InMed Pharmaceuticals Inc (IN.TO) Q3 2025 Earnings Report

InMed Pharmaceuticals Inc. reported QQ3 2025 revenue of USD 1,261.58 million, a material YoY uplift that the metrics description attributes to a 107,488% increase, and a QoQ rise of 13.48%. The gross profit of USD 175.63 million yielded a gross margin of 13.92%, while total operating expenses reached USD 2,324.66 million, driving an operating loss of USD 2,063.02 million and an EBITDA of USD -2,010.72 million. Net income for the quarter was USD -2,120.93 million with basic/diluted EPS of USD -1.94. These results reflect a biotech company in a late-stage burn phase with a substantial R&D and G&A cadence offset by a sizable, but atypical, revenue base. The quarterly cash flow profile shows a divergent pattern: operating cash flow was USD -5.984 billion, while financing activities contributed USD +4.095 billion, producing a net cash increase of USD +4.676 billion and ending cash of USD 4.68 billion. The balance sheet reports USD 4.68 billion in cash and equivalents against USD 2.26 billion in liabilities, and total assets near USD 9.28 billion. Notably, reported retained earnings show a large negative balance, suggesting either persistent cumulative losses or potential anomalies in the reported balance sheet items. This combination indicates substantial liquidity headroom but a fragile near-term earnings trajectory tied to ongoing pipeline development and operating expenses.