Core Viewpoint - InMed Pharmaceuticals reported positive progress in its pharmaceutical programs, particularly with its Alzheimer's treatment candidate INM-901, and announced financial results for the first quarter of fiscal 2025, highlighting a commitment to enhancing shareholder value through strategic opportunities and operational improvements [3][4]. Financial Results - For the first quarter ended September 30, 2024, InMed reported revenues of 0.9 million in the same period last year [8]. - The company recorded a net loss of 2.54 million in the same period of the previous year, indicating an improvement in financial performance [13]. - Research and development expenses decreased to 1.3 million year-over-year, primarily due to reduced spending on external contractors and patent fees [9]. - As of September 30, 2024, the company had cash and cash equivalents of 6.6 million at the end of the previous quarter [10]. Pharmaceutical Development Programs - INM-901, targeting Alzheimer's disease, showed robust progress with positive behavioral data from long-term preclinical studies, achieving statistical significance in certain criteria [3][4]. - The drug can be administered orally, achieving therapeutic levels in the brain comparable to intraperitoneal injection, which is significant for its development [4]. - Next steps for INM-901 include further molecular analyses to characterize its mechanisms of action, with data read-out expected in calendar Q4 2024 [5]. - INM-089, aimed at treating dry Age-related Macular Degeneration (AMD), is progressing with additional in vivo preclinical studies and ongoing Chemistry, Manufacturing, and Controls (CMC) activities [6]. Corporate Actions - The company implemented a reverse stock split effective November 14, 2024, to regain compliance with Nasdaq listing requirements, reflecting its commitment to maintaining a major exchange listing [3].
InMed Reports First Quarter Fiscal 2025 Financial Results and Provides Business Update