InMed Pharmaceuticals Reports Full Year Fiscal 2024 Financial Results and Provides Business Update

Core Viewpoint - InMed Pharmaceuticals reported a financial update for fiscal year 2024, highlighting advancements in its drug development pipeline, particularly for Alzheimer's disease and dry Age-related Macular Degeneration (AMD), alongside a revenue increase for its subsidiary, BayMedica [2][4]. Financial Performance - The company generated $4.6 million in revenues for fiscal year 2024, marking an 11% increase compared to the previous fiscal year [2][10]. - For the year ending June 30, 2024, InMed recorded a net loss of $7.7 million, a slight improvement from a net loss of $7.9 million in the prior year [4][11]. - Cash, cash equivalents, and short-term investments totaled $6.6 million as of June 30, 2024 [4][14]. Drug Development Programs INM-901 - INM-901 is a proprietary small molecule drug candidate targeting multiple biological pathways associated with Alzheimer's disease, showing neuroprotective effects and potential for cognitive function improvement [5][6]. - The program has advanced significantly, with ongoing preclinical studies demonstrating its ability to reduce neuroinflammation and improve neuronal function [5][6]. - The drug can be administered orally, achieving therapeutic levels comparable to intraperitoneal injection, which may offer advantages over current treatments [5]. INM-089 - INM-089 is being developed for the treatment of dry AMD, with preclinical data indicating enhanced neuroprotection of photoreceptors and improved retinal pigment epithelium integrity [6][7]. - The data suggests INM-089 may be particularly effective for geographic atrophy, a more advanced stage of dry AMD [7]. INM-755 - The INM-755 program is focused on dermatological applications, with potential expansion beyond Epidermolysis bullosa (EB) to address chronic, severe itch [8]. Intellectual Property - InMed has strengthened its patent portfolio with the issuance of three new U.S. patents related to formulation, manufacturing processes, and drug delivery [4][9]. BayMedica Subsidiary - BayMedica, the company's commercial subsidiary, achieved $4.6 million in sales for fiscal year 2024, reflecting an 11% increase from the previous year [10][13].