InnoCan Pharma (INNO) Q3 2025 earnings summary

Executive summary

• Focus on three pillars: human chronic pain management, animal health (veterinary pain), and wellness, each targeting large and growing markets.

• LPT/CBD, a monthly injectable, offers a non-opioid alternative for chronic pain, with robust preclinical efficacy and safety data; preclinical development also targets epilepsy.

• Wellness division continues to deliver high gross margins and resilient profitability despite market headwinds and an unstable US market.

• Strategic partnerships with leading academic and industry experts support regulatory and development progress.

• Reported revenues of $21.6M for the nine months ended September 30, 2025, down 10% year-over-year, with gross profit at $19.5M, a 10.5% decrease.

Financial highlights

• Gross margin remains high at over 90.8%, supported by supply chain optimization and cost savings.

• Revenue declined 10% year-over-year to $21.6M for the nine-month period, but gross profit remains strong at $19.5M.

• Operating loss was $0.333M, up 1.5% year-over-year.

• Over 75 products offered on Amazon in the USA, maintaining leading market share in key categories.

Outlook and guidance

• Plans to expand online presence, product portfolio, and digital channels in the wellness segment.

• Targeting first-in-human trials for LPT/CBD within 18 months, with parallel regulatory progress in human and animal health.

• Uplisting to a US public offering is in progress, delayed due to SEC strike but expected to resume soon; advancing toward a US public offering as the next milestone.

• Continued focus on regulatory compliance and IND-enabling studies for LPT-CBD.