InMed Pharmaceuticals (INM) Q3 2026 earnings summary

Executive summary

• Focus shifted to pharmaceutical R&D after decision to wind down BayMedica's commercial operations due to adverse U.S. legislation impacting rare cannabinoid sales, with wind-down expected by June 30, 2026.

• Pipeline includes INM-901 for Alzheimer's, which showed significant anti-neuroinflammatory effects in human brain organoid models, and INM-089 for dry AMD, with preclinical and IND-enabling studies ongoing.

• Reported third quarter fiscal 2026 results, with a net loss of $3.0 million compared to $2.1 million in the same quarter last year, primarily due to increased R&D and financing costs.

• Received Nasdaq delisting notice for not meeting minimum bid price; 180-day grace period to regain compliance.

Financial highlights

• Net loss for the three months ended March 31, 2026 was $2.97 million, compared to $2.12 million for the same period in 2025.

• Net loss for the nine months ended March 31, 2026 was $6.72 million, compared to $6.37 million for the same period in 2025.

• Cash, cash equivalents, and short-term investments totaled $5.2 million as of March 31, 2026, down from $10.8 million on June 30, 2025.

• No revenue from continuing operations; discontinued operations generated $0.7 million in revenue.

• Accumulated deficit reached $124 million as of March 31, 2026.

Outlook and guidance

• Cash runway expected to fund operations into Q4 2026; substantial doubt exists about ability to continue as a going concern without additional capital.

• Exploring strategic transactions, partnerships, and additional financing to support ongoing R&D and operations.

• Focus post-wind down will be exclusively on advancing pharmaceutical candidates toward clinical trials, especially INM-901.