Vancouver, British Columbia — February 11, 2026 — Leads & Copy — InMed Pharmaceuticals Inc. (NASDAQ: INM) has released its financial results for the second quarter of fiscal year 2026, which ended December 31, 2025. The company is focused on developing small-molecule drug candidates for diseases with unmet medical needs.
The company’s financial statements and related MD&A for the second quarter ended December 31, 2025, are available at www.inmedpharma.com, www.sedarplus.ca, and www.sec.gov.
CEO Eric A. Adams said the company is pleased with the progress across its pharmaceutical pipeline and is looking ahead to pursuing pre-IND meetings with the FDA in 2026. Compelling data from preclinical studies of INM-901 demonstrated a significant reduction in key neuroinflammatory markers, reinforcing neuroinflammation as the central focus of drug development activities, Adams said.
INM-901, InMed’s small molecule drug candidate, is a preferential signaling agonist of the CB1/CB2 receptors and is being developed as a potential treatment for Alzheimer’s disease, focusing on modulating neuroinflammation. The company announced the successful completion of pharmacokinetic studies in clinically relevant in vivo models for INM-901 during the quarter. This marked the first preclinical study in which the oral formulation of INM-901 was administered in large animals.
The results provide additional data for decisions in the design of a human Phase 1 clinical trial program. The studies demonstrated robust bioavailability over a seven-day dosing period, achieving anticipated therapeutic levels of systemic exposure for INM-901. Neurological assessments evaluating general attitude, behavior, and motor function revealed no adverse neural or behavioral effects, reinforcing the compound’s profile and supporting its continued advancement toward first-in-human clinical trials.
Next development steps for INM-901 include advancing CMC activities for scale-up and supply, dose ranging studies in two species, preparing for a pre-IND meeting with the FDA, and GLP-enabling studies to support an IND submission.
INM-089 is being investigated for the treatment of dry age-related macular degeneration (AMD). It is an intravitreal (IVT) injectable formulation that has been successfully delivered to the targeted area of the eye in preclinical studies at doses up to 10 times the calculated safety margin relative to the intended therapeutic dose. The company is continuing preclinical studies demonstrating functional and pathological improvements in a dry AMD disease study model.
Next development steps for INM-089 include preparing for a pre-IND meeting with the FDA and GLP-enabling studies to support an IND submission.
BayMedica’s commercial business generated revenues of $0.8 million for the three months ending December 31, 2025, compared to $1.1 million for the same period last year, reflecting a 26% decrease. This decrease is primarily attributed to drop in demand due to the currently pending changes in US legislation (Continuing Resolution and Appropriations Package (H.R. 5371, Section 781)).
The company’s research and development expenses were $0.6 million for the three months ending December 31, 2025, compared with $0.9 million for the three months ending December 31, 2024. The decrease was primarily due to reduced spending on external contractors and research supplies, offset in part by an increase in compensation. Research and development expenses are expected to increase substantially through the remainder of fiscal year 2026 as the company advances preclinical work and IND-enabling studies for INM-901.
The company incurred general and administrative expenses of $1.6 million for the three months ended December 31, 2025, compared with $1.7 million for the three months ending December 31, 2024.
As of December 31, 2025, the company’s cash, cash equivalents, and short-term investments were $7.0 million, compared to $11.1 million on June 30, 2025. The company continues to monitor expenses while advancing its pharmaceutical pipeline candidates. Based on current forecasts, the company expects its cash will be sufficient to fund its planned operating expenses and capital expenditure into the fourth quarter of calendar year 2026, depending on the level and timing of BayMedica commercial revenues.
U.S. congressional legislation H.R. 5371, the “Continuing Appropriations, Agriculture, Legislative Branch, Military Construction and Veterans Affairs, and Extensions Act, 2026,” was signed into law. The Act, in its current form and without further amendment, will have a material negative impact on BayMedica, a subsidiary of the company. Certain aspects of BayMedica’s commercial business and its inventory of rare, non-intoxicating cannabinoids would be prohibited under the Act if it comes into force on November 12, 2026. It is unknown whether the sections of the Act that would impact BayMedica will ultimately go into effect on November 12, 2026, or at all, or if those sections will be replaced, impacted, or amended by subsequent acts of U.S. policymakers.
BayMedica is evaluating alternative options but has not set a timetable for the conclusion of its evaluation, nor has it made any definitive decisions related to any potential alternative options at this time. In the meantime, BayMedica is continuing to sell its inventory of rare, non-intoxicating cannabinoids. Without timely, meaningful changes to the Act, the company would need to write off any inventory that BayMedica is unable to sell prior to the Act becoming effective and take other actions, which could include divesting BayMedica’s commercial business, if possible, pivoting to other manufacturing techniques, if commercially viable, or discontinuing BayMedica’s commercial business, all of which would have a material adverse effect on its business, results of operations, and financial condition.
Source: InMed Pharmaceuticals Inc.
