--- title: "InMed Pharmaceuticals to wind down BayMedica" url: "https://aibio.space/news/inmed-pharmaceuticals-wind-down-baymedica-only-revenue-generating/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-03-06" section: "Distress" tickers: "NASDAQ:INM" source: "https://www.sec.gov/Archives/edgar/data/1728328/000121390026024752/ea0279869-8k_inmed.htm" summary: "InMed's board approved exiting BayMedica's sales on March 4, 2026. The company calls BayMedica its only revenue-generating business, expects about $550,000" --- By the aibio.space news desk. Sources - [InMed Pharmaceuticals Inc. Form 8-K filed March 6, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1728328/000121390026024752/ea0279869-8k_inmed.htm) - [ea027986901ex99-1.htm](https://www.sec.gov/Archives/edgar/data/1728328/000121390026024752/ea027986901ex99-1.htm) - [ea0253959-10k_inmed.htm](https://www.sec.gov/Archives/edgar/data/1728328/000121390025090210/ea0253959-10k_inmed.htm) [INM](https://aibio.space/companies/inmed-pharmaceuticals/) 2026-03-06 # InMed Pharmaceuticals to wind down BayMedica, its only revenue-generating business Tickers [INM](https://aibio.space/companies/inmed-pharmaceuticals/) InMed's board approved exiting BayMedica's sales on March 4, 2026. The company calls BayMedica its only revenue-generating business, expects about $550,000 in severance costs and about $120,000 in other spending, and its annual report already carries a going-concern warning. ## Key facts - **Company**: InMed Pharmaceuticals Inc. (NASDAQ: INM) - **News type**: Distress - **Primary source**: [InMed Pharmaceuticals Inc. Form 8-K filed March 6, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1728328/000121390026024752/ea0279869-8k_inmed.htm) *Stone columns of a government building. Photo: The Building Envelope, CC0, via StockSnap. The picture shows the field, not the companies named.* InMed Pharmaceuticals Inc. (Nasdaq: [INM](https://aibio.space/companies/inmed-pharmaceuticals/)) said its board ratified, on March 4, 2026, a decision by BayMedica's board to wind down and exit BayMedica LLC's commercial operations. The company calls that business its only revenue-generating operation. BayMedica intends to substantially complete the wind down before its fiscal year ends June 30, 2026. InMed disclosed the plan in a [Form 8-K filed March 6, 2026](https://www.sec.gov/Archives/edgar/data/1728328/000121390026024752/ea0279869-8k_inmed.htm). ## The law behind the exit The filing points to H.R. 5371, the Continuing Appropriations, Agriculture, Legislative Branch, Military Construction and Veterans Affairs, and Extensions Act, 2026. The company says the act, "in its current form and without further amendment," will have a material negative impact on BayMedica. Certain parts of BayMedica's commercial business, and its inventory of rare, non-intoxicating cannabinoids, would be prohibited if the act takes effect as planned on November 12, 2026. The 8-K does not say whether InMed is seeking an amendment. ## Costs and what continues BayMedica expects severance and other employee-related costs of about $550,000. It also expects about $120,000 of related spending through the end of the fiscal year. Sales before the wind down is complete are expected to offset part of that spending. The company says its estimates may prove wrong and that BayMedica may incur other charges it does not now expect. Until the wind down is complete, BayMedica will continue sales, marketing, limited manufacturing and logistics. After that, InMed says it will focus only on its drug candidates. ## The pro forma picture Exhibit 99.1 presents unaudited, preliminary pro forma figures as if the exit had been treated as discontinued operations from July 1, 2024. For the six months ended December 31, 2025, sales of $1,940,309 are removed from continuing operations, along with cost of sales of $1,352,956. The net loss for that period is $3,755,122, or $0.95 per share, as filed and pro forma. For the year ended June 30, 2025, sales were $4,942,633, and the net loss was $8,162,133 as filed. On the December 31, 2025 balance sheet, cash and cash equivalents were $6,954,834 as filed and $6,739,445 pro forma, after an adjustment of $215,389. Total liabilities rise from $1,603,820 to $2,273,820 pro forma, after a $670,000 adjustment. Shareholders' equity falls from $9,587,664 to $8,917,664. The accumulated deficit is $120,993,014 at that date. In the pro forma statements, continuing operations report no sales. The exhibit describes its figures as preliminary and subject to change. ## Going concern and a thin pipeline InMed's annual report on Form 10-K for the year ended June 30, 2025, filed September 23, 2025, says its operating losses raise substantial doubt about its ability to continue as a going concern. The company's independent auditors included an explanatory paragraph on that point for both fiscal 2025 and fiscal 2024, and the company says it will need additional capital to fund operations. The company describes itself as a pharmaceutical developer of small molecules that act on the CB1 and CB2 receptors. Its candidates include INM-901 for Alzheimer's disease and INM-089 for dry age-related macular degeneration. The annual report calls both preclinical. It also lists INM-088 for glaucoma as part of a preclinical ocular program. The 10-K says InMed has completed a Phase 2 study of INM-755 cream for epidermolysis bullosa, and reports a positive indication of enhanced anti-itch activity. That is the company's own wording, and the passage gives no statistical measure for the result. The 8-K says that after the wind down the company will focus only on those candidates as they advance toward investigational new drug filings and first human trials. It gives no dates for either step. Eric A. Adams, president and chief executive officer, signed the 8-K. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story INM InMed Pharmaceuticals Inc. 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Cite as: aibio.space, "InMed Pharmaceuticals to wind down BayMedica", 2026-03-06, https://aibio.space/news/inmed-pharmaceuticals-wind-down-baymedica-only-revenue-generating/