InMed reports third quarter results and a $3.0 million net loss

InMed Pharmaceuticals Inc. (Nasdaq: INM) reported financial results for the third quarter of fiscal 2026, which ended March 31, 2026, in a release dated May 6, 2026. The company reported a net loss of $3.0 million for the three months, compared with a net loss of $2.1 million in the same period a year earlier. It said the increase was largely driven by higher research and development spending and financing costs. The release also gives an update on the business and the balance sheet.

Continuing operations

Following the classification of its commercial segment as discontinued operations, InMed reports one segment that consists of its continuing operations. Pharmaceutical research and development expenses for continuing operations were $1.0 million for the three months ended March 31, 2026, compared with $0.4 million a year earlier. The company said the increase was primarily due to more external contractors on its INM-901 program. General and administrative expenses were $1.7 million, compared with $1.6 million, which the company said resulted from a combination of changes, including lower accounting fees, share-based payment fees and shareholder communication fees. InMed reported no revenue from continuing operations for the period.

Total operating expenses for continuing operations were 2,839,521 for the quarter, compared with 2,083,634 a year earlier, in U.S. dollars. The net loss per share attributable to common stockholders was 0.73 for the quarter, compared with 1.94 a year earlier, on weighted average shares of 4,048,209, compared with 1,095,973.

For the nine months ended March 31, 2026, research and development expenses for the company as shown in its statement of operations were 2,222,732, compared with 2,243,948 a year earlier, and general and administrative expenses were 4,304,323, compared with 4,155,493.

The discontinued commercial operations generated revenue of $0.7 million in the quarter. Those results are presented separately from continuing operations. The loss from discontinued operations was 174,585 for the quarter, and the loss from continuing operations was 2,791,751, in U.S. dollars.

For the nine months ended March 31, 2026, the net loss was 6,721,458, compared with 6,373,822 a year earlier. The accumulated deficit stood at 123,959,350 on March 31, 2026.

Wind-down of commercial operations

On March 4, 2026, InMed's board of directors ratified, confirmed and approved the decision of BayMedica's board to wind down and exit BayMedica's commercial operations business segment. The release describes that segment as the only revenue-generating commercial operations of the company. BayMedica intends to substantially complete the wind-down and exit before its fiscal year ends June 30, 2026. In the interim, it continues its sales, marketing, limited manufacturing and logistics activities.

As of March 31, 2026, cash, cash equivalents and short-term investments were $5.2 million, compared with $10.8 million on June 30, 2025. The balance sheet in the release shows total assets of 9,133,806, total liabilities of 2,242,032 and total shareholders' equity of 6,891,774, with figures stated in U.S. dollars.

Research program

During the quarter, InMed reported additional preclinical data for INM-901 in 3D human brain organoid models of Alzheimer's disease. In a general model of neuroinflammation induced with lipopolysaccharide and interferon-gamma, and in a proprietary Alzheimer's disease model developed by Stem Pharm, INM-901 significantly reduced neuroinflammation. A dose-dependent reduction of key pro-inflammatory markers, including IL-6 and IL-8, was seen in both neuroinflammation models. The company said the findings align with earlier results from an in vivo Alzheimer's model and an ex vivo model of neuroinflammation.

The organoids are composed of neurons, astrocytes, vascular cells and microglia, the brain's resident immune cells, according to the release. The company says the models can bridge the gap between traditional animal models and human clinical trials.

Early data, shrinking cash

The INM-901 results come from brain organoid and other laboratory models, not from patients, and the release gives no timetable beyond the ongoing preclinical work. Cash, cash equivalents and short-term investments fell to $5.2 million from $10.8 million on June 30, 2025, and the accumulated deficit was 123,959,350. Continuing operations have no revenue now that the commercial business is being wound down, and the quarterly loss grew to $3.0 million from $2.1 million.

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