InMed 2025 Q4 Earnings Sustained Losses Despite Narrowed Net Loss

InMed (INM) reported its fiscal 2025 Q4 earnings on September 23, 2025. The company narrowly missed expectations with a widened per-share loss and sustained financial challenges. Management provided in-line guidance on cash runway into Q3 2025, while emphasizing the need for additional capital to fund R&D.

Revenue
Total revenue for InMed increased slightly by 1.7% year-over-year to $1.30 million in Q4 2025, up from $1.28 million in the same period in 2024. The modest growth was driven by stable performance from the BayMedica commercial operations, which continue to serve as the primary revenue source.

Earnings/Net Income
InMed’s losses widened on a per-share basis, dropping to -$0.89 per share in Q4 2025 compared to -$0.22 per share in Q4 2024, representing a 311.0% increase in the magnitude of the loss. However, the company managed to reduce its total net loss to $-1.79 million, a 7.7% improvement compared to the $-1.94 million net loss reported in the prior year. The continued losses mark the third consecutive year of negative results for the quarter, underscoring ongoing financial pressures. The company’s performance in this section reflects a mixed picture, with a significant per-share loss indicating ongoing operational challenges.

Price Action
The stock has experienced a downward trend in the short term, with a 4.89% decline on the latest trading day, a 7.76% decline during the most recent full trading week, and a 3.60% drop month-to-date.

Post-Earnings Price Action Review
Following the earnings release, InMed’s shares reacted negatively, aligning with the mixed financial results. The widening per-share loss and ongoing cash burn, despite the modest improvement in total net loss, contributed to the bearish sentiment. Analysts and investors are likely weighing the company’s long-term R&D potential against its short-term liquidity risks.

CEO Commentary
Eric A. Adams, InMed Pharmaceuticals’ Chief Executive Officer, highlighted progress on INM-901, a potential Alzheimer’s treatment targeting neuroinflammation beyond conventional approaches. He emphasized the promising data expected soon, as well as the stable quarterly performance of BayMedica despite increased pricing competition. Adams reiterated the company’s focus on optimizing product mix and improving operational efficiencies to strengthen margins. The leadership tone remained cautiously optimistic, acknowledging the need for additional funding and cost management to support the pipeline.

Guidance
The company expects its cash, cash equivalents, and short-term investments to fund operating expenses and capital expenditures into the third quarter of calendar year 2025. InMed also plans to seek additional funding through equity or debt financings, collaborations, or strategic transactions, signaling a need for external capital to sustain operations.

Additional News
InMed has been active in several key non-earnings related areas in recent months. Most notably, the company closed a $5 million private placement in mid-June 2025 under Nasdaq rules, providing critical capital for ongoing operations. In addition, InMed appointed CBIZ as its new auditor in June 2025, following CBIZ’s acquisition of Marcum’s Attest business. This marks a significant change in its financial oversight structure. Earlier in June, InMed also reported that its INM-901 compound significantly reduced neuroinflammation in an Alzheimer’s disease ex vivo study, reinforcing its R&D focus on neurodegenerative diseases.