InMed Pharmaceuticals (INM) Q2 2026 earnings summary

Executive summary

• Focus on developing proprietary small molecule drug candidates targeting CB1/CB2 receptors and rare cannabinoid manufacturing for health and wellness sectors.

• Pipeline includes INM-901 for Alzheimer's, INM-089 for dry AMD, and INM-755 for EB, with recent progress in preclinical and clinical studies.

• Advanced INM-901 for Alzheimer's, completing key preclinical pharmacokinetic studies with robust bioavailability and no adverse effects, supporting progression to human trials.

• INM-089 for dry AMD showed significant functional and pathological improvements in preclinical models, with successful high-dose delivery.

• Subsidiary BayMedica faces regulatory risk from new U.S. legislation that could prohibit certain cannabinoid products.

Financial highlights

• Revenue for the quarter was $820,188, down 26% year-over-year; six-month revenue was $1,940,309, down 18%.

• BayMedica's commercial revenue was $0.8 million for Q2 FY2026, down 26% year-over-year due to anticipated legislative changes.

• Net loss for the quarter was $2,028,223, compared to $2,575,024 in the prior year; six-month net loss was $3,755,122, improved from $4,252,892.

• Net loss for the quarter was $3.8 million, compared to $4.3 million in the prior year period.

• Cash, cash equivalents, and short-term investments totaled $7.0 million as of December 31, 2025, down from $11.1 million at June 30, 2025.

Outlook and guidance

• Cash reserves expected to fund operations into Q4 2026, contingent on BayMedica revenue and expense levels.

• Substantial doubt exists about the ability to continue as a going concern without additional capital.

• R&D expenses are projected to increase as preclinical and IND-enabling studies for INM-901 progress.

• Preparing for pre-IND meetings with the FDA for both INM-901 and INM-089 in 2026.

• Ongoing evaluation of BayMedica's business model in response to potential regulatory changes.