InMed Pharmaceuticals Reports $6.7 Million Net Loss, Plans Strategic Shift in Operations

InMed Pharmaceuticals Inc. reported a net loss of $6.7 million for the nine months ended March 31, 2026, compared to a loss of $6.4 million for the same period in the previous year. The company's total operating expenses increased to $6.7 million from $6.6 million year-over-year, driven primarily by a 141% rise in research and development expenses, which reached $2.2 million. General and administrative expenses also saw a modest increase of 4%, totaling $4.3 million. The company’s cash and cash equivalents decreased significantly to $5.2 million from $10.7 million as of June 30, 2025, reflecting ongoing operational losses and cash used in financing activities.

InMed's financial performance indicates a strategic shift, particularly with the decision to wind down its BayMedica commercial operations due to legislative changes affecting its inventory of rare cannabinoids. This decision, ratified on March 4, 2026, is expected to incur severance and related costs of approximately $670,000. The company plans to focus on its pharmaceutical drug candidates, including INM-901 for Alzheimer's disease and INM-089 for dry Age-related Macular Degeneration, as they advance toward Investigational New Drug (IND) filings and initial human clinical trials.

Operationally, InMed has made significant strides in its pharmaceutical development pipeline. The company is preparing for a pre-IND meeting with the U.S. Food and Drug Administration (FDA) for INM-901, with plans to submit an IND and initiate a Phase 1 clinical trial in 2027. Additionally, preclinical studies for INM-089 are ongoing, with a focus on demonstrating its therapeutic potential. The company has also reported promising results from its INM-755 cream in treating symptoms related to Epidermolysis Bullosa, indicating potential for future partnerships in this area.

Despite these developments, InMed faces challenges, including a Nasdaq delisting notice received on March 27, 2026, due to its stock price falling below the minimum requirement. The company has a 180-day grace period to regain compliance, which could involve a reverse stock split if necessary. Furthermore, InMed's accumulated deficit has reached approximately $124 million, raising substantial doubt about its ability to continue as a going concern without additional capital. The company is actively exploring various funding options, including potential partnerships and equity or debt financing, to support its ongoing operations and development efforts.