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InMed Pharmaceuticals Inc.

INM
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Business Summary

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 . The company's research targets diseases with high unmet medical needs, including Alzheimer's disease, dry age-related macular degeneration, and Epidermolysis Bullosa . The industry is characterized by significant competition, with competitors including major pharmaceutical companies such as Biogen, Eli Lilly, Roche, and Apellis Pharmaceuticals, among others . 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 , and health and long-term care costs valued at $360 billion . The dry AMD market also represents a significant opportunity, with an estimated 19.8 million Americans aged 40+ suffering from the condition .

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 . 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 . For dry AMD, INM-089 offers a neuroprotective approach, potentially preserving retinal function, which is an unmet medical need . The company's manufacturing capabilities, including the proprietary IntegraSyn approach, provide flexibility in producing high-quality products . 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 .

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 . The company's primary business model is pharmaceutical drug development, with a pipeline of preclinical and clinical-stage product candidates . The company does not currently intend to devote significant resources to advancing its product candidates, and any further development would require additional financing . 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 .

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 . 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 . 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 . INM-755 cream has completed a Phase 2 clinical trial for EB, showing a positive indication of enhanced anti-itch activity versus control cream . The company also has manufacturing capabilities, including chemical synthesis, biosynthesis, and the proprietary IntegraSyn approach .

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 . The company has patents granted in various jurisdictions, including the US, Japan, Australia, and others, with expiration dates ranging from 2037 to 2043 . The company's patent portfolio is critical to its competitive position, providing protection for its product candidates and manufacturing processes .

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 . 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 . The company also announced a proposed merger transaction with Mentari Therapeutics, Inc., a Delaware corporation . Additionally, the company completed pharmacokinetic studies for INM-901 in large animal models, demonstrating robust bioavailability , and presented new preclinical data at the Alzheimer's Association International Conference in July 2025 .

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

Business Outlook

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 . 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 , and targeting submission of an IND and initiation of a Phase 1 clinical trial in calendar 2027 . For INM-089, the company plans to complete preclinical studies and plan for a pre-IND meeting with the FDA in early calendar 2027 .

A key growth vector is the potential merger with Mentari Therapeutics, Inc., which could provide a strategic transformation for the company . The merger is subject to shareholder approval and other conditions, and if consummated, would likely change the company's strategic direction . 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 . 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 .

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

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

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

A significant headwind is the company's limited cash resources and the need for additional financing to fund operations . 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 . The company also faces regulatory risks, including the need for FDA approval for its product candidates, which is uncertain and costly .

Another headwind is the competitive landscape, with major pharmaceutical companies developing treatments for Alzheimer's disease and dry AMD . 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 . Additionally, the company's intellectual property portfolio, while substantial, may not provide adequate protection against competitors .

Risk Factors

The company faces significant risks related to its limited cash resources, with only $5,678,901 in cash as of June 30, 2026 , 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 . 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 . 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 . The company faces intense competition from major pharmaceutical companies with greater resources, which could limit its ability to commercialize its product candidates . 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 .

Management Priorities

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 . 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 , and the targeting of an IND submission and Phase 1 clinical trial initiation in calendar 2027 . Management also highlights the proposed merger with Mentari Therapeutics as a potential transformative event . 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 .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1. Business — Overview
  2. [2] Item 1. Business — Overview
  3. [3] Item 1. Business — Research and Development Pipeline
  4. [4] Item 1. Business — Alzheimer's Disease Prevalence and Impact
  5. [5] Item 1. Business — Alzheimer's Disease Prevalence and Impact
  6. [6] Item 1. Business — INM-089 for the Treatment of Age-related Macular Degeneration
  7. [7] Item 1. Business — INM-901 for the Treatment of Alzheimer's Disease
  8. [8] Item 1. Business — INM-901: A Multi-factorial Approach to Treating Alzheimer's Disease
  9. [9] Item 1. Business — INM-089 for the Treatment of Age-related Macular Degeneration
  10. [10] Item 1. Business — Overview
  11. [11] Item 1A. Risk Factors
  12. [12] Item 1. Business — Overview
  13. [13] Item 1. Business — Overview
  14. [14] Item 1. Business — Overview
  15. [15] Item 1. Business — Overview
  16. [16] Item 1. Business — Research and Development Pipeline
  17. [17] Item 1. Business — INM-901 for the Treatment of Alzheimer's Disease
  18. [18] Item 1. Business — INM-089 for the Treatment of Age-related Macular Degeneration
  19. [19] Item 1. Business — INM-755 for the Treatment of Epidermolysis Bullosa
  20. [20] Item 1. Business — Overview
  21. [21] Item 1. Business — Intellectual Property
  22. [22] Item 1. Business — Intellectual Property
  23. [23] Item 1. Business — Intellectual Property
  24. [24] Item 1. Business — Overview
  25. [25] Item 1. Business — Overview
  26. [26] Item 1. Business — Overview
  27. [27] Item 1. Business — INM-901 for the Treatment of Alzheimer's Disease
  28. [28] Item 1. Business — INM-901 for the Treatment of Alzheimer's Disease
  29. [29] Item 7. MD&A — Results of Operations
  30. [30] Item 7. MD&A — Results of Operations
  31. [31] Item 7. MD&A — Results of Operations
  32. [32] Item 7. MD&A — Results of Operations
  33. [33] Item 7. MD&A — Results of Operations
  34. [34] Item 7. MD&A — Results of Operations
  35. [35] Item 7. MD&A — Liquidity and Capital Resources
  36. [36] Item 7. MD&A — Liquidity and Capital Resources
  37. [37] Item 7. MD&A — Results of Operations
  38. [38] Item 7. MD&A — Results of Operations
  39. [39] Item 7. MD&A — Results of Operations
  40. [40] Item 7. MD&A — Results of Operations
  41. [41] Item 1. Business — Overview
  42. [42] Item 1. Business — INM-901 Next Steps
  43. [43] Item 1. Business — INM-901 Next Steps
  44. [44] Item 1. Business — INM-089 Next Steps
  45. [45] Item 1. Business — Overview
  46. [46] Item 1. Business — Overview
  47. [47] Item 1. Business — Alzheimer's Disease Prevalence and Impact
  48. [48] Item 1. Business — INM-755 Next Steps
  49. [49] Item 1. Business — Overview
  50. [50] Item 1. Business — Employees and Human Capital
  51. [51] Item 1. Business — Corporate Information
  52. [52] Item 7. MD&A — Liquidity and Capital Resources
  53. [53] Item 1. Business — Overview
  54. [54] Item 1. Business — Overview
  55. [55] Item 1. Business — Overview
  56. [56] Item 7. MD&A — Results of Operations
  57. [57] Item 5. Market for Registrant's Common Equity
  58. [58] Item 7. MD&A — Liquidity and Capital Resources
  59. [59] Item 7. MD&A — Liquidity and Capital Resources
  60. [60] Item 1A. Risk Factors
  61. [61] Item 1A. Risk Factors
  62. [62] Item 1A. Risk Factors
  63. [63] Item 1A. Risk Factors
  64. [64] Item 1A. Risk Factors
  65. [65] Item 1A. Risk Factors
  66. [66] Item 7. MD&A — Liquidity and Capital Resources
  67. [67] Item 1A. Risk Factors
  68. [68] Item 1A. Risk Factors
  69. [69] Item 1A. Risk Factors
  70. [70] Item 1A. Risk Factors
  71. [71] Item 1A. Risk Factors
  72. [72] Item 7. MD&A — Overview
  73. [73] Item 1. Business — INM-901 Next Steps
  74. [74] Item 1. Business — INM-901 Next Steps
  75. [75] Item 1. Business — Overview
  76. [76] Item 7. MD&A — Overview
  77. [77] Item 7. MD&A — Results of Operations
  78. [78] Item 7. MD&A — Results of Operations
  79. [79] Item 7. MD&A — Results of Operations
  80. [80] Item 7. MD&A — Results of Operations
  81. [81] Item 7. MD&A — Results of Operations
  82. [82] Item 7. MD&A — Results of Operations
  83. [83] Item 7. MD&A — Results of Operations
  84. [84] Item 7. MD&A — Results of Operations
  85. [85] Item 7. MD&A — Results of Operations
  86. [86] Item 7. MD&A — Results of Operations
  87. [87] Item 7. MD&A — Liquidity and Capital Resources
  88. [88] Item 7. MD&A — Liquidity and Capital Resources
  89. [89] Item 7. MD&A — Liquidity and Capital Resources
  90. [90] Item 7. MD&A — Results of Operations
  91. [91] Item 7. MD&A — Results of Operations
  92. [92] Item 7. MD&A — Results of Operations

Analysis on 9/9/2026