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

Core Viewpoint - InMed Pharmaceuticals reported its financial results for the second quarter of fiscal year 2025, highlighting progress in its pharmaceutical pipeline and commercial operations, particularly with drug candidates INM-901 and INM-089 [1][3]. Financial Performance - For the three months ended December 31, 2024, InMed reported a net loss of $2.6 million, an increase from a net loss of$1.5 million in the same period the previous year, primarily due to higher research and development expenses [8]. - Pharmaceutical research and development and patent expenses were $1 million for the quarter, up from$0.6 million in the same period last year, attributed to increased external contractor costs and patent fees [9]. - General and administrative expenses rose to $1.6 million from$1.4 million year-over-year, driven by higher consulting, legal, and personnel expenses [10]. - As of December 31, 2024, the company's cash and short-term investments totaled $3.5 million, down from$6.6 million at June 30, 2024, but expected to be sufficient to fund operations through the second quarter of 2025 [11]. Business Development - INM-901, a drug candidate for Alzheimer's disease, showed promising results in reducing neuroinflammatory markers in preclinical studies, positioning it as a novel treatment approach [4][3]. - The selection of an intravitreal formulation for INM-089 marks a significant advancement in the treatment of dry Age-related Macular Degeneration (AMD), enhancing delivery options for the drug [6][7]. - BayMedica, a commercial business unit of InMed, generated revenues of $1.1 million for the quarter, a 10$0.23 million, reflecting a 189% improvement due to reduced operational expenses [12]. Corporate Governance - At the 2024 Annual General Meeting, shareholders withheld the election of Ms. Janet Grove to the Board of Directors, leading to her resignation, and the Board is now seeking an independent director to fill the vacancy [13]. Additional Information - InMed Pharmaceuticals focuses on developing proprietary small molecule drug candidates targeting various medical conditions, including Alzheimer's and ocular diseases [21].