InMed Pharmaceuticals Reports Q3 Fiscal 2025 Loss of $2.1 Million, Revenue Increases 8%

InMed Pharmaceuticals Inc. reported its financial results for the third quarter of fiscal year 2025, revealing a net loss of $2.1 million for the three months ended March 31, 2025, compared to a loss of $1.7 million for the same period in the previous year. For the nine months ended March 31, 2025, the company recorded a net loss of $6.4 million, an increase from a loss of $5.7 million in the prior year. Revenue for the third quarter was $1.3 million, reflecting an 8% increase from $1.2 million in the same quarter of 2024. Year-to-date revenue also saw a 10% rise, totaling $3.6 million compared to $3.3 million in the previous year.

The company's financial position showed a decline in total assets, which decreased to $9.3 million as of March 31, 2025, down from $11.8 million at the end of the previous fiscal year. Cash and cash equivalents were reported at $4.7 million, a decrease from $6.6 million as of June 30, 2024. The accumulated deficit increased to approximately $115.4 million, highlighting ongoing challenges in achieving profitability. The company attributed the increased losses primarily to higher research and development expenses, which rose by 45% in the third quarter compared to the previous year, driven by external contractor costs related to its drug development programs.

InMed has been actively pursuing strategic initiatives, including a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD, allowing the company to sell up to $10 million in common shares over a 36-month period. As of the reporting date, the company had issued 413,336 shares under this agreement, generating approximately $2.5 million in gross proceeds. Additionally, InMed has amended its At-the-Market Offering Agreement, which has facilitated the issuance of 313,242 shares for gross proceeds of about $1.9 million. These financing efforts are crucial as the company seeks to bolster its liquidity amid ongoing operational losses.

Operationally, InMed continues to focus on its pharmaceutical pipeline, which includes drug candidates targeting Alzheimer’s disease and other conditions with high unmet medical needs. The company is also advancing its manufacturing capabilities through its subsidiary, BayMedica, which specializes in the production of bulk rare cannabinoids. The company reported an increase in sales for BayMedica, attributed to expanded marketing efforts and growing demand for cannabinoid products. However, the need to remain competitive in pricing has impacted overall profitability.

Looking ahead, InMed anticipates continued operating losses as it invests in research and development to advance its product candidates through clinical trials. The company has expressed substantial doubt about its ability to continue as a going concern within the next year, emphasizing the need for additional capital to fund its operations. InMed plans to seek further financing through equity and debt offerings, as well as potential collaborations, to support its ongoing initiatives and ensure its financial stability.