InMed Pharmaceuticals Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsInMed Pharmaceuticals is a clinical-stage pharmaceutical company that has wound down its only revenue-generating commercial cannabinoid business and is now a preclinical drug developer with three early-stage candidates and $2.2M of cash.
What they do
InMed develops proprietary small molecule drug candidates that act as preferential signaling ligands of the CB1 and CB2 receptors and other receptor targets. Its pipeline consists of INM-901 for Alzheimer's disease, INM-089 for dry age-related macular degeneration, and INM-755 (cannabinol) cream for Epidermolysis Bullosa. On March 4, 2026, the board approved winding down BayMedica, its commercial rare-cannabinoid segment and only source of revenue.
Revenue drivers
- BayMedica commercial cannabinoids (exited) — BayMedica sold bulk rare, non-intoxicating cannabinoids as B2B raw materials for the health and wellness sector and was InMed's only revenue-generating segment. Operations were fully wound down as of June 30, 2026, with the last two employees departing July 31, 2026 and the commercial lease terminating at the end of August.
- Product Candidate development (INM-901) — Preclinical small molecule for Alzheimer's disease; no product revenue, and the company states it does not currently intend to devote significant resources to advancing it without additional financing.
- Product Candidate development (INM-089) — Preclinical ocular small molecule for dry AMD; no product revenue and, per the 10-K, further development would require additional financing.
- INM-755 (cannabinol) cream — Completed a Phase 2 trial in Epidermolysis Bullosa showing a positive indication of enhanced anti-itch activity versus control cream in an exploratory evaluation; the company is pursuing strategic partnership opportunities rather than funding further development itself.
Recent performance
Annual revenue was $4.9M in fiscal 2025, the last full year before BayMedica's wind-down, and quarterly revenue has since fallen from $1.3M in the March 2025 quarter to $820,188 in the December 2025 quarter. Fiscal 2026 net loss widened to $12.6M from $8.2M in fiscal 2025, while operating cash use was $8.6M in fiscal 2026 versus $8.1M in fiscal 2025. At June 30, 2026 the company reported total assets of $3.0M, total liabilities of $2.0M, shareholder equity of $1.1M, and cash and equivalents of $2.2M. Diluted EPS improved to -$3.12 in fiscal 2026 from -$8.36 in fiscal 2025.
Strategy
Management is exiting commercial operations entirely and repositioning InMed as a pure drug development company around three CB1/CB2 ligand candidates: INM-901 for Alzheimer's, INM-089 for dry AMD, and INM-755 for EB. Stated priorities for INM-901 include a scheduled pre-IND meeting with the FDA in the third quarter of calendar 2026, IND-enabling pharmacology and toxicology work, drug substance and product manufacturing scale-up, and targeting an IND submission and Phase 1 start in calendar 2027. For INM-089, priorities are generating supporting data, completing preclinical studies, process development, and planning a pre-IND meeting. The company has also disclosed a proposed merger with Mentari Therapeutics and ongoing Nasdaq delisting matters, and says it does not currently intend to devote significant resources to advancing the Product Candidates.
Risks
- No revenue after BayMedica wind-down — The company's only revenue-generating segment, BayMedica, ceased operations as of June 30, 2026, leaving InMed dependent on external financing to fund operations.
- Thin liquidity relative to cash burn — With $2.2M of cash at June 30, 2026 against $8.6M of operating cash use in fiscal 2026, the company requires additional financing with no assurance it can be obtained.
- Early-stage pipeline with no human efficacy data — INM-901 and INM-089 remain preclinical, and management states it does not currently intend to devote significant resources to advancing them.
- Nasdaq delisting and unclosed Merger — The company received a Nasdaq notice on March 27, 2026 and has disclosed a proposed merger with Mentari Therapeutics whose conditions may not be satisfied or waived, so the Merger may not occur.
Outlook
Management states that without the Merger, INM-901 development priorities include the pre-IND meeting scheduled for the third quarter of calendar 2026, IND-enabling studies, and targeting an IND submission and Phase 1 initiation in calendar 2027. INM-089 work would cover preclinical studies, dose-ranging assessment, process development, and pre-IND planning. All of these plans are explicitly conditioned on financing transactions to fund operations, and the company has said it does not currently intend to devote significant resources to the Product Candidates.