Inmed Pharmaceuticals Inc. ( (INM) ) has released its Q1 earnings. Here is a breakdown of the information Inmed Pharmaceuticals Inc. presented to its investors.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
InMed Pharmaceuticals Inc. is a clinical-stage pharmaceutical company based in Vancouver, Canada, specializing in the development of prescription-based products that include rare cannabinoids and novel cannabinoid analogs targeting diseases with high unmet medical needs, alongside proprietary manufacturing technologies. The latest quarterly earnings report highlights a reduction in net loss compared to the previous year, with the company reporting a net loss of $1.7 million for the quarter ending September 30, 2024, an improvement from the $2.5 million loss in the same period in 2023. The company’s sales increased to $1.26 million from $901,862, indicating a growth trajectory in its commercial operations. Despite the positive sales growth, the company continues to face challenges with operating losses and cash flow, with operating expenses remaining high at $2.23 million. As of September 30, 2024, InMed had $5.6 million in cash and short-term investments, which is expected to fund operations through the first quarter of calendar 2025. Looking forward, InMed’s management remains focused on securing additional financing to support ongoing operations and continuing to explore strategic partnerships to bolster its financial position and operational capabilities.