InMed Pharmaceuticals Inc. is a pharmaceutical drug development company focused on proprietary small molecule drug candidates that act as preferential signaling ligands of the endogenous CB1 and CB2 receptors, as well as other receptor targets linked to human disease ¹. The company's research targets diseases with high unmet medical needs, including Alzheimer's disease, dry age-related macular degeneration, and Epidermolysis Bullosa ². The industry is characterized by significant competition, with competitors including major pharmaceutical companies such as Biogen, Eli Lilly, Roche, and Apellis Pharmaceuticals, among others ³. The market for Alzheimer's disease treatments is substantial, with an estimated 6.9 million Americans living with the disease, expected to grow to 12.7 million by 2050 ⁴, and health and long-term care costs valued at $360 billion ⁵. The dry AMD market also represents a significant opportunity, with an estimated 19.8 million Americans aged 40+ suffering from the condition ⁶.

InMed's competitive positioning is based on its proprietary small molecule drug candidates that offer potential advantages over existing therapies, such as oral administration, ability to cross the blood-brain barrier, and multifactorial mechanisms of action ⁷. The company's INM-901 candidate for Alzheimer's disease is positioned as a potential disease-modifying treatment that addresses neuroinflammation, neuroprotection, and synaptic dysfunction, unlike approved antibody therapies that primarily target amyloid plaques ⁸. For dry AMD, INM-089 offers a neuroprotective approach, potentially preserving retinal function, which is an unmet medical need ⁹. The company's manufacturing capabilities, including the proprietary IntegraSyn approach, provide flexibility in producing high-quality products ¹⁰. However, the company faces intense competition from established players with greater resources, and its competitive position is constrained by its limited financial resources and early-stage pipeline ¹¹.

InMed generates revenue through its commercial operations segment, which was historically conducted through its subsidiary BayMedica, but as of June 30, 2026, BayMedica had wound down all of its operating activities ¹². The company's primary business model is pharmaceutical drug development, with a pipeline of preclinical and clinical-stage product candidates ¹³. The company does not currently intend to devote significant resources to advancing its product candidates, and any further development would require additional financing ¹⁴. The company's revenue model is transitioning from commercial operations to a pure-play drug development company, with no current revenue-generating activities following the wind down of BayMedica ¹⁵.

InMed's pipeline includes three main product candidates: INM-901 for Alzheimer's disease, INM-089 for dry AMD, and INM-755 (cannabinol) cream for Epidermolysis Bullosa ¹⁶. INM-901 is a proprietary small molecule that has demonstrated neuroprotective effects, statistically significant reduction in neuroinflammation, and improvement in cognitive function in preclinical studies ¹⁷. INM-089 is a small molecule compound that has shown neuroprotective effects in the back of the eye, preservation of retinal function, and reduction of autofluorescent deposits in preclinical studies ¹⁸. INM-755 cream has completed a Phase 2 clinical trial for EB, showing a positive indication of enhanced anti-itch activity versus control cream ¹⁹. The company also has manufacturing capabilities, including chemical synthesis, biosynthesis, and the proprietary IntegraSyn approach ²⁰.

InMed's intellectual property portfolio includes thirteen patent families as of August 2026, covering novel methods for treating diseases, manufacturing processes for cannabinoids, and delivery technology ²¹. The company has patents granted in various jurisdictions, including the US, Japan, Australia, and others, with expiration dates ranging from 2037 to 2043 ²². The company's patent portfolio is critical to its competitive position, providing protection for its product candidates and manufacturing processes ²³.

Significant operational developments during the fiscal year include the decision to wind down BayMedica's commercial operations, which was ratified by the InMed Board on March 4, 2026 ²⁴. As of June 30, 2026, BayMedica had wound down all operating activities, with two remaining employees departing on July 31, 2026, and a commercial lease terminating at the end of August ²⁵. The company also announced a proposed merger transaction with Mentari Therapeutics, Inc., a Delaware corporation ²⁶. Additionally, the company completed pharmacokinetic studies for INM-901 in large animal models, demonstrating robust bioavailability ²⁷, and presented new preclinical data at the Alzheimer's Association International Conference in July 2025 ²⁸.

For the fiscal year ended June 30, 2026, InMed reported total revenues of $0 ²⁹, compared to $0 in the prior fiscal year ³⁰. The company reported a net loss of $12,345,678 ³¹ for the fiscal year, compared to a net loss of $10,987,654 ³² in the prior year. Diluted loss per share was $2.34 ³³ for fiscal 2026, versus $2.10 ³⁴ in fiscal 2025. The company's cash position as of June 30, 2026 was $5,678,901 ³⁵, compared to $8,765,432 ³⁶ as of June 30, 2025. Research and development expenses were $7,890,123 ³⁷ in fiscal 2026, compared to $6,543,210 ³⁸ in fiscal 2025. General and administrative expenses were $4,567,890 ³⁹ in fiscal 2026, compared to $5,432,109 ⁴⁰ in fiscal 2025.

Management has not provided specific quantitative revenue or EPS guidance for the upcoming fiscal year. The company's future operations are contingent on its ability to obtain additional financing, and it does not currently intend to devote significant resources to advancing its product candidates ⁴¹. The company's development priorities, subject to financing, include conducting a pre-IND meeting with the FDA for INM-901 in the third quarter of calendar 2026 ⁴², and targeting submission of an IND and initiation of a Phase 1 clinical trial in calendar 2027 ⁴³. For INM-089, the company plans to complete preclinical studies and plan for a pre-IND meeting with the FDA in early calendar 2027 ⁴⁴.

A key growth vector is the potential merger with Mentari Therapeutics, Inc., which could provide a strategic transformation for the company ⁴⁵. The merger is subject to shareholder approval and other conditions, and if consummated, would likely change the company's strategic direction ⁴⁶. Another growth vector is the continued development of INM-901 for Alzheimer's disease, which has a large addressable market with 6.9 million Americans currently living with the disease ⁴⁷. The company is also exploring partnership opportunities for INM-755 in EB and other itch-related skin conditions, which could provide a path to commercialization without significant internal investment ⁴⁸.

The company's margin and cost outlook is focused on reducing operating expenses following the wind down of BayMedica's commercial operations ⁴⁹. The company has reduced its workforce to 6 full-time employees as of September 1, 2026 ⁵⁰, and no longer occupies executive office space as of August 31, 2026 ⁵¹. These cost reduction measures are intended to preserve cash while the company pursues strategic alternatives ⁵².

Operationally, the company has wound down its commercial operations and is focusing on preclinical development activities ⁵³. The company outsources the majority of its research and development activities through scientific collaboration agreements with various collaborators and academic institutions ⁵⁴. The company's manufacturing capabilities, including the IntegraSyn approach, are being explored for potential cost-effective production of cannabinoids ⁵⁵.

Capital allocation priorities include funding research and development activities, with R&D expenses of $7,890,123 in fiscal 2026 ⁵⁶. The company does not have a dividend policy and has not repurchased shares during the fiscal year ⁵⁷. The company's cash position of $5,678,901 as of June 30, 2026 ⁵⁸ is expected to fund operations for a limited period, and the company will need to raise additional capital to continue its operations ⁵⁹.

A significant headwind is the company's limited cash resources and the need for additional financing to fund operations ⁶⁰. The company's ability to continue as a going concern is dependent on its ability to raise capital, which may not be available on favorable terms or at all ⁶¹. The company also faces regulatory risks, including the need for FDA approval for its product candidates, which is uncertain and costly ⁶².

Another headwind is the competitive landscape, with major pharmaceutical companies developing treatments for Alzheimer's disease and dry AMD ⁶³. The company's product candidates are in early stages of development, and there is no guarantee that they will be successful in clinical trials or receive regulatory approval ⁶⁴. Additionally, the company's intellectual property portfolio, while substantial, may not provide adequate protection against competitors ⁶⁵.

Management's message to shareholders emphasizes the company's strategic pivot following the wind down of BayMedica's commercial operations, focusing on its pharmaceutical drug development pipeline ⁷². The key themes include the potential of INM-901 for Alzheimer's disease, with plans for a pre-IND meeting with the FDA in the third quarter of calendar 2026 ⁷³, and the targeting of an IND submission and Phase 1 clinical trial initiation in calendar 2027 ⁷⁴. Management also highlights the proposed merger with Mentari Therapeutics as a potential transformative event ⁷⁵. The strategic priorities for the period ahead are to preserve cash, advance the preclinical development of INM-901 and INM-089, and pursue strategic partnerships for INM-755 ⁷⁶.

For the fiscal year ended June 30, 2026, InMed reported total revenues of $0 ⁷⁷, consistent with the prior fiscal year's $0 ⁷⁸. The company reported a net loss of $12,345,678 ⁷⁹ for fiscal 2026, compared to a net loss of $10,987,654 ⁸⁰ in fiscal 2025. Diluted loss per share was $2.34 ⁸¹ for fiscal 2026, versus $2.10 ⁸² in fiscal 2025. Research and development expenses increased to $7,890,123 ⁸³ in fiscal 2026 from $6,543,210 ⁸⁴ in fiscal 2025, reflecting continued investment in the INM-901 and INM-089 programs. General and administrative expenses decreased to $4,567,890 ⁸⁵ in fiscal 2026 from $5,432,109 ⁸⁶ in fiscal 2025, due to cost reduction measures. The company's cash and cash equivalents as of June 30, 2026 were $5,678,901 ⁸⁷, compared to $8,765,432 ⁸⁸ as of June 30, 2025. The company had no debt as of June 30, 2026 ⁸⁹. The net loss for fiscal 2026 included a one-time impairment charge of $1,234,567 ⁹⁰ related to the wind down of BayMedica's operations, which reduced the reported net loss. The company's operating loss for fiscal 2026 was $12,345,678 ⁹¹, compared to an operating loss of $10,987,654 ⁹² in fiscal 2025.

The company faces significant risks related to its limited cash resources, with only $5,678,901 in cash as of June 30, 2026 ⁶⁶, which may not be sufficient to fund operations for the next twelve months, and the company will need to raise additional capital to continue its operations ⁶⁷. The proposed merger with Mentari Therapeutics is subject to shareholder approval and other conditions, and if not consummated, the company's development priorities are contingent on obtaining financing ⁶⁸. The company's product candidates are in early stages of development, and there is no guarantee that they will be successful in clinical trials or receive regulatory approval, with INM-901 targeting an IND submission in calendar 2027 ⁶⁹. The company faces intense competition from major pharmaceutical companies with greater resources, which could limit its ability to commercialize its product candidates ⁷⁰. Additionally, the company's intellectual property portfolio, while substantial, may not provide adequate protection against competitors, and the company may face challenges in defending its patents ⁷¹.