InMed Pharmaceuticals Reports Full Year Fiscal 2025 Financial Results and Provides Business Update

Rhea-AI Summary

InMed Pharmaceuticals (NASDAQ: INM) reported its fiscal year 2025 financial results and provided updates on its pharmaceutical pipeline. The company recorded $4.9M in revenue (8% YoY increase) and a net loss of $8.2M. Cash position stands at $11.1M, sufficient to fund operations into Q4 2026.

Key developments include advancement of INM-901 for Alzheimer's disease, demonstrating significant reductions in neuroinflammation and improved cognitive outcomes in preclinical studies. The company also progressed with INM-089 for dry age-related macular degeneration, showing promising neuroprotective results.

Research and development expenses were $2.9M, down from $3.2M in 2024, while general and administrative expenses increased to $6.6M from $5.8M in the previous year.

[ "Cash position of $11.1M provides runway into Q4 2026", "BayMedica revenue increased 8% YoY to $4.9M", "INM-901 showed statistically significant reductions in neuroinflammation markers", "Successful oral administration of INM-901 achieving therapeutic brain levels", "R&D expenses decreased from $3.2M to $2.9M year-over-year" ]

Positive

• None.

Negative

• Net loss increased to $8.2M from $7.7M in previous year
• General and administrative expenses rose to $6.6M from $5.8M
• R&D expenses expected to increase significantly in future periods

Insights

Pharmaceutical Industry Analyst

InMed's fiscal 2025 results show pipeline progress in Alzheimer's and AMD treatments despite increased losses, with solid $11.1M runway through Q4 2026.

InMed's fiscal 2025 report reveals a dual focus on advancing pharmaceutical pipeline assets while maintaining commercial operations through its BayMedica subsidiary. The company's leading candidate, INM-901 for Alzheimer's disease, represents a differentiated approach by targeting multiple biological pathways rather than solely focusing on amyloid or tau - a strategy that aligns with emerging industry consensus at the recent AAIC conference.

The neuroinflammation data for INM-901 is particularly noteworthy, with statistically significant reductions in multiple inflammatory markers that contribute to Alzheimer's progression. This multi-pathway approach could potentially address a significant limitation of current FDA-approved therapies, which primarily target single mechanisms. The oral administration capability demonstrated for INM-901 also offers a competitive advantage over current treatments requiring injection or infusion.

The company's second program, INM-089 for dry AMD, has shown promising neuroprotective effects and successful intravitreal delivery at doses up to 10x the calculated safety margin relative to intended therapeutic doses - an important de-risking milestone for ocular therapeutics.

Financially, InMed reported a $8.2M net loss, slightly higher than the previous year's $7.7M. The increased loss occurred despite $4.9M in BayMedica revenue (an 8% year-over-year increase). The company's $11.1M cash position provides runway through Q4 2026, giving the company adequate time to reach key development milestones.

InMed's R&D expenses decreased slightly to $2.9M from $3.2M last year, though management signals these will increase significantly as pipeline programs advance. G&A expenses increased to $6.6M from $5.8M, driven primarily by higher legal and consulting fees.

The company's strategy of developing novel small molecule therapeutics for high-unmet-need indications while generating revenue through BayMedica provides a balanced approach to value creation. The critical next steps include advancing INM-901 through CMC activities and pre-IND preparations, which will likely accelerate R&D spending but potentially create significant value inflection points.

• Advances INM-901 program, addressing multiple key biological pathways implicated in Alzheimer's disease pathology

• Further develops INM-089 demonstrating neuroprotection in the treatment of dry Age-related Macular Degeneration

• Cash of $11.1M to support pharmaceutical developments into the fourth quarter of calendar year 2026

Vancouver, British Columbia--(Newsfile Corp. - September 23, 2025) - InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced financial results for its fiscal year ending June 30, 2025 and provided a business update on its pharmaceutical drug development programs as well as the commercial segment for its wholly-owned subsidiary, BayMedica, LLC ("BayMedica").

The Company's full financial statements and related MD&A for the fiscal year ended June 30, 2025, are available at www.inmedpharma.com and at www.sedar.com.

Eric A. Adams, InMed Chief Executive Officer, commented, "Throughout fiscal 2025, InMed continued to advance its pharmaceutical pipeline, in particular showcasing INM-901's potential as a small-molecule drug candidate that addresses Alzheimer's disease across several interrelated biological pathways rather than relying on a single mechanism. We are encouraged by the growing body of neuroinflammation data with INM-901. Across various studies, INM-901 has demonstrated statistically significant reductions in key neuroinflammation signals that are widely implicated in Alzheimer's pathology and may operate independently of amyloid or tau. These results, alongside favorable behavioral outcomes in long-term preclinical studies, strengthen our conviction that a multi-pathway therapy like INM-901 can contribute meaningfully to disease modification."

Mr. Adams continued, "Looking ahead, we remain focused on advancing IND-enabling studies and generating additional data that underscore INM-901's differentiated approach. Notably, the emphasis on neuroinflammation and multi-pathway approaches appears well aligned with the themes emerging from the recent Alzheimer's Association International Conference ("AAIC"), where leading researchers highlighted the need to move beyond amyloid and tau pathologies alone. We believe this convergence further validates our strategy and positions InMed to contribute meaningfully to the next generation of Alzheimer's treatments."

"Additionally, InMed has significantly strengthened its balance sheet, positioning the Company to advance its pharmaceutical development programs and deliver on key milestones into the fourth quarter of calendar year 2026."

Business Update

Pharmaceutical Development Programs

INM-901: Targeting several biological pathways associated with Alzheimer's disease ("AD")

InMed's proprietary small molecule drug candidate INM-901 continues to advance as a potential treatment for Alzheimer's disease through its multiple mechanisms of action that target several biological pathways associated with disease progression. Throughout fiscal 2025, the Company announced several key findings for INM-901:

Neuroinflammation

• Reported statistically significant reductions in neuroinflammation in a long-term (7-month dosing) preclinical study, including decreases in multiple plasma and brain markers of inflammation recognized as contributors to AD progression.

• Presented ex vivo study results showing significant reductions in neuroinflammation, including key pro-inflammatory markers, independent of amyloid beta or tau pathology.

Cognition & Behavioral Outcomes

• Demonstrated improvements in cognitive function, memory, and locomotor activity, with statistical significance achieved in certain behavioral assessments in a well-established 5xFAD AD mouse model, using a longer treatment duration and subjects with more advanced disease to validate and expand upon previous findings. These findings were presented at AAIC 2025, the world's leading forum for Alzheimer's disease and dementia research.

Drug Delivery

• Confirmed INM-901 can be administered orally while achieving therapeutic brain levels comparable to intraperitoneal injection in a in vivo model, offering important advantages over routes of administration used by currently approved products.

Scientific Advisory and Intellectual Property

• Strengthened the Company's scientific advisory board with the appointment of Dr. Barry Greenberg, Director of the Alzheimer's Disease Translational Center and Associate Professor of Neurology at Johns Hopkins University School of Medicine.

• Expanded the Company's intellectual property with the filing of an additional international patent application under the Patent Cooperation Treaty ("PCT"), covering pharmaceutical composition and method of use for INM-901 in the treatment of neurodegenerative diseases, including Alzheimer's disease.

In fiscal 2026, InMed plans to develop its Alzheimer's program, advancing Chemistry, Manufacturing, and Controls ("CMC") activities and preparing for a pre-IND meeting and GLP-enabling studies to support an IND submission.

INM-089: Neuroprotection in the treatment of dry age-related macular degeneration ("AMD")

INM-089 is a proprietary small molecule drug candidate being studied in the treatment of dry AMD. The Company continues to advance preclinical studies demonstrating significant functional and pathological improvements in a dry AMD disease study model In addition, the Company announced the selection of an intravitreal ("IVT") formulation for INM-089, which has been successfully delivered to the targeted area of the eye in preclinical studies at doses up to 10 times the calculated safety margin relative to the intended therapeutic dose.

BayMedica commercial subsidiary

BayMedica, a leading supplier of non-intoxicating rare cannabinoids to the health and wellness sector, has experienced sustained revenue growth during the fiscal year 2025, reaching $4.9M, representing an 8% increase over the previous year. BayMedica continues to hold a strong competitive position in its commercial portfolio of non-intoxicating rare cannabinoids.

Financial commentary:

For the year ended June 30, 2025, the Company recorded a net loss of $8.2M, compared with a net loss of $7.7M for the previous year.

Research and development expenses were $2.9M for year ended June 30, 2025, compared with $3.2M for the year ended June 30, 2024. However, the Company expects research and development expenses to increase significantly in future periods as it continues to advance its pharmaceutical pipeline.

The Company incurred general and administrative expenses of $6.6M for the year ended June 30, 2025, compared to $5.8M in the previous year. The increase was primarily from a combination of changes including higher legal expenses, and consulting fees, offset by a decrease in office and administrative fees.

The Company realized sales of $4.9M in our BayMedica segment for the year ended June 30, 2025, representing an increase of $0.34M, or 8%, as compared to the year ended June 30, 2024.

As of June 30, 2025, we had cash, cash equivalents and short-term investments of $11.1M. The Company expects its cash will be sufficient to fund its planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026, depending on the level and timing of realizing BayMedica revenues as well as the level and timing of the Company's operating expenses.

Table 1. Consolidated Balance Sheet
Expressed in U.S. Dollars

		June 30,			June 30,
		2025			2024
ASSETS		$			$
Current
Cash and cash equivalents		11,075,871			6,571,610
Short-term investments		43,384			43,064
Accounts receivable (less provision for credit losses of $2,424 and $nil as of June 30, 2025 and 2024, respectively)		465,104			352,838
Inventories, net		961,173			1,244,324
Prepaids and other current assets		321,747			477,749
Total current assets		12,867,279			8,689,585
Non-Current
Property, equipment and ROU assets, net		992,199			1,249,999
Intangible assets, net		1,620,562			1,783,198
Other assets		100,000			100,000
Total Assets		15,580,040			11,822,782
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities		1,404,283			1,654,011
Current portion of lease obligations		435,507			317,797
Total current liabilities		1,839,790			1,971,808
Non-current
Lease obligations, net of current portion		305,755			644,865
Total Liabilities		2,145,545			2,616,673
Commitments and Contingencies
Shareholders' Equity
Common shares, no par value, unlimited authorized shares: 2,002,186 and 445,908 as of June 30, 2025 and 2024, respectively, issued and outstanding		91,221,174			82,784,400
Additional paid-in capital		39,322,644			35,368,899
Accumulated deficit		(117,237,892	)		(109,075,759	)
Accumulated other comprehensive income		128,569			128,569
Total Shareholders' Equity		13,434,495			9,206,109
Total Liabilities and Shareholders' Equity		15,580,040			11,822,782

 

Table 2. Consolidated Statements of Operations
Expressed in U.S. Dollars

		For the Year Ended
		June 30,
		2025			2024
		$			$
Sales		4,942,633			4,597,730
Cost of sales		3,236,047			3,496,817
Gross profit		1,706,586			1,100,913
Operating Expenses
Research and development		2,853,920			3,217,517
General and administrative		6,557,822			5,798,226
Amortization and depreciation		212,839			219,600
Foreign exchange loss		28,471			61,921
Total operating expenses		9,653,052			9,297,264
Other Income (Expense)
Interest and other income		155,882			527,901
Finance expense		(371,549	)		-
Loss before income tax expense		(8,162,133	)		(7,668,450	)
Income tax expense		-			(7,100	)
Net loss for the year		(8,162,133	)		(7,675,550	)
Net loss per share for the year
Basic and diluted		(8.36	)		(20.14	)
Weighted average outstanding common shares
Basic and diluted		975,985			381,053

 

Table 3. Consolidated Statements of Cash Flows
Expressed in U.S. Dollars

		June 30, 2025			June 30, 2024
Cash provided by (used in):		$			$
Operating Activities
Net loss		(8,162,133	)		(7,675,550	)
Items not requiring cash:
Amortization and depreciation		212,839			219,600
Share-based compensation		119,307			137,714
Amortization of right-of-use assets		321,885			384,918
Interest income received on short-term investments		(34	)		(1,250	)
Unrealized foreign exchange loss		75,928			12,262
Inventory write-down		-			305,812
Credit losses		2,424			-
Changes in operating assets and liabilities:
Inventories		283,151			66,220
Prepaids and other currents assets		173,980			20,284
Other non-current assets		-			4,908
Accounts receivable		(114,690	)		(92,439	)
Accounts payable and accrued liabilities		(249,728	)		45,282
Deferred rent		-			(16,171	)
Lease Obligations		(429,880	)		(397,422	)
Total cash used in operating activities		(7,766,951	)		(6,985,832	)
Investing Activities
Purchase of property and equipment		-			(9,293	)
Sale of short-term investments		42,270			42,082
Purchase of short-term investments		(42,270	)		(42,082	)
Total cash (used in) provided by investing activities		-			(9,293	)
Financing Activities
Proceeds from the exercise of pre-funded warrants		-			175
Proceeds from the private placement net of issuance costs		8,130,299			5,216,194
Proceeds from the sale of pre-funded warrants		5,024,891			-
Share issuance costs		(883,978	)		(562,151	)
Total cash provided by financing activities		12,271,212			4,654,218
Increase (decrease) in cash and cash equivalents during the year		4,504,261			(2,340,907	)
Cash and cash equivalents beginning of the year		6,571,610			8,912,517
Cash and cash equivalents end of the year		11,075,871			6,571,610
SUPPLEMENTARY CASH FLOW INFORMATION:
Cash Paid During the Year for:
Income taxes	$	-		$	7,100
Interest	$	-		$	-
					-
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Preferred investment options to its placement agent	$	281,810		$	325,699
Fair value of warrant modification recorded as equity issuance costs	$	116,482		$	3,508,749
Recognition of Right-of-use asset and corresponding operating lease	$	187,223		$	968,376

 

About InMed

InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed's pipeline consists of three drug development programs in the treatment of Alzheimer's, ocular and dermatological indications. Together with our subsidiary BayMedica, we are a global leader in the manufacturing, development and commercialization of products based on rare cannabinoids and their proprietary, small molecule drug analogs. For more information, visit www.inmedpharma.com.

Investor Contact:
Colin Clancy
Vice President, Investor Relations
and Corporate Communications
T: +1.604.416.0999
E: cclancy@inmedpharma.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: statements regarding InMed's belief in the potential of INM-901 as a multi-mechanism small molecule drug candidate for Alzheimer's disease; expectations relating to the reduction of neuroinflammation and improvements in cognition and behavior observed in preclinical studies; the ability of INM-901 to provide disease-modifying benefits independent of amyloid or tau pathologies; the advancement of chemistry, manufacturing, and controls (CMC) activities, the planning of GLP-enabling studies, and the preparation of an IND submission; the ability to achieve therapeutic brain levels through oral administration; expectations relating to intellectual property protection; the further development, potential efficacy, and marketability of INM-089 for dry age-related macular degeneration, including its neuroprotective properties and intravitreal (IVT) delivery profile; the further development and potential commercial uses of INM-755; optimism regarding alignment of the Company's strategy with emerging industry trends and findings presented at the Alzheimer's Association International Conference (AAIC); expectations regarding the sufficiency of the Company's strengthened balance sheet to fund operations, advance pharmaceutical development programs, and achieve milestones into the fourth quarter of calendar year 2026; and, other business initiatives, strategies, and prospects of the Company.

Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed's stand-alone business is disclosed in InMed's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/267483

FAQ

What were InMed Pharmaceuticals (INM) key financial results for fiscal year 2025?

InMed reported revenue of $4.9M (8% increase YoY), a net loss of $8.2M, and ended with cash position of $11.1M.

What progress did InMed make with its INM-901 Alzheimer's treatment in 2025?

INM-901 demonstrated statistically significant reductions in neuroinflammation in long-term studies and showed improvements in cognitive function, memory, and locomotor activity in preclinical trials.

How long can InMed's current cash position support its operations?

The company's $11.1M cash position is expected to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026.

What were the main developments for InMed's INM-089 AMD treatment?

INM-089 showed significant functional and pathological improvements in dry AMD disease models, and successfully demonstrated intravitreal formulation delivery at doses up to 10 times the calculated safety margin.

How did BayMedica perform in fiscal year 2025?

BayMedica achieved $4.9M in revenue, representing an 8% increase over the previous year, maintaining strong position in non-intoxicating rare cannabinoids.