Executive Summary
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.
Key Performance Indicators
QoQ: -57.09% | YoY:-27.76%
QoQ: -16.55% | YoY:13.77%
Key Insights
Revenue: $1.172 million in QQ3 2024, up 13.41% YoY but down 5.45% QoQ. Gross profit: $0.139 million with a gross margin of 11.86%, down 27.76% YoY and 57.09% QoQ. Operating income: -$1.796 million with an operating margin of -1.53% (negative due to high SG&A/R&D). Net income: -$1.7229 million with a net margin of -1.469 (per-dollar basis, large negative absolute amount). EPS: -$0.24 (diluted -$0.24). Cash flow: Net cash used in operating activities about -$1.964 million; free cash flow a...
Financial Highlights
Revenue: $1.172 million in QQ3 2024, up 13.41% YoY but down 5.45% QoQ. Gross profit: $0.139 million with a gross margin of 11.86%, down 27.76% YoY and 57.09% QoQ. Operating income: -$1.796 million with an operating margin of -1.53% (negative due to high SG&A/R&D). Net income: -$1.7229 million with a net margin of -1.469 (per-dollar basis, large negative absolute amount). EPS: -$0.24 (diluted -$0.24). Cash flow: Net cash used in operating activities about -$1.964 million; free cash flow about -$1.964 million. Balance sheet indicators: cash and equivalents $7.60 million; total assets $13.36 million; total liabilities $2.25 million; total stockholders’ equity $11.11 million; net debt roughly $(6.53) million (net cash position after cash vs. debt). Liquidity ratios: current ratio 6.58, quick ratio 5.80, cash ratio 4.97. Cash burn and negative profitability are consistent with a clinical-stage biotech with limited or no product revenue and ongoing R&D investments. Valuation proxies show price-to-sales of ~60.50x and price-to-book ~6.39x, reflecting a frontier-stage biotech profile with optionality in its pipeline rather than current earnings strength.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.17M |
13.41% |
-5.45% |
| Gross Profit |
139.08K |
-27.76% |
-57.09% |
| Operating Income |
-1.80M |
16.32% |
99.89% |
| Net Income |
-1.72M |
13.77% |
-16.55% |
| EPS |
-0.24 |
70.37% |
4.00% |
Key Financial Ratios
operatingProfitMargin
-153.2%
operatingCashFlowPerShare
$-0.2
freeCashFlowPerShare
$-0.2
priceEarningsRatio
-10.29
Management Commentary
No earnings call transcript was provided in the data. As a result, there are no management quotes to group by themes (strategy, operations, market conditions). If a transcript becomes available, key themes to capture would include: clinical milestones for INM755, INM088 development status and regulatory expectations, capital strategy and potential licensing discussions, and any updated guidance on runway and funding plans.
Forward Guidance
No explicit forward guidance was included in the provided data. Given the liquidity position and the company’s clinical-stage status, near-term guidance would plausibly center on upcoming pipeline milestones (e.g., INM755 and INM088 readouts, manufacturing milestones for IntegraSyn, and any BayMedica collaboration progress) and the potential for strategic partnerships or licensing deals to extend the operating runway. Our assessment recognizes that achieving milestones without additional external financing remains a key risk; thus, management commentary on fundraising plans, potential equity/debt financings, or milestone-based licensing would be critical to gauge the achievability of an expanded operational horizon. Investors should monitor: (1) clinical milestones and study readouts, (2) progress and milestones for IntegraSyn manufacturing scale, (3) any new collaboration or licensing discussions, and (4) capital-raising actions or debt facilities to extend runway.