INmune Bio (INMB) is a pre-revenue clinical-stage biotech with three platforms (CORDStrom/RDEB, XPro/neuroinflammation, INKmune/oncology). Under a liquidation lens at March 31, 2026, the company shows positive but thin equity recovery. Total assets of $25.8M against total liabilities of $6.2M yields book equity of $19.6M, but applying liquidation haircuts materially erodes this figure. MFFAIS reports CLV/LLV of approximately $15.2M–$15.6M, consistent with an independent bottoms-up derivation: cash of $21.4M recovers at par (~$21.4M); the R&D tax credit receivable of $479K (Australian refund residual after $3.6M received in Q1) recovers at ~90% (~$430K); other receivables and prepaid expenses of $985K recover partially; PP&E net of $903K recovers at ~50–60% (~$450–540K); ROU asset of $1.4M receives zero recovery as it is offset by the ASC 842 lease liability; intangibles and capitalized IP receive zero. Against this, total liabilities of $6.2M stand at face value: $4.66M accounts payable/accrued liabilities, $25K related-party payable, $704K current lease liability, and $806K long-term lease liability. The resulting liquidation equity is roughly $15–16M, consistent with MFFAIS output. The company carries a $214.4M accumulated deficit. Management has issued a formal going concern qualification, explicitly stating that $21.4M of cash is projected to be insufficient to sustain operations through one year from the filing date (May 7, 2026). Burn rate in Q1 2026 was $3.4M operating cash outflow, implying roughly five to six quarters of runway at current pace before planned ramp-up in CORDStrom regulatory spend. The lease stack increased in Q1 2026 via exercise of the Boca Raton office renewal (3-year extension commencing April 2027; ~$17K/month base rent escalating 3% per year), adding $587K of ROU asset and total undiscounted lease payments of $1.77M versus $1.13M at December 31, 2025. The Cordstrom GOSH license agreement carries a £6M (~$7.9M) milestone payment contingent on first marketing authorization — not currently on-balance-sheet but constitutes a contingent liability that would materially affect recovery if triggered near liquidation. The Anthony Nolan supply agreement announced April 29, 2026 (post-period) creates incremental royalty and per-sample fee obligations; not yet quantified but disclosed in MD&A without XBRL tagging. No debt. No pension. Warrant stack (3.94M warrants, all out-of-the-money) creates no recovery-relevant liability.
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