Recent developments include the announcement of a merger with Mentari Therapeutics, associated financing activities, and corporate governance updates.

• InMed announced a merger with Mentari Therapeutics in May 2026, which led to a 160% surge in shares and amendments to preferred investment options [N3][N4].
• Mentari Therapeutics secured $200 million in financing ahead of the merger, contributing to pre-market share price increases for InMed in July 2026 [N1].
• InMed announced its 2024 Annual General Meeting results in February 2026 [N5].
• The company filed to sell 3 million common shares for holders in December 2024 [N7].
• Pre-market earnings reports in early 2025 included InMed among other companies [N6].
• Weekly industry news in May 2026 mentioned InMed alongside other pharmaceutical developments [N2].

InMed’s lead candidate, INM-901, has shown promising preclinical results in reducing neuroinflammation and improving neuronal function in Alzheimer’s disease models, with plans for regulatory engagement and clinical trials. The company’s pipeline also includes candidates addressing dry AMD and Epidermolysis Bullosa, with ongoing development and potential for strategic partnerships. The merger with Mentari Therapeutics and the associated $200 million financing could provide resources to advance development programs. The company’s proprietary manufacturing approaches may support efficient production of drug candidates.

InMed has wound down its only revenue-generating commercial segment, creating significant liquidity and going concern risks. The company reported a substantial net loss and negative earnings per share for the fiscal year ending June 30, 2026. Its drug candidates remain in preclinical or early clinical stages, requiring additional financing to continue development. The company faces Nasdaq listing compliance risks due to its share price, with potential delisting consequences. Failure to secure sufficient funding or to advance clinical programs successfully could materially impair its business prospects.

InMed’s moat is primarily based on its proprietary small molecule drug candidates targeting the endocannabinoid system’s CB1 and CB2 receptors, which are linked to neurodegenerative and other diseases with high unmet medical needs. The company’s drug candidates, such as INM-901, demonstrate multifactorial mechanisms of action and the ability to cross the blood-brain barrier, which may offer advantages over existing therapies. Additionally, InMed’s integrated manufacturing capabilities, including its proprietary IntegraSyn process, provide flexibility and potential cost efficiencies. However, the company currently lacks commercial operations and revenues, and its moat depends on successful clinical development and regulatory approvals, which remain uncertain.

• Liquidity and Going Concern Risk: Winding down the only revenue-generating segment creates substantial uncertainty regarding liquidity and the ability to continue operations without additional financing.
• Nasdaq Listing Compliance Risk: The company received a notice for minimum bid price non-compliance with a 180-day cure period, risking delisting if compliance is not regained.
• Development and Regulatory Risk: Drug candidates are in preclinical or early clinical stages, requiring successful regulatory interactions and clinical trial outcomes to progress.
• Financing Risk: Further development of product candidates depends on obtaining additional financing, which is uncertain.
• Operational Risk: Winding down commercial operations may impact workforce, internal controls, and access to capital, affecting business continuity.

• InMed Pharmaceuticals Inc. is a pharmaceutical drug development company focused on proprietary small molecule drug candidates targeting CB1 and CB2 receptors and other receptor targets linked to human disease, particularly neurodegenerative diseases such as Alzheimer's disease, dry age-related macular degeneration (dry AMD), and Epidermolysis Bullosa (EB).
• The company has wound down its only revenue-generating commercial operations segment, BayMedica, as of June 30, 2026, with remaining activities focused on preclinical development of product candidates.
• InMed's lead drug candidate, INM-901, is a small molecule preferential signaling agonist for CB1 and CB2 receptors targeting Alzheimer's disease, showing neuroprotective effects and reduction of neuroinflammation in preclinical studies, with plans for a pre-IND meeting with the FDA in Q3 2026 and potential IND submission and Phase 1 trial initiation in 2027, subject to financing.
• INM-089 is a proprietary small molecule targeting dry AMD with neuroprotective effects in preclinical research; development priorities include further preclinical studies and planning for a pre-IND meeting in early 2027, subject to financing.
• INM-755 (cannabinol) cream completed a Phase 2 clinical trial for EB showing positive anti-itch activity; the company is open to strategic partnerships for this candidate.
• The company employs multiple manufacturing approaches including chemical synthesis, biosynthesis, and a proprietary IntegraSyn process to maintain flexibility and cost-effectiveness.
• As of September 1, 2026, InMed had 6 full-time employees and uses consultants; management has extensive pharmaceutical industry experience.
• Financial snapshot as of June 30, 2026: cash and equivalents of $5.16 million (as of March 31, 2026), short-term investments of $39,670, current assets of $2.68 million, current liabilities of $1.96 million, current ratio of 1.37, and cash ratio of 2.66.
• For fiscal year ending June 30, 2026, InMed reported net loss of $12.56 million and basic and diluted EPS of -$3.12.
• The company faces significant uncertainty regarding liquidity and ability to continue as a going concern due to winding down its only revenue-generating segment and reliance on additional financing.
• InMed announced a merger with Mentari Therapeutics in May 2026, with Mentari securing $200 million financing ahead of the merger.
• The company has received a Nasdaq notice for minimum bid price non-compliance with a 180-day cure period starting March 27, 2026, with potential delisting risks if compliance is not regained.
• The company’s drug candidates target multiple mechanisms of action including neuroinflammation reduction, modulation of the endocannabinoid system, and other pathways relevant to Alzheimer's disease pathology.
• INM-901 is highly lipophilic and crosses the blood-brain barrier, which is advantageous for neurological drug development.
• The company’s management team and board have significant experience in pharmaceutical drug discovery, development, regulatory approval, and commercialization.
• InMed’s business model currently focuses on drug development and preclinical research, with no significant commercial operations following the BayMedica wind down.