Summary by Moomoo AI
InMed Pharmaceuticals reported financial results for Q1 fiscal 2025 ended September 30, 2024, with revenue increasing 40% to $1.3 million compared to $902,000 in Q1 2024. The company's net loss narrowed to $1.7 million from $2.5 million year-over-year, while gross profit improved significantly to $493,000 from $21,000. Cash and equivalents stood at $5.6 million as of September 30, 2024.The company made notable progress in its pharmaceutical pipeline, particularly with INM-901 for Alzheimer's disease. Preclinical studies demonstrated INM-901's oral formulation achieves therapeutic brain levels comparable to intraperitoneal injection. Long-term studies showed positive behavioral trends in treated groups, with statistically significant improvements in certain criteria versus placebo groups.Research and development expenses decreased 40% to $771,000 due to lower external contractor and patent costs. The BayMedica commercial segment saw strong growth with sales up 40% year-over-year, driven by expanded marketing efforts and increased demand. Management expects current cash reserves to fund operations through Q1 2025, while pursuing additional financing options and strategic partnerships.
