INmune Bio Inc. Announces Third Quarter 2024 Results and Provides Business Update

On November 1, 2024 INmune Bio Inc. (NASDAQ: INMB) (the "Company"), a clinical-stage inflammation and immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, reported its financial results for the quarter ended September 30, 2024 and provides a business update (Press release, INmune Bio, NOV 1, 2024, View Source [SID1234647636]).

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Q3 2024 and Recent Corporate Highlights

DN-TNF Platform Highlights (XPro):

● Announced completion enrollment for its Phase 2 Alzheimer’s Disease ("AD") trial on Friday, 27 September. This global, blinded, randomized Phase 2 trial (the "AD02 trial") is focused on patients with Early AD and biomarkers of elevated neuroinflammation. Enrollment of new patients into the trial was concluded after the Company determined that there are sufficient patients currently in screening to meet the trial’s target of 201 patients. All patients currently in the screening process will remain eligible to participate in AD02, which will likely result in modest over-enrollment.

● Announced that results of interim analysis of blinded data from its AD02 trial demonstrated exceptional performance of the novel cognitive measure EMACC, as well as highly significant correlation between EMACC and the Clinical Dementia Rating-Sum of Boxes (CDR-SB), an accepted endpoint for AD trials. Key findings of the analysis included:

● Statistical Correlation: An independent review confirmed a highly significant correlation (p<0.001) between baseline scores on EMACC and CDR-SB, the secondary endpoint in the AD02 trial. CDR-SB is the clinical rating scale most used in AD registration studies.

● Reliability: The correlation of EMACC when measured during the screening process and again at the first study visit before treatment was found to be 0.93. Higher precision produces results that are more robust and replicable with smaller sample sizes.

● Differentiation Capability: The difference in EMACC performance between patients with CDR global ratings of 0.5 (prodromal AD) and those rated 1.0 (mild dementia) was very large, with an effect size (Cohen’s d) of 0.87 (p<.0001). This demonstrates EMACC’s ability to accurately differentiate between disease stages, highlighting its sensitivity and precision.

● Announced publication in Cell Reports, "Microglia Regulate Cortical Remyelination via ΤNFR1-Dependent Phenotypic Polarization." Myelin is necessary for fast and efficient communication between neurons. Loss of myelin compromises neuron function and communication and is a key step in the neurodegenerative process of many CNS diseases, including Alzheimer’s Disease. Data from the publication identifies soluble TNF as a critical cytokine checkpoint that converts microglia from a reparative, remyelinating cell to a damaging, demyelinating cell. These data suggest that blocking soluble TNF is a promising strategy for treating demyelinating diseases.

● Announced Webinar on Cognitive Testing using EMACC and CSD-SB to be held on November 7, 2024, at 1PM ET. Click Here to Register

INKmune Platform:

● Announced that INKmune demonstrates excellent safety and increased NK-Cell activity in first dosing cohort, in a Phase I/II trial (the "CaRe PC" trial) for men with metastatic Castration-Resistant Prostate Cancer (mCRPC). Blinded analysis of the monitoring blood samples from the first three patients showed changes in the phenotype and function of the patient’s NK cells. Although this is the lowest dose cohort, 2 of 3 patients showed an increase in circulating activated NK cells and all three showed increased NK cell function sustained for more than 40 days after the final INKmune infusion. One patient showed a transient 21% decrease in PSA associated with the increase in NK cell activity and function.

● There have been 21 administrations of INKmune in the mCRPC study given on an out-patient basis, with no significant adverse events including zero cases of cytokine release syndrome (CRS). Combining the experience with INKmune from the MDS/AML and mCRPC trials, over 30 infusions of INKmune have been given safely without the need for conditioning therapy, pre-medication, or cytokine support.

● The CaRe PC trial has recently dosed the first patient in the highest dose cohort and opened the phase II enrolment for subjects in the intermediate dose group. The dose of INKmune in the intermediate and high dose cohorts is 3 and 5 times the dose of INKmune in the first cohort. All eight clinical sites are now open and additional results from the trial will be released from the higher dose cohorts as they become available.

● Published landmark paper in Journal Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) led by Mark Lowdell, PhD, INmune’s Chief Scientific Officer, titled, Proteomic and phenotypic characteristics of memory-like Natural Killer cells for cancer immunotherapy. The study demonstrates that memory-like natural killer (mlNK) cells, generated by either cytokine or INKmuneTM priming, show increased cytotoxicity against multiple tumor types, offering promising potential for cancer immunotherapy. Importantly, while most studies are conducted on NK cells from healthy volunteers, this study demonstrated that mlNK from cancer patients are equally as potent as those generated from healthy volunteers further supporting INKmune’s in vivo treatment methodology. The research also provides new insights into the metabolic and physiological mechanisms underlying NK cell memory, paving the way for innovative treatments in both hematological malignancies and solid tumors.

● Announced new formulation of INKmune that supports highest trial dose with single bag administration and expansion of bioreactor capacity in preparation of scalable manufacturing. An IND amendment with the improved formulation has been submitted to the FDA that also includes additional validation data supporting an alternative critical reagent used in INKmune manufacturing, improving supply chain redundancy.

Corporate:

● Executed securities purchase agreements with new and existing institutional investors and certain directors and officers and employees of the Company for gross proceeds of approximately $13.0 million.

● Added to the broad-market Russell 3000 Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective as of Monday, July 1st, 2024.

● Received a $2.5 million research and development rebate from Australia in July.

Upcoming Events and Milestones:

● Top-line data from the Phase 2 Alzheimer’s trial is expected in the second quarter of 2025.

● Initiate a Phase II trial of XPro in patients with Treatment-Resistant Depression 2H 2024.

● Expect to complete enrollment in the Phase I portion of INKmune in metastatic castration-resistant prostate cancer trial by year-end. The Phase II portion is expected to complete enrollment in Q2, 2025, however we expect to provide periodic updates on the immunologic and therapeutic response to INKmune as data becomes available.

Financial Results for the Third Quarter Ended September 30, 2024:

● Net loss attributable to common stockholders for the quarter ended September 30, 2024 was approximately $12.1 million, compared to approximately $8.6 million during the quarter ended September 30, 2023.

● Research and development expenses totaled approximately $10.1 million for the quarter ended September 30, 2024, compared to approximately $6.0 million during the quarter ended September 30, 2023.

● General and administrative expenses were approximately $2.2 million for the quarter ended September 30, 2024, compared to approximately $2.6 million during the quarter ended September 30, 2023.

● As of September 30, 2024, the Company had cash and cash equivalents of approximately $33.6 million.

● As of October 31, 2024, the Company had approximately 22.2 million common shares outstanding.

Earnings Call Information

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call. Please ask for the INmune Bio Second Quarter Conference Call when reaching an operator.

Date: October 31, 2024
Time: 4:30 PM Eastern Time
Participant Dial-in: 1-800-343-4136
Participant Dial-in (international): 1-203-518-9843
Conference ID: INMUNE

A live audio webcast of the call can be accessed by clicking here or using this link: INmune Bio, Inc. Third Quarter 2024 Earnings Call – 1692115

A transcript will follow approximately 24 hours from the scheduled call. A replay will also be available through August 8, 2024, by dialing 1-844-512-2921 or 1-412-317-6671 (international) and entering PIN no. 11156467.

Exact Sciences to Participate in November Investor Conference

On November 1, 2024 Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, reported that company management will participate in the following conference and invited investors to participate by webcast (Press release, Exact Sciences, NOV 1, 2024, View Source [SID1234647635]).

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Jefferies London Healthcare Conference, London
Fireside chat on Tuesday, November 19, 2024 at 6:00 a.m. ET
The webcast can be accessed in the investor relations section of Exact Sciences’ website at www.exactsciences.com.

Black Diamond Therapeutics to Participate in Upcoming Investor Conferences

On November 1, 2024 Black Diamond Therapeutics, Inc. (Nasdaq: BDTX), a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer, reported its participation in upcoming investor conferences (Press release, Black Diamond Therapeutics, NOV 1, 2024, View Source [SID1234647633]). Presentation details with President and Chief Executive Officer, Mark Velleca, M.D., Ph.D., are as follows:

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Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

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Stifel Healthcare Conference fireside chat at 4:10pm ET on Tuesday, November 19, 2024
Piper Sandler 36th Annual Healthcare Conference fireside chat at 3:00pm ET on Wednesday, December 4, 2024

Webcasts will be available at the start of the presentations on the investor relations section of the Company’s website, www.blackdiamondtherapeutics.com. Replays of the presentations will also be available and archived on the site for 90 days.

Biodesix Announces Third Quarter 2024 Results and Highlights

On November 1, 2024 Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, reported its financial and operating results for the third quarter ended September 30, 2024 (Press release, Biodesix, NOV 1, 2024, View Source [SID1234647632]).

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"The Biodesix team is pleased to report another solid quarter focused on executing and delivering on our three main goals – driving revenue growth through the adoption of our lung diagnostic tests and biopharma services, continued implementation of operational efficiencies, and maintaining a cost-disciplined approach as we drive our business to profitability," said Scott Hutton, CEO of Biodesix.

"We reported 40% year-over-year growth in lung diagnostics revenue, a growing book of biopharma services contracts, sustained gross margins in the high 70% range, and improved Net Loss on our path to profitability. In addition, at the annual meeting of the American College of Chest Physicians (CHEST), we presented new clinical data on our Nodify XL2 and Nodify CDT tests, and announced a new clinical study (CLARIFY) to expand our data in diverse patient populations tested in a real-world clinical setting. Building on this momentum, we are reiterating our prior guidance of $70-$72 million for 2024 and we look forward to achieving Adjusted EBITDA profitability in the second half of 2025. At Biodesix, our tests play a vital role in treating the deadliest of all cancers. Our committed and driven team embraces the opportunity, and the responsibility, to transform the standard of care to improve outcomes for patients."

Third Quarter Ended September 30, 2024 Business Highlights


Grew Lung Diagnostic test volume to 13,900, a 34% improvement over the third quarter of 2023.

Quarterly gross profit margin of 77.0% versus 76.1% for the third quarter of 2023.

Presented compelling new data at the CHEST Annual Meeting and announced the launch of a new clinical study, CLARIFY.
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New data was presented detailing the experience of healthcare providers using the Nodify Lung Nodule Risk Assessment Tests (Nodify XL2 and Nodify CDT tests) in over 35,000 patients tested in a real-world clinical setting. Results shared were consistent with prior studies, highlighting the high proportion of results that up- or down-classify patients into actionable risk categories with clear, guideline-recommended, diagnostic plans.
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The new study, CLARIFY, is designed to confirm performance of the Nodify CDT and Nodify XL2 tests in diverse patient subgroups through a retrospective chart review of up to 4,000 patients that were tested in a real-world clinical setting. The study’s intent is to expand the extensive evidence characterizing the validation and utility of Nodify Lung testing.

Third Quarter Ended September 30, 2024 Financial Highlights


Total revenue of $18.2 million, an increase of 35% over the third quarter 2023:
o
Lung Diagnostic revenue of $17.2 million reflected a year-over-year increase of 40% driven by the continued adoption of Nodify XL2 and Nodify CDT nodule risk assessment tests and strong reimbursement. However, test volumes were impacted at the end of the third quarter by disruption to patients, healthcare providers, and Biodesix teammates in the southeast due to Hurricane Helene;
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Biopharmaceutical Services revenue of $1.0 million decreased 17% year-over-year, driven by the timing of receipt of samples and shift of the completion of certain projects from the end of the third quarter into the beginning of the fourth;

Third quarter 2024 gross profit of $14.0 million, or 77.0% gross margin compared to 76.1% gross margin in the comparable prior year period. Our steady margin performance is primarily driven by volume growth in Lung Diagnostic testing that continues to drive down the per test costs;

Operating expenses (excluding direct costs and expenses) of $22.6 million, an increase of 29% as compared to the third quarter 2023, which includes $3.0 million of non-cash stock compensation expense and depreciation and amortization as compared to $1.7 million in third quarter of 2023. This increase is primarily attributable to an increase in sales and marketing costs to support both business lines’ sales growth to enhance product awareness and drive adoption, and an increase in depreciation expense related to the leasehold improvements in the Company’s Louisville, CO offices and laboratory which opened in January 2024;

Net loss of $10.3 million, an improvement of 6% as compared to the same period of 2023;

Adjusted EBITDA was a loss of $5.6 million, a slight increase over the loss of $5.4 million in the third quarter of 2023 and consistent with the second quarter of 2024;

Cash and cash equivalents of $31.4 million as of September 30, 2024, a decrease from $42.2 million from June 30, 2024;
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Cash and cash equivalents as of September 30, 2024 includes the final milestone payment of $6.1 million for the acquisition of Integrated Diagnostics in 2018.
2024 – 2025 Financial Outlook

The Company is reiterating the 2024 revenue forecast of between $70 million and $72 million.

Conference call and webcast information

Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Company’s investor relations page on the website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.

For a full list of Biodesix press releases and webinars, please visit biodesix.com.

ALX Oncology Announces Results from Phase 1b/2 Trial of Evorpacept in Combination with Zanidatamab will be Presented at the San Antonio Breast Cancer Symposium (SABCS) 2024

On November 1, 2024 ALX Oncology Holdings Inc., ("ALX Oncology" or "the Company") (Nasdaq: ALXO), a clinical-stage biotechnology company advancing therapies that boost the immune system to treat cancer in new ways and extend patients’ lives, reported that results from a Phase 1b/2 combination trial evaluating ALX Oncology’s evorpacept in combination with Jazz Pharmaceuticals’ zanidatamab in HER2-positive and HER2-low metastatic breast cancer have been accepted for a poster spotlight presentation at the San Antonio Breast Cancer Symposium (SABCS), which will be held in San Antonio, Texas, from December 10-13, 2024 (Press release, ALX Oncology, NOV 1, 2024, View Source [SID1234647631]).

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The Phase 1b/2 clinical trial is a two-part, open-label, multicenter study (NCT05027139) that evaluated the potential of evorpacept in combination with zanidatamab as a novel treatment for patients with HER2-expressing breast cancer and other cancers. Data from this study will be summarized in the following poster spotlight presentation:

Title: Zanidatamab in combination with evorpacept in HER2-positive and HER2-low metastatic breast cancer: Results from a phase 1b/2 study
Abstract Number: SESS-2007
Presenter: Alberto J. Montero, M.D., MBA, Clinical Director, Breast Cancer Medical Oncology Program, Diana Hyland Endowed Chair for Breast Cancer, and Professor of Medicine at University Hospitals Seidman Cancer Center, Case Western Reserve University
Presentation Date and Time: Thursday, Dec. 12, 7:00 a.m. – 8:30 a.m. CST
Presentation ID: PS8-09
Location: Henry B. Gonzalez Convention Center, San Antonio, Texas