Core Viewpoint - InMed Pharmaceuticals reported its financial results for the first quarter of fiscal year 2026, highlighting advancements in its lead program INM-901 for Alzheimer's disease and a solid financial position with $9.3 million in cash [1][3][11]. Financial Performance - The company generated revenues of $1.1 million for the three months ending September 30, 2025, down 11% from $1.3 million in the same period last year, primarily due to pricing adjustments [7][8]. - Research and development expenses decreased to $0.6 million from $0.7 million year-over-year, attributed to reduced spending on external contractors and compensation [9]. - General and administrative expenses remained stable at $1.5 million for both periods [10]. - The net loss for the period was $1.7 million, compared to a loss of $1.7 million in the previous year, with a net loss per share of $0.44 [13]. Business Update - INM-901 is advancing as a potential treatment for Alzheimer's disease, with ongoing IND-enabling activities and plans for a pre-IND meeting with the FDA [3][5]. - The company presented findings on INM-901 at the 2025 Alzheimer's Association International Conference, showcasing its therapeutic potential [4]. - INM-089 is under investigation for treating dry age-related macular degeneration, with preclinical studies showing significant improvements [6]. Cash Position - As of September 30, 2025, InMed had cash and cash equivalents of $9.3 million, down from $11.1 million at the end of June 2025, but expected to be sufficient to fund operations into the fourth quarter of calendar year 2026 [11].

Core Insights - Terns Pharmaceuticals has initiated the dose expansion phase of the Phase 1 CARDINAL trial for TERN-701, targeting chronic myeloid leukemia (CML) [1][2] - The Phase 2 FALCON trial for TERN-601, aimed at obesity treatment, is progressing well, with top-line data expected in the fourth quarter of 2025 [1][2] - The company reported a cash position of $334.3 million as of March 31, 2025, sufficient to support operations into 2028 [5][10] Clinical Developments - TERN-701 is an oral, small-molecule allosteric BCR-ABL inhibitor for CML, with the dose expansion phase enrolling patients at doses of 320 mg and 500 mg [3] - The Phase 2 FALCON trial for TERN-601 is designed to demonstrate competitive weight loss and a favorable safety profile, with data expected in 4Q 2025 [3][8] - Interim data from TERN-701's dose escalation showed no dose-limiting toxicities and encouraging molecular responses in heavily pre-treated CML patients [2][3] Financial Performance - Research and development expenses for Q1 2025 were $18.7 million, slightly up from $18.6 million in Q1 2024 [6][9] - General and administrative expenses increased to $8.7 million in Q1 2025 from $6.9 million in Q1 2024 [6][9] - The net loss for Q1 2025 was $23.9 million, compared to a net loss of $22.4 million in Q1 2024 [6][9] Corporate Updates - Terns' leadership will participate in upcoming investor conferences, with webcasts available on the company's website [5] - The company is prioritizing the development of a GIPR antagonist based on scientific rationale supporting GLP-1 agonist/GIPR antagonist combinations for obesity [8][11]