InMed Pharmaceuticals reported a modest revenue base of $1.17 million for QQ3 2024, with a net loss of $1.72 million and negative EBITDA of $2.36 million. The quarterly result reflects ongoing pre-revenue dynamics typical of a clinical-stage biotechnology company focused on cannabinoid therapies. While gross margin was a modest 11.86%, the company continues to incur substantial operating expenses (R&D and G&A) and an unusual negative line item labeled as selling and marketing expenses in the data set, highlighting the sensitivity of small biotech cost structures to one-off or classification items. Net cash used in operating activities stood at approximately $1.96 million, contributing to a net cash decline of about $1.93 million for the quarter; cash and cash equivalents ended QQ3 2024 at $7.60 million, and total debt remained modest (net debt approximately $(6.53) million after considering cash balances). The balance sheet remains clean with a strong current ratio (6.58x) and substantial liquidity relative to near-term liabilities, but the company faces a funding-dependent path to meaningful value realization as it advances its pipeline (INM755 for epidermolysis bullosa in a second Phase I trial, INM088 preclinical for glaucoma, and INM405 for pain) and scales its IntegraSyn manufacturing platform. Absent near-term milestone-driven partnerships or licensing agreements, the cash runway is constrained, underscoring the importance of external financing or strategic collaborations to fund ongoing R&D and any late-stage commercialization efforts. The absence of an earnings call transcript in the provided data limits the qualitative commentary from management on milestones and outlook; the forward-looking assessment therefore emphasizes pipeline milestones, potential partnerships, and liquidity management as key drivers of value creation going forward.