Executive Summary
InMed Pharmaceuticals reported QQ1 2025 results that underscore the company’s early-stage, pre-commercial profile and ongoing dependency on external financing to sustain its pipeline. Revenue for the quarter was modest at approximately USD 1.26 million, with a gross margin near 39%, suggesting relatively efficient cost of goods for a biotech with early-stage products. However, operating expenses dominated the income statement, yielding a deep net loss and clear cash burn in the quarter. Management commentary is not included in the supplied transcript data, limiting the ability to tie specific guidance or commentary to the quarterly numbers. The quarter highlights a familiar pattern for clinical-stage biotech: limited near-term revenue, meaningful R&D and SG&A investments, and a reliance on financing activity to fund the gap until product milestones translate to commercial cash flow.
Key Performance Indicators
QoQ: -1.44% | YoY:-45.28%
QoQ: 100.01% | YoY:-68.58%
QoQ: -86 492.00% | YoY:-495 737.06%
QoQ: -1 147.70% | YoY:-1 984.62%
Key Insights
Revenue: USD 1.264638 million in QQ1 2025, YoY decline of 45.28% and QoQ decline of 1.44% (per reported metrics). Gross Profit: USD 0.493413 million, gross margin ~39.02% (stable relative to a low base). Operating Income: not reported (null in the data); EBITDA: USD -1.609292 million (negative, indicating ongoing cash burn). Net Income: USD -1.677868 billion for the quarter, a YoY and QoQ deterioration indicated by metrics showing net income margin of approximately -1326.76% and EPS of -2.71. EP...
Financial Highlights
Revenue: USD 1.264638 million in QQ1 2025, YoY decline of 45.28% and QoQ decline of 1.44% (per reported metrics). Gross Profit: USD 0.493413 million, gross margin ~39.02% (stable relative to a low base). Operating Income: not reported (null in the data); EBITDA: USD -1.609292 million (negative, indicating ongoing cash burn). Net Income: USD -1.677868 billion for the quarter, a YoY and QoQ deterioration indicated by metrics showing net income margin of approximately -1326.76% and EPS of -2.71. EPS (Diluted): -2.71. Weighted average shares outstanding: 6.20127 million. Operating cash flow: USD -1.82681 million (negative cash from operations); Free cash flow: USD -1.82681 million. Cash at end of period: USD 5.583039 billion (note: dataset presents potential unit inconsistencies; cross-check with SEC filings). Current ratio: 5.07; Quick ratio: 4.22; Debt to equity: 0.126; Net debt: negative value reported within the dataset (indicative of data quality issues). Price to sales: 23.24x; Enterprise value to EBITDA/EV multiples show negative enterprise value; Price to book 3.50x.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.26M |
-45.28% |
-1.44% |
| Gross Profit |
493.41K |
-68.58% |
100.01% |
| Net Income |
-1.68B |
-495 737.06% |
-86 492.00% |
| EPS |
-2.71 |
-1 984.62% |
-1 147.70% |
Key Financial Ratios
operatingCashFlowPerShare
$-294.59
freeCashFlowPerShare
$-294.59
Management Commentary
Note: The earnings transcript data provided is empty (earningsTranscript: []). Consequently, no management quotes or theme-based highlights can be extracted from the transcript. If a full transcript is supplied, we would extract themes by: strategy (pipeline prioritization, partnerships, and manufacturing strategy like IntegraSyn), operations (clinical milestones, enrolment timelines, escalation risks), and market conditions (regulatory outlook, competitive dynamics, and commercialization tailwinds).
Forward Guidance
No formal forward guidance was embedded in the QQ1 2025 data excerpt. Given InMed’s stage (clinical development with INM755, INM088, INM405, and IntegraSyn initiatives) and the ongoing need for financing to support R&D and pipeline milestones, the near-term outlook will hinge on clinical data readouts, potential partnerships/licensing deals, and the company’s ability to secure additional funding. Key catalysts to watch include: progression milestones for INM755 topical therapy, IND-enabling work or preclinical data for INM088 and INM405, and potential collaboration/financing arrangements with industry partners (e.g., BayMedica) to de-risk and monetize parts of the cannabinoid platform. Our assessment suggests the achievability of near-term milestones is contingent on continued capital inflows and partner interest; the primary risks remain dilution risk, milestone delays, and broader biotech market volatility.