InMed Pharmaceuticals Inc (INM) Q2 2025 Earnings Report

InMed Pharmaceuticals reported a QQ2 2025 set of results characterized by a meaningful top‑line uptick but a deeply negative bottom line driven by extreme R&D and general administrative spend. Revenue was reported at 1,111,707,000 USD with a gross profit of 460,894,000 USD, yielding a gross margin of approximately 41.5%. The quarter’s operating and net income were heavily negative, at -2,153,056,000 USD and -2,575,024,000 USD respectively, translating to an EPS of -3.64. The EBITDA figure stood at -2,099,854,000 USD, and the EBITDAR margin was -1.89x, underscoring a burn that is typical for a late-stage clinical biotechnology company in active development rather than a near-term commercial payer. Management commentary (where available in the dataset) would likely frame the period as a high‑investment phase aligned with advancing late-stage clinical programs and platform initiatives, including INM755 topical for epidermolysis bullosa and preclinical INM088 for glaucoma, as well as INM405 for pain and IntegraSyn manufacturing for cannabinoids. The margin profile indicates that near-term profitability remains constrained by the company’s R&D cadence and general and administrative overhead, rather than gross margin deterioration. Importantly, balance sheet metrics show a liquidity profile that requires careful attention: current and quick ratios are markedly below one, implying tight working capital. Despite a reported net cash position from some cash flow line items and substantial short-term investments, the inconsistency in cash flow data (operating cash flow vs. net cash from operating activities) necessitates cautious interpretation until the company reconsolidates its cash flow presentation. Overall, the QQ2 results reinforce the classic investment thesis for early-stage biotech: substantial upside if pipeline milestones are achieved and strategic partnerships are realized, offset by significant execution risk and a fragile near-term liquidity runway. The key questions for investors will be whether the company can convert its pipeline progress into meaningful value with disciplined funding and whether any partnering or licensing deals materialize to extend runway and de‑risk the business model.