C O R P O R A T E P A R T I C I P A N T S David Moss, Chief Financial Officer RJ Tesi, Chief Executive Officer CJ Barnum , Head of Neuroscience Mark Lowdell, Chief Scientific Officer C O N F E R E N C E C A L L P A R T I

C O R P O R A T E P A R T I C I P A N T S

David Moss, Chief Financial Officer

RJ Tesi, Chief Executive Officer

CJ Barnum, Head of Neuroscience

Mark Lowdell, Chief Scientific Officer

C O N F E R E N C E C A L L P A R T I C I P

Mayank Mamtani, B. Riley Securities

Daniel Carlson, Tailwinds Research

P R E S E N T A T I O N

Greetings, and welcome to the INmune Bio Third

Quarter 2022 Earnings Call.

As a reminder, this conference is being recorded.

At this time, it is my pleasure to introduce Mr.

David Moss, CFO at INmune Bio.

David, thank you the floor is now yours.

Good afternoon, everybody. We thank you for joining

us for the call for INmune Bio's third quarter 2022 financial results.

With me on the call is Dr. RJ Tesi, CEO of INmune

Bio, and Dr. CJ Barnum, Head of Neuroscience, who together will provide a business update on our dominant negative TNF platform, or DN-TNF

for short. Also on the call is Dr. Mark Lowdell, Chief Scientific Officer of INmune Bio, who will provide an update on INKmune, our memory-like

Natural Killer cell oncology platform.

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Before we begin, I remind everyone that, except

for statements of historical facts, the statements made by Management and responses to questions on this conference call are forward-looking

statements under the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These statements involve risks and

uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Please see the forward-looking

statements disclaimers on the Company's earnings press release as well as risk factors in the Company's SEC filings including

our most recent quarterly filing with the SEC.

There's 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.

With the forward-looking statements behind us,

now I'd like to turn the call over to Dr. RJ Tesi, CEO of INmune Bio.

Yes, thank you, David.

Today's call is organized a little bit differently.

We have both Mark Lowdell and CJ Barnum on the call, and I believe going forward you will see this larger cast on the calls, because we

are complicated company with a lot of programs going on. We believe that Investors learn the most when they hear directly from the people

that are responsible for those programs.

I will begin with XPro, with some just top line

comments. Obviously the most important issue is the clinical hold that we are under from the FDA. As we've stated previously, the

clinical hold was placed on XPro1595 due to manufacturing issues. These issues are technical in nature, and they are related to the fact

that manufacturing batches were separated by many years and by geography, i.e., different manufacturing plants. This has caused some problems

related to the manufacturing controls and release testing.

We have been working very closely with the FDA

and our manufacturing teams to resolve these problems. We continue to look forward to clearing these hurdles.

Despite this delay, we continue to make progress

with the AD02 trial in mild Alzheimer's disease patients in Australia. We are exploring other regulatory venues that we will hopefully

be able to open the trial and continue to enroll patients or begin to enroll patients. The XPro program is like a coiled spring. Once

the clinical hold is lifted, we will work to have both AD02 in mild AD, and AD03 and MCI, or mild cognitive impairment, enrolling in all

regulatory jurisdictions.

Soon after those two programs are enrolling, we

plan to launch the treatment-resistant depression program in the U.S. Importantly, we will update guidance on the timing of top line readouts

in the Alzheimer's trials at the end of the year. Obviously the timing of those readouts depends on our discussions with the FDA.

I will now pass it back to Dr. CJ Barnum, the

VP of Neurosciences, to speak about the Alzheimer Phase 2 programs.

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As RJ mentioned, we continue to enroll patients

in Australia for the AD02 study. AD02 is a blinded randomized placebo controlled study evaluating cognition in patients treated with XPro

for six months. We are pleased to announce that the first patient has completed the six month Phase 2 study. Notably, this patient has

elected to enroll in our open-label extension study. This open-label extension is a 12 month study where safety and efficacy are evaluated

in an unblinded fashion. All patients that enroll in the open-label extension study receive XPro.

The open-label extension has three purposes. First,

it is a recruiting tool. Patients are offered a year of therapy after participation in the trial. Second, this helps in our product approval

strategy. The FDA and other regulatory authorities focus on both efficacy and safety. The open-label extension provides the expanded and

extended safety database required for approval. Finally, the open-label extension provides long-term efficacy data.

In the Phase 1 trial, MRI biomarker showed continuous

improvement through 12 months. While the data from the open-label extension are not placebo-controlled, nor blinded, they do provide additional

information that will inform the clinical development strategy. We expect to report data from the open-label extension in 2023.

Finally, we remain as confident as ever that we

have the right drug for the right target. Two recent developments reinforced this belief. The first comes from the literature that continues

to provide evidence for targeting TNS. Yet another nationwide study has reported that TNF inhibitors reduce the risk of dementia. There

are now five epidemiological studies examining more than 16 million records that show anti-TNF therapies reduce the risk of AD and/or

dementia by up to 75%.

The second comes from patients treated in the

Phase 1 study. We have been extremely encouraged by their desire to remain on therapy. As a result of their persistence, we have opened

a special access program in Australia, like compassionate use in the United States. As a result, patients now have another avenue to get

access to XPro in Australia, and we have another means of collecting long-term safety information.

Now I'd like to pass the call back to RJ.

I'll now move to INKmune, our Natural Killer

cell priming program. The MDS/AML program, Phase 1 clinical trial program in the U.K. continues to progress. The oncology landscape for

cell therapies is mainly focused on liquid tumors. This is only 10% of cancers. We have generated compelling human preclinical data in

solid tumors that suggests that INKmune may be an ideal therapy for the treatment of solid tumors. That is 90% of cancers are solid tumors.

Historically or even-not even historically, currently, this group of cancers is not well served by cell therapies. We believe refocusing

INKmune towards solid tumors meets an unmet medical need, with great potential.

I'll pass it to Dr. Mark Lowdell, the Chief

Scientific Officer of INmune Bio, to describe this in more detail.

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Thank you, RJ, and thank you, everyone, for joining

A couple of weeks ago, we shared with the investment

community, our recent positive efficacy data in multiple solid tumor cancer cell lines, with INKmune, as RJ just alluded to. As we highlighted