InMed Pharmaceuticals Inc (INM) Q3 2025 Earnings Report

InMed Pharmaceuticals delivered QQ3 2025 results that underscore the company’s transition dynamics typical of a clinical-stage biotechnology company. Revenue for the quarter was $1.261B with gross profit of $175.6M, yielding a gross margin of 13.9%. The period is characterized by very high operating expenses (R&D of $909.65M and G&A of $1,328.996M), leading to an operating loss of $2.063B and a net loss of $2.121B. Earnings per share stood at -$1.94. The extreme magnitude of the YoY and QoQ changes reflects a company still in the pre-commercial stage with substantial upfront investment in its cannabinoid-based pipeline rather than relying on product sales. Despite the heavy losses, the balance sheet shows substantial liquidity; cash and cash equivalents combined with short-term investments totaled roughly $4.68B at quarter end, supported by financing activities, which contributed approximately $4.10B. Net debt remains negative, signaling a strong liquidity position to fund ongoing clinical programs.