InMed Pharmaceuticals Reports $2.6 Million Net Loss in Q2 Fiscal 2025

InMed Pharmaceuticals Inc. reported its financial results for the second quarter of fiscal year 2025, revealing a net loss of $2.6 million for the three months ended December 31, 2024, compared to a loss of $1.5 million in the same period last year. Revenue for the quarter was $1.1 million, a decrease of 10% from $1.2 million in the prior year, primarily attributed to reduced product pricing amid increased competition. For the six months ended December 31, 2024, the company recorded a net loss of $4.3 million, slightly higher than the $4.0 million loss reported for the same period in 2023.

The company’s total assets decreased to $8.5 million as of December 31, 2024, down from $11.8 million at the end of the previous fiscal year. This decline was driven by a reduction in cash and cash equivalents, which fell to $3.4 million from $6.6 million. InMed's accumulated deficit also increased to approximately $113.3 million, reflecting ongoing operational losses. The company’s operating expenses rose to $2.7 million for the quarter, up from $2.0 million in the prior year, largely due to increased research and development costs associated with its drug development programs.

InMed has made significant strategic moves, including a reverse stock split executed on November 14, 2024, aimed at regaining compliance with Nasdaq's minimum bid price requirement. The company successfully regained compliance shortly thereafter. Additionally, InMed entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD, allowing it to sell up to $10 million in common shares over a 36-month period, which is expected to provide necessary funding for ongoing operations and development.

Operationally, InMed is focused on advancing its pipeline of cannabinoid-based drug candidates, including INM-901 for Alzheimer’s disease and INM-089 for age-related macular degeneration. The company is also pursuing partnerships to enhance its research and development capabilities. As of December 31, 2024, InMed had 1,207,186 common shares outstanding, reflecting its ongoing efforts to manage its capital structure amid challenging market conditions.

Looking ahead, InMed anticipates continued operating losses as it invests in research and development to advance its product candidates. The company expects to rely on additional financing to support its operations and is actively seeking opportunities for equity and debt financing, as well as potential collaborations. The future viability of InMed remains contingent on its ability to raise sufficient capital and successfully commercialize its drug candidates.