InMed Pharmaceuticals Inc. (INM)

InMed Pharmaceuticals Inc. is a clinical stage pharmaceutical company, incorporated in British Columbia in 1981 and headquartered in Vancouver, that is developing a pipeline of prescription-based products, including rare cannabinoids and novel cannabinoid analogs, aimed at treating diseases with high unmet medical needs. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors, and its shares trade on the Nasdaq Capital Market under the symbol "INM". It operates through two reportable segments: the InMed Pharmaceuticals segment, which houses the drug development activities, and the BayMedica segment, which carries out manufacturing and distribution sales of bulk rare cannabinoids to customers, with revenue recognized at a point in time when control of the products transfers and with limited rights of return for damaged or non-compliant products.

Its consolidated subsidiaries include InMed Pharmaceutical Ltd., BayMedica, LLC, Biogen Sciences Inc., and Sweetnam Consulting Inc. Its intangible assets consist of acquired intellectual property, including patents and technical know-how, as well as in-process research and development. For the fiscal year ended June 30, 2022, the company reported a net loss of $18.6 million, compared with $10.2 million in fiscal 2021, and an accumulated deficit of $93.5 million. It has funded operations primarily through sales of common stock, held $6.2 million in cash and cash equivalents at year-end, and raised approximately $5.4 million in net proceeds from a private placement in September 2022.

Management has concluded that there is substantial doubt about the company's ability to continue as a going concern and expects to seek additional funding through equity or debt financings, collaborations, government contracts, or other strategic transactions.