Executive Summary
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.
Key Performance Indicators
QoQ: -5 025 217.95% | YoY:-32 900 641.57%
QoQ: -12.47% | YoY:23.62%
Key Insights
Revenue: USD 1.283 million in Q4 2024; YoY change: -24.06%, QoQ change: +9.42%
Gross Profit: USD -6.989 billion in Q4 2024; YoY: -3,290,064,157% (as reported), QoQ: -5,025,217.95%
Gross Margin: -5,446.90% (as reported)
EBITDA: USD -2.042 million; EBITDARatio: -1.592
Net Income: USD -1.937 million; Net Income Margin: -1.51%
EPS: USD -0.217; Diluted EPS: -0.217; YoY EPS change: +79.12%, QoQ EPS change: +9.50%
Operating Cash Flow: USD -1.029 million; Free Cash Flow: USD -1.029 million
Cash at End o...
Financial Highlights
Revenue: USD 1.283 million in Q4 2024; YoY change: -24.06%, QoQ change: +9.42%
Gross Profit: USD -6.989 billion in Q4 2024; YoY: -3,290,064,157% (as reported), QoQ: -5,025,217.95%
Gross Margin: -5,446.90% (as reported)
EBITDA: USD -2.042 million; EBITDARatio: -1.592
Net Income: USD -1.937 million; Net Income Margin: -1.51%
EPS: USD -0.217; Diluted EPS: -0.217; YoY EPS change: +79.12%, QoQ EPS change: +9.50%
Operating Cash Flow: USD -1.029 million; Free Cash Flow: USD -1.029 million
Cash at End of Period: USD 6.571 million; Cash and Short-Term Investments: USD 49.635 million (USD 6.571M cash + USD 43.064M short-term investments)
Total Assets: USD 11.823 million; Total Liabilities: USD 2.617 million; Shareholders’ Equity: USD 9.206 million
Current Ratio: 4.41; Quick Ratio: 3.78; Cash Ratio: 3.33
Debt (Total): USD 962,662; Long-Term Debt: USD 644,865; Net Debt: USD -5,608,948
Liquidity position is favorable on a relative basis, supported by liquid assets and a strong current ratio, but profitability remains elusive in the near term given the scale of operating costs versus revenue.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.28M |
-24.06% |
9.42% |
| Gross Profit |
-6.99B |
-32 900 641.57% |
-5 025 217.95% |
| Net Income |
-1.94M |
23.62% |
-12.47% |
| EPS |
-0.22 |
79.12% |
9.50% |
Key Financial Ratios
grossProfitMargin
-544690%
operatingCashFlowPerShare
$-0.12
freeCashFlowPerShare
$-0.12
Management Commentary
No earnings call transcript or management quotes were provided in the input data. As such, specific verbatim quotes or themes from management cannot be cited. The synthesis below incorporates observable financial trends and common strategic themes typical for a clinical-stage biotech without fabricating verbatim statements.
- Management typically emphasizes pipeline progress (INM755, INM088, INM405), platform advantages (IntegraSyn), and collaboration upside (BayMedica). The absence of forward-looking numeric guidance in the input data limits a precise forecast; investors should monitor upcoming clinical readouts, collaboration milestones, and financing developments.
Forward Guidance
No formal forward guidance was included in the provided data. Given InMed’s clinical-stage profile, near-term catalysts to watch include: 1) clinical data updates or milestones for INM755 (epidermolysis bullosa) and INM088 (glaucoma) as they advance through their respective phases, 2) progress in INM405 for pain and any new preclinical findings that could inform regulatory strategy, 3) developments related to the IntegraSyn manufacturing platform and potential partnerships or licensing arrangements with BayMedica or other collaborators, and 4) financing initiatives that could extend the company’s cash runway. Based on the quantitative data, the company has substantial liquidity but remains unprofitable; the achievability of milestones will hinge on clinical outcomes, regulatory progress, and the ability to monetize IP or secure partnerships without overly dilutive financing.
Key factors investors should monitor:
- Progress and readouts from IND/clinical milestones for lead assets.
- Any licensing, collaboration, or manufacturing agreements that monetize IntegraSyn or IP.
- Cash runway length and new equity or debt financing terms.
- Regulatory developments impacting cannabinoid-based therapies and ophthalmology/dermatology indications.