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InMed Pharmaceuticals Inc. (INM-7.31%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing sales of $1,111,707, a decrease from $1,240,200 in the same quarter the previous year. The decrease is attributed to lowered product pricing due to increased competition.
Cost of sales for the quarter was $650,813, representing 59% of sales, compared to 74% in the same quarter of the previous year. This decrease in cost ratio is due to reduced inventory write-downs.
The company reported a gross profit of $460,894 for the quarter, compared to $324,142 in the previous year, with the increase attributed to lower cost of sales.
Research and development expenses increased to $1,060,367 from $609,791, primarily due to increased external contractor costs related to the INM-901 and INM-089 programs.
General and administrative expenses were $1,553,583, up from $1,363,958, due to higher consulting and legal fees.
Net loss for the quarter was $2,575,024, compared to $1,478,185 in the previous year, with the increase attributed to higher operating expenses and finance expenses related to the SEPA.
Cash used in operating activities was $4,328,948, while cash provided by financing activities was $1,176,760.
InMed had cash, cash equivalents, and short-term investments of $3,459,422 as of December 31, 2024. The company expects its current cash resources to fund operations through the second quarter of 2025.
The filing also details the company's ongoing efforts to develop its pharmaceutical pipeline, including INM-901 for Alzheimer's disease and INM-089 for age-related macular degeneration.
InMed has entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD to sell up to $10 million of common shares over a 36-month period, subject to certain conditions.
The company continues to face challenges related to its financial condition, including the need to raise additional capital to finance ongoing operations and development activities.
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 February 12, 2025. To report an error, please email earnings@qz.com.