InMed Pharmaceuticals(INM) - 2025 Q3 - Quarterly Report

Financial Performance - For the three months ended March 31, 2025, sales increased to $1,261,578, up 7.6$1,172,601 in the same period of 2024[17] - Gross profit for the nine months ended March 31, 2025, was $1,129,932, a significant increase of 78.1$634,842 for the same period in 2024[17] - The net loss for the nine months ended March 31, 2025, was $6,373,822, compared to a net loss of$5,737,879 for the same period in 2024, indicating a 11.1% increase in losses[17] - The company reported a basic and diluted net loss per share of $1.94 for the three months ended March 31, 2025, compared to$3.58 for the same period in 2024[17] - The 'BayMedica Commercial' segment reported sales of $3,637,923 for the nine months ended March 31, 2025, an increase from$3,314,663 in the same period of 2024[112] Assets and Liabilities - As of March 31, 2025, total assets decreased to $9,279,834 from$11,822,782 as of June 30, 2024, representing a decline of approximately 21.5%[15] - Total liabilities decreased to $2,258,309 as of March 31, 2025, from$2,616,673 as of June 30, 2024, a reduction of approximately 13.7%[15] - Shareholders' equity decreased to $7,021,525 as of March 31, 2025, from$9,206,109 as of June 30, 2024, reflecting a decline of approximately 23.8%[15] - Cash and cash equivalents decreased to $4,679,826 as of March 31, 2025, down from$6,571,610 at the beginning of the period, a decline of 28.8%[20] - As of March 31, 2025, total inventories amounted to $813,970, a decrease from$1,244,324 as of June 30, 2024, reflecting lower demand and pricing pressure[84] Research and Development - Research and development expenses rose to $2,741,200 for the nine months ended March 31, 2025, compared to$2,558,648 in the prior year, reflecting an increase of 7.1%[17] - Research and development costs are expensed as incurred, with no specific figures provided for the current period[71] Funding and Capital - The Company raised $4,361,220 from private placements during the nine months ended March 31, 2025, compared to$5,216,193 in the same period of 2024[20] - The Company expects to continue seeking additional funding through equity and debt financings, collaborations, and strategic transactions[28] - The Company has an uninsured cash balance of $2.5 million as of March 31, 2025, which may exceed insurable limits[43] - The Company’s liquidity condition raises substantial doubt about its ability to continue as a going concern, necessitating additional capital to finance operations[29] Customer Concentration - Customer A and Customer B accounted for 25$1.9 million during the nine months ended March 31, 2025[93] - The Company entered into a Standby Equity Purchase Agreement (SEPA) to sell up to $10 million in Common Shares over a 36-month period, with a limit of 19.99$4.14[101] - As of March 31, 2025, the Company had 61,864 stock options outstanding, with a weighted average exercise price of $32.41[104] Miscellaneous - The Company recorded deferred offering costs of$25,000 for the nine months ended March 31, 2025, related to ongoing financing efforts[46] - The Company has a total undiscounted operating lease liability of $898,599 as of March 31, 2025[107] - The Company has made a one-time payment to UBC under the Collaborative Research Agreement, with one such payment already completed[115] - No payments have been required to be made to UBC under the Technology Assignment Agreement to date[114] - The Company has not experienced any triggering events for repayment under the Contribution Agreement with NRC-IRAP as of March 31, 2025[116]