InMed Pharmaceuticals Inc (IN.TO) Q4 2024 Earnings Report

InMed Pharmaceuticals reported QQ4 2024 results in USD that underscore the company’s clinical-stage, research-intensive business model. Revenue for the quarter was USD 1.283 million, down approximately 24.1% year over year while QoQ revenue rose about 9.4%. The quarter produced an extreme gross loss of USD -6.989 billion, resulting in a gross profit margin of -5,446.90%, dwarfing operating expenses and highlighting the unusual nature of the cost of revenue versus the top line in this reporting period. EBITDA stood at USD -2.042 million with a net loss of USD -1.938 million and an EPS of -0.2172. These results are consistent with a development-stage biotech that is not yet generating product revenue from its primary drug candidates, and where R&D and related operating costs dominate the cost structure. Liquidity and balance sheet health remain relatively strong for a clinical-stage company: cash plus short-term investments total approximately USD 50 million (cash of USD 6.57 million and short-term investments of USD 43.06 million). The company also reports modest debt levels (short-term debt USD 317,797 and long-term debt USD 644,865; total debt USD 962,662) and a net debt position of USD -5.61 million, reflecting substantial liquidity relative to near-term obligations. However, retained earnings are deeply negative (USD -109.08 million) and total liabilities exceed a portion of equity, underscoring ongoing balance sheet repair and the need for external financing as milestones approach. From a strategic perspective, InMed continues to advance a cannabinoid-focused portfolio with INM755 as a lead topical candidate and additional programs such as INM088 (glaucoma) and INM405 (pain). In the absence of explicit forward-looking guidance in the data provided, investors should monitor clinical milestone timelines, potential partnerships, and any capital-raising actions that could influence the funding runway and share count. Given the current financial profile, the investment thesis remains highly contingent on successful clinical outcomes and favorable financing dynamics. The risk-reward balance remains characteristic of late-stage development biology — substantial upside if milestones translate into value, offset by execution risk and funding needs.