Summary by Moomoo AI
InMed Pharmaceuticals reported financial results for fiscal year 2024, with BayMedica segment revenue increasing 11% to $4.6 million and gross profit of $1.1 million. Net loss narrowed to $7.7 million from $8.0 million in FY2023. Cash position was $6.6 million as of June 30, 2024.The company made significant progress on its pharmaceutical pipeline, with INM-901 showing positive preclinical results in Alzheimer's disease treatment and INM-089 demonstrating promising effects for dry AMD. Phase 2 clinical trial results for INM-755 cream showed enhanced anti-itch activity versus control in epidermolysis bullosa patients. The company is pursuing strategic partnerships for INM-755.InMed faces near-term challenges including a Nasdaq delisting notice, with a hearing scheduled for October 31, 2024. Management expects current cash to fund operations through Q4 2024, depending on BayMedica revenue realization and operating expenses. The company continues to seek additional funding through equity financings, debt financings, or strategic transactions to extend its runway.
