InMed Pharmaceuticals Inc. reported its results for the quarter ended December 31, 2025. For the Pharma segment, research and development expenses were USD 0.63 million for the quarter, marking a 30 percentage point decrease. General and administrative expenses totaled USD 1.32 million, a decrease of 3 percentage points. Amortization and depreciation expenses were USD 0.05 million, reflecting a 2 percentage point decrease. During the period, InMed advanced its INM-901 program, completing the first preclinical study with the oral formulation administered in large animals. These results will guide the design of a planned human Phase 1 clinical trial. The company also completed additional chemistry, manufacturing, and controls development to scale up the INM-901 manufacturing process in preparation for Investigational New Drug enabling studies and regulatory interactions with the FDA. Revenue for the company is derived from manufacturing and distribution sales of bulk rare cannabinoid products, recognized at the point when control is transferred to the customer. Cost of sales includes the purchase price of goods, cost of services rendered, freight, warehousing, and purchasing costs. The company operates two segments: Pharma and Commercial, with segment performance assessed based on licensing opportunities, product sales, operating expenses, and operating income (loss) before interest and taxes.

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