InMed Pharmaceuticals reported QQ1 2025 results that underscore the company’s early-stage, pre-commercial profile and ongoing dependency on external financing to sustain its pipeline. Revenue for the quarter was modest at approximately USD 1.26 million, with a gross margin near 39%, suggesting relatively efficient cost of goods for a biotech with early-stage products. However, operating expenses dominated the income statement, yielding a deep net loss and clear cash burn in the quarter. Management commentary is not included in the supplied transcript data, limiting the ability to tie specific guidance or commentary to the quarterly numbers. The quarter highlights a familiar pattern for clinical-stage biotech: limited near-term revenue, meaningful R&D and SG&A investments, and a reliance on financing activity to fund the gap until product milestones translate to commercial cash flow.