Summary by Moomoo AI
InMed Pharmaceuticals reported strong Q1 FY2025 results with BayMedica commercial business generating revenues of $1.3M, up 40% YoY, and achieving a net income of $0.3M. The company's cash position stood at $5.6M as of September 30, 2024, expected to fund operations through Q1 2025.The company's Alzheimer's treatment candidate, INM-901, showed significant progress with positive behavioral data from long-term preclinical studies. The drug demonstrated therapeutic brain levels through oral administration, comparable to intraperitoneal injection. Further molecular analyses results are expected in Q4 2024.Research and development expenses decreased to $0.8M from $1.3M YoY, primarily due to reduced external contractor costs and patent fees. The company implemented a reverse stock split effective November 14, 2024, to maintain Nasdaq compliance while exploring strategic opportunities to enhance shareholder value.
