INMB

INmune Bio is a pre-revenue clinical-stage biotech, and the numbers say so unambiguously: FY2025 revenue of just $50.0K against a $45.9M net loss and a -$22.6M operating cash burn. The P/S of 903.9x is a meaningless artifact of a company with no commercial product — this stock trades entirely on pipeline optionality, not fundamentals. The FY2021–FY2025 history shows revenue that has actually shrunk (from $181K to $50K) while losses widened, and the $209M accumulated deficit confirms this is a cash-consuming enterprise that has never been close to profitability.

The balance sheet is the acute problem. Management's own 10-K states there is 'substantial doubt about our ability to continue as a going concern' within 12 months of issuance. With $24.8M of cash against a ~$22.6M annual operating burn, the runway is roughly one year, and the filing is explicit that operations will be financed 'through the public or private sale of equity, debt financings or other capital sources.' Against a $45.2M market cap, raising even one year of burn implies punishing dilution — shares already grew 15.9% YoY to 26.6M, and the filing flags 'limitations on capital raising due to low public float.' Liabilities/equity of 0.38x looks benign, but equity fell 26.7% and is being eroded quarter by quarter.