InMed Pharmaceuticals (NASDAQ: INM) advances pipeline but warns on BayMedica risk

Rhea-AI Filing Summary

InMed Pharmaceuticals reported second quarter fiscal 2026 results and updated progress across its neurology and ophthalmology drug pipeline. BayMedica commercial revenue was $0.8 million, down from $1.1 million a year earlier, mainly due to pending U.S. legislation that may restrict rare, non-intoxicating cannabinoids.

The company recorded a quarterly net loss of $2.0 million, improving from a $2.6 million loss last year, as research and development expenses fell to $0.6 million from $0.9 million and general and administrative costs eased slightly. As of December 31, 2025, cash, cash equivalents and short-term investments totaled $7.0 million, down from $11.1 million at fiscal year-end, and are expected to fund operations into the fourth quarter of calendar 2026.

Lead candidate -901 for Alzheimer’s disease showed robust oral bioavailability and no adverse neurological effects in large-animal studies, supporting plans for GLP-enabling work and an IND submission. Dry AMD candidate -089 continues to deliver functional and pathological improvements in preclinical models. However, U.S. Act H.R. 5371 could prohibit key BayMedica products from November 12, 2026, potentially forcing inventory write-offs or even discontinuation of BayMedica’s business, which the company warns would have a material adverse effect on its operations and financial condition.

Positive

• None.

Negative

• BayMedica legislative threat: U.S. Act H.R. 5371 could prohibit key BayMedica cannabinoid products from November 12, 2026, forcing inventory write-offs and potential divestiture or closure of the business, which the company states would have a material adverse effect on operations and financial condition.

Insights

Biotech and regulatory risk analyst

Drug pipeline advances, but BayMedica faces material legislative risk and shrinking cash balance.

InMed reports improving operating losses as R&D and G&A spending decline modestly, with quarterly net loss narrowing to $2.0 million from $2.6 million. Lead Alzheimer’s candidate -901 achieved strong oral bioavailability and clean neurological observations in large animals, a key step toward first-in-human studies. Dry AMD program -089 also progresses with encouraging preclinical efficacy signals.

Financially, cash, cash equivalents and short-term investments fell to $7.0 million at December 31, 2025 from $11.1 million, while operations used about $4.0 million of cash over six months. Management currently expects this liquidity to fund planned activities into the fourth quarter of calendar 2026, assuming BayMedica revenue supports forecasts.

The most significant risk comes from U.S. Act H.R. 5371. If sections affecting BayMedica take effect on November 12, 2026, certain cannabinoid products and related inventory would be prohibited. The company may need to write off unsold inventory and consider divestiture, business pivots, or discontinuation of BayMedica, which it explicitly states would have a material adverse effect on its business, results of operations, and financial condition.

false 2026-02-11 0001728328 InMed Pharmaceuticals Inc. 0001728328 2026-02-11 2026-02-11

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): February 11, 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)

Registrant’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 (see General Instruction A.2. below):

☐ 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 February 11, 2026, the Company reported financial results for the second quarter of the fiscal year 2026 which ended December 31, 2025.

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 February 11, 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: February 11, 2026	By:	/s/ Eric A Adams
		Eric A Adams President & CEO

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

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

Vancouver, British Columbia - February 11, 2026 - InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a pharmaceutical drug development company focused on developing a pipeline of proprietary small-molecule drug candidates for diseases with high unmet medical needs, today reports financial results for its second quarter of fiscal year 2026, which ended December 31, 2025.

The Company's full financial statements and related MD&A for the second quarter ended December 31, 2025 are available at www.inmedpharma.com, www.sedar.com and at www.sec.gov.

Eric A. Adams, InMed Chief Executive Officer, commented, "We are pleased with the steady progress across our pharmaceutical pipeline as we look ahead to pursuing pre-IND meetings with the FDA in 2026. In our INM-901 program, compelling data from the preclinical studies demonstrated a significant reduction in key neuroinflammatory markers, reinforcing neuroinflammation as the central focus of our drug development activities."

Business Update - Pharmaceutical Development Programs

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 the successful completion of pharmacokinetic studies in clinically relevant in vivo models for INM-901. This marked the first preclinical study in which the oral formulation of INM-901 was administered in large animals.

The results provide additional data in guiding decisions in the design of a human Phase 1 clinical trial program. Over a seven-day dosing period, the studies demonstrated robust bioavailability, achieving what is anticipated to be therapeutic levels of systemic exposure for INM-901. In addition, neurological assessments evaluating general attitude, behavior, and motor function revealed no adverse neural or behavioral effects, reinforcing the compound's favorable profile and supporting its continued advancement toward first-in-human clinical trials.

Next development steps:

• Advancing CMC activities for scale-up and supply

• Dose ranging studies in two species

• Preparing for a pre-IND meeting with the FDA

• GLP-enabling studies to support an IND submission

INM-089: Neuroprotection in the treatment of dry age-related macular degeneration ("AMD")

INM-089 is a proprietary, disease-modifying small-molecule drug candidate under investigation for the treatment of dry AMD. INM-089 is an intravitreal ("IVT") injectable formulation, which has been successfully delivered to the targeted area of the eye in preclinical studies at doses up to 10 times the calculated safety margin relative to the intended therapeutic dose. The Company continues to advance preclinical studies demonstrating significant functional and pathological improvements in a dry AMD disease study model.

Next development steps:

• Preparing for a pre-IND meeting with the FDA

• GLP-enabling studies to support an IND submission

Financial Commentary:

BayMedica's commercial business generated revenues of $0.8 million for the three months ending December 31, 2025, compared to $1.1 million for the same period last year, reflecting a 26% decrease. This decrease is primarily attributed to drop in demand due to the currently pending changes in US legislation (Continuing Resolution and Appropriations Package (H.R. 5371, Section 781)) referenced below.

The Company's research and development expenses were $0.6 million for the three months ending December 31, 2025, compared with $0.9 million for the three months ending December 31, 2024. The decrease in research and development expenses was primarily due to reduced spending on external contractors and research supplies, offset in part by an increase in compensation. We expect research and development expenses to increase substantially through the remainder of fiscal year 2026 as the Company advances preclinical work and IND-enabling studies for INM-901.

The Company incurred general and administrative expenses of $1.6 million for the three months ended December 31, 2025, compared with $1.7 million for the three months ending December 31, 2024.

As of December 31, 2025, the Company's cash, cash equivalents and short-term investments were $7.0 million, which compares to $11.1 million on June 30, 2025. The Company continues to closely monitor expenses while advancing its pharmaceutical pipeline candidates. Based on current forecasts, the Company expects its cash will be sufficient to fund its planned operating expenses and capital expenditure into the fourth quarter of calendar year 2026, depending on the level and timing of BayMedica commercial revenues.

As previously reported, U.S. congressional legislation H.R. 5371, the "Continuing Appropriations, Agriculture, Legislative Branch, Military Construction and Veterans Affairs, and Extensions Act, 2026" (the "Act") was signed into law. The Act, in its current form and without further amendment, will have a material negative impact on BayMedica, a subsidiary of the Company. Specifically, certain aspects of BayMedica's commercial business and its inventory of rare, non-intoxicating cannabinoids would be prohibited under the Act if it comes into force on November 12, 2026.  It is unknown to the Company whether the sections of the Act that would impact BayMedica will ultimately go into effect on November 12, 2026, or at all, or if those sections will be replaced, impacted or amended by subsequent acts of U.S. policymakers.

BayMedica is evaluating alternative options, but has not set a timetable for the conclusion of its evaluation, nor has it made any definitive decisions related to any potential alternative options at this time. In the meantime, BayMedica is continuing to sell its inventory of rare, non-intoxicating cannabinoids. Without timely, meaningful changes to the Act, we would need to write-off any inventory that BayMedica is unable to sell prior to the Act becoming effective and take other actions, which could include divesting BayMedica's commercial business, if possible, pivoting to other manufacturing techniques, if commercially viable, or discontinuing BayMedica's commercial business, all of which would have a material adverse effect on our business, results of operations and financial condition.

Table 1. Consolidated Balance Sheet

Expressed in U.S. Dollars

		December 31,			June 30,
		2025			2025
		Unaudited			$
		$
ASSETS
Current
Cash and cash equivalents		6,954,834			11,075,871
Short-term investments		42,675			43,384
Accounts receivable, net		182,967			465,104
Inventories, net		947,898			961,173
Prepaids and other current assets		660,280			321,747
Total current assets		8,788,654			12,867,279
Non-Current
Property, equipment and ROU assets, net		764,254			992,199
Intangible assets, net		1,538,576			1,620,562
Other assets		100,000			100,000
Total Assets		11,191,484			15,580,040
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities		1,071,871			1,404,283
Current portion of lease obligations		408,122			435,507
Total current liabilities		1,479,993			1,839,790
Non-current
Lease obligations, net of current portion		123,827			305,755
Total Liabilities		1,603,820			2,145,545
Commitments and Contingencies (Note 10)
Shareholders' Equity
Common shares, no par value, unlimited authorized shares: 2,804,186 and 2,002,186 as of December 31, 2025 and June 30, 2025, respectively, issued and outstanding		92,046,396			91,221,174
Additional paid-in capital		38,405,713			39,322,644
Accumulated deficit		(120,993,014	)		(117,237,892	)
Accumulated other comprehensive income		128,569			128,569
Total Shareholders' Equity		9,587,664			13,434,495
Total Liabilities and Shareholders' Equity		11,191,484			15,580,040

Table 2. Consolidated Statements of Operations

Expressed in U.S. Dollars

	For the Three Months Ended						For the Six Months Ended
	December 31,							December 31,
		2025			2024			2025			2024
		$			$			$			$
Sales		820,188			1,111,707			1,940,309			2,376,345
Cost of sales		635,994			650,813			1,352,956			1,422,038
Gross profit		184,194			460,894			587,353			954,307
Operating Expenses
Research and development		630,636			895,176			1,212,248			1,595,321
General and administrative		1,621,095			1,718,774			3,153,110			3,211,735
Amortization and depreciation		53,201			53,202			106,403			107,781
Foreign exchange loss (gain)		(18,136	)		47,753			38,858			28,443
Total operating expenses		2,286,796			2,714,905			4,510,619			4,943,280
Other Income (Expense)
Interest and other income		74,379			30,536			168,144			87,630
Finance expense		-			(351,549	)		-			(351,549	)

Loss before income taxes		(2,028,223	)		(2,575,024	)		(3,755,122	)		(4,252,892	)
Tax expense		-			-			-			-
Net loss for the period		(2,028,223	)		(2,575,024	)		(3,755,122	)		(4,252,892	)
Net loss per share for the period
Basic and diluted		(0.51	)		(3.64	)		(0.95	)		(6.43	)
Basic and diluted		3,954,549			706,546			3,954,549			661,052

Table 3. Consolidated Statements of Cash Flows

Expressed in U.S. Dollars

		For the Six Months Ended December 31,
		2025				2024
		$				$
Cash provided by (used in):
Operating Activities
Net loss		(3,755,122	)			(4,252,892	)
Items not requiring cash:
Amortization and depreciation		106,403				107,782
Share-based compensation		45,469				52,123
Amortization of right-of-use assets		208,296				166,277
Inventory write-down		70,000				-
Interest income received on short-term investments		(774	)			(874	)
Unrealized foreign exchange loss		3,250				20,338
Changes in operating assets and liabilities:
Inventories		(56,725	)			140,968
Prepaids and other currents assets		(337,050	)			(166,237	)
Accounts receivable		282,137	)			90,269
Accounts payable and accrued liabilities		(332,414	)			(282,778	)
Lease obligations		(217,329	)			(203,924	)
Total cash used in operating activities		(3,983,859	)			(4,328,948	)
Investing Activities
Sale of short-term investments		25,156				24,002
Purchase of short-term investments		(25,156	)			(24,002	)
Total cash used in investing activities		-				-

Financing Activities
Proceeds from the private placement		-				1,426,216
Share issuance costs		(137,178	)			(249,456	)
Total cash (used in) provided by financing activities		(137,178	)			1,176,760
Decrease in cash and cash equivalents during the period		(4,121,037	)			(3,152,188	)
Cash and cash equivalents beginning of the period		11,075,871				6,571,610
Cash and cash equivalents end of the period		6,954,834				3,419,422
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 drug development 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 statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "potential", "possible", "would" and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. 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 Act, the impact of the Act on BayMedica, any potential modifications to the Act and/or the timing thereof and the alternative options available to BayMedica and the Company; the potential efficacy of INM-901, INM-901's ability to treat Alzheimer's, marketability and uses for INM-901; statements regarding InMed's belief that modulating neuroinflammation is the primary focus of INM-901, while also targeting several additional biological pathways associated with disease progression; statements about pharmacokinetic studies in large animal models for INM-901; the advancement of chemistry, manufacturing, and controls (CMC) activities, the planning of GLP-enabling studies, and the preparation of an IND submission the further development; potential efficacy, and marketability of INM-089 for dry age-related macular degeneration; Preparing for a pre-IND meeting with the FDA in the second half of calendar 2026 for INM-089; GLP-enabling studies to support an IND submission; expectations regarding the sufficiency of the Company's strengthened balance sheet to fund operations, advance pharmaceutical development programs, and achieve milestones into the fourth quarter of calendar year 2026; and, other business initiatives, strategies, and prospects of the Company.

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, in Item 1A. of the Quarterly Report for the period ended December 31, 2025 and other filings with the Securities 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 Q2 fiscal 2026?

InMed reported Q2 fiscal 2026 sales of $0.8 million, down from $1.1 million a year earlier, and a net loss of $2.0 million versus $2.6 million last year. Lower research and development and slightly reduced general and administrative expenses helped narrow the loss.

What is InMed Pharmaceuticals’ cash position and runway after Q2 fiscal 2026?

As of December 31, 2025, InMed held $7.0 million in cash, cash equivalents and short-term investments, down from $11.1 million on June 30, 2025. Management currently expects this liquidity to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026.

What progress did InMed report on its -901 Alzheimer’s disease program?

InMed completed pharmacokinetic studies of -901 in large animals using an oral formulation, showing robust bioavailability at anticipated therapeutic exposure levels and no adverse neurological effects. The company is advancing CMC scale-up, planning dose-ranging and GLP-enabling studies, and preparing for a pre-IND meeting with the FDA.

What is happening with InMed’s -089 program for dry age-related macular degeneration?

The -089 intravitreal candidate for dry AMD has been safely delivered in preclinical studies at doses up to 10 times the calculated safety margin. InMed reports significant functional and pathological improvements in a disease model and is preparing for a pre-IND meeting and GLP-enabling studies to support an IND submission.

How might U.S. legislation H.R. 5371 affect InMed’s BayMedica business?

The Act H.R. 5371, if implemented as written on November 12, 2026, would prohibit certain BayMedica rare, non-intoxicating cannabinoids. InMed warns it may need to write off unsold inventory and potentially divest, pivot, or discontinue BayMedica, causing a material adverse effect on its business and financial condition.

Why did BayMedica revenue decline in InMed’s Q2 fiscal 2026 results?

BayMedica’s commercial revenue was $0.8 million versus $1.1 million a year earlier, a 26% decrease. InMed attributes this primarily to reduced demand linked to currently pending changes in U.S. legislation, specifically the Continuing Resolution and Appropriations Package (H.R. 5371, Section 781).

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