Exhibit 99.2
I N M B HARNESSING THE POWER OF THE INNATE IMMUNE SYSTEM Targeting Innate Immune Dysfuction XPro1595 Alzheimer’s KOL event Sept 7, 2021
F O R W A R D L OO K I NG S T A T E M E N T S This presentation contains “forward - looking statements” Forward - looking statements reflect our current view about future events . When used in this presentation, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward - looking statements . Such statements, include, but are not limited to, statements contained in this presentation relating to our business strategy, our future operating results and liquidity and capital resources outlook . Forward - looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions . Because forward – looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict . Our actual results may differ materially from those contemplated by the forward - looking statements . They are neither statements of historical fact nor guarantees of assurance of future performance . We caution you therefore against relying on any of these forward - looking statements . Important factors that could cause actual results to differ materially from those in the forward - looking statements include, without limitation, our ability to raise capital to fund continuing operations ; our ability to protect our intellectual property rights ; the impact of any infringement actions or other litigation brought against us ; competition from other providers and products ; our ability to develop and commercialize products and services ; changes in government regulation ; our ability to complete capital raising transactions ; and other factors relating to our industry, our operations and results of operations . There is no guarantee that any specific outcome will be achieved . Investment results are speculative and there is a risk of loss, potentially all loss of investments . Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned . Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them . We cannot guarantee future results, levels of activity, performance or achievements . Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward - looking statements to conform these statements to actual results . 2 2
Design ▪ Multiple dosing cohorts ▪ Weekly XPro1595 Œ SubQ injections for 3 months ▪ Biomarkers of neuroinflammation at 0 and 12 weeks Inclusion ▪ AD Diagnosis ▪ Biomarkers of inflammation (CRP, ESR, HgbA1c, APOE4) STUDY GOAL • Demonstrate Safety • Reduce biomarkers of inflammation and neurodegeneration P H A S E 1 b T R I A L I N A L Z H E I M E R ’ S Patients with biomarkers of inflammation Neuroinflammation measures: ▪ Imaging (MRI) ▪ Cerebral spinal fluid (CSF) 3
Demographics of patients that have completed 12 weeks 4 0 . 3 m g / k g (N=5) XPro1595 dose 1 . 0 m g / k g (N=6) 0 . 6 m g / k g (N=5) Total ( N = 16 ) Mean Age (SD) Years 7 0 (56 - 86 ) 6 5 (60 - 71 ) 7 1 (61 - 78 ) 6 8 (56 - 86 ) Gender Male 1 3 1 5 Female 4 3 4 11 MMSE (Baseline) Mild (>21) 5 1 1 7 Moderate (15 - 20) 0 2 2 4 Moderate/Severe (10 - 14 ) 0 2 1 3 Severe (<10) 0 1 1 2
TMTcalibrator Ρ analysis of human CSF with Alzheimer’s Disease brain tissue trigger White Matter Quality MRI CSF Assessing biomarkers of Neurodegeneration 5
Neurodegeneration hypothesis of neurodegeneration – synapse white matter cell body axon m y el i n Cell body ne u r oin f lamm a tion 6
XPro1595 reduction of Neuroinflammation is dose - dependent CS F f oll ow ing 12 w ee k s of tre a tment Olink® Target 48 Cytokine 7 CCL8 OLR1 IL27 IL2 CXCL9 TGFA IL6 TNFSF12 CCL11 HGF FLT3LG IL17F IL7 IL18 CCL13 TNFSF10 CXCL10 IFNG IL10 CCL19 IL15 CCL3 CXCL8 MMP12 CSF2 CSF3 VEGFA IL17C CCL2 IL17A OSM CSF1 CCL4 MMP1 CXCL11 LTA CCL7
Mitochondrial function Axon extension and function Dendrite d e velopm e n t X P r o 1 5 9 5 i m p r o v e s b i o l o g i c a l p r o c e ss e s i n v o l v e d i n s y n a p t i c f o r m a t i o n a n d f u n c t i o n CSF f ollow i n g 12 we eks of t reatme n t Neurotransmitter regulation Synapse assembly Cytoskeleton organization P<0.05 8
A ss e ss i n g w h i t e M a tt e r p a t h o l o g y – p T a u 2 1 7 / 1 8 1 CSF fol l ow i ng 12 w e e ks of t rea t ment 9 p<0.0 0 01 p<0.01
A ss e ss i n g w h i t e M a tt e r p a t h o l o g y - p T a u Neurofibrillary Tangle Disintegration of Microtubles T au 10
Longitudinal analysis show that pT217 and pT181 are detectable prior to symptom onset and correlate with aggregated tau and Braak staging in AD Figure 1: Evolution of tau pathophysiology in mutation carriers (n=152) in the Dominantly Inherited Alzheimer Network (DIAN). 1 1 Barthélemy NR, et al. Nat Med. 2020 11
Assessing white Matter pathology – pTau217 dose response CSF fol l ow i ng 12 w e e ks of t rea t ment 12
CREATIVE HEADLINE Imaging what matters Inmune Bio Phase 1B September 7th webinar
W HY STUDY WHITE M ATTER IN AD ? CHANGES IN WHITE MATTER MICROSTRUCTURE AXONAL LOSS DEMYELINATION LOSS OF OLIGODENDROCYTES MICROGLIAL ACTIVATION VASCULAR DEGENERATION Brun and Englund 1986; de la Monte 1989; Englund 1998; Englund and Brun 1990; Sjobeck et al. 2003; 2005; Zimmer et al . 2014; Brilliant et al . 1995 WM GM CHANGES IN GRAY / WHITE MATTER MACROSTRUCTURE G M ATROPHY WM ATROPHY
White Matter (WM) biomarkers + Increased EC space axons, myelin , extra - cellular water HEALTHY WM NEUROINFLAMMATION AXON LOSS & DEMYELINATION
Virtual biopsy : WM biomarkers + Increased EC space axons myelin e xt r a - c ellular water HEALTHY WM NEUROINFLAMMATION AXON LOSS & DEMYELINATION
How? Diffusion MRI microstructure WM biomarkers • Diffusion is sensitive to free, restricted, hindered water • Intra / extra cellular water • Degeneration of the tissue MRI
[1] Unterberg, A. W., et al. "Edema and brain trauma." Neuroscience 129.4 (2004): 1019 - 1027. 2 Syková, Eva, and Charles Nicholson. "Diffusion in brain extracellular space." Physiological reviews 88.4 (2008): 1277 - 1340. 3 Pasternak, Ofer, et al. "Excessive extracellular volume reveals a neurodegenerative pattern in schizophrenia onset." Journal of Neuroscience 32.48 (2012): 17365 - 17372. 4 Pasternak, Ofer, et al. "Free water elimination and mapping from diffusion MRI." Magnetic Resonance in Medicine: An Official Journal of the International Society for Magnetic Resonance in Medicine 62.3 (2009): 717 - 730. Healthy white matter NEUROINFLAMMATION – FREEWATER He a l thy c o ntrol white matter Immune response causing microglia activation & excessive diffusion of water into extracellular space 1 , 2,3 . Freewater (FW) 4 quantifies freely diffusing water molecules 3 . Alzheimer’s model [Badea et al. 2016] N e u r oi n flamm a tion white matter (fornix) increased freewater
Axonal d e g e n e ration AXONAL DEGENERATION – APPARENT FIBER DENSITY 1 Adalbert, R., and M. P. Coleman. "Axon pathology in age-related neurodegenerative disorders." Neuropathology and applied neurobiology 39.2 (2013): 90 - 108. 2 Salvadores, Natalia, Mario Sanhueza, and Patricio Manque. "Axonal degeneration during aging and its functional role in neurodegenerative disorders." Frontiers in neuroscience 11 (2017): 451. 3 Raffelt, David, et al. "Apparent fibre density: a novel measure for the analysis of diffusion - weighted magnetic resonance images." Neuroimage 59.4 (2012): 3976 - 3994. 4 Mito, Remika, et al. "Fibre - specific white matter reductions in Alzheimer’s disease and mild cognitive impairment." Brain 141.3 (2018): 888 - 902. h e a l thy c o ntrol white matter Axonal degeneration (lower density of myelinated axons, distrophic axons, variability of axon shape & size) happens with aging 1 . Axonal degeneration is an early event, taking place before to neuronal cell death 2 . Apparent fiber density 3 (AFD) is sensible to axonal degeneration 4 . Alzheimer’s model Healthy white matter [Badea et al. 2016] white matter (fornix) axon disruption & loss Axonal degeneration
Loss of myelin, distorted & granulation of the myelin sheath 1 Tissue radial diffusivity 2 (RDt) is sensible to demyelination 2 M HE A L T H Y W TISSUE 2. Chad, J. A., et al. (2018). Neurobiology of Aging, 71, 161 – 170 DEMYELINATION – TISSUE RADIAL DIFFUSIVITY (RDt) heal t h y c ont r ol white matter 1. Badea et al. 2016 Alzheimer’s model white matter (fornix) myelin loss & disruption DEMYELINATION Increased tissue RD (RDt)
Healthy aging tissue fornix axons myelin f r e e w a t er FW AFD RDt AD mouse model 15 month fornix Confirmed in ADNI databas with N= 36 human patients over 2 years
Macr o - connectivity 160,000 km of white matter (100,000 miles)
W HERE ? & W HY ? - Uncinate Fasciculus - Arcuate Fasciculus - Inferior Fronto - Occipital Fasciculus - Inferior Longitudinal Fasciculus - Corpus Callosum (anterior part) - Corpus Callosum (parietal part) - Cingulum Bundles involved in the Alzheimer’s Disease neuropathology (metareview of 20+ years of publications) [Roy et al JAD 2020, Mito et al Brain 2018]
Tractometry: Virtual dissection & biospy Imaging what matters t r ac t o g r ap h y W & AFD & myelin biomarkers « T HE H OW & W HERE » I) N EUROINFLAMMATION (FW) II) F IBER DENSITY (AFD) & III ) MYELIN CONTENT (RD T ) MARKERS IN ALZHEIMER ’ S D ISEASE WHITE MATTER BUNDLES
Imaging what matters INmune Bio Phase1b trial XPro595 longitudinal changes (1 mg/kg dose)
Longitudinal FreeWater 0 3 6 18 21 24 9 12 15 Visit (months) - 60 - 50 - 40 - 30 - 20 - 10 20 10 0 30 Free - water in AD bundles (% change) XPro1595 1 mg/kg ADNI database N = 36 N = 6 N = 5 N = 5 N = 3 AD bundles - 46% X P r o1 5 95
Longitudinal Apparent Fiber Density 0 3 6 18 21 24 9 12 15 Visit (months) - 10 0 - 5 5 15 10 20 Fiber Density in AD bundles (% change) XPro1595 1 mg/kg ADNI database N = 36 N = 6 N = 5 N = 5 N = 3 AD bundles +17% X P r o1 5 95
Longitudinal Radial Diffusivity - 20 - 5 0 5 Radial Diffusivity in AD bundles (% change) XPro1595 1 mg/kg ADNI database N = 36 N = 6 N = 5 0 3 6 N = 5 N = 3 9 12 15 18 21 24 27 30 33 36 Visit (months) AD bundles - 16% - 10 X P r o1 5 95 - 15
I NCREASE IN WM VOLUME ( MACROSTRUCTURE ) 0 1 2 5 00 0 5 50 0 6 00 0 6 50 0 3 6 9 Visit (months) Left Inferior Temporal volume (mm 3 ) 0.0381 0.1226 0 . 083 9
Summa r y x White matter microstructure degenerates with Alzheimer’s Disease x Neuroinflammation as well as axon & myelin disruption x Non - invasive advanced MRI & Imeka tools quantify where & how white matter is disrupted and rescued In Alzheimer’s Disease bundles over a 12 - month period: 1) XPro1595 reduces FreeWater by 46% (neuroinflammation) 2) XPro1595 increases Apparent Fiber Density by 17% (axon integrity) 3) XPro1595 reduces tissue Radial Diffusivity by 16% (remyelination) x Confirmed by CSF inflammatory & tau markers
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