InMed Pharmaceuticals (NASDAQ:INM) Accepts Resignation of Director and Provides Business Update

InMed Pharmaceuticals Inc., a pharmaceutical company specializing in proprietary small molecule drug candidates, recently accepted the resignation of Ms. Janet Grove, a nominee who was withheld during the company’s 2024 Annual General Meeting. The resignation was in accordance with the Company’s Majority Voting Policy. Ms. Grove offered her resignation following the meeting, and after careful consideration, the Board decided on February 10, 2025, to accept her resignation. The Board is set to commence the search for an independent director to fill the vacancy left by Ms. Grove.

The resignation was reported in a Form 8-K filing with the Securities and Exchange Commission, alongside the decision of the Nominating & Governance Committee to recommend accepting Ms. Grove’s resignation. The transition will see Mr. Andy Hull, the Board Chair, take on the role of Chair of the Nominating & Governance Committee. Notably, Ms. Grove’s resignation was not due to any disputes or disagreements with the Company or the Board on operational matters.

Additionally, on February 12, 2025, InMed Pharmaceuticals issued a press release detailing the financial results for the second quarter of fiscal year 2025, ending December 31, 2024, as well as providing insights into the progress of its pharmaceutical pipeline and commercial activities. The company reported a net loss of $2.6 million for the three months ending December 31, 2024, compared to $1.5 million for the same period the previous year. This increase was attributed to higher expenses related to research and development activities in the pharmaceutical sector and financing costs.

In terms of its financial standing, InMed disclosed that its cash, cash equivalents, and short-term investments were $3.5 million as of December 31, 2024, compared to $6.6 million at June 30, 2024. This financial position is anticipated to effectively fund planned operating expenses and capital expenditures through the second quarter of the calendar year 2025.

The Company also reported positive advancements in its pharmaceutical pipeline, notably highlighting the progress of INM-901 and INM-089 in targeting Alzheimer’s disease and dry Age-related Macular Degeneration respectively. Both drug candidates have demonstrated promising developments, with INM-901 showcasing a reduction in neuroinflammatory markers and INM-089’s intravitreal formulation selected as a critical milestone for treatment delivery.

Business updates also included insights into BayMedica, which has been streamlining its supply chain and reducing operational costs, strengthening its position as a profitable business unit despite market challenges. The company’s financial statements and management’s discussion are available for review on its official website and major regulatory platforms.

Investors can find more details about InMed Pharmaceutical’s ongoing developments and financial performance through the company’s official website and regulatory filings.

This article offers a summary of the recent developments and financial updates provided by InMed Pharmaceuticals Inc. Investors are encouraged to conduct further research and due diligence before making investment decisions based on this information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read InMed Pharmaceuticals’s 8K filing here.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, develops a pipeline of prescription-based products. The company operates through two segments, the InMed and the BayMedica. The InMed segment researches and develops cannabinoid-based pharmaceuticals products. The BayMedica segment develops proprietary manufacturing technologies to produce and sell rare cannabinoids for the health and wellness industry.