InMed Pharmaceuticals reported Q4 2024 results with a modest revenue base and an overwhelming cost structure that produced a material net loss for the quarter. Revenue was USD 1.28 million, while cost of revenue was USD 6.99 billion, leading to a gross loss of USD 6.99 billion and a negative gross margin of approximately -5,446.9%. The company posted an operating loss and a net loss of USD 1.94 million for the quarter, with an EPS of -0.217. YoY revenue declined by 24.1% while QoQ revenue rose 9.4%, reflecting a thin top line in a clinically oriented biotech with ongoing R&D and administrative spend. Cash flow from operations was negative at USD -1.03 million, and free cash flow was also negative by the same amount, but the balance sheet shows substantial liquidity driven by USD 43.1 million in short-term investments and USD 6.57 million in cash, yielding a net cash position that supports current R&D programs and potential strategic put/call options. Total assets stood at USD 11.82 million, with total liabilities of USD 2.62 million and stockholders’ equity of USD 9.21 million, and the company carried a modest long-term debt burden of USD 644,865. Management commentary on the earnings call is not provided in the input data; as a result, the forward-looking narrative relies on pipeline milestones, platform advantages, and potential licensing opportunities. This report synthesizes the quantitative results with the qualitative context typical for a clinical-stage biotech, emphasizing the balance between near-term cash runway and the longer-term value potential of INM755, INM088, and IntegraSyn.