Mon, Sep 30, 10:03 AM (281 days ago)
InMed Pharmaceuticals Inc. reported a net loss of approximately $7.7 million for the fiscal year ending June 30, 2024, a slight improvement from a loss of $7.9 million in the previous year. Revenue increased by 11% to $4.6 million, driven by expanded marketing efforts for its BayMedica segment, which specializes in rare cannabinoids. Operating expenses decreased by 5% to $8.4 million, primarily due to lower general and administrative costs. The company has faced significant challenges, including a substantial accumulated deficit of $109.1 million and ongoing operating losses, raising doubts about its ability to continue as a going concern. As of June 30, 2024, InMed had approximately $6.6 million in cash, expected to fund operations until late 2024, depending on revenue realization from BayMedica. InMed's strategic focus includes advancing its proprietary drug candidates targeting Alzheimer’s disease, dry age-related macular degeneration, and Epidermolysis Bullosa. The company is actively seeking additional financing and partnerships to support its development pipeline. Furthermore, it faces risks related to regulatory compliance, market volatility, and potential delisting from Nasdaq due to failure to meet minimum bid price requirements.