InMed Pharmaceuticals Files Q3 2024 10-Q

Ticker: INM · Form: 10-Q · Filed: Feb 12, 2025 · CIK: 1728328

Sentiment: neutral

Topics: 10-Q, pharmaceuticals, financials

TL;DR

InMed Pharma filed its 10-Q for Q3 2024. Check financials.

AI Summary

InMed Pharmaceuticals Inc. filed its 10-Q for the quarterly period ended December 31, 2024. The company, incorporated in British Columbia, Canada, is involved in the pharmaceutical preparations industry. Its principal executive offices are located in Vancouver, B.C. The filing was made on February 12, 2025, under SEC file number 001-39685.

Why It Matters

This 10-Q filing provides investors with an update on InMed Pharmaceuticals' financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, InMed Pharmaceuticals is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The 10-Q filing is for the quarterly period ended December 31, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on February 12, 2025.

What is the company's principal executive office location?

The company's principal executive offices are located at Suite 1445 - 885 W. Georgia Street, Vancouver, B.C., Canada, V6C 3E8.

What is the SEC file number for InMed Pharmaceuticals Inc.?

The SEC file number for InMed Pharmaceuticals Inc. is 001-39685.

In which jurisdiction was InMed Pharmaceuticals Inc. incorporated?

InMed Pharmaceuticals Inc. was incorporated in British Columbia, Canada.

Filing Stats: 4,271 words · 17 min read · ~14 pages · Grade level 18.8 · Accepted 2025-02-12 17:30:47

Filing Documents

SIGNATURES

SIGNATURES 34 i CAUTIONARY This Quarterly Report on Form 10-Q (this "Quarterly Report") contains "forward-looking statements" within the meaning of United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities law, which are included but are not limited to statements with respect to the Company's anticipated results and progress of the Company's operations, research and development in future periods, plans related to its business strategy, and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. We may, in some cases, use words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this Quarterly Report include, but are not limited to, statements about: Ongoing compliance with applicable standards and requirements for the continued listing on Nasdaq of our common shares, no par value (the "Common Shares"); The efficacy of the Company's Reverse Stock Split which was effected by the Company on November 14, 2024, including its direct and indirect impact on the liquidity of our Common Shares; The Company's ability to stem operating losses and the Company's ability to obtain additional financing to fund its operations, including under the terms of the SEPA (as defined below) and Amended ATM Agreement (as defined below); The revenues of BayMedica, LLC ("BayMedica") and the commercial viability of its product portfoli

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Shareholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated

Financial Statements

Financial Statements 7-20 2 InMed Pharmaceuticals Inc. CONDENSED CONSOLIDATED BALANCE SHEETS Expressed in U.S. Dollars December 31, June 30, 2024 2024 Unaudited $ $ ASSETS Current Cash and cash equivalents 3,419,422 6,571,610 Short-term investments 40,787 43,064 Accounts receivable (less provision for credit losses of $ nil in each of December 31, 2024 and June 30, 2024) 262,569 352,838 Inventories, net 1,103,356 1,244,324 Prepaids and other current assets 643,986 477,749 Total current assets 5,470,120 8,689,585 Non-Current Property, equipment and operating lease right-of-use ("ROU") assets, net 1,230,961 1,249,999 Intangible assets, net 1,701,211 1,783,198 Other assets 100,000 100,000 Total Assets 8,502,292 11,822,782 LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities 1,371,233 1,654,011 Current portion of operating lease obligations 419,711 317,797 Total current liabilities 1,790,944 1,971,808 Non-current Operating lease obligations, net of current portion 529,248 644,865 Total Liabilities 2,320,192 2,616,673 Commitments and Contingencies (Note 11) Shareholders' Equity Common Shares, unlimited authorized shares: 724,152 and 445,908 , as of December 31, 2024 and June 30, 2024, respectively, issued and outstanding 84,537,194 82,784,400 Additional paid-in capital 34,844,988 35,368,899 Accumulated deficit ( 113,328,651 ) ( 109,075,759 ) Accumulated other comprehensive income 128,569 128,569 Total Shareholders' Equity 6,182,100 9,206,109 Total Liabilities and Shareholders' Equity 8,502,292 11,822,782 The accompanying notes form an integral part of these condensed consolidated financial statements. 3 InMed Pharmaceuticals Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Expressed in U.S. Dollars For the Three Months Ended For the Six Months Ended December 31, December 31, 2024 2023 2

Business

Business InMed Pharmaceuticals Inc. ("InMed" or the "Company") was incorporated in the Province of British Columbia on May 19, 1981 under the Business Corporations Act of British Columbia. InMed is a clinical stage pharmaceutical company developing a pipeline of prescription-based products, including rare cannabinoids and novel cannabinoid analogs, targeting the treatment of diseases with high unmet medical needs as well as developing proprietary manufacturing technologies to produce rare cannabinoids for sale in the health and wellness industry. The Company's shares are listed on the Nasdaq Capital Market ("Nasdaq") under the trading symbol "INM". InMed's office and principal place of business is located at Suite 1445– 885 West Georgia Street, Vancouver, B.C., Canada, V6C 3E8. Going Concern In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the unaudited condensed consolidated financial statements are issued. Through December 31, 2024, the Company has funded its operations primarily with proceeds from the sale of the Company's common shares, no par value per share (the "Common Shares"). The Company has incurred recurring losses and negative cash flows from operations since its inception, including net losses of approximately $ 4.3 and $ 4.0 million for the six months ended December 31, 2024 and 2023, respectively. In addition, the Company has an accumulated deficit of approximately $ 113.3 million as of December 31, 2024. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these unaudited condensed consolidated

financial statements

financial statements. Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. Dollar. These unaudited condensed consolidated financial statements are presented in U.S. Dollars. References to "$" and "US$" are to United States ("U.S.") dollars and references to "C$" are to Canadian dollars. Cash and Cash Equivalents Cash and cash equivalents include cash-on-hand, demand deposits with financial institutions and other short-term, highly liquid investments wit

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