set, we're gaining deeper insight into the drug's activity. Dr. Barnum will elaborate, but our findings indicate positive results in patients with higher baseline inflammation. We're actively pursuing an accelerated regulatory pathway and preparing for our end of Phase II meeting with the FDA. Defining a clear path forward for XPro is a primary objective and may be crucial for strategic funding and partnership discussions. 2025 also saw us complete the Phase II trial of INKmune in prostate cancer ahead of schedule. With the primary endpoint and 2 of the 3 secondary endpoints met, I'm excited to have Mark share more on INKmune later. To conclude my remarks before I turn the call over to the team to discuss the individual programs, I'd like to thank the patients that participated in our trials, the clinical trial sites, and our dedicated team for helping us execute these complex trials. I also want to thank our investors for their continued belief in our novel platforms and support. Our decision to develop 3 very different drug platforms in parallel to provide strength and opportunity has borne fruit. INmune now has 2 later-stage platform therapeutics that have demonstrated success in clinical trials and are ready to advance to the next stage of development and a third which completed a Phase II trial successfully. Our value proposition to shareholders and patients is clear. First is to get CORDStrom from to MAA in the U.K., followed by a BLA in the U.S. Meanwhile, for XPro, we await regulatory alignment with the end of the Phase II study to determine next steps. We anticipate all of this will happen in '26, an exciting year for the company. Now I'll turn the call over to Mark Lowdell for more color on CORDStrom and INKmune. Mark?

Mark Lowdell, Chief Scientific Officer

Good afternoon, everybody, and thank you, David, for the introduction. As you've heard, we're progressing towards drug registration, firstly in the U.K. and then the U.S. with CORDStrom in RDEB as our initial indication while developing other indications for the platform at the same time. This is a truly debilitating disease, which presents itself in the first months of life and for which there is no current cure. The median survival for those with severe disease is fewer than 30 years. Although skin wounds are the most apparent manifestations of the disease, the lesions, as David has told you, are present throughout the gastrointestinal tract and also inside the nose and behind the eyes. The disease is driven by inflammation, and CORDStrom provides systemic suppression of inflammation. Most importantly, CORDStrom is most effective when activated by the inflammatory cytokines at the sites, so its effect is somewhat targeted. During the MissionEB randomized placebo-controlled trial in the U.K., over 120 infusions of CORDStrom were administered to over 30 children without any severe adverse reactions or adverse events. As David has said, the reduction in systemic itch was a major reported benefit by patients, some as young as 2 years old, who used a cartoon depiction of whole body itch to demonstrate their experience with severity. Itch control is important because the resulting scratch initiates new skin wounds and increases the risk of infection, which is part of the disease cycle. I can't emphasize how very important itch is to these children as it drives a vicious itch-scratch-wound cycle but impairs wound healing by separating skin layers and forming new blisters. These rupture easily, creating open wounds or exacerbating existing wounds, delaying healing and creating this terrible feedback loop. It's painful for these children, with intense itch causing a poor quality of life with distress, sleep loss, and emotional burden. Breaking this itch-scratch-wound habit is difficult and highlights one of the special aspects of CORDStrom. MissionEB was an investigator-led trial. It wasn't sponsored or funded by INmune. We secured access to the entire trial data pack in August and have appointed an independent group of clinical statisticians to analyze all of the data in depth. This is critical for our submission to regulatory agencies and is well underway. In the trial, all patients received both CORDStrom and placebo, separated by 6 months, some treated first with placebo and then CORDStrom and the other half treated with CORDStrom first and then placebo. This in-depth analysis of these data shows improvements in disease activity scores in all patient subgroups after CORDStrom compared to their previous placebo treatment. To prepare for the registration filing, INmune in the U.K. has now relocated into rented CGMP manufacturing space, which is compliant with commercial production as a licensed medicine. We successfully completed the technology transfer earlier this month, and we're on track to be ready for U.K. filing at the end of Q2 next year. But alongside the CGMP work, we're confirming the complex mechanisms of action of CORDStrom in RDEB and validating assays to test drug batches at the end of manufacture. This work is very critical since the FDA and other agencies require robust tests of drug potency, and failures to get these right with cellular drugs have delayed other drug approvals for many years. This year also saw the completion of the Phase II aspect of our trial of INKmune in patients with castration-resistant prostate cancer. As David said, we met the primary endpoint of the trial in Q1 of this year, and the analysis of the first 9 patients showed evidence of NK cell proliferation in vivo and the generation of the functional memory-like NK cells that we understand INKmune generates in 4 of the 6 patients treated at the lowest and intermediate dose levels. The data from the patients in the highest dose cohort are awaiting analysis, but the team is tied up with CORDStrom at the moment. Thus, 2 of the secondary endpoints were met. The final secondary endpoint was the reduction in tumor load, and our primary measure was PSMA PET scans. It was obvious from the analysis of the first 6 subjects that the patients being enrolled had a very high disease burden beyond that which would respond to immunotherapy. We decided that since we've met the primary and 2 of the secondary endpoints at both low and intermediate doses, we had identified the dose to take forward to a randomized Phase II trial and so we could close the current trial to recruitment. We're analyzing the blood samples and the PET scans from the final 3 patients at present, and we'll report them to you as soon as they become available. Now we plan to work on the design of the randomized trial during 2026 as resources become available. So 2025 has been incredibly busy for the U.K. team in supporting both INKmune and CORDStrom, but all the staff remain fully dedicated to delivering the goals we've set, and we look forward to providing more good news as the data become available. Now I'll hand over to CJ to report on the company's progress with XPro and look forward to any questions later in the call. CJ?

CJ Barnum, Head of Neuroscience

Thank you, Mark, and good afternoon, everyone. We have established 4 strategic priorities for XPro. First, to secure regulatory alignment with the FDA at our forthcoming end of Phase II meeting; second, to pursue an accelerated approval pathway; third, to publish comprehensive insights from our Phase II MINDFuL trial; and fourth, to advance discussions with potential partners to support late-stage clinical development. During the third quarter, we achieved an important milestone by submitting the Phase II MINDFuL trial results for peer-reviewed publication. A preprint manuscript is now available on MedRx, providing the scientific community and our stakeholders with expanded insights. While much of the data has been previously presented, this manuscript introduces new analyses from the dose-compliant patient set. These are patients who received at least 21 of the 23 scheduled doses. This population reflects the impact of sustained therapy and has been recognized by the FDA as a potential indicator of disease modifications. The findings demonstrate that longer treatment durations with XPro are associated with greater improvements in neuropsychiatric symptoms and biomarkers, including pTau217 and GFAP. We continue to build a robust evidence base to advance the analysis of neuroimaging endpoints. These focus on white matter integrity, an indicator of myelin preservation, and gray matter metrics related to neurodegeneration. Emerging results are expected to further substantiate XPro's potential as a differentiated disease-modifying therapy, and we plan to share these findings as they become available. There remains substantial unmet need beyond existing anti-amyloid treatments, particularly for patients with a strong inflammatory profile or those unable to receive anti-amyloid therapies due to safety concerns such as ARIA. XPro is uniquely positioned to address this gap as no ARIA-related safety signals were observed even among high-risk individuals. Despite the challenges inherent in Alzheimer's drug development, XPro continues to distinguish itself through its targeted patient selection, compelling safety profile, and growing body of evidence. Our disciplined data-driven approach, which prioritizes scientific rigor, regulatory engagement, and financial responsibility, supports the long-term goal of establishing XPro as a transformative therapy and delivering sustained value to patients, partners, and shareholders. We look forward to providing ongoing updates as we advance toward key clinical and regulatory milestones. I will now turn it over to Cory for the financial update.

Cory Ellspermann, CFO

Thank you, CJ. At this time, I'll provide a brief overview of our financial results. Net loss attributable to common stockholders for the quarter ended September 30, 2025, was approximately $6.5 million compared with approximately $12.1 million for the comparable period in 2024. Research and development expenses totaled approximately $4.9 million for the quarter ended September 30, 2025, compared with approximately $10.1 million for the comparable period in 2024. General and administrative expenses were approximately $2.5 million for the quarter ended September 30, 2025, compared with approximately $2.2 million for the comparable period in 2024. At September 30, 2025, the company had cash and cash equivalents of approximately $27.7 million. Based on our current operating plan, we believe our cash is sufficient to fund our operations into Q4 2026. As of October 30, 2025, the company had approximately 26.6 million shares of common stock outstanding. Now I'll pass it back to David.

David Moss, CEO

Thank you, Cory. Now I'd like to present upcoming milestones for the company, and then we can start the Q&A session. For our CORDStrom program, we have a number of significant events in front of us. In Q4, we'll present additional data from the trial. In mid-'26, we expect to file a marketing authorization application in the U.K. A few months after filing the marketing authorization application, we expect to file a BLA, biologics licensing application with the FDA. We'd expect to hear back from the FDA sometime by the middle of '27 or later. For XPro, we expect to accomplish a lot in the next few quarters. In Q4, we anticipate getting more MRI data conducted during the MINDFuL trial. With this data, we hope to show improvements in myelin, gray matter, and white matter, which would support the cognitive and biomarker findings of XPro's benefits that CJ spoke about earlier. We expect to hear from the FDA on the accelerated pathway sometime in Q1 of '26, and we anticipate having the minutes from the end of the Phase II meeting sometime in Q1 of '26. So a lot happening in '26. At this point, I'd like to hand the call back to the operator to poll for questions.

Operator, Operator

We'll take our first question from Gary Nachman with Raymond James.

Denis Reznik, Analyst

This is Denis Reznik on for Gary Nachman. So just a couple from us. So on XPro, as you're preparing for this end of Phase II meeting with the FDA, can you just walk us through what some of the biggest questions or discussion topics that you're hoping to get more clarity on? And then I believe you were previously saying that the meeting could occur before the year-end, and now you're guiding to the meeting occurring in 1Q. So could you just speak as to why the slight delay occurred? And I've got one follow-up.

David Moss, CEO

Yes, I appreciate it, Denis. Let me address the second part of your question first, and then I’ll have CJ cover the first part. We had expected to pull everything together, but we couldn't gather enough data in time to submit it to the FDA for the meeting at the end of Q4. However, I want to emphasize that we're very close, and it could still happen. We are working with the timeline set by the FDA, although I'm not sure what that will entail. Additionally, remember that the minutes from the meeting won't be available until about 30 days later. Based on our previous experience with the FDA, we typically receive them around day 30 or very close to that. Therefore, we are taking a cautious approach by saying we expect to have this in Q1, which encompasses not only the period for the FDA's response but also the 30 days needed for the written minutes. CJ, I’ll let you address the questions. I’m not sure if we’ll share them publicly, but they pertain to setting up a registration study. CJ?

CJ Barnum, Head of Neuroscience

Yes. I mean I think there's a few obvious ones out there. One of them is that we talked about quite a bit is EMACC, right? We want to understand the agency's view on EMACC. Another one of the key questions is the enrichment biomarkers. It's clear from our data that the patients that had greater inflammation were the ones that are more likely to respond. This is somewhat novel in this space, enriching for these biomarkers. These are the sorts of questions that we need to ask. As David said, because our goal is to really get alignment on how we move this into a registration trial, another key question is the safety database, right? The agency usually requires a certain number of patients to be treated before the drug can be commercialized. So I think those are sort of the obvious ones. There's some other nuanced ones as well, but those are sort of the big questions that I think that we're able to discuss at this point.

Denis Reznik, Analyst

That's super helpful. And then sticking with XPro on the partnership conversations, can you provide some color as to how those are progressing or at least maybe compare the tone of the conversations to where they were at the end of last quarter? And then separately, on INKmune, can you just talk a little bit more about how you view the future of that asset? Is this something that you're going to take through development yourself? Or would you consider partnering with?

David Moss, CEO

Appreciate it, Denis. So I'll let Mark jump in on INKmune. Let me just jump in a little bit further. I think that before we really have aggressive partnering discussions, there have been very top-level discussions with a handful of groups. I think like our investors, they want to see what the regulatory feedback and alignment looks like. On top of that, they want to see more of the dataset. If we're able to provide imaging data, white and gray matter that aligns with what we saw in our highly inflamed patient group, I think that's going to be very compelling. So we're still gathering all the packages together. We want to deliver a complete package where we have really serious discussions. Mark, do you want to comment about INKmune?

Mark Lowdell, Chief Scientific Officer

Yes. Thanks for the question. So as you know, we've published data on INKmune potentiating NK responses to a number of different tumors, both hematological and solid. There are plenty of opportunities to take INKmune into Phase II trials now that we've completed one Phase II trial in other disorders, and indeed going now into prostate and looking at patients with better risk disease. I'm always very keen to talk to potential partners and others that would want to invest in or buy the asset. From our perspective at the moment, it's to get more Phase II data in randomized trials in at least prostate and then maybe other diseases as funds become available and then look for partnership opportunities in the first instance. Potentially, we could keep it within the company depending upon funding and taking it through to commercial in the way that we're hoping to do with or expecting to do with CORDStrom.

David Moss, CEO

Next question please.

Operator, Operator

We will move next with Jason McCarthy with Maxim Group.

Jason McCarthy, Analyst

I'm going to concentrate them on the CORDStrom activity. First, has there been any feedback from European regulators with any specifics you could provide us for potential MAA filing? And do you think if you could file the MAA, that will be further supportive with regulators here in the States?

Mark Lowdell, Chief Scientific Officer

So another good question. We are waiting for our scientific meeting with the MHRA. I sit on the British Pharmacopoeia, which is part of the MHRA. I do get unofficial conversations with colleagues at the agency. They have been very supportive of us taking this through for scientific advice before the end of the year. We're putting that package together, and we will submit it as soon as we've got the data from the enhanced statistical analyses that are being done at the moment. I'm expecting early next month to submit the data to the agency for a scientific advice meeting, which we may well get before the end of the year, but it's probably going to be early next year and then move ahead with our program. We have contracted a specialist advisory group that works with rare diseases and has taken a lot of these through the agency. They're giving us a lot of daily feedback really. They're doing all of our paperwork for that filing to the MHRA and then for the MAA. As David said, we are still on track to deliver the MAA submission to the MHRA by the end of Q2 next year. The regulatory agencies talk to each other a lot, as I'm sure you know, and none likes to contradict another. I'm confident that addressing the subtle differences for U.S. use compared to European use will position us well to file a BLA by the end of the year. By which time the MHRA will have had their first opportunity to come back to us with comments, and we can incorporate any improvements that they suggest into the FDA document. If we have got an MAA being considered by the U.K. agency, that will likely influence the FDA's opinion of the same data. But obviously, these are agencies, so we can't really comment on their activities and the way in which they review data.

Jason McCarthy, Analyst

It's important to include discussions or personal insights about the limitations of gene therapy, especially since two are currently available in the market. Many children may likely explore these options in the future.

Mark Lowdell, Chief Scientific Officer

Yes, absolutely. But neither of those provide a systemic solution. So this is what we believe makes CORDStrom unique. The side effects associated with those therapies—one of the major side effects reported is itch. Even if it was an additional therapy to address the itch that isn't addressed by these topical therapies, there's rationale for CORDStrom's use in patients who are potentially being treated with gene therapies. The data we're getting at the moment, which will be audited and shared once secure, are already demonstrating changes in systemic cytokines associated with CORDStrom treatment. We believe that the strength of this drug will be its ability to have a systemic effect on inflammatory cytokines and thereby influence the overall disease pathway as patients are treated longer.

Jason McCarthy, Analyst

And just one mechanistic question, sort of a 2-part question. First, you had mentioned, can you talk a little bit about the uniqueness of cytokine-based activation for CORDStrom once it is given systemically, at least in a setting of inflammation like in RDEB and also the ability to use the CORDStrom platform and tailor it to specific disease types? Obviously, that would be beyond RDEB and how that separates itself from other MSC therapies that are out there.

Mark Lowdell, Chief Scientific Officer

Absolutely. I could talk for hours on that. The first question was about inflammation. We know that some functions of certain MSCs require activation by inflammatory cytokines. There is evidence in vitro that CORDStrom cells perform many functions without being activated by inflammatory cytokines. Additionally, they perform further functions in the presence of these cytokines. As you may know, cytokines typically act locally over short distances. We know that these patients have inflammatory cytokines being generated at the sites of itch and wound. The itch response is primarily driven by a particular T cell called Th2, releasing a cytokine called IL-31. CORDStrom suppresses these Th2 cells and also the myeloid cells producing inflammatory cytokines, induced by inflammatory cytokines present in vivo. We think these cells have a targeted effect in vivo. Your second question about CORDStrom being used in other indications: many MSCs have been put into trial and at least 3 products worldwide are now licensed. None of those, however, use MSCs from 4 pooled donors. We take our umbilical cords from banks in the U.K., isolate MSCs from those cords, and test them for potency. We can select cords with characteristics that work for specific diseases. This is why we believe CORDStrom is a platform suitable for multiple indications.

Jason McCarthy, Analyst

Sorry, David, a quick one for you. Just we discussed this, you and I at length a couple of weeks back, but just some high-level thoughts of the regulatory environment here in the States, particularly around MSCs and cell therapy in general because, as you guys both know, there is one approved—the first one in the United States was approved last year for GVHD. It could be another filing for heart failure soon, and you know where Capricor is in DMD. And then here, you guys are coming. Well, that's not an MSC, but Capricor cell therapy potentially for RDEB next year?

David Moss, CEO

Sure. I think the beauty of Mark and his team, and when Mark comes up with an idea, he wouldn't pursue it if he knew that he couldn't manufacture it consistently in large scale to deliver not just dozens or hundreds of doses, but tens of thousands at a commercial scale. A lot has to do with staff, facilities, and time. CORDStrom and INKmune both solve that problem. We can get the cost down dramatically. We can provide a repeatable batch. What Mark has done is exactly what the agencies want to see—a product that is consistent batch to batch. It's the same product, and they know that if Mark produces a batch today or in ten years, it won't be a different product. So from a regulatory standpoint, it's nice to see that they are approving products like this. I believe CORDStrom is the most advanced mesenchymal stromal cell program out there, at least as far as I have seen. It's designed with the regulators in mind from the very beginning.

Operator, Operator

We will move next with James Molloy with AGP Alliance Global Partners.

Unknown Analyst, Analyst

Matt on for Jim today. First, on CORDStrom, I wanted to ask about the treatment paradigm, the current treatment paradigm for RDEB in the U.K. and how that looks and where CORDStrom might slot in there? I understand Krystal VYJUVEK is approved there, but not Abeona's EB?

Mark Lowdell, Chief Scientific Officer

Yes. It is approved. It's not approved by NICE for reimbursement through the NHS. There's currently no RDEB-specific treatment available to be prescribed and paid for by the U.K. government in our health care system. It's only available for self-payers in the U.K., and I'm not aware of it being widely used, if at all. The largest center for pediatric RDEB in the U.K. is Great Ormond Street, where the trial was led from. They are calling me weekly to ask how to open the next phase of the trial for the patients who were treated. There is a big demand for this. As David mentioned, the challenge with available therapies in RDEB is their price. We have a drug here that can come in well below current price points and have a systemic effect. This trial was driven by NIHR, a publicly funded trial, where we were paid to supply the drug. They specifically wanted this drug developed as a commercial product if successful. We have significant push in the U.K. to make this drug available to patients as soon as possible. I don't see a problem with competing drugs currently. What will happen in the U.S. remains uncertain because those drugs are licensed and used there, but it will ultimately come down to efficacy and cost.

David Moss, CEO

No, sorry to interrupt. I just want to add, if you don't mind. We cheer on all the competitor products. When you see this disease, it's a huge unmet need in these children. It's just heartbreaking to see. So we cheer them on. But the one thing to really keep in mind is that it's typically looked at as a dermatologic disease, but the systemic component is often overlooked. A byproduct of all of the approved products in the United States is an increase in itch. If you look at the label, it will say itch. The more healing you have, the more itch you experience. If you're going to itch, you must cover it, which is tremendously painful. The top complaints from RDEB patients typically include itch, even before pain. It has been described to us as like being bitten by a mosquito 1,000 times a day. CORDStrom should slot nicely alongside competitors. We're also conscious of the margins of the product from day one.

Unknown Analyst, Analyst

Got it. And in terms of data points suggesting CORDStrom has a systemic effect, I know you mentioned the cytokines, but do you have any anecdotal or quantitative data suggesting symptomatic relief for patients in terms of systemic wounds behind the eyelid and stuff like that?

Mark Lowdell, Chief Scientific Officer

Yes. The data published from the trial by Great Ormond Street demonstrated the systemic effects associated with itch as a systemic disease. We're looking into those data much more acutely. This is being done independently and blinded from us to ensure integrity for regulatory presentations. I haven't seen them yet, but when they come through, we will share them.

David Moss, CEO

Yes. I’ll add an anecdotal standpoint. Patients on the trial could identify whether they were on the drug or placebo. One patient spoke to the BBC, who published an article where he discussed his massive improvement in quality of life, stating he could do things he wasn't able to do prior. This was echoed by some of the PIs, who observed improvements in quality of life and noted wound healing in these children. If you Google 'BBC RDEB', I believe it's the first result that appears. This child described his experience on the MissionEB trial with CORDStrom.

Unknown Analyst, Analyst

Got it. And then just lastly, on cash runway. Where does your current cash position get you out to in terms of milestones with CORDStrom and also with XPro as well?

David Moss, CEO

Our cash runway, as we've reported in the quarter, is sufficient through the end of next year in Q4. Q1 is a big timing period for us for XPro. We should have clear clarity on an accelerated pathway, an end of Phase II meeting, and the imaging data by then. We should also have some cytokine data from the MissionEB program towards the end of this year. So a number of milestones ahead of us before we run out of cash.

Operator, Operator

And this does conclude our Q&A session. I will now turn the call back to David for closing remarks.

David Moss, CEO

Appreciate it. I'd like to wrap up our prepared remarks by saying that we're as excited as ever about the future of INmune Bio. Despite the setbacks of missing the top line on the MINDFuL trial, we're convinced in the prospects for XPro in Alzheimer's disease and in other diseases. Meanwhile, we're very optimistic about filing an MAA and BLA in the upcoming year, and we believe that platform has far greater potential than the market is currently acknowledging. We've set a number of attainable goals before us, and we appreciate your support as we work towards achieving them. As always, we thank our stakeholders for your continued support and look forward to updating you on our progress concerning these milestones. Thank you, everybody.

Operator, Operator

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.