InMed Pharmaceuticals Reports $3.8 Million Net Loss, Revenue Declines 18% in First Half of Fiscal Year

InMed Pharmaceuticals Inc. reported a net loss of $3.8 million for the six months ending December 31, 2025, a decrease from a loss of $4.3 million during the same period in 2024. Revenue for the first half of the fiscal year was $1.94 million, down 18% from $2.38 million in the prior year. The company's gross profit also fell to $587,353 from $954,307, reflecting a challenging market environment and operational adjustments. The decrease in revenue was attributed to a decline in sales from its commercial segment, particularly due to uncertainties surrounding the synthetic cannabinoid market and pricing strategies aimed at attracting more customers.

InMed's operating expenses for the six months ended December 31, 2025, totaled $4.51 million, a reduction from $4.94 million in the previous year. The decrease was primarily driven by lower research and development costs, which fell by 24% to $1.2 million, as the company reduced its reliance on external contractors and research supplies. General and administrative expenses also saw a slight decline, down 4% to $2.56 million. The company reported a significant reduction in finance expenses, which were eliminated in the current period compared to $351,549 in the previous year, following one-time costs associated with a Standby Equity Purchase Agreement.

In terms of strategic developments, InMed continues to focus on its pharmaceutical pipeline, which includes drug candidates targeting Alzheimer’s disease, dry Age-Related Macular Degeneration, and Epidermolysis Bullosa. The company has made progress in its INM-901 program, completing pharmacokinetic studies in large animal models, which are crucial for advancing to human clinical trials. Additionally, InMed is exploring partnerships for its INM-755 cream, which has shown promise in treating symptoms related to Epidermolysis Bullosa.

Operationally, InMed's cash and cash equivalents stood at $6.95 million as of December 31, 2025, down from $11.08 million at the end of June 2025. The company has indicated that its current cash reserves are expected to fund operations into the fourth quarter of 2026, contingent on the timing of revenue realization from its subsidiary, BayMedica, which specializes in the commercialization of bulk rare cannabinoids. However, the company has expressed substantial doubt about its ability to continue as a going concern without raising additional capital, highlighting the need for ongoing financing through equity or debt arrangements.

Looking ahead, InMed anticipates continued operating losses as it invests in research and development activities. The company is actively seeking additional funding sources to support its operations and has acknowledged the potential impact of recent legislative changes on its commercial business. The future viability of InMed will depend on its ability to navigate these challenges while advancing its product candidates through the development pipeline.