InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing, development, and commercialization of rare cannabinoids and proprietary small molecule drug candidates, today reported its financial results for fiscal year 2024, ended June 30, 2024. The company also provided a business update on its pharmaceutical development programs and its strengthened patent portfolio, as well as the sustained revenue growth experienced by its wholly owned subsidiary BayMedica.
Key financial and operating highlights as of June 30, 2024, included cash, cash equivalents, and short-term investments of $6.6 million; a net loss of $7.7 million compared to $7.9 million in fiscal 2023; advancement of the INM-901 Alzheimer’s disease program with long-term preclinical studies; and launch of the INM-089 preclinical program in the treatment of Age-Related Macular Degeneration (“AMD”). The company also noted that it had received three U.S. patents and that the total sales for BayMedica increased by 11% over the previous fiscal year to $4.6 million in fiscal 2024.
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. The company’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. Together with its subsidiary, BayMedica, InMed is a global leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary small molecule drug candidates. For more information, visit www.InMedPharma.com.
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