InMed Pharmaceuticals Inc.
For the period ended Mar 31, 2025. Filed May 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 12, 2025
INM$15.56+17.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-12.
0001213900-25-013063
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001213900-25-042126
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 99 previous paragraphs and 99 current paragraphs.
62 unchanged; 21 reworded; 16 added; 16 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 41 previous and 41 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Special Meeting of the Company’s Shareholders
Current report
On April 4, 2025, the Company announced the meeting, record date and certain other information relating to a special meeting of the Company’s shareholders to be held on June 13, 2025 (the “June Special Meeting”), pursuant to a filing submitted to the System for Electronic Document Analysis and Retrieval (“SEDAR”) in Canada. On April 29, 2025, the Company filed a Notice of Special Meeting and Information Circular on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) as the preliminary proxy statement required under Section 14A of the United States Securities Exchange Act of 1934, as amended (the “Preliminary Proxy Statement”). The Company expects to file the definitive proxy statement on or about May 12, 2025, and will thereafter mail copies of the definitive proxy statement and proxy card and accompanying materials to holders of our Common Shares. At the June Special Meeting, holders of the Common Shares will be asked to approve the potential issuance of 20% or more of the Company’s issued and outstanding Common Shares under the SEPA pursuant to Nasdaq Listing Rules 5635(d) and 5635(b). The Company encourages its holders of Common Shares to review the entirety of the Preliminary Proxy Statement made available on EDGAR (as well as the definitive proxy statement, once filed, on EDGAR), as it contains important information concerning the SEPA and related considerations, as well as the June Special Meeting, including instructions as to how to vote such holder’s Common Shares.
Current report
ATM Program
Current report
Economic and Trade Policy Uncertainty
Current report
The Company continues to monitor the potential impact of evolving trade policies, including the threat of additional tariffs imposed by the U.S. and other jurisdictions. While no specific tariffs have been implemented during the reporting period covered by this Quarterly Report that directly and materially affect the Company’s operations, the potential for future changes in cross-border trade arrangements and import/export duties contributes to broader economic uncertainty and could impact the counterparties with whom we commercially engage. As of March 31, 2025, the Company’s management has not identified any material and adverse effects on the Company’s financial position, results of operations, or estimates related to credit losses or asset impairments as a result of the implementation of such tariffs and trade policies; however, the ultimate outcome and impact of such trade policies are not fully ascertainable as of the date hereof.See Item 1A. “Risk Factors—*The threat or actual adoption of tariffs, retaliatory tariffs and duties, trade barriers and restrictions, and related international trade conflicts, including by the United States, Canada or other jurisdictions, could materially impact the macroeconomic framework in which we operate”*discussed below.
Current report
Cost of Sales
Current report
Comparison of the three months ended March 31, 2025 and 2024 for the InMed Pharma Segment
Current report
General and administrative expenses decreased by $59,000 in our InMed Pharma segment, or 5%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The decrease resulted primarily from a combination of changes, including lower accounting fees, share-based payments, and shareholder communication fees. This amount was offset by an increase in regulatory fees and consulting fees.
Current report
Comparison of the three months ended March 31, 2025 and 2024 for the BayMedica Commercial Segment
Current report
Cost of Sales
Current report
Comparison of the nine months ended March 31, 2025 and 2024 for the InMed Pharma Segment
Current report
Research and development expenses
Current report
Comparison of the nine months ended March 31, 2025 and 2024 for the BayMedica Commercial Segment
Current report
Cost of sales
Current report
During the nine months ended March 31, 2025, there was no change in investing activities as a result of the purchases and sale of short-term investments.
Current report
During the nine months ended March 31, 2025, cash provided by financing activities of $4.1 million consisted of $4.4 million in gross proceeds from the sale of Common Shares under the Amended ATM Agreement and SEPA, offset by total transaction costs of approximately $0.3 million.
Removed paragraphs (16)
Previous report
NASDAQ Compliance
Previous report
As previously reported by the Company, on March 19, 2024, the Company received written notification from the Listing Qualifications Department of Nasdaq (the “Nasdaq Staff”), that the Company has been granted an additional 180-day compliance period, or until September 16, 2024 (the “Extended Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement for the continued listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2) (“the Minimum Bid Price Rule”). The Company was unable to regain compliance during the Extended Compliance Period and on September 17, 2024, the Company received an additional notification from the Nasdaq Staff stating that due to the deficiency, the Company’s securities would be delisted from Nasdaq on September 26, 2024, unless the Company appealed Nasdaq’s determination to a Hearings Panel (“the Panel”). The Company subsequently timely requested the Hearing before the Panel to appeal the determination by Nasdaq and present its plan to regain and sustain compliance with the Minimum Bid Price Rule. On October 31, 2024, the Hearing was held before the Panel regarding the Company’s request for (i) continued listing on Nasdaq and (ii) additional time to regain compliance with the Minimum Bid Price Rule. On November 1, 2024, the Panel issued its determination (the “Panel Determination Letter”) to the Company granting the Company’s request for the continued listing of the Common Shares on Nasdaq, but subject to the Company’s evidencing compliance with the Minimum Bid Price Rule for ten consecutive trading days as of December 2, 2024 (the “Requisite Compliance Date”) and of other conditions stipulated by the Panel Determination Letter. On November 14, 2024, the Company effected the Reverse Stock Split in order to regain compliance with the Minimum Bid Price Rule, and on December 2, 2024, the Company received a written notification from the Nasdaq Staff that (i) it had regained compliance with the Minimum Bid Price Rule prior to the Requisite Compliance Date, and (ii) the Panel had therefore determined to continue the listing of our Common Shares on the Nasdaq Stock Market and was closing this matter.
Previous report
Reverse Stock Split
Previous report
On November 14, 2024, the Company effected a reverse stock split of the Company’s issued and outstanding Common Shares, by a ratio of 20-to-1 (the “Reverse Stock Split”). Trading of our Common Shares on Nasdaq on a split-adjusted basis began as of November 14, 2024. As a result of the Reverse Stock Split, every twenty shares of Common Shares were combined into one Common Share, and the total number of Common Shares outstanding were reduced from approximately 14,361,550 Common Shares to approximately 718,032 Common Shares. No fractional Common Shares were issued if, as a result of the Reverse Stock Split, a registered shareholder would otherwise become entitled to a fractional share. Instead, shareholders who otherwise were entitled to receive fractional Common Shares because they held a number of Common Shares not evenly divisible by the ratio of the Reverse Stock Split were automatically entitled to receive an additional Common Share. Unless otherwise noted, the share-related information reflected herein reflects our Common Shares on a split-adjusted basis.
Previous report
Renewal of ATM Program
Previous report
Annual General Meeting – Director Resignation
Previous report
At the Company’s 2024 Annual General Meeting held on December 18, 2024 (the “2024 AGM”), the Company’s shareholders withheld the election of one nominee, Ms. Janet Grove, from being appointed as a member of the Company’s Board of Directors (the “Board”), in accordance with the Company’s Majority Voting Policy. As a result, Ms. Grove offered her resignation to the Board, and the Company’s Nominating & Governance Committee, in accordance with the Majority Voting Policy, considered her resignation and ultimately recommended to the Board to accept Ms. Grove’s resignation. On February 10, 2024, the Board elected to accept Ms. Grove’s resignation. The Board intends to initiate a search for an independent director to replace Ms. Grove as soon as reasonably practicable. In the interim, the Board will continue to operate with the remaining four directors, and each committee of the Board will be comprised of the three independent directors who were re-appointed for directorship at the 2024 AGM. The Board Chair will assume the role of Chair of the Nominating & Governance Committee.
Previous report
Comparison of the three months ended December 31, 2024 and 2023 for InMed Pharma Segment
Previous report
Finance expense
Previous report
Finance expenses increased by $352,000 in our InMed Pharma segment, for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. The increase in finance expenses resulted from the fees incurred pursuant to the SEPA.
Previous report
Comparison of the three months ended December 31, 2024 and 2023 for BayMedica Commercial Segment
Previous report
Comparison of the Six months ended December 31, 2024 and 2023 for InMed Pharma Segment
Previous report
Finance expense
Previous report
Finance expenses increased by $352,000 in our InMed Pharma segment, for the six months ended December 31, 2024, as compared to the three months ended December 31, 2023. The increase in finance expenses resulted from the fees incurred pursuant to the SEPA.
Previous report
Comparison of the six months ended December 31, 2024 and 2023 for BayMedica Commercial Segment
Previous report
During the six months ended December 31, 2024, cash provided by financing activities of $1.2 million consisted of $1.4 million in gross proceeds derived from the Amended ATM Agreement, offset by total transaction costs of $250,000. The Company’s Registration Statement on Form S-3 which was previously filed with the SEC in connection with the transactions contemplated by the Amended ATM Agreement expired on February 10, 2025.
Reworded paragraphs (21)
Previous wording
This discussion and analysis contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and is subject to the safe harbor created by those sections. For more information, see “Special Note Regarding Forward-Looking Statements.” When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that impact our business. In particular, we strongly encourage you to review the risks and uncertainties described in “Risk Factors” in the 2024 Annual Report, the “Risk Factors” identified in Item 1A. of this Quarterly Report, and other filings we make from time to time with the SEC. These risks and uncertainties could cause actual results to differ materially from those projected or implied by our forward-looking statements contained in this Quarterly Report on Form 10-Q. These forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q, and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law.
Current wording
This discussion and analysis contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and is subject to the safe harbor created by those sections. For more information, see “Special Note Regarding Forward-Looking Statements.” When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that impact our business. In particular, we strongly encourage you to review the risks and uncertainties described in “Risk Factors” in the 2024 Annual Report, the “Risk Factors” identified in Item 1A. of this Quarterly Report, and other filings we make from time to time with the SEC. These risks and uncertainties could cause actual results to differ materially from those projected or implied by our forward-looking statements contained in this Quarterly Report. These forward-looking statements are made as of the date of this Quarterly Report, and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law.
Previous wording
Under the terms of the SEPA, the Company paid the Investor a one-time structuring fee in the amount of $25,000 and the Company is also obligated to pay a commitment fee in an amount equal to 2.50% of the Commitment Amount (or $250,000), 25% of which was paid in December 2024. The remaining 75% of the Commitment Fee shall be paid in three equal quarterly installments beginning on the three-month anniversary of the Effective Date, with each such installment to be paid at the Company’s option either in cash or by the issuance to the Investor of such number of Common Shares that is equal to such portion of the deferred fee divided by the lowest daily VWAP of the Common Shares during the consecutive Trading Days immediately prior to the date of such installment at the Effective Date. The Commitment Fee and other SEPA related fees of $351,549 were expensed during the three and six months ended December 31, 2024, since at the inception of the arrangement, the fees exceeded the fair value of the asset recognized. The SEPA was precluded from equity treatment in accordance with ASC 815-40-25 as the SEPA was not deemed fixed according to the accounting standard.
Current wording
Under the terms of the SEPA, the Company paid the Investor a one-time structuring fee in the amount of $25,000 and the Company is also obligated to pay a commitment fee in an amount equal to 2.50% of the Commitment Amount (or $250,000), 25% of which was paid in December 2024. The remaining 75% of the Commitment Fee shall be paid in three equal quarterly installments beginning on the three-month anniversary of the Effective Date, with each such installment to be paid at the Company’s option either in cash or by the issuance to the Investor of such number of Common Shares that is equal to such portion of the deferred fee divided by the lowest daily VWAP of the Common Shares during the consecutive Trading Days immediately prior to the date of such installment at the Effective Date.
Previous wording
As of the date of this Quarterly Report, the Company has issued a total of 413,336 Common Shares for gross proceeds of $2,455,600 pursuant to the terms of the SEPA.
Current wording
As of the date of this Quarterly Report, the Company has issued 413,336 Common Shares for gross proceeds of $2,455,600 pursuant to the terms of the SEPA.
Previous wording
As of the date of this Quarterly Report, the Company has issued a total of 313,245 Common Shares for gross proceeds of $1.9 million, pursuant to the terms of the Amended ATM Agreement. The Company’s Registration Statement on Form S-3 which was previously filed with the SEC in connection with the transactions contemplated by the Amended ATM Agreement expired on February 10, 2025.
Current wording
As of the date of this Quarterly Report, the Company has issued a total of 313,245 Common Shares for gross proceeds of $1.9 million, pursuant to the terms of the Amended ATM Agreement. The Company’s Registration Statement on Form S-3 which was previously filed with the SEC in connection with the transactions contemplated by the Amended ATM Agreement expired on February 10, 2025. The Company may, in management’s sole discretion and based on its assessment of, among other things, existing market factors, elect to file a new registration with the SEC in connection with the Amended ATM Agreement.
Previous wording
Research and development activities account for a significant portion of our operating expenses. Research and development expenses increased in the six months ended December 31, 2024, as compared to our six months ended December 31, 2023, primarily due to an increased level of work in support of our current programs. During the year, we expect our research and development expenses to increase significantly in future periods as we continue to implement our business strategy, which includes advancing our drug candidates and our manufacturing technologies into and through clinical development, expanding our research and development efforts, including hiring additional personnel to support our research and development efforts, ultimately seeking regulatory approvals for our drug candidates that successfully complete clinical trials, and further developing selected research and development and commercial BayMedica activities. In addition, drug candidates in later stages of clinical development generally incur higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. Accordingly, although we expect our research and development expenses to increase as our drug candidates advance into later stages of clinical development, we do not believe that it is possible, at this time, to accurately project total program-specific expenses through to commercialization. There are numerous factors associated with the successful commercialization of any of our Product Candidates, including future trial design and various regulatory requirements, many of which cannot be determined with accuracy at this time based on our stage of development.
Current wording
Research and development activities account for a significant portion of our operating expenses. Research and development expenses increased in the nine months ended March 31, 2025, as compared to the nine months ended March 31, 2024, primarily due to an increased level of work in support of our current programs. As products advance through the research and development phases towards human clinical trials, we generally expect that our R&D expenses will correspondingly increase. We intend to continue to implement our business strategy, which includes advancing our drug candidates and our manufacturing technologies into and through clinical development, expanding our research and development efforts, including hiring additional personnel to support our research and development efforts, ultimately seeking regulatory approvals for our drug candidates that successfully complete clinical trials, and further developing selected research and development and commercial BayMedica activities. Accordingly, although we expect our research and development expenses to increase as our drug candidates advance into later stages of clinical development, we do not believe that it is possible, at this time, to accurately project total program-specific expenses through to commercialization. There are numerous factors associated with the successful commercialization of any of our Product Candidates, including future trial design and various regulatory requirements, many of which cannot be determined with accuracy at this time based on our stage of development.
Previous wording
Research and development and patents expenses increased by $489,000 in our InMed Pharma segment, or 86%, for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. The increase in research and development and patents expenses primarily resulted from an increase in external contractors relating to our INM-901 and INM-089 programs and patent fees, offset by a decrease in compensation expense. However, we expect our research and development expenses to increase significantly in future periods as we move closer towards clinical trials for the INM-901 and INM-089 programs which will result in higher costs related studies, drug supplies, and increased regulatory requirements, as we continue to implement our business strategy.
Current wording
Research and development and patents expenses increased by $276,000 in our InMed Pharma segment, or 45%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase in research and development and patents expenses primarily resulted from an increase in external contractors relating to our INM-901 and INM-089 programs and patent fees, offset by a decrease in compensation expense. However, we expect our research and development expenses to increase significantly in future periods as we move closer to conducting clinical trials for the INM-901 and INM-089 programs which will result in higher costs related to studies, and drug supplies, and increased regulatory requirements, as we continue to implement our business strategy.
Previous wording
The Company’s functional currency is the US dollar and our foreign exchange loss is predominantly due to transactions with foreign currency. Foreign exchange loss increased by $108,000 in our InMed Pharma segment, or 180%, for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023, as a consequence of the Company holding non-U.S. denominated assets and liabilities combined with fluctuations in foreign exchange rates.
Current wording
The Company’s functional currency is the US dollar and our foreign exchange loss is predominantly due to transactions with foreign currency. Foreign exchange loss decreased by $26,000 in our ‘InMed Pharma’ segment, or 54%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, as a consequence of the Company holding non-US denominated assets and liabilities combined with fluctuations in foreign exchange rates.
Previous wording
Sales decreased by $128,000 in our BayMedica Commercial segment, or 10%, for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. The decrease in sales primarily resulted from the Company lowering product pricing due to increased competition. BayMedica will continue to evaluate opportunities for potential structured supply arrangements and collaborations for the commercial business. Sales and marketing efforts will remain focused on products that contribute the highest margins, where BayMedica continues to hold a strong competitive position.
Current wording
Sales increased by $89,000 in our BayMedica Commercial segment, or 8%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase in sales resulted from expanded marketing efforts and increased demand for certain cannabinoid products. While market demand increased, the need to remain price competitive impacted overall profitability for the period. BayMedica will continue to evaluate opportunities for potential structured supply arrangements and collaborations for the commercial business. Sales and marketing efforts will remain focused on products that are expected to contribute to the highest margins, where BayMedica continues to hold a strong competitive position.
Previous wording
Cost of goods sold decreased by $375,000 in our BayMedica Commercial segment, or 21%, for the six months ended December 31, 2024, as compared to the six months ended December 31, 2023. The decrease in cost of goods sold is primarily the result of a decrease in write-down of inventories to net realizable value during the six months ended December 31, 2024.
Current wording
Cost of goods sold increased by $203,000 in our ‘BayMedica Commercial’ segment, or 23%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase in cost of goods sold was primarily the result of an increase in sales of lower margin products.
Previous wording
General and administrative expenses increased by $169,000 in our InMed Pharma segment, or 15%, for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. The increase results primarily from a combination of changes including higher consulting fees, legal fees, and personnel expenses. This was offset by a decrease in lower office and administrative expenses.
Current wording
General and administrative expenses increased by $13,000 in our BayMedica segment, or 6%, for the period ended March 31, 2025 as compared to the period ended March 31, 2024. The increase results primarily from a combination of changes including higher personnel expenses, accounting and legal fees, and marketing expenses.
Previous wording
General and administrative expenses increased by $344,000 in our InMed Pharma segment, or 15%, for the six months ended December 31, 2024, as compared to the six months ended December 31, 2023. The increase resulted primarily from a combination of changes including higher consulting fees, accounting and legal fees, personnel expenses, and investor relation expenses. This was offset by a decrease in lower office and administrative expenses.
Current wording
Research and development expenses increased by $256,000 in our InMed Pharma segment, or 10%, for the nine months ended March 31, 2025, as compared to the nine months ended March 31, 2024. The increase resulted primarily from a combination of changes including external contractors and research supplies. This increase was offset by a decrease in lower personnel compensation.
Previous wording
Sales increased by $234,000 in our BayMedica Commercial segment, or 11%, for the six months ended December 31, 2024, as compared to the six months ended December 31, 2023. The increase in sales resulted from expanded marketing efforts and increased demand for certain cannabinoid products. BayMedica will continue to evaluate opportunities for potential structured supply arrangements and collaborations for the commercial business. Sales and marketing efforts will remain focused on products that are expected to contribute highest margins, where BayMedica continues to hold a strong competitive position.
Current wording
Sales increased by $323,000 in our BayMedica Commercial segment, or 10%, for the nine months ended March 31, 2025, as compared to the nine months ended March 31, 2024. The increase in sales resulted from expanded marketing efforts and increased demand for certain cannabinoid products. While market demand increased, the need to remain price competitive impacted overall profitability for the period. BayMedica will continue to evaluate opportunities for potential structured supply arrangements and collaborations for the commercial business. Sales and marketing efforts will remain focused on products that are expected to the contribute highest margins, where BayMedica continues to hold a strong competitive position.
Previous wording
Cost of goods sold decreased by $265,000 in our BayMedica Commercial segment, or 29%, for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. The decrease in cost of goods sold is primarily the result of a decrease in write-down of inventories to net realizable value during the three months ended December 31, 2024.
Current wording
Cost of goods sold decreased by $172,000 in our ‘BayMedica Commercial’ segment, or 6%, for the nine months ended March 31, 2025, as compared to the nine months ended March 31, 2024. The decrease in cost of goods sold is primarily the result of a decrease in write-down of inventories to net realizable value during the nine months ended March 31, 2025.
Previous wording
As of December 31, 2024, we had cash, cash equivalents and short-term investments of $3.5 million.
Current wording
As of March 31, 2025, we had cash, cash equivalents and short-term investments of $4.7 million.
Previous wording
During the six months ended December 31, 2024, we used cash in operating activities of $4.3 million, primarily resulting from our net loss of $4.3 million combined with a $218,000 decrease in changes in our non-cash working capital, partially offset by non-cash share-based compensation expenses and inventory write-down.
Current wording
During the nine months ended March 31, 2025, we used cash in operating activities of $6.0 million, primarily resulting from our net loss of $6.4 million combined with a $141,000 decrease in changes in our non-cash working capital, partially offset by non-cash expenses contributing to net cash using in operating activities.
Previous wording
During the six months ended December 31, 2023, we used cash in operating activities of $4.0 million, primarily resulting from our net loss of $4.0 million combined with changes in our working capital and non-cash expenses contributing to net cash used in operating activities.
Current wording
During the nine months ended March 31, 2024, we used cash in operating activities of $5.9 million, primarily resulting from our net loss of $5.7 million combined with changes in our working capital and non-cash expenses contributing to net cash used in operating activities.
Previous wording
During the six months ended December 31, 2023, cash used in investing activities of $9,291 resulted from the purchases and sale of short-term investments, as well as the purchase of property and equipment.
Current wording
During the nine months ended March 31, 2024, cash used in investing activities of $10 thousand resulted from the purchases and sale of short-term investments, as well as the purchase of property and equipment.
Previous wording
During the six months ended December 31, 2023, cash provided by financing activities consisted of $4.7 million consisted of $5.2 million of gross proceeds from private placements of our common shares, offset by total transaction costs of $0.5 million.
Current wording
During the nine months ended March 31, 2024, cash provided by financing activities of $4.7 million consisted of $5.2 million of gross proceeds from private placements of our Common Shares, offset by total transaction costs of approximately $0.5 million.
Previous wording
Through December 31, 2024, we funded our operations primarily with proceeds from the sale of our Common Shares. We have incurred recurring losses and negative cash flows from operations since its inception, including net losses of $4.3 million and $4.0 million for the six months ended December 31, 2024 and 2023, respectively. In addition, we have an accumulated deficit of $113 million as of December 31, 2024. The Company expects to continue to generate operating losses for the foreseeable future.
Current wording
Through March 31, 2025, we funded our operations primarily with proceeds from the sale of our Common Shares. We have incurred recurring losses and negative cash flows from operations since its inception, including net losses of $6.4 million and $5.7 million for the nine months ended March 31, 2025 and 2024, respectively. In addition, we have an accumulated deficit of $115.5 million as of March 31, 2025. The Company expects to continue to generate operating losses for the foreseeable future.
Previous wording
As of the issuance date of these unaudited condensed consolidated financial statements, the Company expects its cash, cash equivalents and short-term investments of $3.5 million as of December 31, 2024 and the receipt of $2.9M in gross proceeds from financing activities which took place in January 2025 (refer toNote 7 – Share Capital and Reserves andNote 13 – Subsequent Events included in this Quarterly Report), to be sufficient to fund its operating expenses and capital expenditure requirements through the end of the second quarter of calendar 2025, depending on the level and timing of realizing BayMedica revenues from the sale of bulk rare cannabinoids in the ‘health & wellness’ sector as well as the level and timing of Company operating expenses. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the unaudited condensed consolidated financial statements are issued.
Current wording
As of the issuance date of this Quarterly Report, the Company expects its cash, cash equivalents and short-term investments of $4.7 million as of March 31, 2025, to be sufficient to fund its operating expenses and capital expenditure requirements into the third quarter of calendar 2025, depending on the level and timing of realizing BayMedica revenues from the sale of bulk rare cannabinoids in the ‘health & wellness’ sector as well as the level and timing of Company operating expenses. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the unaudited condensed consolidated financial statements are issued.
Previous wording
A change in the outcome of any of these, or other variables with respect to the development of any of our Products and Product Candidates, could significantly change the costs and timing associated with their development. We will need to continue to rely on additional financing to achieve our business objectives.
Current wording
A change in the outcome of any of these factors, or other variables with respect to the development of any of our Products and Product Candidates, could significantly change the costs and timing associated with their development. We will need to continue to rely on additional financing to achieve our business objectives.