InMed Reports Second Quarter Fiscal 2026 Financial Results and Provides Business Update

Core Viewpoint - InMed Pharmaceuticals reported its financial results for the second quarter of fiscal year 2026, highlighting progress in its drug development pipeline, particularly in neuroinflammation treatments for Alzheimer's disease and dry age-related macular degeneration [1][3]. Business Update - Pharmaceutical Development Programs - INM-901 is advancing as a potential treatment for Alzheimer's disease, focusing on modulating neuroinflammation. Recent pharmacokinetic studies in large animals showed robust bioavailability and no adverse effects, supporting its progression to human clinical trials [3][4]. - INM-089 is under investigation for treating dry age-related macular degeneration, with successful preclinical studies demonstrating significant improvements in disease models [5]. Financial Commentary - BayMedica's commercial business generated revenues of $0.8 million for the three months ending December 31, 2025, a 26% decrease from $1.1 million in the same period last year, primarily due to pending changes in U.S. legislation [6]. - Research and development expenses were $0.6 million for the quarter, down from $0.9 million year-over-year, attributed to reduced spending on external contractors and research supplies [7]. - General and administrative expenses were $1.6 million for the quarter, slightly down from $1.7 million in the previous year [8]. - As of December 31, 2025, the company had cash and short-term investments totaling $7.0 million, down from $11.1 million on June 30, 2025, with expectations to fund operations into the fourth quarter of calendar year 2026 [9]. Legislative Impact - The U.S. congressional legislation H.R. 5371, if enacted, could negatively impact BayMedica's commercial business by prohibiting certain aspects of its operations related to rare cannabinoids [10]. - BayMedica is exploring alternative options but has not set a timetable for decisions regarding its commercial business, which may include divesting or pivoting operations [11].