Here are a few brief analogies for InMed Pharmaceuticals:

1. It's like an early-stage GW Pharmaceuticals (a company known for its cannabis-derived prescription drugs) focused on developing new cannabinoid treatments for conditions such as rare skin diseases and glaucoma.

2. Think of it as a clinical-stage biotech company, much like Moderna or BioNTech use a specific technology platform (mRNA) for drug development, but InMed's platform focuses on creating new medicines from cannabinoids.

• INM-755: A cannabinol topical cream in clinical trials for the treatment of epidermolysis bullosa.
• INM-088: A cannabinoid-based therapy in preclinical studies for the treatment of glaucoma.
• INM-405: A cannabinoid-based therapy in preclinical studies for the treatment of pain.
• IntegraSyn: An integrated biosynthesis-based manufacturing approach for synthesizing pharmaceutical-grade cannabinoids.

InMed Pharmaceuticals Inc. (INM) is a clinical-stage pharmaceutical company focused on the research and development of cannabinoid-based therapies. According to the provided description, its lead product, INM-755, is in Phase I clinical trials, and other drug candidates (INM-088, INM-405) are in preclinical studies. The company is actively engaged in R&D, preclinical toxicology studies, and developing manufacturing approaches.

As a clinical-stage company, InMed Pharmaceuticals Inc. does not currently have any commercialized products on the market. Therefore, it does not have major customers, either other companies or individual consumers, from the sale of its therapies at this time. Its primary activities revolve around advancing its drug candidates through the various stages of clinical development and regulatory approval.

• BayMedica Inc.

The key risks for InMed Pharmaceuticals (INM) are primarily associated with the inherent uncertainties of clinical-stage drug development, its financial stability, and the early nature of its product pipeline.

1. Clinical Trial Failure and Regulatory Hurdles: InMed Pharmaceuticals is a clinical-stage company with its lead drug candidates, INM-901 for Alzheimer's disease and INM-089 for dry age-related macular degeneration, currently in preclinical stages. The company targets initiating a Phase 1 clinical trial for INM-901 in 2027, following planned pre-Investigational New Drug (IND) meetings with the FDA in Q3 and Q4 2026 for its programs. The progression of these programs is heavily dependent on regulatory feedback and the successful completion of IND-enabling activities. There is a high risk that these drug candidates may fail to demonstrate efficacy or safety in future clinical trials, or face significant delays or outright rejection by regulatory authorities, which is common in pharmaceutical development.
2. Insufficient Capital and Dilution Risk: As of December 31, 2025, InMed Pharmaceuticals reported having $7.0 million in cash, cash equivalents, and short-term investments, a decrease from $11.1 million on June 30, 2025. The company anticipates that its current cash will only be sufficient to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026. With research and development expenses expected to increase substantially in fiscal year 2026 as preclinical work and IND-enabling studies advance, InMed faces a significant risk of needing to raise additional capital in the near future. This could lead to substantial dilution for existing shareholders, particularly given its small market capitalization, which was reported as $2.69 million in March 2026.
3. Dependence on a Narrow and Early-Stage Pipeline: The company's future prospects are almost entirely reliant on the successful development and commercialization of a very limited number of drug candidates, all of which are in very early stages of development. The failure of any single lead candidate, such as INM-901 or INM-089, in preclinical studies or early clinical trials could severely impact the company's viability and its ability to generate future revenue.

The addressable markets for InMed Pharmaceuticals' main products are as follows:

• INM-755 (Epidermolysis Bullosa): The global Epidermolysis Bullosa market size was valued at approximately USD 3.6 billion in 2023 and is projected to reach USD 11 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.40% from 2024-2032. Another estimate indicates the market was USD 3.43 billion in 2025 and is expected to reach USD 3.67 billion in 2026. The market size in the seven major markets (7MM - US, Germany, Spain, Italy, France, UK, and Japan) was approximately USD 1,700 million in 2023.
• INM-088 (Glaucoma): The global glaucoma market size was valued at USD 9.41 billion in 2025 and is projected to reach USD 14.23 billion by 2034, with a CAGR of 4.70% from 2025 to 2034. Another report states the global glaucoma treatment market size was USD 6.6 billion in 2024 and is expected to grow to USD 10.5 billion by 2034.
• INM-405 (Pain): The global pain management market size is estimated at USD 81.92 billion in 2025 and is projected to grow to USD 85.63 billion in 2026, reaching USD 106.86 billion by 2031, with a CAGR of 4.53% over 2026-2031. Another source indicates the pain management market size was valued at USD 73.24 billion in 2023 and is expected to reach USD 108.48 billion by 2032.

InMed Pharmaceuticals (NASDAQ: INM) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Strategic Partnerships for INM-755 in Epidermolysis Bullosa: Having completed its Phase 2 clinical trial for INM-755, a cannabinol topical cream for epidermolysis bullosa (EB), and demonstrating positive indications of enhanced anti-itch activity, InMed Pharmaceuticals is actively seeking strategic partnerships to advance this program. Such partnerships, if secured, could generate revenue through upfront payments, milestone payments, and future royalties from commercialization.
2. Advancement of INM-901 for Alzheimer's Disease: InMed is prioritizing the advancement of INM-901, a proprietary small molecule drug candidate for Alzheimer's disease. The company plans to engage in a pre-Investigational New Drug (IND) meeting with the U.S. Food and Drug Administration (FDA) in the third quarter of 2026 and aims to initiate Phase 1 clinical trials in 2027. Successful progression through these early clinical development stages is expected to drive future value and potential partnership opportunities.
3. Advancement of INM-089 for Age-related Macular Degeneration (AMD): Leveraging its expertise in ocular cannabinoid treatments, InMed is advancing INM-089 for dry age-related macular degeneration. Preclinical research for INM-089 has shown promising results in preserving retinal function. A pre-IND meeting with the FDA is scheduled for the fourth quarter of 2026. This progression is expected to contribute to future revenue growth through potential licensing deals or partnerships.
4. Growth and Market Expansion of BayMedica's Commercial Business: InMed's wholly-owned subsidiary, BayMedica, focuses on the manufacturing and distribution of rare cannabinoids for the health and wellness sector. Despite recent revenue fluctuations and market uncertainties, InMed continues to emphasize BayMedica's role in driving revenue growth and market expansion. In fiscal year 2023, BayMedica reported $4.1 million in revenue, a 280% increase over the previous fiscal year, and generated $1.3 million in revenue for the three months ending September 30, 2024, marking a 40% increase year-over-year.

Share Issuance

• In June 2025, InMed announced a private placement for approximately $5 million in gross proceeds through the issuance and sale of common shares and short-term preferred investment options.
• In November 2022, the company completed a private placement of approximately $6 million, issuing common shares and unregistered preferred investment options to institutional investors.
• In December 2024, InMed entered into a Standby Equity Purchase Agreement (SEPA) allowing the sale of up to $10 million of common shares over a 36-month period, providing flexible access to capital.

Inbound Investments

• In June 2025, InMed secured roughly $5 million in gross proceeds from a private placement with a single institutional investor.
• In November 2022, the company received approximately $6 million in gross proceeds from a private placement with two institutional investors.
• In June 2021, InMed raised approximately US$12.0 million through a private placement with an institutional investor.

Outbound Investments

• In November 2021, InMed acquired BayMedica, which provided multiple manufacturing approaches for rare cannabinoids and diversified the company's profile.
• In March 2026, the company decided to wind down and exit BayMedica's commercial operations to focus exclusively on advancing its core drug development programs.

Capital Expenditures

• For the fiscal year ended June 30, 2025, InMed Pharmaceuticals reported property, equipment, and right-of-use assets, net, of $992,199, compared to $1,249,999 for the fiscal year ended June 30, 2024.
• The company expects its cash to be sufficient to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026.
• Capital expenditures are primarily focused on advancing the pharmaceutical pipeline development, particularly for drug candidates such as INM-901 for Alzheimer's disease and INM-089 for dry age-related macular degeneration.