Executive Summary
InMed Pharmaceuticals delivered QQ3 2025 results that underscore the company’s transition dynamics typical of a clinical-stage biotechnology company. Revenue for the quarter was $1.261B with gross profit of $175.6M, yielding a gross margin of 13.9%. The period is characterized by very high operating expenses (R&D of $909.65M and G&A of $1,328.996M), leading to an operating loss of $2.063B and a net loss of $2.121B. Earnings per share stood at -$1.94. The extreme magnitude of the YoY and QoQ changes reflects a company still in the pre-commercial stage with substantial upfront investment in its cannabinoid-based pipeline rather than relying on product sales. Despite the heavy losses, the balance sheet shows substantial liquidity; cash and cash equivalents combined with short-term investments totaled roughly $4.68B at quarter end, supported by financing activities, which contributed approximately $4.10B. Net debt remains negative, signaling a strong liquidity position to fund ongoing clinical programs.
Key Performance Indicators
QoQ: 13.48% | YoY:107 488.00%
QoQ: -61.89% | YoY:126 179.88%
QoQ: 4.18% | YoY:-114 756.83%
QoQ: 17.63% | YoY:-123 004.76%
QoQ: 46.70% | YoY:-708.33%
Key Insights
Revenue: $1,261,578,000; YoY growth: 107,488.0%; QoQ growth: 13.48%. Gross Profit: $175,625,000; Gross Margin: 13.92%; YoY Gross Profit growth: 126,179.88%; QoQ: -61.89%. Operating Income: -$2,063,024,000; Operating Margin: -163.53%; YoY: -114,756.83%; QoQ: 4.18%. Net Income: -$2,120,930,000; Net Margin: -168.12%; YoY: -123,004.76%; QoQ: 17.63%. EBITDA: -$2,010,718,000; EBITDA Margin: approximately -159.38%; YoY: substantial deterioration; QoQ: modest improvement. EPS: -$1.94; EPS Diluted: -$1.9...
Financial Highlights
Revenue: $1,261,578,000; YoY growth: 107,488.0%; QoQ growth: 13.48%. Gross Profit: $175,625,000; Gross Margin: 13.92%; YoY Gross Profit growth: 126,179.88%; QoQ: -61.89%. Operating Income: -$2,063,024,000; Operating Margin: -163.53%; YoY: -114,756.83%; QoQ: 4.18%. Net Income: -$2,120,930,000; Net Margin: -168.12%; YoY: -123,004.76%; QoQ: 17.63%. EBITDA: -$2,010,718,000; EBITDA Margin: approximately -159.38%; YoY: substantial deterioration; QoQ: modest improvement. EPS: -$1.94; EPS Diluted: -$1.94; YoY: -708.33%; QoQ: 46.70%. Operating cash flow: -$5,984,116,000; Free Cash Flow: -$5,984,116,000; Net cash from financing activities: $4,095,484,000; Net change in cash: $4,676,406,578; Cash and equivalents at period end: $4,679,826,000.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.26B |
107 488.00% |
13.48% |
| Gross Profit |
175.63M |
126 179.88% |
-61.89% |
| Operating Income |
-2.06B |
-114 756.83% |
4.18% |
| Net Income |
-2.12B |
-123 004.76% |
17.63% |
| EPS |
-1.94 |
-708.33% |
46.70% |
Key Financial Ratios
operatingProfitMargin
-163.5%
operatingCashFlowPerShare
$-546.01
freeCashFlowPerShare
$-546.01
Management Commentary
No earnings call transcript data provided in the dataset. Consequently, no management quotes or transcript-derived themes can be extracted. If you can supply the QQ3 2025 earnings call transcript, I will extract themes by category (strategy, operations, market conditions) and provide precise quotes with attributions.
Not available in the provided transcript data.
— N/A
Not available in the provided transcript data.
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Forward Guidance
There is no formal guidance issued in the provided data. As a clinical-stage biotechnology company, InMed’s near-term trajectory will hinge on the progression and readouts of key programs (notably INM755 for epidermolysis bullosa and INM088 in preclinical development for glaucoma) and potential strategic collaborations or licensing deals. Given a robust liquidity position, management could pursue financing options to extend runway or accelerate partnering discussions. Investors should monitor: (1) upcoming clinical milestones or initiations, (2) changes in collaboration terms with BayMedica or other partners, (3) any regulatory updates or safety readouts from ongoing studies, and (4) capital-raising activity that could affect share count and dilution. Note: the absence of stated guidance implies a heightened sensitivity to programmatic progress and financing events.