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www.roth.com Member: FINRA / SIPC 1 of 15 COVID - 19 Review October 2020 www.roth.com Member: FINRA / SIPC 2 of 15 Forward Looking Statements www.roth.com Member: FINRA / SIPC 3 of 15 Speaker: RJ Tesi MD CEO/CMO Dr . Tes

Key Takeaway: www.roth.com Member: FINRA / SIPC 1 of 15 COVID - 19 Review October 2020 www.roth.com Member: FINRA / SIPC 2 of 15 Forward Looking Statements www.roth.com Member: FINRA / SIPC 3 of 15 Speaker: RJ Tesi MD CEO/CMO Dr . Tesi has been President, Chief Executive Officer and acting C

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www.roth.com Member: FINRA / SIPC 1 of 15 COVID - 19 Review October 2020
www.roth.com Member: FINRA / SIPC 2 of 15 Forward Looking Statements
www.roth.com Member: FINRA / SIPC 3 of 15 Speaker: RJ Tesi MD CEO/CMO Dr . Tesi has been President, Chief Executive Officer and acting Chief Medical Officer since the formation of the Company in September 2015 . Dr . Tesi's career in medicine and biopaharma has focused on strategies to manipulate the immune system . First, as an academic liver/pancreas/kidney transplant sugeon , he focused on controlling the immune systems attempt to reject life saving organs . While managing immunosuppression on a daily basis, he was introduced to the tricky balance between enough immunosuppression to prevent rejection and too much immunosuppression resulting in life threatening viral infections . In biopharma, his focus has been on controlling the immune response as it relates to disease including autoimmune disease, cancer, neurodegenerative, metabolic and infectious diseases . Dr . Tesi is one of the three founders of INmune Bio, a company focused on reprograming the innate immune system to treat disease . Before his roles at INmune Bio, Dr . Tesi has held senior leadership roles in private and public companies . Dr . Tesi received his medical degree from Washington University in St . Louis and held board certification is general surgery and transplant surgery during his academic career .
www.roth.com Member: FINRA / SIPC 4 of 15 INmune Bio Company Overview Product Platforms Founded September 2015 NASDAQ listed (INMB) Simple capital structure Multiple clinical programs Strong IP portfolio Identifiable near - term catalysts . DN - TNF platform for treatment dysregulated innate immunity XPro1595 for Alzheimer's disease XPro1595 for Treatment Resistant Depression Quellor for treatment of COVID19 cytokine storm INB03 for MUC4 expressing cancers LIVNate for NASH INKmune to eliminate minimal residual disease Treatment of high - risk MDS Eliminate MRD in CaOva Dark programs are in or soon to be in clinic
www.roth.com Member: FINRA / SIPC 5 of 15 Company Overview Development Platforms Founded Sept 2015 NASDAQ: INMB Simple cap structure Innate immune system focused DN - TNF for CNS, immuno - oncology, COVID19 and metabolic diseases INKmune - an NK cell focused platform targeting minimal residual disease
www.roth.com Member: FINRA / SIPC 6 of 15 Modifying the Catastrophic Complications of COVID19 by targeting the Master Cytokine with Quellor A Phase II trial
What brings patients to the hospital with C19? Reality #1: At time of admission viral titer is decreasing Reality #2: The dysregulated innate immune response to the virus causes Cytokine Storm Problem: Cytokine Storm is making patients sick Hypothesis: Blunting the effects of Cytokine Storm will alter the arch of the disease Solution: Target the Master Cytokine of the Cytokine Storm with Quellor Quellor non - confidential October 2020 7
TNF is the "Master Cytokine" TNF plays an outsize role in Cytokine Storm sTNF stimulates IL1 and IL6 production Removal of sTNF from "trio" decreases production of IL1 and IL6 sTNF and IL1 activate endothelial cells, IL6 does not Quellor non - confidential October 2020 sTNF expression precedes IL1 or IL6 by at least one hour. IL1/IL6 levels blunted in TNF KO mice but not in IL1 KO mice from Rogers Nature 2020 Only TNF blockade decreases CS 8
The 3' pathologies of TNF in COVID - 19 1. Immune cell activation - activated cells produce cytokines 2. Endothelial cell activation - Up - regulation of ICAM/VCAM for transmigration of immune cells from blood vessel to tissue - Up - regulation of Tissue Factor to cause coagulopathy 3. Promotes infection of cells - TNF up - regulates Neurophilin - 1 - both Neurophilin - 1 and ACE2 receptor binding required for COVID19 entry to cell Quellor non - confidential October 2020
Quellor MOA see Steed et al., Science , 301, 2003 Receptor binding, Receptor binding, "small" domain (subunit A) Subunit A Receptor binding, (subunit A) Mutation Y87H (subunit C) Mutation R31C (for 10kD pegylation) "large" domain Subunit C Subunit B Mutation A145R Nonglycosylated small homotrimeric protein expressed in E.coli 10 Quellor non - confidential October 2020 Quellor neutralizes sTNF without effecting tmTNF
Phase I experience - AD Phase I oncology - ACTRN12618000675 224 - Safe and CRP, CCL2, and IL6 Phase I AD - NCT03943264 - On - going - reported preliminary data on 6 patients 13 July 2020 Quellor non - confidential October 2020 White Mater Free Water is a biomarker of neuroinflammation Dose response in white matter free water safe mask Decreased neuroinflammation in arcuate fasciculus - a language white matter tract 11
Phase II: Quellor to treat pulmonary complications of C19 Enrollment criteria: adult COVID19 infection with room air SaO2<94% - High risk comorbidities: age 60; cardiovascular disease, obesity, diabetes, Black race or Hispanic ethnicity Treatment groups: Standard - of - Care vs Standard - of - Care + Quellor 1mg/kg subQ on day 1 and 8 (if in hospital) - SOC may include remdesivir and/or dexamethasone 10mg/d (or solumedrol equivalent) End - points: prevent catastrophic complications Quellor non - confidential October 2020 Day 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ER/Clinic evaluation Day 0 Quellor Day 8 (if in - patient) Quellor Day 1 Standard - of - Care Discharge and out - patient phase Primary end point* day 28 12 * safety evaluation days 40 and 70
www.roth.com Member: FINRA / SIPC 13 of 15
Last updated: Oct 27, 2020