InMed Pharmaceuticals Inc. (NASDAQ:INM) shares rose 21.98% in after-hours trading Wednesday, reaching $1.50.Check out the current price of INM stock here. The stock closed Wednesday's regular session at $1.23, down 15.75%, according to Benzinga Pro data.Large Study MilestoneThe Vancouver-based pharmaceutical company announced the successful completion of pharmacokinetic studies in large animal models for its Alzheimer’s disease candidate INM-901, according to a Tuesday press release.This was the first precl ...

InMed Announces Successful Completion of Pharmacokinetic Studies in Large Animal Model for Its Alzheimer's Disease Candidate INM-901November 18, 2025 7:30 AM EST | Source: InMed PharmaceuticalsData demonstrate a favorable bioavailability profile of INM-901 oral formulationData will support design and planning of first in human clinical trialsPreparing for pre-IND meeting with the FDA Vancouver, British Columbia--(Newsfile Corp. - November 18, 2025) - InMed Pharmaceuticals Inc. (NASDAQ: INM) (" ...

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Core Viewpoint - InMed Pharmaceuticals reported its financial results for the first quarter of fiscal year 2026, highlighting advancements in its lead program INM-901 for Alzheimer's disease and a solid financial position with $9.3 million in cash [1][3][11]. Financial Performance - The company generated revenues of $1.1 million for the three months ending September 30, 2025, down 11% from $1.3 million in the same period last year, primarily due to pricing adjustments [7][8]. - Research and development expenses decreased to $0.6 million from $0.7 million year-over-year, attributed to reduced spending on external contractors and compensation [9]. - General and administrative expenses remained stable at $1.5 million for both periods [10]. - The net loss for the period was $1.7 million, compared to a loss of $1.7 million in the previous year, with a net loss per share of $0.44 [13]. Business Update - INM-901 is advancing as a potential treatment for Alzheimer's disease, with ongoing IND-enabling activities and plans for a pre-IND meeting with the FDA [3][5]. - The company presented findings on INM-901 at the 2025 Alzheimer's Association International Conference, showcasing its therapeutic potential [4]. - INM-089 is under investigation for treating dry age-related macular degeneration, with preclinical studies showing significant improvements [6]. Cash Position - As of September 30, 2025, InMed had cash and cash equivalents of $9.3 million, down from $11.1 million at the end of June 2025, but expected to be sufficient to fund operations into the fourth quarter of calendar year 2026 [11].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-39685 INMED PHARMACEUTICALS INC. (Exact name of registrant as specified in its charter) British Columbia, Canada ...

Core Insights - InMed Pharmaceuticals has appointed Mr. John Bathery to its Board of Directors, effective immediately, to enhance its strategic capabilities in drug development [1][2][4] - Mr. Bathery has over 30 years of experience in the pharmaceutical industry, with a strong background in corporate development and strategic partnerships, having managed transactions exceeding $60 billion [2][3] - The company is advancing its INM-901 program for Alzheimer's disease and INM-089 program for Age-related Macular Degeneration towards clinical readiness [3] Company Overview - InMed Pharmaceuticals focuses on developing proprietary small molecule drug candidates targeting diseases with high unmet medical needs, including Alzheimer's and ocular conditions [5] - The company has a pipeline consisting of three separate programs aimed at treating Alzheimer's, ocular, and dermatological indications [5] Leadership Changes - Mr. Bryan Baldasare will not stand for re-election at the upcoming Annual General Meeting due to increasing professional obligations [3] - Andrew Hull, Chairman of the Board, expressed confidence in Mr. Bathery's expertise to drive the company's growth and strategic collaborations [4]

Core Insights - InMed Pharmaceuticals has appointed Mr. Neil Klompas to its Board of Directors, effective immediately, enhancing its leadership team with his extensive experience in healthcare and biotechnology [1][4]. Company Overview - InMed Pharmaceuticals is focused on developing proprietary small molecule drug candidates targeting diseases with high unmet medical needs, specifically in the areas of Alzheimer's, ocular, and dermatological indications [5]. Leadership Experience - Mr. Klompas has over 30 years of experience in the healthcare and biotechnology sectors, having served as President and COO at Zymeworks Inc., where he played a crucial role in scaling the company to a multi-billion-dollar entity [2][3]. - He has a strong background in financial and operational roles, including leading Zymeworks' successful IPO in 2017 [2]. Strategic Vision - Mr. Klompas expressed enthusiasm about joining InMed, particularly regarding the promising data for INM-901, which targets Alzheimer's disease through a multi-pathway approach [4]. - The company aims to advance its innovative pipeline and strategic growth initiatives under his guidance [4][8].

Core Insights - InMed Pharmaceuticals reported its financial results for the fiscal year ending June 30, 2025, highlighting advancements in its pharmaceutical pipeline, particularly with INM-901 for Alzheimer's disease [1][3][4] - The company has strengthened its balance sheet, with cash reserves of $11.1 million to support ongoing pharmaceutical development programs into the fourth quarter of calendar year 2026 [4][17] Financial Performance - For the fiscal year ended June 30, 2025, InMed recorded a net loss of $8.2 million, compared to a net loss of $7.7 million in the previous year [15][19] - Research and development expenses decreased to $2.9 million from $3.2 million year-over-year, while general and administrative expenses increased to $6.6 million from $5.8 million [15][16] - BayMedica, InMed's commercial subsidiary, achieved sales of $4.9 million, representing an 8% increase from the previous year [11][16] Pharmaceutical Development Programs - INM-901 is advancing as a potential treatment for Alzheimer's disease, targeting multiple biological pathways and demonstrating significant reductions in neuroinflammation [3][5][13] - The company is also developing INM-089 for dry age-related macular degeneration, with promising preclinical results and a selected intravitreal formulation [10][4] Research and Development Highlights - INM-901 showed statistically significant improvements in cognitive function and behavioral outcomes in preclinical studies, presented at the Alzheimer's Association International Conference [6][3] - The drug can be administered orally while achieving therapeutic brain levels comparable to intraperitoneal injection, offering advantages over current approved products [7][3] Strategic Initiatives - InMed plans to advance its Alzheimer's program in fiscal 2026, focusing on Chemistry, Manufacturing, and Controls (CMC) activities and preparing for a pre-IND meeting [9][4] - The company has expanded its scientific advisory board and filed an additional international patent application for INM-901 [14][3]

[PART I](index=4&type=section&id=Part%20I) This part covers the company's business, risk factors, and other foundational disclosures [Special Note Regarding Forward-Looking Statements](index=4&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) This section highlights that the Annual Report contains forward-looking statements subject to risks and uncertainties - The report contains forward-looking statements and information, which are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated[16](index=16&type=chunk) - Key risk factors include the company's ability to stem operating losses, obtain additional financing, effectively research and commercialize drug candidates, optimize manufacturing approaches, and successfully navigate regulatory processes[16](index=16&type=chunk)[17](index=17&type=chunk) - New risks regularly emerge, and management cannot predict all factors that could cause actual results to differ, emphasizing the need for readers not to place undue reliance on forward-looking statements[18](index=18&type=chunk) [ITEM 1. BUSINESS](index=6&type=section&id=Item%201.%20Business) InMed Pharmaceuticals develops small molecule drug candidates for unmet medical needs and commercializes rare cannabinoids via BayMedica - InMed Pharmaceuticals Inc. is a pharmaceutical company developing proprietary small molecule drug candidates targeting CB1 and CB2 receptors for diseases with high unmet medical needs[19](index=19&type=chunk) - Through its subsidiary BayMedica, the company also develops and sells bulk rare cannabinoids as ingredients for the health and wellness sector[19](index=19&type=chunk) - The current pharmaceutical pipeline includes INM-901 for Alzheimer's disease, INM-089 for dry Age-Related Macular Degeneration, and INM-755 for Epidermolysis Bullosa[20](index=20&type=chunk) [Overview](index=6&type=section&id=Overview) InMed is a pharmaceutical company developing small molecule drug candidates targeting CB1 and CB2 receptors - InMed is a pharmaceutical company developing small molecule drug candidates that are preferential signaling ligands of CB1 and CB2 receptors, targeting diseases with high unmet medical needs[19](index=19&type=chunk) - The company's pipeline includes INM-901 for Alzheimer's disease, INM-089 for dry Age-Related Macular Degeneration, and INM-755 for Epidermolysis Bullosa[20](index=20&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - BayMedica, a wholly-owned subsidiary, specializes in B2B commercialization of bulk rare, non-intoxicating cannabinoids for the Health and Wellness sector, utilizing chemical synthesis, biosynthesis, and the proprietary IntegraSyn approach[19](index=19&type=chunk)[25](index=25&type=chunk) [Corporate Information](index=8&type=section&id=Corporate%20Information) InMed Pharmaceuticals Inc. was incorporated in British Columbia, Canada, in 1981, with offices in Vancouver - InMed Pharmaceuticals Inc. was incorporated in British Columbia, Canada, on May 19, 1981, and changed its name to the current one on October 6, 2014[26](index=26&type=chunk) - The principal executive offices are located in Vancouver, BC, Canada[26](index=26&type=chunk) [Employees and Human Capital](index=8&type=section&id=Employees%20and%20Human%20Capital) The company's management team comprises experienced executives, with **13 full-time employees** as of September 2025 - The management team consists of highly experienced pharmaceutical and biotechnology executives with **20-30+ years** of industry experience[27](index=27&type=chunk) - As of September 12, 2025, the company had **13 full-time employees** and utilized several consultants[27](index=27&type=chunk) - Compensation programs include competitive salaries, stock options, and annual bonuses to attract and retain talented employees in a competitive industry[28](index=28&type=chunk) [Our Business Strategy](index=9&type=section&id=Our%20Business%20Strategy) The company aims to develop a pipeline of prescription drug candidates and expand its health and wellness product portfolio - The company's goal is to develop a pipeline of prescription-based Product Candidates for diseases with high unmet medical needs[30](index=30&type=chunk) - The strategy includes advancing drug candidates through preclinical and clinical development, expanding the portfolio of health and wellness products, and developing cost-effective manufacturing processes[32](index=32&type=chunk)[33](index=33&type=chunk) - Commercialization strategies for Product Candidates may involve 'go-it-alone' efforts, out-licensing, or co-promotion agreements, with INM-755's advancement contingent on partnerships[31](index=31&type=chunk) [Our Strengths](index=10&type=section&id=Our%20Strengths) Key strengths include an experienced team, a robust pharmaceutical pipeline, diverse manufacturing, and early-mover status - Key strengths include an experienced executive team and board, a robust pharmaceutical pipeline (INM-901 for Alzheimer's, INM-088/089 for ocular diseases, INM-755 for dermatology), and multiple manufacturing approaches (chemical synthesis, biosynthesis, IntegraSyn)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - The company holds an early-mover status as a B2B supplier of non-intoxicating rare cannabinoids to the health and wellness sector[37](index=37&type=chunk) - A diverse portfolio of patent applications covers a spectrum of commercial opportunities, bolstered by the acquisition of BayMedica[38](index=38&type=chunk) [Research and Development Pipeline of Therapeutic Drug Candidates](index=10&type=section&id=Research%20and%20Development%20Pipeline%20of%20Therapeutic%20Drug%20Candidates) This section details the company's therapeutic drug candidate pipeline, including INM-901, INM-089, and INM-755 [INM-901 for the Treatment of Alzheimer's Disease ("AD")](index=10&type=section&id=INM-901%20for%20the%20Treatment%20of%20Alzheimer%27s%20Disease%20(%22AD%22)) INM-901 is a small molecule drug candidate for Alzheimer's, showing neuroprotective effects in preclinical studies - INM-901 is a proprietary small molecule drug candidate for Alzheimer's disease, demonstrating neuroprotective effects, reduced neuroinflammation, enhanced neuronal function, and improved cognitive function and memory in preclinical studies[40](index=40&type=chunk)[66](index=66&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) - It acts as a preferential signaling agonist for CB1 and CB2 receptors and impacts the PPAR signaling pathway, offering a multi-factorial approach to AD treatment[22](index=22&type=chunk)[71](index=71&type=chunk) - As a small molecule, INM-901 can safely cross the blood-brain barrier and may offer advantages like oral administration, good bioavailability, and low-cost manufacturing compared to antibody therapies[41](index=41&type=chunk)[42](index=42&type=chunk)[58](index=58&type=chunk)[73](index=73&type=chunk) [INM-089 for the Treatment of Age-related Macular Degeneration ("AMD")](index=19&type=section&id=INM-089%20for%20the%20Treatment%20of%20Age-related%20Macular%20Degeneration%20(%22AMD%22)) INM-089 is a small molecule dual CB1/CB2 agonist for dry AMD, showing neuroprotection in preclinical studies - INM-089 is a proprietary small molecule dual CB1/CB2 agonist for dry AMD, demonstrating neuroprotection of photoreceptors, improved retinal pigment epithelium integrity, and reduced extracellular autofluorescent deposits in preclinical studies[87](index=87&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[108](index=108&type=chunk) - The company has selected an intravitreal (IVT) formulation for INM-089, successfully delivered in preclinical studies, as it is the established method for effective drug delivery to the back of the eye[115](index=115&type=chunk)[116](index=116&type=chunk) - Dry AMD is the most common form of AMD, affecting **80-90%** of cases, and current FDA-approved complement inhibitors for advanced stages only slow progression and do not improve eyesight, highlighting a significant unmet medical need[84](index=84&type=chunk)[90](index=90&type=chunk)[94](index=94&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) [INM-755 for the Treatment of Epidermolysis Bullosa ('EB')](index=27&type=section&id=INM-755%20for%20the%20Treatment%20of%20Epidermolysis%20Bullosa%20('EB')) INM-755 cream for Epidermolysis Bullosa demonstrated safety in Phase 1 and anti-itch activity in Phase 2 - INM-755 (cannabinol) cream is a proprietary topical product candidate for Epidermolysis Bullosa (EB), an orphan disease with no definitive cure, targeting wound healing, infection, pain, inflammation, and itch[118](index=118&type=chunk) - Phase 1 clinical trials (755-101-HV and 755-102-HV) demonstrated INM-755 cream was safe and well-tolerated on both intact and induced epidermal wounds[120](index=120&type=chunk)[129](index=129&type=chunk)[132](index=132&type=chunk) - Phase 2 clinical trial (755-201-EB) results showed a positive indication of enhanced anti-itch activity, with **66.7%** of assessed patients experiencing clinically meaningful improvement in chronic non-wound itch[125](index=125&type=chunk) - Continued development of INM-755 is contingent on R&D and commercial partnerships, with potential expansion beyond EB to broader chronic itch indications[126

InMed Pharmaceuticals Conference Call Summary Company Overview - InMed Pharmaceuticals is a pharmaceutical drug development company focused on a proprietary pipeline of small molecule drug candidates targeting the endocannabinoid system, specifically CB1 and CB2 receptors [2][3] - The company has two main segments: drug development activities and a commercial entity, BayMedica, which manufactures rare, non-intoxicating cannabinoids for the health and wellness market [3][24] Drug Development Pipeline Alzheimer's Disease (INM-901) - INM-901 is a preferential signaling agonist for CB1 and CB2 pathways, addressing a high unmet medical need in Alzheimer's disease [5][12] - Early in vitro and extensive long-term in vivo studies in a 5X FAD mouse model showed statistically significant improvements in behavioral tests for treated diseased mice compared to untreated ones [7][11] - Key findings from studies include: - Reduction in amyloid beta load [8][15] - Decrease in neuroinflammation [9][14] - Neuroprotection of neurons [10][11] - Increased neurogenesis and neuritogenesis [10][11] - The compound can cross the blood-brain barrier and can be formulated as an oral medication [12][13] - Next steps include further studies on stress responses and cellular growth, and a pre-IND meeting with the FDA planned for next year [16][27] Dry Age-Related Macular Degeneration (INM-089) - INM-089 targets dry age-related macular degeneration, affecting nearly 200 million people globally, with a high unmet medical need [17][18] - Early studies indicate that INM-089 improves the thickness of the retinal layer, suggesting potential vision improvement [18] - The drug also provides neuroprotection to retinal ganglion cells [19] - A pre-IND meeting is also planned for this program [19][27] Epidermolysis Bullosa (INM-755) - INM-755 is a CBN cream showing strong anti-itch effects for patients with epidermolysis bullosa, a genetic skin condition [20][22] - The phase two study demonstrated meaningful anti-itch activity, but the company is seeking partnerships to advance it into phase three trials due to resource constraints [23] Commercial Operations (BayMedica) - BayMedica manufactures rare, non-intoxicating cannabinoids, generating approximately $5 million per year in profitable revenue despite pricing pressures [24] - The company has maintained sales levels while increasing the number of kilograms sold over the past 18 months [24] Financial Overview - Estimated cash balance at the end of June was $9.2 million, with a market cap around $10 million [25][26] - The company has a cash runway into the fourth quarter of 2026 and is exploring non-dilutive funding opportunities [28] Key Value Drivers - Focus on advancing INM-901 and INM-089 towards IND filings and human clinical trials [26][28] - Engagement with the FDA through pre-IND meetings to ensure clarity on regulatory expectations [29] Conclusion - InMed Pharmaceuticals is positioned with promising drug candidates in Alzheimer's disease and dry age-related macular degeneration, alongside a profitable commercial operation in cannabinoid manufacturing. The company is actively seeking partnerships and preparing for regulatory engagements to advance its drug development pipeline [27][30]