EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 InMed Pharmaceuticals Inc.: Exhibit 99.1 - Filed by newsfilecorp.com
NASDAQ: INM
 
Suite 1445-885 West Georgia St.
Vancouver, BC, Canada V6C 3E8
Tel: +1.604.669.7207
Email: info@inmedpharma.com
www.inmedpharma.com

InMed Reports Third Quarter Fiscal 2026 Financial Results and
Provides Business Update

Vancouver, BC - May 6th, 2026 - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today reports financial results for the third quarter of the fiscal year 2026 which ended March 31, 2026.

The Company's full financial statements and related MD&A for the third quarter ended March 31, 2026, are available at www.inmedpharma.com, www.sedarplus.com and at www.sec.gov.

"During the quarter, InMed reported additional preclinical data that further support the development of INM-901 for Alzheimer's disease through its targeting of neuroinflammation. Data from advanced human brain organoid systems demonstrated anti-neuroinflammatory effects consistent with findings observed across multiple in vivo and ex vivo studies," commented Eric A. Adams, InMed President and CEO.

Business Update

INM-901: Targeting the Modulation of Neuroinflammation in Alzheimer's disease
InMed's proprietary, disease-modifying, small molecule drug candidate INM-901 is a preferential signaling agonist of the CB1/CB2 receptors and continues to advance as a potential treatment for Alzheimer's disease with a primary focus on modulating neuroinflammation. During the quarter, InMed announced preclinical data demonstrating the effects of INM-901 in reducing neuroinflammation in 3D human brain organoid models of Alzheimer's disease.

The in vitro human organoid models represent some of the closest approximations to human brain tissue currently available, incorporating a complex cellular environment relevant to neurodegenerative disease. The organoids are composed of neurons, astrocytes, vascular cells and feature microglia, the brain's resident immune cells, and can be used to bridge the gap between traditional animal models and human clinical trials.

INM-901 was evaluated in two distinct human 3D organoid models: a general model of neuroinflammation induced with lipopolysaccharide ("LPS") and interferon-gamma ("IFN-γ"); and, Stem Pharm's proprietary neuroinflammation Alzheimer's disease model with specific features observed in Alzheimer's disease patients.

Key Observations included:

• INM-901 demonstrated significant reduction in neuroinflammation in Stem Pharm's LPS-induced model and in their Alzheimer's disease model. A dose-dependent reduction of key pro-inflammatory markers such as IL-6 and IL-8 was seen in both neuroinflammation models.

• Effects align with prior findings from an in vivo Alzheimer's model and an ex vivo LPS-induced neuroinflammation model.

• Provides supportive evidence of mechanistic translation from animal models to human tissue systems.

The consistency of INM-901's anti-inflammatory effects across in vivo animal models, ex vivo systems and now human 3D brain organoids provide increasing confidence in the compound's potential to translate into clinical benefit in humans with neuroinflammatory conditions.

Discontinued Operations

On March 4, 2026, the Company's board of directors ratified, confirmed and approved the decision of the board members of BayMedica to wind down and exit BayMedica's commercial operations business segment ("Commercial Operations"), which is the only revenue-generating commercial operations of the Company. BayMedica intends to substantially complete the wind down and exit prior to the end of its fiscal year ending June 30, 2026. During the interim period leading to the completion of operational wind down, BayMedica will continue its commercial operations including sales, marketing, limited manufacturing, and logistics.

Financial Commentary

Following the classification of the Commercial segment as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its operations. Unless otherwise noted, all activities and amounts reported in the following notes relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.

For the three months ended March 31, 2026, the Company reported a net loss of $3.0 million, compared to a net loss of $2.1million in the same period the previous year. The increase was largely driven by higher expenses related to pharmaceutical research and development activities, as well as financing costs.

Pharmaceutical research and development for continuing operations were $1.0 million for the three months ended March 31, 2026, compared with $0.4 million for the three months ended March 31, 2025. The increase was primarily due to an increase in external contractors relating to our INM-901 program

General and administrative expenses for continuing operations were $1.7 million for the three months ended March 31, 2026, compared to $1.6 million the same period the previous year. The increase resulted primarily from a combination of changes including lower accounting fees, share-based payments fees, and shareholder communication fees.

As of March 31, 2026, the Company's cash, cash equivalents and short-term investments were $5.2 million, which compares to $10.8 million on June 30, 2025.

The Company reported no revenue from continuing operations for the period. The discontinued commercial operations generated revenue of $0.7 million during the period; however, its results are classified as discontinued operations and are presented separately from continuing operations.

Table 1. Consolidated Balance Sheet
Expressed in U.S. Dollars

    March 31,     June 30,  
    2026     2025  
    Unaudited     (As restated)  
  $     $  
ASSETS            
Current            
Cash and cash equivalents   5,158,932     10,743,430  
Short-term investments   41,625     43,384  
Prepaids and other current assets   617,211     319,547  
Current assets of discontinued operations   1,070,313     1,760,918  
Total current assets   6,888,081     12,867,279  
             
Non-Current            
Property, equipment and ROU assets, net   642,884     992,199  
Intangible assets, net   1,498,473     1,620,562  
Other assets   104,368     100,000  
Total Assets   9,133,806     15,580,040  
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Current            
Accounts payable and accrued liabilities   1,011,551     1,230,845  
Current portion of lease obligations   389,381     435,507  
Current liabilities of discontinued operations   810,334     173,438  
Total current liabilities   2,211,266     1,839,790  
             
Non-current            
Lease obligations, net of current portion   30,766     305,755  
Total Liabilities   2,242,032     2,145,545  
Commitments and Contingencies (Note 9)            
             
Shareholders' Equity            
Common shares, no par value, unlimited authorized shares: 3,314,063 and 2,002,186 as of March 31, 2026 and June 30, 2025, respectively, issued and outstanding   92,578,071     91,221,174  
Additional paid-in capital   38,144,484     39,322,644  
Accumulated deficit   (123,959,350 )   (117,237,892 )
Accumulated other comprehensive income   128,569     128,569  
Total Shareholders' Equity   6,891,774     13,434,495  
Total Liabilities and Shareholders' Equity   9,133,806     15,580,040  

Table 2. Consolidated Statements of Operations
Expressed in U.S. Dollars

    For the Three Months Ended     For the Nine Months Ended  
    March 31,     March 31,  
    2026     2025     2026     2025  
    $     $     $     $  
Operating Expenses                        
Research and development   1,022,630     425,370     2,222,732     2,243,948  
General and administrative   1,742,016     1,584,393     4,304,323     4,155,493  
Amortization and depreciation   51,707     51,706     156,912     158,289  
Foreign exchange loss   23,168     22,165     62,026     50,608  
Total operating expenses   2,839,521     2,083,634     6,745,993     6,608,338  
                         
Other Income (Expense)                        
Interest and other income   47,770     16,565     215,914     104,195  
Finance expense   -     -     -     (351,549 )
                         
Net loss from continuing operations before taxes   (2,791,751 )   (2,067,069 )   (6,530,079 )   (6,855,692 )
Income tax expense   -     -     -     -  
Net loss from continuing operations   (2,791,751 )   (2,067,069 )   (6,530,079 )   (6,855,692 )
                         
Discontinued operations:                        
Income (Loss) from discontinued operations   (174,585 )   (53,861 )   (191,379 )   481,870  
Income tax benefit   -     -     -     -  
Loss from discontinued operations   (174,585 )   (53,861 )   (191,379 )   481,870  
                         
Net Loss   (2,966,336 )   (2,120,930 )   (6,721,458 )   (6,373,822 )
                         
Net loss per share for the period                        
Basic and diluted:                        
Continuing operations   (0.69 )   (1.89 )   (1.64 )   (8.53 )
Discontinued Operations   (0.04 )   (0.05 )   (0.05 )   0.6  
Net loss per share attributable to Common Stockholders - basic and diluted   (0.73 )   (1.94 )   (1.69 )   (7.93 )
Weighted average outstanding common shares                        
Basic and diluted   4,048,209     1,095,973     3,985,313     803,909  

Table 3. Consolidated Statements of Cash Flows
Expressed in U.S. Dollars

  For the Nine Months Ended March 31,  
  2026   2025  
  $   $  
Cash provided by (used in):        
         
Operating Activities        
Net loss   (6,721,458 )   (6,373,822 )
Items not requiring cash:            
Amortization and depreciation   156,912     160,087  
Share-based compensation   84,240     92,577  
Amortization of right-of-use assets   291,245     243,555  
Unrealized foreign exchange loss   27,730     44,876  
Changes in operating assets and liabilities:            
Prepaids and other currents assets   (294,825 )   (61,581 )
Other non-current assets   (4,368 )   -  
Accounts payable and accrued liabilities   (218,577 )   (349,399 )
Lease obligations   (327,395 )   (315,221 )
Operating cash flow used by discontinued operations   1,327,501     570,483  
Total cash used in operating activities   (5,678,995 )   (5,988,445 )
             
Investing Activities            
Sale of short-term investments   41,667     40,039  
Purchase of short-term investments   (41,667 )   (40,039 )
Total cash used in investing activities   -     -  
             
Financing Activities            
Proceeds from the private placement   231,675     4,361,220  
Share issuance costs   (137,178 )   (264,559 )
Total cash provided by financing activities   94,497     4,096,661  
Decrease in cash and cash equivalents during the period   (5,584,498 )   (1,891,784 )
Cash and cash equivalents beginning of the period   10,743,430     6,571,610  
Cash and cash equivalents end of the period   5,158,932     4,679,826  
             
SUPPLEMENTARY CASH FLOW INFORMATION:            
Cash paid during the period for:   -     -  
Income taxes $ -   $ -  
Interest $ -   $ -  
             
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:            
Recognition of Right-of-use asset and corresponding operating lease $ -   $ 187,223  

About InMed

InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed's pipeline consists of three separate programs in the treatment of Alzheimer's, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

Investor Contact:

Colin Clancy

Vice President, Investor Relations

and Corporate Communications

T:  +1.604.416.0999

E:  ir@inmedpharma.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about; the potential efficacy of INM-901, INM-901's ability to treat Alzheimer's, marketability and uses for INM-901; preclinical data demonstrating the effects of INM-901 in reducing neuroinflammation in 3D human brain organoid models of Alzheimer's disease. demonstrated significant reduction in neuroinflammation in Stem Pharm's LPS-induced model and in their Alzheimer's disease model.

With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: the ability to obtain all necessary regulatory approvals on a timely basis, or at all; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed's stand-alone business is disclosed in InMed's Annual Report on Form 10-K, InMed's Quarterly Report on Form 10-Q and other filings with the Security and Exchange Commission on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.