INmune Bio's Phase 2 MINDFuL trial of its Alzheimer's drug XPro™ failed to meet the primary cognitive endpoint, with placebo outperforming the drug on key measures including EMACC and CDR-SB after 24 weeks. Despite management's attempts to highlight positive effects in a post-hoc subgroup of amyloid-beta positive patients with inflammation, the overall trial results were negative. Following the trial outcome, INmune Bio's shares dropped sharply, falling over 45% in after-hours trading and more than 60% in premarket trading. Prior to the public release of the trial data, the company's CFO sold $19 million worth of stock. INmune Bio also secured $19 million from healthcare investors at market price amid the stock decline. The trial outcome represents a setback for the clinical-stage immunology company’s efforts in early Alzheimer's disease treatment.