EX-99.1 2 ea027986901ex99-1.htm UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION OF INMED PHARMACEUTICALS INC

Exhibit 99.1

 

Pro Forma Information on Continuing Operations

 

The following unaudited pro forma consolidated financial information of InMed Pharmaceuticals Inc. (the “Company”) is derived from its historical consolidated financial statements and should be read in conjunction with the audited financial statements and notes thereto appearing in its Annual Report on Form 10-K for the year ended June 30, 2025 and its Form 10-Q for the period ended December 31, 2025. The accompanying unaudited pro forma condensed consolidated statements of operations for the six months ended December 31, 2025 and the year ended June 30, 2025 are presented as if the Company had accounted for the wind down and exit of BayMedica LLC’s commercial operations business segment (“commercial operations”) as discontinued operations as of July 1, 2024. The unaudited pro forma condensed consolidated financial information is preliminary and may be subject to change.

 

The unaudited pro forma condensed consolidated financial information has been presented for informational purposes only and is not indicative of any future results of operations or the results that might have occurred if the discontinued operations were actually effective on the indicated dates. The unaudited pro forma condensed consolidated financial statements are based on management’s estimate of the effects of the discontinued operations. Pro forma adjustments are based on currently available information, historical results and certain assumptions that management believes are reasonable and described in the accompanying notes.

 

 

 

InMed Pharmaceuticals Inc.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS

Expressed in U.S. Dollars

 

   December 31, 2025 
   As filed   Pro Forma Adjustments   Pro Forma 
   $   $   $ 
ASSETS            
Current            
Cash and cash equivalents   6,954,834    (215,389)   6,739,445 
Short-term investments   42,675    -    42,675 
Accounts receivable, net   182,967    (182,967)   - 
Inventories   947,898    (947,898)   - 
Prepaids and other current assets   660,280    (28,997)   631,283 
Current assets of discontinued operations   -    1,375,251    1,375,251 
Total current assets   8,788,654    -    8,788,654 
                
Non-Current               
Property, equipment and ROU assets, net   764,254    -    764,254 
Intangible assets, net   1,538,576    -    1,538,576 
Other assets   100,000    -    100,000 
Total Assets   11,191,484    -    11,191,484 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY               
Current               
Accounts payable and accrued liabilities   1,071,871    (324,161)   747,710 
Current portion of lease obligations   408,122    -    408,122 
Current liabilities of discontinued operations   -    994,161    994,161 
Total current liabilities   1,479,993    670,000    2,149,993 
                
Non-current               
Lease obligations, net of current portion   123,827    -    123,827 
Total Liabilities   1,603,820    670,000    2,273,820 
Commitments and Contingencies               
                
Shareholders’ Equity               
Common shares, no par value, unlimited authorized shares:               
2,804,186 as of December 31, 2025, issued and outstanding   92,046,396    -    92,046,396 
Additional paid-in capital   38,405,713    -    38,405,713 
Accumulated deficit   (120,993,014)   (670,000)   (121,663,014)
Accumulated other comprehensive income   128,569    -    128,569 
Total Shareholders’ Equity   9,587,664    (670,000)   8,917,664 
Total Liabilities and Shareholders’ Equity   11,191,484    -    11,191,484 

 

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InMed Pharmaceuticals Inc.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Expressed in U.S. Dollars

 

   Six months ended December 31, 
   2025 
   As filed   Pro Forma Adjustments   Pro Forma 
   $   $   $ 
Sales   1,940,309    (1,940,309)   - 
Cost of sales   1,352,956    (1,352,956)   - 
Gross profit   587,353    (587,353)   - 
                
Operating Expenses               
Research and development   1,212,248    (12,146)   1,200,102 
General and administrative   3,153,110    (590,803)   2,562,307 
Amortization and depreciation   106,403    (1,198)   105,205 
Foreign exchange loss   38,858    -    38,858 
Total operating loss from continuing operations   (3,923,266)    16,794   (3,906,472) 
                
Other Income (Expense)               
Interest and other income   168,144    -    168,144 
(Loss) income from continuing operations   (3,755,122)   -    (3,738,328)
                
Loss from discontinued operations   -    (16,794)   (16,794)
Net loss for the period   (3,755,122)   -    (3,755,122)
                
Net loss per share for the period               
Basic and diluted               
Continuing operations   -         (0.95)
Discontinued operations   -         (0.00)
Net loss per share attributable to Common Stockholders – basic and diluted   (0.95)        (0.95)
Weighted average outstanding common shares               
Basic and diluted   3,954,549         3,954,549 

 

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InMed Pharmaceuticals Inc.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Expressed in U.S. Dollars

 

   For the Year Ended June 30, 
   2025 
   As filed   Pro Forma Adjustments   Pro Forma 
   $   $   $ 
Sales   4,942,633    (4,942,633)   - 
Cost of sales   3,236,047    (3,236,047)   - 
Gross profit   1,706,586    (1,706,586)   - 
                
Operating Expenses               
Research and development   2,853,920    (32,718)   2,821,202 
General and administrative   6,557,822    (1,143,297)   5,414,525 
Amortization and depreciation   212,839    (2,396)   210,443 
Foreign exchange loss   28,471    -    28,471 
Total operating (loss) from continuing operations   (7,946,466)   (528,175)   (8,474,641)
                
Other Income (Expense)               
Interest and other income   155,882    -    155,882 
Finance expense   (371,549)   -    (371,549)
Loss from continuing operations   (8,162,133)   (528,175)   (8,690,308)
                
Net income from discontinued operations   -    528,175    528,175 
Net (loss) income for the period   (8,162,133)   528,175    (8,832,133)
                
Net (loss) income per share for the period               
Basic and diluted               
Continuing operations   -         (8.90)
Discontinued operations   -         0.54 
Net loss per share attributable to Common Stockholders – basic and diluted   (8.36)        (8.36)
Weighted average outstanding common shares               
Basic and diluted   975,895         975,895 

 

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Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheets:

 

The unaudited pro forma condensed consolidated balance sheet was prepared assuming the wind down of commercial operations and BayMedica LLC’s assets and liabilities were accounted for as discontinued operations as of December 31, 2025.

 

Notes to Unaudited Pro Forma Condensed Consolidated Statements of Operations:

 

The unaudited pro forma condensed consolidated statements of operations for the six months ended December 31, 2025 and the year ended June 30, 2025 have been presented as if the Company had accounted for the wind down of commercial operations and BayMedica LLC’s assets as discontinued operations as of July 1, 2024.

 

At this time, the Company has not completed its determination of the fair value of the assets and does not have an estimate of the write-down or other charges associated with the wind down of the net assets. The pro forma adjustments do not give effect to any write-down of the fair value of the net assets as of December 31, 2025.

 

 

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