InMed (INM) widens Q3 loss as it winds down BayMedica commercial operations

Rhea-AI Filing Summary

InMed Pharmaceuticals reported third quarter fiscal 2026 results and a business update. The company is winding down BayMedica’s commercial operations, its only revenue-generating business segment, which is classified as discontinued operations and expected to be substantially exited before the fiscal year ending June 30, 2026.

For the three months ended March 31, 2026, InMed recorded a net loss of $3.0 million from total operations, compared with $2.1 million a year earlier, as research and development and general and administrative costs increased. Continuing operations generated no revenue, while discontinued commercial operations produced $0.7 million of revenue that is reported separately.

Cash, cash equivalents and short-term investments were $5.2 million as of March 31, 2026, down from $10.8 million on June 30, 2025. The company highlighted preclinical data for its CB1/CB2-targeting candidate INM-901, showing reduced neuroinflammation in advanced 3D human brain organoid models of Alzheimer’s disease, consistent with earlier in vivo and ex vivo findings.

Insights

Biopharma and small-cap equity analyst

InMed’s loss widens as it exits its only revenue-generating unit while advancing INM-901 preclinical work.

InMed reported a Q3 fiscal 2026 net loss of $2.97 million, larger than the $2.12 million loss a year earlier, with research and development rising to $1.02 million and general and administrative expenses at $1.74 million. Continuing operations reported no revenue, emphasizing the company’s reliance on external funding.

The decision to wind down BayMedica’s commercial operations, which generated $0.7 million of revenue in the quarter, removes the only current revenue stream and may heighten focus on cash burn. Cash and short-term investments fell to $5.2 million as of March 31, 2026, from $10.8 million at June 30, 2025, while operating activities used $5.68 million over nine months.

On the development side, preclinical data showed INM-901 reduced neuroinflammation in 3D human brain organoid models of Alzheimer’s disease and aligned with prior in vivo and ex vivo models. While encouraging scientifically, future progress will depend on regulatory interactions and the ability to finance further studies, with details expected only in subsequent company filings.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q3 net loss: $2,966,336 Prior-year Q3 net loss: $2,120,930 Q3 R&D expense: $1,022,630 +5 more

8 metrics

Q3 net loss $2,966,336 Net loss for the three months ended March 31, 2026

Prior-year Q3 net loss $2,120,930 Net loss for the three months ended March 31, 2025

Q3 R&D expense $1,022,630 Research and development expense for continuing operations in Q3 2026

Q3 G&A expense $1,742,016 General and administrative expense for continuing operations in Q3 2026

Cash and equivalents $5,158,932 Cash and cash equivalents as of March 31, 2026

Cash and equivalents prior year-end $10,743,430 Cash and cash equivalents as of June 30, 2025

Discontinued ops revenue $0.7 million Revenue from discontinued commercial operations during Q3 2026

Operating cash use $5,678,995 Total cash used in operating activities over nine months ended March 31, 2026

Key Terms

discontinued operations, 3D human brain organoid models, CB1/CB2 receptors, share-based compensation, +1 more

5 terms

discontinued operations financial

"the Commercial segment as discontinued operations, the Company has one reportable segment"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

3D human brain organoid models technical

"reducing neuroinflammation in 3D human brain organoid models of Alzheimer's disease"

Three-dimensional human brain organoid models are small, lab-grown clusters of human brain cells that self-organize into tissue-like structures, serving as simplified, scaled-down replicas of certain aspects of the brain. They matter to investors because they allow companies to test drugs, study diseases and screen safety earlier and more cheaply than full clinical trials, offering earlier signals about whether a therapy is likely to work or fail — like a prototype that helps de-risk product development.

CB1/CB2 receptors medical

"INM-901 is a preferential signaling agonist of the CB1/CB2 receptors"

CB1 and CB2 receptors are two types of proteins on cells that interact with cannabinoids, the chemicals produced by cannabis plants and similar molecules made by the body. Think of them as door locks that control signals for mood, appetite, pain and immune activity; drugs that open or block those locks can change symptoms and health outcomes, so they are important targets for therapeutics, regulatory decisions and commercial opportunity in biotech and pharmaceutical investing.

share-based compensation financial

"Share-based compensation | | 84,240 | | | 92,577"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

right-of-use asset financial

"Recognition of Right-of-use asset and corresponding operating lease"

A right-of-use asset is the value a company records on its balance sheet for the practical use of something it leases — like the benefit of living in a rented office or using leased equipment for a set period. Investors care because it turns many leases into on-balance-sheet assets and matching liabilities, which can change reported leverage, asset base and performance metrics much like taking on a loan would.

Understanding 8-K Material Events →

false 2026-05-06 0001728328 InMed Pharmaceuticals Inc. 0001728328 2026-05-06 2026-05-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

INMED PHARMACEUTICALS INC.
(Exact name of registrant as specified in its charter)

British Columbia	001-39685	98-1428279
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

Suite 1445 – 885 West Georgia Street
Vancouver, British Columbia, Canada V6C 3E8
(Address of principal executive offices) (ZIP Code)

Company’s telephone number, including area code: (604) 669-7207

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Common Shares, no par value		INM		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On May 6, 2026, the Company reported financial results for the third quarter of the fiscal year 2026 which ended March 31, 2026.

The information set forth in this Item 7.01, including Exhibits 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits:

The following exhibits shall be deemed to be furnished, and not filed:

Exhibit No.		Description
99.1		News release, dated May 6, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included as Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	INMED PHARMACEUTICALS INC.
Date: May 6, 2026	By:	/s/ Eric A Adams
		Eric A Adams President & CEO

NASDAQ: INM
 
Suite 1445-885 West Georgia St.
Vancouver, BC, Canada V6C 3E8
Tel: +1.604.669.7207
Email: info@inmedpharma.com
www.inmedpharma.com

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

Vancouver, BC - May 6th, 2026 - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today reports financial results for the third quarter of the fiscal year 2026 which ended March 31, 2026.

The Company's full financial statements and related MD&A for the third quarter ended March 31, 2026, are available at www.inmedpharma.com, www.sedarplus.com and at www.sec.gov.

"During the quarter, InMed reported additional preclinical data that further support the development of INM-901 for Alzheimer's disease through its targeting of neuroinflammation. Data from advanced human brain organoid systems demonstrated anti-neuroinflammatory effects consistent with findings observed across multiple in vivo and ex vivo studies," commented Eric A. Adams, InMed President and CEO.

Business Update

INM-901: Targeting the Modulation of Neuroinflammation in Alzheimer's disease
InMed's proprietary, disease-modifying, small molecule drug candidate INM-901 is a preferential signaling agonist of the CB1/CB2 receptors and continues to advance as a potential treatment for Alzheimer's disease with a primary focus on modulating neuroinflammation. During the quarter, InMed announced preclinical data demonstrating the effects of INM-901 in reducing neuroinflammation in 3D human brain organoid models of Alzheimer's disease.

The in vitro human organoid models represent some of the closest approximations to human brain tissue currently available, incorporating a complex cellular environment relevant to neurodegenerative disease. The organoids are composed of neurons, astrocytes, vascular cells and feature microglia, the brain's resident immune cells, and can be used to bridge the gap between traditional animal models and human clinical trials.

INM-901 was evaluated in two distinct human 3D organoid models: a general model of neuroinflammation induced with lipopolysaccharide ("LPS") and interferon-gamma ("IFN-γ"); and, Stem Pharm's proprietary neuroinflammation Alzheimer's disease model with specific features observed in Alzheimer's disease patients.

Key Observations included:

• INM-901 demonstrated significant reduction in neuroinflammation in Stem Pharm's LPS-induced model and in their Alzheimer's disease model. A dose-dependent reduction of key pro-inflammatory markers such as IL-6 and IL-8 was seen in both neuroinflammation models.

• Effects align with prior findings from an in vivo Alzheimer's model and an ex vivo LPS-induced neuroinflammation model.

• Provides supportive evidence of mechanistic translation from animal models to human tissue systems.

The consistency of INM-901's anti-inflammatory effects across in vivo animal models, ex vivo systems and now human 3D brain organoids provide increasing confidence in the compound's potential to translate into clinical benefit in humans with neuroinflammatory conditions.

Discontinued Operations

On March 4, 2026, the Company's board of directors ratified, confirmed and approved the decision of the board members of BayMedica to wind down and exit BayMedica's commercial operations business segment ("Commercial Operations"), which is the only revenue-generating commercial operations of the Company. BayMedica intends to substantially complete the wind down and exit prior to the end of its fiscal year ending June 30, 2026. During the interim period leading to the completion of operational wind down, BayMedica will continue its commercial operations including sales, marketing, limited manufacturing, and logistics.

Financial Commentary

Following the classification of the Commercial segment as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its operations. Unless otherwise noted, all activities and amounts reported in the following notes relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.

For the three months ended March 31, 2026, the Company reported a net loss of $3.0 million, compared to a net loss of $2.1million in the same period the previous year. The increase was largely driven by higher expenses related to pharmaceutical research and development activities, as well as financing costs.

Pharmaceutical research and development for continuing operations were $1.0 million for the three months ended March 31, 2026, compared with $0.4 million for the three months ended March 31, 2025. The increase was primarily due to an increase in external contractors relating to our INM-901 program

General and administrative expenses for continuing operations were $1.7 million for the three months ended March 31, 2026, compared to $1.6 million the same period the previous year. The increase resulted primarily from a combination of changes including lower accounting fees, share-based payments fees, and shareholder communication fees.

As of March 31, 2026, the Company's cash, cash equivalents and short-term investments were $5.2 million, which compares to $10.8 million on June 30, 2025.

The Company reported no revenue from continuing operations for the period. The discontinued commercial operations generated revenue of $0.7 million during the period; however, its results are classified as discontinued operations and are presented separately from continuing operations.

Table 1. Consolidated Balance Sheet
Expressed in U.S. Dollars

		March 31,			June 30,
		2026			2025
		Unaudited			(As restated)
		$			$
ASSETS
Current
Cash and cash equivalents		5,158,932			10,743,430
Short-term investments		41,625			43,384
Prepaids and other current assets		617,211			319,547
Current assets of discontinued operations		1,070,313			1,760,918
Total current assets		6,888,081			12,867,279
Non-Current
Property, equipment and ROU assets, net		642,884			992,199
Intangible assets, net		1,498,473			1,620,562
Other assets		104,368			100,000
Total Assets		9,133,806			15,580,040
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities		1,011,551			1,230,845
Current portion of lease obligations		389,381			435,507
Current liabilities of discontinued operations		810,334			173,438
Total current liabilities		2,211,266			1,839,790
Non-current
Lease obligations, net of current portion		30,766			305,755
Total Liabilities		2,242,032			2,145,545
Commitments and Contingencies (Note 9)
Shareholders' Equity
Common shares, no par value, unlimited authorized shares: 3,314,063 and 2,002,186 as of March 31, 2026 and June 30, 2025, respectively, issued and outstanding		92,578,071			91,221,174
Additional paid-in capital		38,144,484			39,322,644
Accumulated deficit		(123,959,350	)		(117,237,892	)
Accumulated other comprehensive income		128,569			128,569
Total Shareholders' Equity		6,891,774			13,434,495
Total Liabilities and Shareholders' Equity		9,133,806			15,580,040

Table 2. Consolidated Statements of Operations
Expressed in U.S. Dollars

		For the Three Months Ended						For the Nine Months Ended
		March 31,						March 31,
		2026			2025			2026			2025
		$			$			$			$
Operating Expenses
Research and development		1,022,630			425,370			2,222,732			2,243,948
General and administrative		1,742,016			1,584,393			4,304,323			4,155,493
Amortization and depreciation		51,707			51,706			156,912			158,289
Foreign exchange loss		23,168			22,165			62,026			50,608
Total operating expenses		2,839,521			2,083,634			6,745,993			6,608,338
Other Income (Expense)
Interest and other income		47,770			16,565			215,914			104,195
Finance expense		-			-			-			(351,549	)
Net loss from continuing operations before taxes		(2,791,751	)		(2,067,069	)		(6,530,079	)		(6,855,692	)
Income tax expense		-			-			-			-
Net loss from continuing operations		(2,791,751	)		(2,067,069	)		(6,530,079	)		(6,855,692	)
Discontinued operations:
Income (Loss) from discontinued operations		(174,585	)		(53,861	)		(191,379	)		481,870
Income tax benefit		-			-			-			-
Loss from discontinued operations		(174,585	)		(53,861	)		(191,379	)		481,870
Net Loss		(2,966,336	)		(2,120,930	)		(6,721,458	)		(6,373,822	)
Net loss per share for the period
Basic and diluted:
Continuing operations		(0.69	)		(1.89	)		(1.64	)		(8.53	)
Discontinued Operations		(0.04	)		(0.05	)		(0.05	)		0.6
Net loss per share attributable to Common Stockholders - basic and diluted		(0.73	)		(1.94	)		(1.69	)		(7.93	)
Weighted average outstanding common shares
Basic and diluted		4,048,209			1,095,973			3,985,313			803,909

Table 3. Consolidated Statements of Cash Flows
Expressed in U.S. Dollars

	For the Nine Months Ended March 31,
	2026			2025
	$			$
Cash provided by (used in):
Operating Activities
Net loss		(6,721,458	)		(6,373,822	)
Items not requiring cash:
Amortization and depreciation		156,912			160,087
Share-based compensation		84,240			92,577
Amortization of right-of-use assets		291,245			243,555
Unrealized foreign exchange loss		27,730			44,876
Changes in operating assets and liabilities:
Prepaids and other currents assets		(294,825	)		(61,581	)
Other non-current assets		(4,368	)		-
Accounts payable and accrued liabilities		(218,577	)		(349,399	)
Lease obligations		(327,395	)		(315,221	)
Operating cash flow used by discontinued operations		1,327,501			570,483
Total cash used in operating activities		(5,678,995	)		(5,988,445	)
Investing Activities
Sale of short-term investments		41,667			40,039
Purchase of short-term investments		(41,667	)		(40,039	)
Total cash used in investing activities		-			-
Financing Activities
Proceeds from the private placement		231,675			4,361,220
Share issuance costs		(137,178	)		(264,559	)
Total cash provided by financing activities		94,497			4,096,661
Decrease in cash and cash equivalents during the period		(5,584,498	)		(1,891,784	)
Cash and cash equivalents beginning of the period		10,743,430			6,571,610
Cash and cash equivalents end of the period		5,158,932			4,679,826
SUPPLEMENTARY CASH FLOW INFORMATION:
Cash paid during the period for:		-			-
Income taxes	$	-		$	-
Interest	$	-		$	-
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Recognition of Right-of-use asset and corresponding operating lease	$	-		$	187,223

About InMed

InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed's pipeline consists of three separate programs in the treatment of Alzheimer's, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

Investor Contact:

Colin Clancy

Vice President, Investor Relations

and Corporate Communications

T:  +1.604.416.0999

E:  ir@inmedpharma.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about; the potential efficacy of INM-901, INM-901's ability to treat Alzheimer's, marketability and uses for INM-901; preclinical data demonstrating the effects of INM-901 in reducing neuroinflammation in 3D human brain organoid models of Alzheimer's disease. demonstrated significant reduction in neuroinflammation in Stem Pharm's LPS-induced model and in their Alzheimer's disease model.

With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: the ability to obtain all necessary regulatory approvals on a timely basis, or at all; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed's stand-alone business is disclosed in InMed's Annual Report on Form 10-K, InMed's Quarterly Report on Form 10-Q and other filings with the Security and Exchange Commission on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

FAQ

How did InMed Pharmaceuticals (INM) perform financially in Q3 fiscal 2026?

InMed reported a net loss of about $3.0 million for Q3 fiscal 2026, compared with a $2.1 million net loss a year earlier. Higher research and development and general and administrative expenses drove the increased loss, while continuing operations generated no revenue in the quarter.

What is happening with InMed’s BayMedica commercial operations segment?

InMed’s board ratified a decision to wind down and exit BayMedica’s commercial operations, the company’s only revenue-generating business segment. BayMedica intends to substantially complete this wind down before the fiscal year ending June 30, 2026, while continuing limited commercial activities during the interim period.

What preclinical results did InMed report for INM-901 in Alzheimer’s disease?

InMed reported that INM-901 reduced neuroinflammation in two 3D human brain organoid models, including Stem Pharm’s proprietary Alzheimer’s model. The compound showed dose-dependent reductions in pro-inflammatory markers IL-6 and IL-8, consistent with earlier in vivo and ex vivo neuroinflammation studies supporting its potential mechanism.

What were InMed’s cash and investment balances as of March 31, 2026?

As of March 31, 2026, InMed held $5.16 million in cash and cash equivalents and $41,625 in short-term investments, totaling about $5.2 million. This compares with $10.8 million in cash and equivalents at June 30, 2025, reflecting ongoing operating cash use over the nine-month period.

How much did InMed spend on research and development in Q3 fiscal 2026?

Research and development expenses for continuing operations were $1.02 million in Q3 fiscal 2026, up from $0.43 million in the prior-year quarter. The increase primarily reflected higher spending on external contractors supporting the company’s INM-901 program targeting neuroinflammation in Alzheimer’s disease.

What revenue did InMed’s discontinued commercial operations generate in Q3 fiscal 2026?

The discontinued commercial operations segment generated $0.7 million of revenue during the quarter, but its financial results are presented as discontinued operations. InMed’s continuing operations reported no revenue, so this commercial unit was the company’s only revenue source before the planned wind down.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 147.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 4.6 KB
• EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT 697 B
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 46.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 24.7 KB