InMed Pharmaceuticals Inc (NASDAQ: INM) is a clinical-stage pharmaceutical company focused on developing cannabinoid-based drug candidates for neurological and other diseases. The company generates no material product revenue, funding operations primarily through equity issuances, including a $5.2 million gross proceeds private placement during the year ended June 30, 2024. INM has two primary development tracks: pharmaceutical drug candidates, led by INM-901 targeting neuroinflammatory conditions including Alzheimer's disease, and a cannabinoid manufacturing subsidiary, BayMedica, which pursues commercial sales of rare cannabinoid analogs. The company relies entirely on contract development and manufacturing organizations (CDMOs) for manufacturing, filling, packaging, and testing of drug candidates, as it holds no internal manufacturing capabilities. As of the 10-K filed September 23, 2025, management disclosed substantial doubt about the company's ability to continue as a going concern within one year of the financial statement issuance date. The company is dual-listed and operates under both U.S. and international regulatory frameworks.

Revenue model

No material pharmaceutical product revenue as of FY2025. Revenue is expected from BayMedica commercial cannabinoid analog sales. Operations are funded primarily through equity issuances. Future revenue pathways include potential licensing arrangements for drug candidates and BayMedica product sales.

Products and services

INM-901: cannabinoid-based drug candidate targeting neuroinflammatory diseases including Alzheimer's disease, demonstrated preclinical reduction of NLRP3, IL-1β, IL-6, IL-2, TNF-α, IFN-γ, and NfL markers. BayMedica: subsidiary focused on commercial production and sale of rare cannabinoid analogs. IntegraSyn: proprietary cannabinoid manufacturing platform using genetically engineered microbes and enzymatic biotransformation reactions.

Customers and end markets

End markets include neurological disease treatment (Alzheimer's disease, neuroinflammatory and dementia-related diseases) and specialty cannabinoid ingredient markets served by BayMedica. No specific customer names or concentration data disclosed in the filing excerpts.

Value-chain role

Drug developer and cannabinoid analog producer with no internal manufacturing. Outsources all manufacturing, filling, packaging, testing, storing, and shipping to CDMOs. Sources active pharmaceutical ingredients from contract manufacturers and research material suppliers using synthetic chemistry methods.

Geographic exposure

Dual-listed public company subject to U.S. and international regulatory frameworks including FDA, GDPR (EU), and Australian data protection laws. No specific revenue breakdown by geography disclosed in the filing excerpts.

Source: SEC 10-K, filed 2025-09-23

Industry: Pharmaceutical Preparations Peers: Pharmagreen Biotech Inc Target Group Inc