InMed Pharmaceuticals Inc. (NASDAQ: INM) reported its financial results for the second quarter (Q2) of fiscal year 2026, ended December 31, 2025. The company’s commercial business, BayMedica, generated revenues of USD 0.8 million for the period, reflecting a 26 percent decrease due to reduced demand amid pending US legislative changes. Research and development expenses were USD 0.6 million, driven primarily by lower spending on external contractors and research supplies, partially offset by higher compensation costs. General and administrative expenses totaled USD 1.6 million for the quarter. As of December 31, 2025, InMed held USD 7.0 million in cash, cash equivalents, and short-term investments, compared to USD 11.1 million as of June 30, 2025. The company anticipates its cash reserves will fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026, depending on the level and timing of BayMedica commercial revenues. During the quarter, InMed advanced its pharmaceutical pipeline, completing pharmacokinetic studies in large animals for its lead candidate INM-901, demonstrating robust bioavailability and no adverse neurological effects. The company is preparing for a pre-IND meeting with the FDA, GLP-enabling studies, and advancing CMC activities and dose-ranging studies to support an IND submission and eventual first-in-human clinical trials.

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