InMed Pharmaceuticals Reports Second Quarter Fiscal 2025 Financial Results and Provides Business Update

VANCOUVER, British Columbia – February 12, 2025 – Pharmaceutical company InMed Pharmaceuticals Inc. (NASDAQ: INM) disclosed its financial outcomes for the second quarter of the fiscal year 2025, concluding on December 31, 2024. The company presented its complete financial statements and associated MD&A for the first quarter, accessible at www.inmedpharma.com, www.sedar.com, and www.sec.gov.

Eric A. Adams, CEO of InMed, expressed contentment regarding the company’s progress in both pharmaceutical pipeline advancement and commercial activities. Noteworthy achievements included successful preclinical study results of INM-901, showing a substantial reduction in neuroinflammatory markers associated with the progression of Alzheimer’s disease. This positions INM-901 as a pioneering approach targeting neuroinflammation beyond traditional Alzheimer’s therapies focusing on amyloid beta and tau proteins. Moreover, the adoption of an intravitreal formulation for INM-089 marks a pivotal step forward in elevating the dry AMD program, opening new avenues for treatment delivery.

Adams further emphasized BayMedica’s efforts to optimize its supply chain and reduce operational costs, in spite of a challenging market scenario.

In the realm of pharmaceutical development programs, INM-901 targets multiple biological pathways in Alzheimer’s disease. The company reported promising results from a long-term preclinical study, indicating INM-901’s potential in reducing neuroinflammation. The study paves the way for further molecular investigations, analyzing various parameters such as receptor engagement levels and neuroprotection.

INM-089, aimed at addressing dry Age-related Macular Degeneration, witnessed progress with the selection of an intravitreal formulation. The flexibility offered by this formulation is expected to enhance the drug’s development for dry AMD treatment.

Financially, InMed reported a net loss of $2.6 million for the three months ending December 31, 2024, compared to $1.5 million in the same period the prior year. The increase primarily stemmed from augmented expenses related to pharmaceutical research and development activities, alongside financing costs. Notable rises were observed in research and development expenses, including patent costs.

As of December 31, 2024, InMed’s cash, cash equivalents, and short-term investments stood at $3.5 million. The company anticipates its current funds, coupled with recent financing proceeds of $2.9 million received in January 2025, will adequately cover planned operating expenses and capital expenditures until the end of the second quarter of the calendar year 2025.

BayMedica, InMed’s commercial arm, generated revenues of $1.1 million for the quarter ending December 31, 2024, indicating a 10% decline compared to the corresponding period last year. However, the segment achieved a net income of $0.23 million, showcasing operational efficiencies leading to profitability.

Furthermore, corporate governance matters were addressed with the resignation of Ms. Janet Grove from the Board of Directors, subsequently accepted by the board. The company plans to seek an independent director to fill the vacancy. The current operations will continue under four directors, with Mr. Andy Hull, the Board Chair, assuming additional responsibilities.

InMed Pharmaceuticals excels in developing proprietary small molecule drug candidates targeting specific receptors. The company’s stringent financial management and strategic advancements position it for sustained growth and innovative drug development endeavors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read InMed Pharmaceuticals’s 8K filing here.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, develops a pipeline of prescription-based products. The company operates through two segments, the InMed and the BayMedica. The InMed segment researches and develops cannabinoid-based pharmaceuticals products. The BayMedica segment develops proprietary manufacturing technologies to produce and sell rare cannabinoids for the health and wellness industry.