INM · InMed Pharmaceuticals Inc.
InMed Pharmaceuticals Inc., a clinical stage pharmaceutical company, develops a pipeline of prescription-based products in the United States. The company operates through two segments, InMed Pharmaceuticals and BayMedica Commercial. The InMed Pharmaceuticals segment researches and develops cannabinoid-based pharmaceuticals products. The BayMedica Commercial segment develops proprietary manufacturing technologies to produce and sell rare cannabinoids for the health and wellness industry. Its prescription-based products include rare cannabinoids and novel cannabinoid analogs for the treatment of diseases with unmet medical needs. The company's lead product consists of INM-755, a cannabinol topical skin cream that has completed Phase 2 clinical trial for the treatment of epidermolysis bullosa. It also develops INM-089, a small molecule compound that acts as a selective dual CB1/CB2 agonist; and INM-900 for neurodegenerative diseases, as well as INM-901, a small molecule for treatment of Alzheimer's disease. In addition, the company offers IntegraSyn, an integrated biosynthesis-based manufacturing approach for pharmaceutical-grade cannabinoids; and cannabichromene, cannabicitran, cannabidivarin, and tetrahydrocannabivarin. The company was formerly known as Cannabis Technologies Inc. and changed its name to InMed Pharmaceuticals Inc. in October 2014. InMed Pharmaceuticals Inc. was incorporated in 1981 and is headquartered in Vancouver, Canada.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.55 |
| SO | 3.3M |
| Options | 0.2M |
| Warrants | 0.7M |
| FD SO | 4.2M |
| MC | $6.5M |
| Cash | $5.2M |
| Total debt | — |
| EV | $1.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 69.9% |
| Insiders | 0.1% |
| # Institutions | 14 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 2.7% |
| Days to cover | 2.07 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-04. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | — | 0.82 | 1.12 | 1.30 |
| Revenue YoY % | — | (26.2%) | (11.4%) | 1.7% |
| Cost of Revenue | — | 0.64 | 0.72 | 0.73 |
| Gross Profit | — | 0.18 | 0.40 | 0.58 |
| Gross Profit YoY % | — | (60.0%) | (18.3%) | 23.7% |
| Gross Margin % | — | 22.5% | 36.0% | 44.2% |
| SG&A | 1.74 | 1.62 | 1.53 | 2.40 |
| R&D | 1.02 | 0.63 | 0.58 | 0.61 |
| Pretax Income | (2.97) | (2.03) | (1.73) | (1.79) |
| Net Income | (2.97) | (2.03) | (1.73) | (1.79) |
| Net Margin % | — | (247.3%) | (154.2%) | (137.1%) |
| Diluted EPS | -$0.73 | -$0.51 | -$0.44 | -$0.43 |
| Basic EPS | -$0.73 | -$0.51 | -$0.44 | -$0.43 |
| Diluted Avg Shares | 4.0 | 4.0 | 4.0 | — |
| Basic Avg Shares | 4.0 | 4.0 | 4.0 | — |
| LTM | 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|---|
| Total Revenue | — | 4.94 | 4.60 | 4.14 | 1.09 |
| Revenue YoY % | — | 7.5% | 11.2% | 279.6% | — |
| Cost of Revenue | — | 3.24 | 3.50 | 2.73 | 0.55 |
| Gross Profit | — | 1.71 | 1.10 | 1.40 | 0.54 |
| Gross Profit YoY % | — | 55.0% | (21.5%) | 158.1% | — |
| Gross Margin % | — | 34.5% | 23.9% | 33.9% | 49.9% |
| SG&A | 7.30 | 6.56 | 5.80 | 5.85 | 6.87 |
| R&D | 2.84 | 2.85 | 3.22 | 3.73 | 7.28 |
| Operating Expense | — | — | — | 9.35 | 19.14 |
| Operating Income | — | — | — | (7.95) | (18.60) |
| Operating Income YoY % | — | — | — | 57.3% | — |
| Operating Margin % | — | — | — | (192.2%) | (1707.3%) |
| EBITDA | — | — | — | (7.75) | (18.41) |
| EBITDA Margin % | — | — | — | (187.3%) | (1690.3%) |
| Other Income / (Expense) | — | — | — | 15.86 | 37.20 |
| Pretax Income | (8.51) | (8.16) | (7.67) | 7.91 | 18.60 |
| Tax Provision | — | — | 0.01 | 0.01 | — |
| Net Income | (8.51) | (8.16) | (7.68) | 7.90 | 18.60 |
| Net Income to Common | (8.51) | (8.16) | (7.68) | (7.95) | (18.60) |
| Net Margin % | — | (165.1%) | (166.9%) | 191.0% | 1707.3% |
| Diluted EPS | -$2.11 | -$8.36 | -$20.14 | $3.25 | $33.17 |
| Basic EPS | -$2.11 | -$8.36 | -$20.14 | $3.25 | $33.17 |
| Diluted Avg Shares | 4.0 | 1.0 | 0.4 | 2.4 | 0.6 |
| Basic Avg Shares | 4.0 | 1.0 | 0.4 | 2.4 | 0.6 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 5.16 | 6.95 | 9.33 | 10.74 |
| Short-term Investments | 0.04 | 0.04 | 0.04 | 0.04 |
| Receivables | — | 0.18 | 0.34 | 0.47 |
| Inventory | — | 0.95 | 0.89 | 0.96 |
| Other Current Assets | 1.69 | 0.66 | — | 0.65 |
| Total Current Assets | 6.89 | 8.79 | 10.80 | 12.87 |
| Net PPE | 0.64 | 0.76 | 0.88 | 0.99 |
| Intangible Assets | 1.50 | 1.54 | 1.58 | 1.62 |
| Total Assets | 9.13 | 11.19 | 13.36 | 15.58 |
| Current Lease Liabilities | 0.39 | 0.41 | 0.42 | 0.44 |
| Other Current Liabilities | 1.82 | 1.07 | 1.13 | 1.40 |
| Total Current Liabilities | 2.21 | 1.48 | 1.55 | 1.84 |
| Long-term Lease Liabilities | 0.03 | 0.12 | 0.22 | 0.31 |
| Total Liabilities | 2.24 | 1.60 | 1.77 | 2.15 |
| Retained Earnings | (123.96) | (120.99) | (118.96) | (117.24) |
| Total Equity | 6.89 | 9.59 | 11.59 | 13.43 |
| LTM | 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 5.16 | 10.74 | 6.57 | 8.91 | 6.18 |
| Short-term Investments | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Receivables | — | 0.47 | 0.35 | 0.26 | 0.09 |
| Inventory | — | 0.96 | 1.24 | 1.62 | 2.49 |
| Other Current Assets | 1.69 | 0.65 | — | — | 0.80 |
| Total Current Assets | 6.89 | 12.87 | 8.69 | 11.33 | 9.60 |
| Net PPE | 0.64 | 0.99 | 1.25 | 0.72 | 0.90 |
| Intangible Assets | 1.50 | 1.62 | 1.78 | 1.95 | 2.11 |
| Total Assets | 9.13 | 15.58 | 11.82 | 14.11 | 12.79 |
| Accounts Payable | — | — | 0.04 | — | — |
| Current Lease Liabilities | 0.39 | 0.44 | 0.32 | 0.38 | 0.40 |
| Other Current Liabilities | 1.82 | 1.40 | 1.61 | 1.62 | 2.92 |
| Total Current Liabilities | 2.21 | 1.84 | 1.97 | 2.00 | 3.32 |
| Long-term Lease Liabilities | 0.03 | 0.31 | 0.64 | 0.02 | 0.39 |
| Total Liabilities | 2.24 | 2.15 | 2.62 | 2.02 | 3.71 |
| Retained Earnings | (123.96) | (117.24) | (109.08) | (101.40) | (93.45) |
| Total Equity | 6.89 | 13.43 | 9.21 | 12.09 | 9.08 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (2.97) | (2.03) | (1.73) | (1.79) |
| D&A | 0.05 | 0.05 | 0.05 | 0.05 |
| Stock-Based Comp | 0.04 | 0.03 | 0.02 | 0.03 |
| Δ Working Cap & Other | — | (0.43) | 0.05 | (0.07) |
| Operating Cash Flow | — | (2.38) | (1.61) | (1.78) |
| Investing Cash Flow | — | — | — | 0.00 |
| Other Financing | — | — | — | 8.17 |
| Financing Cash Flow | — | 0.00 | (0.14) | 8.17 |
| LTM | 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|---|
| Net Income | (8.51) | (8.16) | (7.68) | 7.90 | 18.60 |
| D&A | 0.21 | 0.21 | 0.22 | 0.20 | 0.19 |
| Stock-Based Comp | 0.11 | 0.12 | 0.14 | 0.28 | 0.70 |
| Δ Working Cap & Other | — | 0.06 | 0.33 | (15.66) | (35.07) |
| Operating Cash Flow | — | (7.77) | (6.99) | (7.28) | (15.58) |
| CapEx | — | 0.00 | (0.01) | (0.16) | (0.04) |
| Acquisitions | — | — | — | (0.50) | — |
| Other Investing | — | — | — | — | (0.63) |
| Investing Cash Flow | — | 0.00 | (0.01) | (0.66) | (0.67) |
| Debt Repayment | — | — | — | — | (0.29) |
| Stock Issuance | — | — | — | 12.00 | 17.15 |
| Other Financing | — | 12.27 | 4.65 | (1.32) | (1.78) |
| Financing Cash Flow | — | 12.27 | 4.65 | 10.68 | 15.07 |
| Free Cash Flow | — | (7.77) | (7.00) | (7.44) | (15.62) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 3.11 | 5.94 | 6.95 | 6.99 |
| Quick Ratio | — | 5.30 | 6.37 | 6.47 |
| Debt / Equity | 0.33 | 0.17 | 0.15 | 0.16 |
| EBITDA Margin % | — | — | — | — |
| Working Capital | 4.68 | 7.31 | 9.24 | 11.03 |
| Net Debt | — | — | — | — |
| ROE % | (43.0%) | (21.2%) | (14.9%) | (13.3%) |
| ROA % | (32.5%) | (18.1%) | (12.9%) | (11.5%) |
| LTM | 6/30/25 | 6/30/24 | 6/30/23 | 6/30/22 | |
|---|---|---|---|---|---|
| Current Ratio | 3.11 | 6.99 | 4.41 | 5.66 | 2.89 |
| Quick Ratio | — | 6.47 | 3.78 | 4.86 | 2.14 |
| Debt / Equity | 0.33 | 0.16 | 0.28 | 0.17 | 0.41 |
| EBITDA Margin % | — | — | — | (187.3%) | (1690.3%) |
| Working Capital | 4.68 | 11.03 | 6.72 | 9.33 | 6.28 |
| Net Debt | — | — | — | — | — |
| ROE % | (123.5%) | (60.8%) | (83.4%) | 65.3% | 204.9% |
| ROA % | (93.2%) | (52.4%) | (64.9%) | 56.0% | 145.5% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-08 | P | 29,518 | $1.52 | $44,867 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-08 | P | 2,982 | $1.52 | $4,533 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-05 | P | 49,966 | $1.57 | $78,447 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-05 | P | 5,045 | $1.57 | $7,921 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-04 | P | 6,125 | $1.57 | $9,616 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-04 | P | 618 | $1.57 | $970 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-03 | P | 7,069 | $1.55 | $10,957 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-03 | P | 714 | $1.55 | $1,107 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-02 | P | 20,753 | $1.52 | $31,545 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-02 | P | 2,095 | $1.52 | $3,184 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-01 | P | 14,838 | $1.55 | $22,999 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-06-01 | P | 1,498 | $1.55 | $2,322 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-05-29 | P | 16,164 | $1.57 | $25,377 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-05-29 | P | 1,632 | $1.57 | $2,562 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-05-21 | P | 30,882 | $1.69 | $52,191 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-05-21 | P | 3,118 | $1.69 | $5,269 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-05-20 | P | 51,056 | $1.56 | $79,647 |
| 2026-06-10 | Vivo Opportunity, LLC | 10% Owner | 2026-05-20 | P | 5,154 | $1.56 | $8,040 |
| 2026-05-21 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-19 | P | 68,551 | $1.60 | $109,668 |
| 2026-05-21 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-19 | P | 200,000 | $1.56 | $312,080 |
| 2026-05-21 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-19 | P | 200,000 | $1.50 | $299,800 |
| 2025-12-19 | Johnson Shane Aaron | Officer (Sr VP & General Manager) | 2025-12-19 | A | 8,500 | — | $0 |
| 2025-12-19 | Lemerond Nicole | Director | 2025-12-19 | A | 1,750 | — | $0 |
| 2025-12-19 | Klompas Neil A | Director | 2025-12-19 | A | 1,750 | — | $0 |
| 2025-12-19 | Jagpal Netta | Officer (Chief Financial Officer) | 2025-12-19 | A | 18,000 | — | $0 |
| 2025-12-19 | WOUDENBERG MICHAEL | Officer (Chief Operating Officer) | 2025-12-19 | A | 18,000 | — | $0 |
| 2025-12-19 | Bathery John Steven | Director | 2025-12-19 | A | 1,750 | — | $0 |
| 2025-12-19 | HSU ERIC C | Officer (Sr. VP, Pre-Clinical Res/Dev) | 2025-12-19 | A | 13,000 | — | $0 |
| 2025-12-19 | ADAMS ERIC A | Director, Officer (President & CEO) | 2025-12-19 | A | 35,000 | — | $0 |
| 2025-12-19 | HULL ANDREW | Director | 2025-12-19 | A | 1,750 | — | $0 |
| 2025-12-17 | HULL ANDREW | Director | 2025-12-15 | H | (14) | — | $-0 |
| 2025-12-17 | ADAMS ERIC A | Director, Officer (President & CEO) | 2025-12-15 | H | (250) | — | $-0 |
| 2025-12-17 | WOUDENBERG MICHAEL | Officer (Chief Operating Officer) | 2025-12-15 | H | (60) | — | $-0 |
| 2025-12-17 | HSU ERIC C | Officer (Sr. VP, Pre-Clinical Res/Dev) | 2025-12-15 | H | (70) | — | $-0 |
| 2025-10-21 | Klompas Neil A | Director | 2025-10-17 | A | 3,500 | — | $0 |
| 2025-02-03 | HULL ANDREW | Director | 2025-01-11 | H | (2) | — | $-0 |
| 2024-12-23 | Johnson Shane Aaron | Officer (Sr VP & General Manager) | 2024-12-20 | A | 1,500 | — | $0 |
| 2024-12-23 | Jagpal Netta | Officer (Chief Financial Officer) | 2024-12-20 | A | 3,750 | — | $0 |
| 2024-12-23 | Lemerond Nicole | Director | 2024-12-20 | A | 550 | — | $0 |
| 2024-12-23 | WOUDENBERG MICHAEL | Officer (Chief Operating Officer) | 2024-12-20 | A | 3,750 | — | $0 |
| 2024-12-23 | Grove Janet P | Director | 2024-12-20 | A | 550 | — | $0 |
| 2024-12-23 | HSU ERIC C | Officer (Sr. VP, Pre-Clinical Res/Dev) | 2024-12-20 | A | 2,750 | — | $0 |
| 2024-12-23 | ADAMS ERIC A | Director, Officer (President & CEO) | 2024-12-20 | A | 6,250 | — | $0 |
| 2024-12-23 | Baldasare Bryan T | Director | 2024-12-20 | A | 550 | — | $0 |
| 2024-12-23 | HULL ANDREW | Director | 2024-12-20 | A | 550 | — | $0 |
| 2024-08-02 | MANCINI ALEXANDRA DIANE JANET | Other (Consultant) | 2024-07-31 | S | (240) | $0.18 | -$42 |