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InMed Pharmaceuticals Inc. (INM-13.85%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $1,264,638 from $901,862 in the same quarter the previous year. The increase is attributed to expanded marketing efforts and increased demand in certain cannabinoid products.
Cost of sales for the quarter was $771,225, representing 61% of sales, compared to 98% in the same quarter of the previous year. This decrease in cost ratio is due to a reduction in write-down of inventories to net realizable value.
The company reported a gross profit of $493,413 for the quarter, compared to $21,242 in the previous year, with the increase attributed to higher sales and lower cost of goods sold.
Research and development expenses decreased to $771,180 from $1,292,093, largely due to reduced costs associated with external contractors, patent fees, and compensation.
General and administrative expenses increased to $1,421,926 from $1,298,731, primarily due to higher investor relation expenses, personnel expenses, consulting fees, accounting fees, and legal costs.
Net loss for the quarter was $1,677,868, down from $2,536,828 in the previous year.
Cash used in operating activities was $1,826,810, while cash provided by financing activities was $838,239.
InMed had cash, cash equivalents, and short-term investments of $5,583,039 as of September 30, 2024. The company acknowledges its dependence on additional funding to continue operations beyond the first quarter of calendar 2025.
The filing also details various risks, including potential delisting from Nasdaq (NDAQ+0.26%) due to non-compliance with the minimum bid price requirement.
InMed effected a reverse stock split at a ratio of 20-to-1 on November 14, 2024, to regain compliance with Nasdaq's listing requirements.
The company continues to focus on advancing its drug candidates and manufacturing technologies, with a reported increase in sales from its BayMedica Commercial segment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the InMed Pharmaceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.