INmune Bio Inc. (INMB) Earnings Call Transcript

Welcome to the 2020 Annual Meeting for INmune Bio, Inc. Our host for today's call is Dr. Raymond Tesi, President, CEO and member of the Board of Directors. [Operator Instructions] I will now turn the call over to your host. Dr. Tesi, you may begin.

Good morning, ladies and gentlemen. Welcome, and thank you for coming to the 2020 Annual Meeting of Shareholders for INmune Bio, Inc. I'll refer to the company as either the company or INmune during the course of this discussion. My name is Raymond J. Tesi, I am the President and Chief Executive Officer and a member of the Board of Directors of the company. I will act as the chairperson for this meeting. We're excited to be hosting our virtual annual meeting, which allows us to be more inclusive and to reach a greater number of our stockholders. We have stockholders attending via the web portal and the 800 number that we have provided. As is our custom, we will conduct the business portion of our meeting first and answer questions at the end of the meeting. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible. In keeping with the approach to the digital -- with the digital approach to this year's meeting, it is now shortly after 10:00 a.m. Eastern Standard Time on the 30th of September, and this officially -- this meeting is officially called to order. And now I would like to introduce the other members of the Board at today's meeting. At this time, I'd like to recognize Marcia Allen, Scott Juda, David Szymkowski; and Kelly Ganjei, members of the Board of Directors. Next, I would like to introduce David Moss, Chief Financial Officer and Corporate Secretary, who will act as the secretary to this meeting. David, would you please address some of the other formalities relating to meeting?

Yes. Thank you, RJ. Certain formalities are required to convene this meeting, after which the matters stated in the notice of this meeting and in the proxy statement, which you will -- which you received shall be addressed. I would like to begin by calling your attention to the agenda for the meeting, which has been provided to you. The business of the meeting will follow the order set forth in the agenda. Bridge -- Broadridge Financial Solutions has been appointed the independent inspector of elections for this meeting and a representative of Broadridge Financial Solutions is with us today and has been duly sworn. As secretary of the company, I will include the oath of the inspector of elections and the reports of the inspector of elections, when completed, regarding the quorum and voting in the minutes of this meeting. After the formal meeting has been adjourned, we'll provide time for general questions. [Operator Instructions] Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. The Board of Directors fixed August 3, 2020, as the record date for determining stockholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that either: one, a notice of Internet availability of the notice of the meeting, the proxy statement and the 2019 annual report to stockholders; or two, the documents themselves were mailed on or about August 18, 2020, to all stockholders as of the record date and will be incorporated into the minutes of this meeting. The stockholder list shows that as of the record date, there were 13,447,948 shares of common stock outstanding entitled to vote at this annual meeting. We are informed by the inspector of election that there represents -- that there are represented in person, or by proxy, shares of common stock representing 8,965,640 votes or approximately 66.66% of the voting power on the record date. Since this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of this transaction -- transacting business. That completes the administrative formalities. I turn the program back to you, RJ.

Now I -- Thank you, David. Now I will present the matters to be voted on. We will address any questions you may have regarding the business of the company later in the program. Proposal 1 is the Election of Directors. The current Board has nominated Raymond J. Tesi, myself; Kelly Ganjei; Tim Schroeder; David Szymkowski; Scott Juda; Ed Baracchini; and Marcia Allen for elections as directors to hold office until the next annual meeting of the stockholders or until their successors are duly elected and qualified. Proposal 2 is to ratify the appointment of Marcum LLP as the company's independent registered public accounting firm for the year ending December 31, 2020. If any stockholder would like to make a comment regarding any of the proposals, please submit your comment through the web portal. I will pause for a few moments to see if there are questions or comments.

So I don't see anything on the portal as of yet. So I'm going to say it is now 10:18 Eastern Time on September 30, 2020, and the polls are now open. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in their proxies or voted via telephone or Internet and do not want to change their vote do not need to take any further action. I will pause for a minute for voting. [Voting]