Executive Summary
InMed Pharmaceuticals reported QQ3 2024 results reflecting a modest top-line increment on a YoY basis but an ongoing cash burn typical of a clinical-stage biotech. Revenue rose to USD 1.17 million (+13.4% YoY; -5.5% QoQ) with a gross margin of 11.9% (USD 139k gross profit). The company remains loss-making, delivering an EBITDA of -USD 2.36 million and a net income of -USD 1.72 million for the quarter, translating to earnings per share of -0.24. Research and development spend remained the primary driver of operating expenses, supporting the pipeline strategy around INM755 (topical cream for epidermolysis bullosa), INM088 (preclinical for glaucoma), and INM405 (pain).
Key Performance Indicators
QoQ: -57.09% | YoY:-27.76%
QoQ: -16.55% | YoY:13.77%
Key Insights
Revenue: USD 1.1726m; YoY +13.41%, QoQ -5.45%
Gross Profit: USD 0.1391m; Gross Margin 11.86%; YoY -27.76%, QoQ -57.09%
Operating Income: USD -1.7962m; Margin -1.53%; YoY +16.32%, QoQ +99.89%
Net Income: USD -1.7229m; Net Margin -1.47%; YoY +13.77%, QoQ -16.55%
EPS: -0.24; YoY +70.37%, QoQ +4.00%
EBITDA: USD -2.3588m; EBITDARatio -2.01
Operating Cash Flow: USD -1.9640m; Free Cash Flow: USD -1.9641m
Cash and Equivalents: USD 7.6006m at period end; Net Debt: USD -6.5298m
Balance Sheet: Total Assets...
Financial Highlights
Revenue: USD 1.1726m; YoY +13.41%, QoQ -5.45%
Gross Profit: USD 0.1391m; Gross Margin 11.86%; YoY -27.76%, QoQ -57.09%
Operating Income: USD -1.7962m; Margin -1.53%; YoY +16.32%, QoQ +99.89%
Net Income: USD -1.7229m; Net Margin -1.47%; YoY +13.77%, QoQ -16.55%
EPS: -0.24; YoY +70.37%, QoQ +4.00%
EBITDA: USD -2.3588m; EBITDARatio -2.01
Operating Cash Flow: USD -1.9640m; Free Cash Flow: USD -1.9641m
Cash and Equivalents: USD 7.6006m at period end; Net Debt: USD -6.5298m
Balance Sheet: Total Assets USD 13.358m; Total Liabilities USD 2.254m; Total Equity USD 11.105m; Retained Earnings USD -107.138m (cumulative losses)
Liquidity Metrics: Current Ratio 6.58; Quick Ratio 5.80; Cash Ratio 4.97
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.17M |
13.41% |
-5.45% |
| Gross Profit |
139.08K |
-27.76% |
-57.09% |
| Operating Income |
-1.80M |
16.32% |
99.89% |
| Net Income |
-1.72M |
13.77% |
-16.55% |
| EPS |
-0.24 |
70.37% |
4.00% |
Key Financial Ratios
operatingProfitMargin
-153.2%
operatingCashFlowPerShare
$-0.2
freeCashFlowPerShare
$-0.2
Management Commentary
Note: No earnings-call transcript was provided in the data set. As a result, management quotes or verbatim guidance from the QQ3 2024 call are not available. The analysis below focuses on published financials and typical management commentary surrounding a Phase I/II biotech pipeline (INM755, INM088, INM405) and strategic collaborations. Key themes that would typically be expected include: (1) pipeline progress milestones for INM755 in epidermolysis bullosa, (2) potential preclinical/partnership discussions for INM088 and INM405, (3) collaboration dynamics with BayMedica and IntegraSyn manufacturing, and (4) funding strategy to sustain clinical development.
Forward Guidance
Explicit forward guidance was not provided within the supplied data. Given the quarterly results and the company’s clinical-stage profile, investors should monitor: (i) upcoming clinical milestones for INM755 (Epidermolysis bullosa program) and any readouts or safety signals, (ii) progress of INM088 and INM405 in preclinical stages, (iii) any strategic partnerships, licensing opportunities, or collaboration updates (e.g., BayMedica, IntegraSyn), and (iv) financing activities to extend the company’s cash runway beyond the current USD 7.6 million balance. The lack of near-term revenue cadence underscores the importance of external financing or partner funding to sustain operations until a meaningful breakthrough in commercialization or licensing occurs.