The market's rally, especially in small-cap, continued this past week and Tailwinds' stocks participated along with the broader indexes. In particular, performance of our portfolio was led by Anixa (ANIX) on the back of their long-awaited news of an...
Tailwinds' Take: important to obtain a patent for the very large European market. XPro1595 has blockbuster potential for INMB. Very excited to see more Alzheimer's Data in December as well as Covid results sometime even sooner. LA JOLLA, Calif., Aug....
Back in February, on our trip to Miami, I was fortunate to be introduced to a friend of a friend named "Phil". Phil just happens to be one of, if not the, best backgammon players in the world. Backgammon is...
The easiest way to make money in the market is trading off of insider information. It is also highly illegal, will put you in jail and I really don't recommend it. It's effective in the short term, but truly...
Yesterday afternoon, INmune Bio (INMB) announced that they had taken out a loan from Silicon Valley Bank with the use of proceeds a repurchase of warrants owned by Xencor (XNCR). This is an outstanding financial deal for INmune and...
Yesterday afternoon, to my sheer delight, three companies in which I and/or my readers have large holdings all reported earnings at the same time. Very frustrating as I would like to have been on all three calls but instead...
The pendulum had swung too far. Simply put, companies that are funded and executing on their gameplan cannot go down forever. Eventually they find a bottom and bounce. The lower the bottom, the bigger the bounce. This week we bounced....
Last week I wrote about INmune Bio (INMB). In that piece, In Defense of INmune, I discussed the increasing spread between perception of what's going at INmune versus the reality. On Friday it seems someone noticed as the stock...
TW's Take: very positive expression of confidence on the part of management and a wonderful deal for shareholders. Very happy to be rid of the overhang from those warrants. LA JOLLA, Calif, June 14, 2021 (GLOBE NEWSWIRE) -- INmune Bio,...
Those who know me well are well aware that Wednesdays are my favorite night of the week. That's the night I go out mountain biking with The Gestalt Haus Gang, ending up at a similarly-named (mountain) biker bar tipping...
I read this week where someone said, "the short story is always sexier." There's certainly a lot of truth in that. Here in September of 2021, we are confronted with a myriad of major problems: a pandemic, runaway inflation,...
TW's Take: a smart move putting quality investors into the stock and getting enough cash to take them through phase 2. Painful to stop the short term move but momentum should return in front of the upcoming Alzheimer's data...
After fortuitously sheltering in place on the east coast for seven weeks, we are heading back for CA this week. We seem to have, very thankfully, missed the smoke and clear skies await. Now, if we can survive the...
This week Eli Lilly (LLY) reported data from their phase 2 Alzheimer's trial, TRAILBLAZER-ALZ. Based on the results of this data, shares in LLY rallied substantially, adding over $20B in market cap. That's not a typo. The market values...
LA JOLLA, Calif., Aug. 05, 2019 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB), an immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, reported positive preliminary data today during a presentation at Cambridge Healthtech...
Telehealth was the all the rage this past week. First The Centers for Medicare & Medicaid Services (CMS) is proposing changes to expand telehealth permanently, consistent with the Executive Order on Improving Rural and Telehealth Access that President Trump...
Tailwinds' Take: patents show the uniqueness of INKmune, which is set to start two clinical trials this year. INMB is one of the most exciting opportunities we see in the marketplace. LA JOLLA, Calif., April 22, 2020 (GLOBE NEWSWIRE) --...
Tailwinds' Take: the scientific publication linked here is a great summation of the potential of NK cells in fighting cancer. INMB's INKmune program has similar attributes to CAR-T but with a better safety profile. And, at a fraction of...
LA JOLLA, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the “Company”), a clinical-stage immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, today reported its financial results for the...
This past week saw yet another ugly market for micro-caps as the whole investment community seems to be increasingly worried about inflation and interest rates. Between this and the fact that there was no gas at the pumps in...
TW Research (TW): Dr. Lowdell, thanks for speaking with us today. I know you’ve been involved with INKmune since the very beginning and was hoping that we could start with the origins of the program. Where did the idea...
TW's Take: great news as this program had been long-delayed by Covid. NK companies routinely achieve valuations higher than INMB's current market cap. This exciting program has the potential to generate significant returns to investors over the next couple...
While the bankers and fund managers are heading out to the Hamptons for vacation, micro-cap earnings season kicked in last week and news flow in general seems to be picking up. I've been saying that the 2nd half of...
What a difference a year makes. Christmas 2018 marked a time of anguish for investors. The market was in the toilet and, for us small cap investors, it was particularly painful. There seemed to be zero bids out there...
Last week wasn't a bad week for the markets at all. With a nice two day rally to end the week, the Russell 2000 and S&P 500 both gained 1% over the five trading days. This was quite the...
Lots going on in Tailwinds' universe recently. Here I recap conversations and observations from the prior week's trading... This screen shot says it all...if Druck loves small cap, then I'm saying we're in the right space at the right time. HyreCar...
Tailwinds' Take: first-in-man for their second product line is a major accomplishment for the Company. By targeting the innate immune system's NK cells, INKmune has great potential across a broad range of cancers. LA JOLLA, Calif., June 11, 2020 (GLOBE...
Tailwinds' Take: to quote CEO, RJ Tesi, "This award reinforces one of INmune Bio’s fundamental drug development tenets – by targeting the underlying biology, you can target a diverse group of diseases caused by inflammation." I believe that INmune's...
Investing in micro-caps always involves a high degree of risk. This risk can come in many different forms as well. For example, looking at the Risk Factors section on TFF Pharma (TFFP)'s recent 10-K filing they have the following...

Summer Stocks

The markets seem to be quieting down as summer heats up and traders are heading to the beach for the last few weeks of August. It really feels like we are entering a "stock pickers" market as the action...
With June closing out, we can now reflect on what was the best quarter the stock market has seen since the turn of the century. From the depths of despair to seeing the indexes recoup most if not all...
Tailwinds' Take: we view this very favorably as the only "negative" in the INMB story was their lack of capital. They are now funded into 2022. With great data and major milestones awaiting, INMB is poised to be a...
Okay, I know it's not the official end of August...that takes place on Monday. However, due to the fact that the month is basically over and September will be close to a week over by the next newsletter, I'm...

IF Alpha?

My biggest concern last fall was, "what if Bernie gets into office?" This fear was driven partially by the fact that the market would likely sell off with the democratic socialist in charge, but more so by the concern...
Tailwinds' Take: more evidence on the negative role that soluble TNF plays in many diseases. INMB's ability to neutralize soluble TNF without associated immuno-supression makes them a potential part of the therapy not only in breast cancer, but other...
TW's Take: INmune continues to make solid progress on all fronts. The rest of 2021 should have some exciting catalysts with Quellor data, Xpro data and phase 2 starting, and INKmune dosing first patients. We continue to be big...
Tailwinds' Take: great news as we believe Quellor has a great opportunity to not only have a positive impact in Covid-19 but also the data generated could be very important in proving efficacy in combating cytokine release syndrome in...
What do I want to say? That's the question that comes into my head every Saturday morning. This newsletter is an opportunity. An opportunity to send a message to thousands of readers. It's a privilege that I don't take...
This is without a doubt the most amazing market of my career. It's obviously a bull market as indexes continue to head higher. But, within the belly of the beast, it's absolutely rocking and rolling. Some of the moves taking...
As I wrote about last week, we are entering what is historically the worst stretch of time for the market. I'm not sure why this is the case, but September is by far the toughest month for stocks. This...
Tailwinds' Take: this trial looks poised for success as XPro1595 is known to be safe and reduce inflammation, the endpoints for this trial design.  LA JOLLA, Calif., Dec. 02, 2019 (GLOBE NEWSWIRE) --  INmune Bio, Inc. (NASDAQ: INMB), an immunology...
The markets had another downward-trending week since the last newsletter. However, the overall tone of the market felt better from a micro-cap investing standpoint and my bi-polar attitude (loving my stocks, not liking the market) feels rather appropriate. Despite...
TW's Take: INmune's data on reducing neuro-inflammation is industry leading. Their lack of cognitive testing has led to a discounted valuation versus peers that should begin to close as they move into phase 2. The trial design will likely...
When you write a newsletter, being speechless is not a great place to be. However, what I'm seeing in the market right now leaves me without words. Is the price action unparalleled in history? Quite possibly. But it sure does...
On Monday morning, Pfizer (PFE) announced that they have a very effective vaccine for Covid-19. This, combined with what appears to be a clear result in the presidential election, sparked a very strong rally in the stock market. Normally a...
What a crazy way to end a wild month, huh? As GameStop (GME) continued to rally in the face of shorts, Robin Hood required a bailout and individual investors rejoiced in their apparent obliteration of several hedge funds. The carnage...
Greetings from Ashland, Oregon where my tour of the west coast is ending in fine fashion. The biking here is outstanding, the meals our crew cooks up are incredible but the ability to write a coherent newsletter is rather...
Monday morning, INmune Bio (INMB) announced that they were pursuing a clinical program to determine if the Company’s TNF Inhibitor (DN-TNF) platform could help prevent complications of cytokine storm caused by COVID-19. This is potentially a breakthrough therapy for...
The market continues to ignore my bearish calls and, instead, keeps chugging higher. I'm at a loss to explain this, as are most professional investors with whom I speak. Here in my home of Marin County, we expect restaurants...
This feels like a very strange time in the market. Usually markets overreact to news. Violent swings to extreme levels are the common occurrence around major market moving events. The coronavirus would appear to be one of these situations....
In July, INmune Bio (INMB) dosed their first cancer patient with INKmune. Last night, we got an update on the program. Admittedly, there's only been one patient dosed but...with this statement from the press release, INmune has just leapfrogged...
In December of 2019, INmune Bio (INMB) commenced dosing of humans in a Phase 1b trial of XPro1595 (XPro), a drug targeting Alzheimer’s Disease. This trial is an 18 patient trial that is designed to run for 12 weeks...
INmune Bio DN-TNF Clinical Trial, Complications of Cytokine Storm Caused by COVID-19 April 20, 2020 Presenter R.J. Tesi, CEO and Chief Medical Officer David Moss, CFO Q&A Participants John Aschoff - Roth Capital Michael Carmia - BTIG Jason McCarthy - Maxim Group Mikal Kaiser - BTIG R.K. - H.C. Wainwright Carl...
Tailwinds' Take: with the trial being open-label, INmune has been able to see the data all along. Therefore, one can assume that they are very excited about the results to be hosting a discussion thereof prior to AAIC 2020....
TW's Take: The key quote from this PR, "We look forward to advancing this novel compound into Phase 2 studies in two CNS indications later this year.” Enough said. LA JOLLA, Calif, June 02, 2021 (GLOBE NEWSWIRE) --  -- INmune...
INmune Bio, Inc. Fourth Quarter and Full Year 2019 Earnings Call March 11, 2020, 11 AM  Presenters Landon Baretto, Moderator Raymond J. Tesi, MD, CEO David J. Moss, CFO Q&A Participants John Aschoff, Roth Capital Markets Swayampakula Ramakanth, H.C. Wainwright Carl Byrnes, Northland Securities Daniel Carlson, Tailwinds...
R.J.: So, hello everybody, I'm R.J. Tesi. I'm the CEO and Acting Chief Medical Officer of Inmune Bio, and today I'll be hosting this bench to bedside, free, CTAD webinar highlighting alternative approaches to treatment of Alzheimer's disease....
"When they reached the end of their 12 week trial, this family was willing to do anything to remain on the drug...because it had been such a profound change," Dr. Rosalyn Lai Alzheimer's is an incredibly debilitating disease. It slowly...
To steal a line from Charles Dickens, "It was the best of times. It was the worst of times. Then it was pretty darn good again." And now we have reviewed the first six months of 2021 and can...
We are initiating coverage today on INmune Bio (Nasdaq: INMB). According to the Company, INmune (INMB) is “Reprogramming the Innate Immune System for the Treatment of Diseases”. On the surface, this sounds like a fairly standard biotech tagline, but...
When you receive this newsletter, it will be June 21st, the official start of summer. Typically for stocks you have a summer doldrums, "sell in May and go away" being the mantra that long-time traders have bandied about for...
This week saw a continued rally in the market with smaller stocks continuing their outperformance. It has been an impressive run and looks likely, as I mentioned last week, to continue until we get a stimulus package. At that...

Moving Week

What do Donald Trump and I have in common? We are both in the process of moving... This week we found out that Joe Biden will become the next president of the US. Simultaneously, the Mr. and Mrs. Carlson jumped...
Yesterday the FDA gave a highly controversial approval to Biogen (BIIB) for the first ever treatment of Alzheimer's. In doing so, the FDA has not only given Biogen a shot in the arm but has dramatically changed the prospects...
TW's Take: very excited to see this data which will only reinforce and add to the smaller set of outstanding interim data the Company presented last summer. Expect to hear more tangential stories of cognitive benefits on the call....

Hello Fall!

What a difference a week makes. Last Saturday I was writing about an epic (for Tailwinds) stretch of performance and salivating over all the positive catalysts that were on deck for September. This week I'm shellshocked by the sudden...
Tailwinds' Take: BTIG banked their recent financing and now is hosting them at a conference. Could research be coming soon? LA JOLLA, Calif, Aug. 03, 2020 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the “Company” or “INmune”), a clinical-stage immunology...
Tailwinds' Take: further evidence of the broad-scale applications possible by reducing soluble TNF and associated inflammation. INB03 has the potential to be used in multiple therapies beyond oncology, including Nash, Alzheimers and COVID-19. LA JOLLA, Calif., May 11, 2020 (GLOBE...
TW's Take: amazing data. INmune is on a path to be part of the solution for Alzheimer's Disease, a massive market. This is incredibly exciting. LA JOLLA, Calif, Jan. 21, 2021 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the...
Nothing seems to be able to get in the way of this bull market. An insurrection in DC? Yawn. The next administration taking on big tech? Nobody cares. Covid-19 running crazy globally? That just means more stimulus and Robin...
The "bull" market continued this past week although it showed signs of tiring. Which is good because the bull ride we've been on resembles one at the Calgary Stampede. While the S&P 500 hits new highs, micro-cap growth is...
Here I am on my first plane flight since Covid became a word used in our everyday vernacular. Things seem pretty much the same with the exception of everyone wearing a face mask. The irony in this is I...
If you've been reading this newsletter for longer than two weeks, you likely have come to realize that I'm an investor not a trader. Quite simply, my philosophy is to look for stocks that have the potential to return...
Tailwinds' Take: this is a very positive step for this platform. Next steps here are to start a Phase IIa open-label trial next summer, with expected results about 12 months after dosing patients. Herceptin is a relatively uncrowded space...
Tailwinds' Take: good news as INmune's INKmune program, which has shown great early stage data, is now protected. INMB continues to execute on two exciting programs. LA JOLLA, Calif., Sept. 03, 2020 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB)...
My wife and I spent Good Friday in the car, driving up to Massachusetts to visit my number one newsletter fan; my mother. It was a long day but certainly well worth the effort. The drive was eerily reminiscent of...
Tailwinds' Take: very positive news for a stock that has been awaiting some. We believe that Quellor will be very effective in reducing cytokine storms and this is the pathway to accelerated approval. LA JOLLA, Calif, Nov. 09, 2020 (GLOBE...
LA JOLLA, Calif., Nov. 26, 2019 (GLOBE NEWSWIRE) -- -- INmune Bio, Inc. (NASDAQ: INMB), an immunology company developing treatments that harness the patient’s innate immune system to fight disease, announced today its will host a live webinar on...
November was truly a month to remember for the markets. The best month in over 40 years for the Russell 2000 saw that index climb a whopping 18%. This outpaced the S&P and Nasdaq as smaller companies are really...
TW's Take: outstanding that demonstrates XPro195 is very effective in clearing neuroinflammation and reducing biomarkers associated with declining cognition. Very important PR that positions INmune as a leader in Alzheimer's therapies. This is a step in the direction of...
While the markets may not have had the most volatile week of the year, nor come close, it was a very topsy-turvy five days for Tailwinds. A couple stocks up over 30% and a couple down over 50%. Meanwhile,...
TW's Take: while we await the Alzheimer's data later in August, the INKmune program seems to be showing excellent activity at two weeks. Quellor data coming soon and, with the very fluid covid situation, it's not a surprise that...
Thin Film Freezing, the drug delivery method being developed by TFF Pharma (TFFP), is an exciting technology that has the potential to change the method of delivery for a significant portion of the therapeutics currently in existing as well...
Another great week in the market. The economy is in free-fall, unemployment is skyrocketing and stocks can't stop going up. How is this possible? Well, as many savvy investors have repeated numerous times over the years, don't fight the...
There are times when stock picking isn't the most important part of your investment strategy. When all that matters is being in the right sector of the market. At those times, traders are looking great and investors, those of...
Tailwinds' Take: submitting an IND for Covid-19 this month is the biggest potential near term driver, but there are lots of shots on goal here for a small company. Next up after this is a peek at interim Alzheimer's...
It was another great week for TW as the pendulum appears to be swinging full speed in our direction. This while the overall market continues to push to new highs and all eyes remain fixated on the Fed, inflation,...
INmune Bio (INMB) is developing a drug targeting the innate immune system and, specifically, its role in the development of chronic inflammation as humans age. Their drug XPro1595 has recently entered a phase 1 trial; a trial that we...
We had the opportunity to meet virtually with INmune Bio (INMB) recently. In that meeting, with their CFO, David Moss, and Director of Neuroscience, CJ Barnum, we discussed the role of inflammation in many diseases and how XPro1595 works...
Frequently I hear from investors that something sounds, "too good to be true." And, being honest, more often than not, that's the case. But, not always... I heard that frequently about Atomera (ATOM) when I said it's possible to extrapolate...
Tailwinds' Take: this is very positive data. The reduction in white matter is particularly encouraging as there is direct correlation between this reduction and an improvement in cognition, which is the holy grail in Alzheimer's.  LA JOLLA, Calif., July 13,...
Tailwinds' Take: yet another disease where neuro-inflammation plays a role. The breadth of potential treatments for this product is staggering. LA JOLLA, Calif. , Feb. 10, 2020 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB), an immunology company developing treatments...
Earlier this year I was preaching caution. The markets were en fuego and, simply put, this cannot last. While I run pretty fully invested and am looking for long-term gains, I'm not naive. Most people reading this newsletter aren't...
Good Morning Vietnam! Okay, I'll confess to exaggerating a little; I neither live nor work in a war zone. It only just felt like someone was taking napalm to my portfolio on a daily basis the last couple weeks....
I invest in "public venture capital" stocks. The typical company around here is early stage, has no revenue and is burning cash on a daily basis. They are not without risk. On the other hand, the potential for each of...
I'm calling it a month. Normally, I'd wait until August is officially over before recapping things, but, since we only have two days of trading left, and since we are looking at a September to Remember (fingers crossed, big...
Tailwinds' Take: more solid data that should translate very well into humans. Remember, INmune has an ongoing Phase 1b trial in Alzheimer's Disease right now with results expected before the end of Q2. This data bodes well for those...
LA JOLLA, Calif., Nov. 08, 2019 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the “Company”), an immunology company developing treatments that harness the patient’s innate immune system to fight disease, today reported its financial results for the third quarter ended September 30,...
Like the debate, 2020 has been a sh**-show. Pandemics, political divisiveness, fires...it's not been a beach party to say the least. Yet, here we stand at the end of Q3 with the S&P having climbed 8.5% in the quarter and...
TW's Take: Very exciting news. The data is compelling and improves over time. Meanwhile, having a rigorous, placebo controlled trial that only lasts 6 months demonstrates just how exciting this is. INmune will be done with their placebo controlled,...
On Thursday this week, as we finished dinner I looked out the window and the sky was on fire. It was quite possibly the most amazing sunset I've seen from our house and was a great way to end...
This morning INmune (INMB) presented data from their phase 1b trial in Alzheimer's Disease and hosted a KOL call to discuss the data. Although it traded higher initially, the stock is now down post the call. This volatility based...
David J. Moss Thank you Malika, and good afternoon everybody. We thank you for joining us for the call for INmune Bio’s second quarter 2020 financial results. With me on the call is RJ Tesi, CEO and cofounder of INmune...
As if on cue, the market took a turn lower last week. This will be but a quick note on the market, as I'm not sure how much value I can add. That is, if you've read my newsletters...
They say the best presents come in small packages, right? Well, Santa is delivering this year in a big way. And, the best gifts he's giving investors are in the smallest stocks. We are in the middle of a...
LA JOLLA, Calif., Nov. 19, 2019 (GLOBE NEWSWIRE) --  INmune Bio, Inc. (NASDAQ: INMB), an immunology company developing treatments that harness the patient’s innate immune system to fight disease, today announced that Marcia Allen has joined the company’s board as...
CoronaVirus is not only the buzzword for the whole market both on the negative side as business falls off a cliff, and positively as some companies look for a cure. It seems like most everyone in healthcare is looking...
As the market seems to be slowly settling into summer, volatility is dropping and news flow is getting sparse. Amazing to think this is the last newsletter before the 4th of July. The pandemic seemed to drag on forever...
~ Trade alerts discuss changes to Tailwinds' managed portfolios. They are available for premium subscribers only. The information contained here is not meant to be shared, especially with Company managements. Thank you. ~ Spent a while on the phone with...
Stocks continued to climb the proverbial wall of worry last week, with the S&P briefly managing to touch an all-time high and the Russell getting closer to positive territory for the year. Meanwhile, in a move that has many...
Well, I've been expecting it and it appears that it's here. The market put up one of its best months ever in April, but starting on Thursday my anticipated end of the rally kicked off. I'm saying it here...
Tailwinds' Take: this Phase II trial is going to happen quickly. Inflammation is a big part of the problems associated with CV19 and INmune's DN-TNF platform could be ideally positioned to be a part of saving lives. We are...
LA JOLLA, Calif., Oct. 21, 2019 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB), an immunology company developing treatments that harness the patient’s innate immune system to fight disease, announced today that Dr. Malú Tansey presented data that show the use...
With the S&P 500 hitting new highs recently, continuing the rally from last March's lows, we are all having a great time, right? Uhhh, maybe not. The last nine months of 2020, and first two of this year, are fading...
In a holiday shortened week, this newsletter comes from Kentucky where the TW household is attending a family wedding. Throw in a side journey to hit the Bourbon Trail and it's a fun-filled weekend that got an additional shot...
Having survived the rocky cliffs of Moab, I think I jinxed myself with last week's cover photo asking "What could go wrong?" Turns out we learned the answer on Monday as just about everything in our universe got taken...
DFC Advisory Services LLC (dba TW Research Group) is an investment adviser. We are also compensated for publishing information on certain companies. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.