InMed Pharmaceuticals Inc. (INM): Business Model Canvas [Dec-2025 Updated]

You're digging into InMed Pharmaceuticals Inc. (INM), trying to map out how this biotech actually makes money while chasing big pharma wins. Honestly, it's a classic dual-engine setup: a high-stakes drug pipeline for things like Alzheimer's, currently supported by the steady, albeit smaller, revenue from their rare cannabinoid sales via BayMedica, which brought in $4.9M in total revenue for fiscal year 2025. To fund the $2.9M in R&D and $6.6M in G&A last year, they are relying on that commercial arm and their $11.1M cash position as of June 30, 2025. So, check out the full canvas below to see exactly how they structure these moving parts to manage risk and chase that big licensing payoff, its a fascinating model.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Key Partnerships

You're looking at the core external relationships that fuel InMed Pharmaceuticals Inc.'s pipeline and manufacturing strategy as of late 2025. These aren't just vendor agreements; they are critical dependencies for advancing drug candidates like INM-088 and INM-901, and for maintaining the commercial segment via BayMedica.

The company's ability to progress its pharmaceutical programs is underpinned by its current financial footing. As of June 30, 2025, InMed Pharmaceuticals Inc. reported cash, cash equivalents, and short-term investments totaling $11.1M. This cash position is expected to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026, which directly impacts the resources available to support these key collaborations. Research and development expenses for the year ended June 30, 2025, were $2.9M.

Here's a breakdown of the essential external players:

• EyeCRO for the exclusive, worldwide license of the MiDROPS® ocular drug delivery technology.
• Almac Group for optimizing the manufacturing process to create cost-efficient, GMP-grade Active Pharmaceutical Ingredient (API).
• University of British Columbia (UBC) for collaborative cannabinoid research in neurodegenerative diseases, supported by external funding.
• Potential pharmaceutical companies for INM-755 licensing, following the completion of its Phase 2 program for Epidermolysis Bullosa (EB).

The specifics of these relationships define how InMed Pharmaceuticals Inc. operates its development and manufacturing arms.

Ocular Delivery Technology Licensing with EyeCRO

The agreement with EyeCRO grants InMed Pharmaceuticals Inc. an exclusive, worldwide license to develop and commercialize prospective therapeutic cannabinoid formulations that use the MiDROPS® delivery technology. This platform is key for delivering lipophilic molecules, like cannabinol (CBN), as a stable and comfortable eyedrop formulation, which is central to the INM-088 glaucoma program.

The financial structure of this partnership is milestone-driven, which helps manage upfront cash burn:

This structure ties EyeCRO's ultimate compensation directly to the commercial success of the licensed technology, which is a defintely common approach in pharma licensing.

API Manufacturing Optimization with Almac Group

InMed Pharmaceuticals Inc. has been working with the Almac Group since May 2020 to develop a streamlined cannabinoid manufacturing process. This collaboration focuses on optimizing both upstream cannabinoid assembly processes and downstream purification. The goal is to achieve cost-efficient, GMP-grade active pharmaceutical ingredients necessary for prescription-based medications.

This partnership is crucial because it leverages Almac Group's extensive experience in contract development and manufacturing, spanning from early process development to commercial-scale manufacture. This external expertise supports InMed's internal know-how in biosynthesis and its proprietary IntegraSyn approach.

Cannabinoid Research Collaboration with University of British Columbia

The research partnership with the University of British Columbia (UBC), specifically involving Dr. Ujendra Kumar of the faculty of Pharmaceuticals Sciences, targets the potential therapeutic effects of selected rare cannabinoid analogs in neurodegenerative diseases like Alzheimer's, Huntington's, and Parkinson's. This collaboration is financially supported by an Alliance grant from NSERC (Natural Sciences and Engineering Research Council of Canada), with InMed Pharmaceuticals Inc. named as the industry partner.

The project, titled "Pharmacological characterization of phytocannabinoids and the endocannabinoid system," uses external grant funding to support InMed's research and development studies for its INM-900 series candidates.

Licensing Strategy for INM-755 (Epidermolysis Bullosa)

InMed Pharmaceuticals Inc. completed its Phase 2 clinical trial program for INM-755, a CBN cream intended to treat Epidermolysis Bullosa (EB) symptoms like itch and wound healing. Following the results, management has indicated a clear strategic direction.

The current partnership focus for INM-755 is:

• Pursuing strategic partnership opportunities for INM-755 specifically in EB.
• Exploring opportunities in other itch related diseases where the compound showed positive indication of enhanced anti-itch activity versus the control cream alone.

While the Phase 2 results showed a favorable safety profile and sufficient clinically important anti-itch activity, the company is now actively seeking external partners to advance the commercialization path, which is a common step after Phase 2 data generation.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Key Activities

You're looking at the core engine driving InMed Pharmaceuticals Inc. (INM) right now-the actual work they are doing to move their pipeline and support that R&D. This isn't just about ideas; it's about lab work, manufacturing scale-up, and legal protection. Here's the quick math on what they're executing on as of late 2025.

The Key Activities are split between the pharmaceutical development programs and the commercial rare cannabinoid business, BayMedica.

Preclinical and IND-enabling studies for INM-901 (Alzheimer's disease)

The focus here is on gathering the necessary data to file an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA). InMed Pharmaceuticals Inc. has been pushing INM-901 hard, especially on its multi-pathway approach targeting neuroinflammation.

• Completed pharmacokinetic studies in large animal models over a seven-day dosing period.
• Demonstrated robust bioavailability, achieving what is anticipated to be therapeutic levels of systemic exposure.
• Reported statistically significant reductions in neuroinflammation in a long-term (7-month dosing) preclinical study.
• Presented ex vivo study results showing significant reductions in key pro-inflammatory markers, independent of amyloid beta or tau pathology.
• Achieved statistical significance in improvements in cognitive function, memory, and locomotor activity in the established 5xFAD AD mouse model.

The next steps are clearly laid out for fiscal 2026, which involves advancing Chemistry, Manufacturing, and Controls (CMC) activities and preparing for the pre-IND meeting. The goal is to complete GLP-enabling studies to support the eventual IND submission.

Advancing INM-089 formulation for dry Age-related Macular Degeneration (AMD)

For INM-089, a major activity has been finalizing the delivery method for the eye. They selected an intravitreal (IVT) formulation, which is a well-established route for retinal drug delivery.

The data from preclinical work on this specific formulation is key to de-risking the program:

This work is intended to support a therapeutic approach that demonstrated neuroprotection of photoreceptors and improved photoreceptor function in disease models.

Manufacturing and B2B commercialization of bulk rare cannabinoids via BayMedica

The BayMedica subsidiary remains a key activity, generating revenue to help fund the pharmaceutical R&D. They are a supplier of non-intoxicating rare cannabinoids to the health and wellness sector.

The financial performance for this segment in fiscal 2025 shows clear commercial activity:

• Realized sales of $4.9M for the year ended June 30, 2025.
• This revenue represented an 8% increase over the prior fiscal year (year ended June 30, 2024).
• The increase in sales compared to the prior year was $0.34M.

Overall, for the fiscal year ended June 30, 2025, the Company incurred Research and development expenses of $2.9M and General and administrative expenses of $6.6M, while maintaining cash, cash equivalents and short-term investments of $11.1M as of that date.

Protecting intellectual property with 13 patent families

Protecting the novel drug candidates, formulations, and manufacturing methods is a critical, non-stop activity. InMed Pharmaceuticals Inc. has been actively building this moat.

As of August 20, 2024, the company's intellectual property portfolio totaled 13 patent families. These families cover the core of their business, including:

• New chemical entities
• Formulations
• Manufacturing processes
• Methods of use

The company continues to pursue new chemical entity patents for both the INM-901 and INM-089 programs. Finance: draft 13-week cash view by Friday.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Key Resources

You're looking at the core assets InMed Pharmaceuticals Inc. (INM) is relying on right now to drive value, which is a mix of intellectual property and hard cash. Honestly, for a company at this stage, the quality of the pipeline assets and the runway from the balance sheet are what matters most.

The proprietary small molecule drug candidates form the bedrock of the pharmaceutical segment's future value. Here's a quick look at the two lead programs as of late 2025:

The wholly-owned subsidiary, BayMedica, provides a revenue-generating asset and a unique manufacturing capability. This platform is key to securing high-quality cannabinoid supply, independent of traditional agriculture.

• BayMedica's platform engineers common brewer's yeast into a biological factory to produce pure individual pharmaceutical-grade cannabinoids from simple sugars via biosynthesis.
• The platform complements expertise in synthetic chemistry and has shown quality and cost advantages over cannabinoids produced via legacy agriculture at scale.
• BayMedica provides flexibility to produce common, rare cannabinoid compounds, and novel cannabinoid analogs not present in the plant.
• BayMedica segment realized sales of $4.9M for the year ended June 30, 2025, representing an increase of 8% compared to the year ended June 30, 2024.
• Revenues for the three months ending September 30, 2025, were $1.1 million.

Liquidity is always a primary concern, and InMed Pharmaceuticals Inc. is managing its cash position carefully to fund the pipeline advancement. You see, the cash on hand dictates the speed of R&D execution.

The balance sheet showed:

• Cash, cash equivalents, and short-term investments of $11.1M as of June 30, 2025.
• The company expects this cash position to be sufficient to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026, depending on BayMedica revenues and operating expenses.
• More recently, as of September 30, 2025, the cash and cash equivalents stood at $9.3 million.

The human capital-the experienced pharmaceutical R&D and manufacturing team-is another critical resource. They are the ones executing the complex preclinical work and managing the commercial segment. Defintely, this expertise is hard to replicate.

Key personnel metrics include:

• The team has extensive experience spanning from drug discovery through to commercialization.
• As of October 2025, InMed Pharmaceuticals had approximately 19 employees across North America, though another report indicates a total of 13 employees.
• The team is focused on advancing the INM-901 program toward IND-enabling studies.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Value Propositions

You're looking at InMed Pharmaceuticals Inc. (INM) as of late 2025, and the value propositions are clearly split between the pipeline assets and the established commercial cannabinoid business. It's a dual-engine approach, with the pharma side representing high-potential, high-risk value, and the commercial side providing near-term revenue support.

Novel, multi-pathway therapeutic approach for Alzheimer's disease (INM-901)

The value here is the differentiated mechanism targeting multiple drivers of the disease, not just one protein. Preclinical data supports this multi-modal potential.

• INM-901 demonstrated a significant reduction in inflammatory biomarkers, including IFN-γ, TNF-α, IL-1β, KC-GRO, IL-2, and NfL, in a long-term 5xFAD mouse model.
• The compound showed a dose-dependent reduction in amyloid-beta (Aβ) immunoreactivity.
• Pharmacokinetic studies in large animal models showed robust bioavailability over a seven-day dosing period, achieving what the company anticipates are therapeutic levels of systemic exposure.
• Crucially, neurological assessments during these large animal PK studies revealed no adverse neural or behavioral effects.

Neuroprotective small molecule for dry AMD with intravitreal delivery (INM-089)

For dry Age-related Macular Degeneration (AMD), which affects an estimated 196 million people worldwide with dry AMD being about 80% of those cases, the value is in neuroprotection via a targeted delivery method.

The selected intravitreal (IVT) formulation offers a direct route to the target tissue, which is a major advantage over topical drops. Preclinical work has been quite specific:

Reliable supply of bioidentical, non-intoxicating rare cannabinoids

This is the commercial segment, BayMedica, which provides tangible, current revenue. It's about being a reliable supplier in a niche market.

• The BayMedica commercial subsidiary realized sales of $4.9M for the fiscal year ended June 30, 2025.
• This represented an 8% increase in sales compared to the year ended June 30, 2024.
• For the third quarter of fiscal 2025, the segment generated revenues of $1.26M.
• The gross profit for that same Q3 FY2025 period was $403,159.

Potential treatment for high unmet medical needs in dermatology and neurology

The pipeline extends beyond just Alzheimer's and AMD, suggesting broader applicability for their small molecule candidates, which target the CB1/CB2 receptors. The company's overall financial structure as of June 30, 2025, included cash, cash equivalents, and short-term investments of $11.1M, expected to fund planned operating expenses into the fourth quarter of calendar year 2026. This cash runway is meant to support advancing these multiple high-unmet-need programs.

The R&D expenses for the full fiscal year 2025 were $2.9M, though the company expects these to increase significantly as the pipeline advances.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Customer Relationships

You're managing a dual-focus company, balancing a commercial revenue stream with high-risk, high-reward drug development. That means your customer relationships are split into distinct, yet interconnected, groups. Let's break down how InMed Pharmaceuticals Inc. (INM) manages these interactions as of late 2025.

High-touch, collaborative relationships with academic and Contract Research Organizations (CROs)

For the pharmaceutical pipeline-INM-901 for Alzheimer's and INM-089 for dry AMD-the relationship is deeply technical and collaborative. You need specialized expertise to push preclinical work toward IND-enabling studies. This isn't transactional; it's about shared scientific goals. For instance, InMed Pharmaceuticals Inc. maintains collaborations with The University of British Columbia, including work with Dr. Vikramaditya Yadav on microbial metabolic engineering for cannabinoid biosynthesis and with Dr. Ujendra Kumar on pharmacological characterization, supported by an NSERC Alliance grant where InMed is the named industry partner. This level of academic partnership is crucial for de-risking the science.

When it comes to outsourcing, your CRO relationships must be tight. While the global CRO industry is massive, projected to reach $90 billion by year-end 2025, your specific needs are niche. You have an existing licensing agreement with EyeCRO, an ophthalmic CRO, granting InMed an exclusive, worldwide license to develop and commercialize prospective therapeutic cannabinoid formulations using their MiDROPS® delivery technology. Furthermore, the relationship with Almac Group, an established contract development and manufacturing organization, focuses on developing a streamlined, cost-efficient, GMP-grade manufacturing process for active pharmaceutical ingredients, a partnership that started back in May 2020.

Direct B2B sales and account management for BayMedica commercial clients

The BayMedica subsidiary operates on a direct Business-to-Business (B2B) model, supplying non-intoxicating rare cannabinoids to the health and wellness sector. This requires consistent account management to drive recurring revenue, which directly supports R&D funding. For the full fiscal year ending June 30, 2025, BayMedica realized sales of $4.9M, marking an 8% increase compared to the prior year. The focus here is on maintaining margins; the business generates approximately $5 million in annual revenue with ~40 percent gross margins. However, you've seen some recent softness; revenues for the three months ending September 30, 2025, were $1.1 million, an 11% decrease from the same period last year, primarily due to pricing adjustments on existing products.

Here's a quick look at the recent commercial performance:

Investor relations and communication for ongoing funding and market confidence

For a clinical-stage company, investor relations is about managing the cash runway and communicating scientific milestones to maintain market confidence. You need to show that the BayMedica revenue engine is functioning while the pipeline advances. As of June 30, 2025, InMed Pharmaceuticals Inc. held $11.1M in cash, cash equivalents, and short-term investments. Management projected this cash position would be sufficient to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026, depending on BayMedica revenues. Communication efforts in 2025 included providing updates on INM-901's statistically significant reductions in neuroinflammation markers and announcing a private placement in June 2025 that brought in aggregate gross proceeds of approximately $5 million. The Investor Relations contact is listed as Colin Clancy, Vice President, Investor Relations and Corporate Communications.

Seeking licensing and co-development partners for pipeline assets

Actively seeking external partners is a key strategy to share the financial burden and accelerate development, especially for assets that have passed early preclinical hurdles. You are definitely in the market for this type of relationship. Specifically, InMed Pharmaceuticals Inc. is currently seeking partners to further develop INM-755, the cannabinol topical cream for epidermolysis bullosa (EB), which completed its Phase 2 clinical trial showing positive anti-itch activity. This search for partners is a direct effort to move that asset off the balance sheet or into a co-development structure, allowing capital to focus on INM-901 and INM-089.

The focus for partnership discussions centers on:

• Advancing INM-755 for Epidermolysis Bullosa (EB).
• Securing co-development for INM-901 (Alzheimer's) or INM-089 (dry AMD) as IND-enabling studies ramp up.
• Leveraging existing technology licenses, such as the one with EyeCRO for MiDROPS® delivery.

Finance: draft 13-week cash view by Friday.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Channels

You're looking at how InMed Pharmaceuticals Inc. (INM) gets its value propositions to its customers and stakeholders as of late 2025. It's a mix of direct sales for the commercial segment and critical regulatory/partner interactions for the pharma pipeline.

Direct B2B sales force for BayMedica's bulk rare cannabinoids

The commercial channel relies on the direct sales of rare cannabinoids through the BayMedica subsidiary. This segment is the current revenue driver, though margins can be tight. For the full fiscal year ending June 30, 2025, InMed Pharmaceuticals Inc. realized sales of $4.9M in the BayMedica segment, which was an increase of 8%, or $0.34M, compared to the prior year. However, the cost of sales for this segment increased by 23% for the three months ended March 31, 2025, largely due to selling a higher volume of lower margin products.

The company's cash position as of June 30, 2025, stood at $11.1M, which management expects is sufficient to fund operating expenses and capital expenditures into the fourth quarter of calendar year 2026, depending on BayMedica revenues and operating expenses.

Regulatory submissions (e.g., IND applications) to the FDA and other bodies

For the pharmaceutical pipeline, the channel to market is through regulatory approval. This involves extensive preclinical work to support Investigational New Drug (IND) applications. InMed Pharmaceuticals Inc. announced the successful completion of pharmacokinetic (PK) studies in large animal models for its Alzheimer's disease candidate, INM-901. This data is specifically intended to support the design and planning of first in human clinical trials and preparation for a pre-IND meeting with the FDA.

The company's focus remains on advancing these IND-enabling studies for INM-901.

Licensing and partnership agreements with larger pharmaceutical firms

Partnerships are a key channel for de-risking and advancing the drug candidates. InMed Pharmaceuticals Inc. has secured financing and strategic agreements to support this pipeline development.

• The company entered into definitive agreements for a private placement generating aggregate gross proceeds of approximately $5 million, priced at $2.561 per share, closing around June 25, 2025.
• A Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors Global LP, effective December 13, 2024, allows InMed to sell up to $10 million of common shares over a 36-month period.
• A licensing agreement with EyeCRO grants InMed an exclusive, worldwide license to commercialize cannabinoid formulations using the patented MiDROPS® delivery technology.
• InMed is the named industry partner on an NSERC Alliance grant with UBC (Dr. Ujendra Kumar) to support research on cannabinoid analogs for neurodegenerative diseases.
• The ongoing engagement with Almac Group, since May 2020, focuses on optimizing cannabinoid manufacturing processes to achieve cost-efficient, GMP-grade active pharmaceutical ingredients.

Scientific conferences (e.g., AAIC 2025) for data dissemination to researchers

Disseminating preclinical data is a crucial channel for building scientific credibility and attracting potential pharma partners. InMed Pharmaceuticals Inc. actively presented data at major scientific forums in 2025.

• InMed presented new preclinical data for its Alzheimer's disease drug candidate, INM-901, at the Alzheimer's Association International Conference (AAIC) 2025, held in Toronto, Canada, from July 27-31, 2025.
• The data, presented in a scientific poster, showed that INM-901 demonstrated a significant reduction in inflammatory biomarkers (including IFN-γ, TNF-α, IL-1β, KC-GRO, IL-2 and NfL) in a dose-dependent manner in a long-term 5xFAD mouse model study.
• The management team also conducted company presentations and one-on-one meetings at the Life Sciences Investor Forum on September 18, 2025.
• A pre-recorded presentation for the H.C. Wainwright 27th Annual Global Investment Conference was made available on demand starting September 5, 2025.

The Senior VP, Preclinical Research and Development, Dr. Eric Hsu, attended the AAIC 2025 event. That's the level of engagement you'd expect for a lead candidate.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Customer Segments

You're looking at the core groups InMed Pharmaceuticals Inc. (INM) targets to drive value from its dual-focus strategy-pharmaceutical development and rare cannabinoid sales. This structure is key to understanding their cash runway and R&D progression.

Pharmaceutical companies seeking to license or acquire drug candidates.

For the pipeline assets like INM-901 (Alzheimer's) and INM-089 (dry AMD), the customer segment is large pharmaceutical or biotech firms capable of funding and executing late-stage clinical trials and commercialization. While specific deal values aren't public for in-licensing deals as of late 2025, InMed Pharmaceuticals has actively engaged in strategic collaborations. For instance, they hold an exclusive, worldwide license from EyeCRO to use the MiDROPS® delivery technology for therapeutic cannabinoid formulations. Furthermore, InMed is a named industry partner in a research collaboration with the University of British Columbia (UBC), supported by an NSERC Alliance grant, focusing on cannabinoid analogs for neurodegenerative diseases.

Patients suffering from Alzheimer's disease and dry Age-related Macular Degeneration.

These represent the ultimate end-users for the pharmaceutical pipeline. INM-901 is positioned as a small-molecule drug candidate for Alzheimer's disease (AD) that targets multiple biological pathways, including demonstrating statistically significant reductions in neuroinflammation markers across various preclinical studies. For dry Age-related Macular Degeneration (AMD), INM-089 is under investigation, with preclinical studies showing neuroprotection. The company is advancing IND-enabling studies for these candidates, which is the necessary step before human trials begin to reach this patient population.

Health and Wellness (H&W) product manufacturers/formulators (BayMedica clients).

This segment provides the immediate, recurring revenue stream supporting the R&D engine. BayMedica, the wholly-owned subsidiary, supplies non-intoxicating rare cannabinoids to the global H&W ingredient markets. This business unit generated sales of $4.9 million for the fiscal year ended June 30, 2025, marking an 8% increase over the fiscal year 2024 sales. The goal for this segment has been to achieve approximately 40 percent gross margins. However, recent quarterly performance shows some fluctuation; revenues for the three months ending September 30, 2025, were $1.1 million, down 11% from the same period last year, which management attributed to pricing adjustments.

Here's a quick look at the recent revenue performance for the BayMedica segment:

Institutional and individual investors funding the R&D pipeline.

Given the capital-intensive nature of drug development, investors are a critical customer segment providing the necessary working capital. InMed Pharmaceuticals Inc. secured gross proceeds of approximately $5 million in a private placement that closed on June 26, 2025, priced at $2.561 per share. This financing, which involved issuing common shares and investment options, represented a 61% dilution for existing shareholders. As of June 30, 2025, the Company reported cash, cash equivalents, and short-term investments totaling $11.1 million. Management projects this cash position is sufficient to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026.

The reliance on capital markets is evident in recent financing activities:

• Total cash provided by financing activities for the year ended June 30, 2025, was $12.271 million.
• The June 2025 private placement brought in gross proceeds of about $5 million.
• The cash balance on June 30, 2025, was $11.1 million, up from $6.571 million at the beginning of the fiscal year.

Finance: draft 13-week cash view by Friday.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Cost Structure

You're looking at the core expenses InMed Pharmaceuticals Inc. carried in its fiscal year ending June 30, 2025, which is crucial for understanding where the cash went while advancing the pipeline and running the commercial segment.

The Cost Structure is heavily weighted toward the pharmaceutical development efforts, though the commercial segment's costs are also significant for maintaining operations.

Key Expense Categories for Fiscal Year Ended June 30, 2025

Here's the quick math on the two largest reported operating expense categories for the full fiscal year 2025:

The G&A expenses of $6.6M for the year ended June 30, 2025, represented an increase from $5.8M in the prior year, driven mainly by higher legal expenses and consulting fees. The R&D expenses of $2.9M for the same period were actually a slight decrease from $3.2M in fiscal year 2024, but InMed Pharmaceuticals Inc. expects these to increase significantly as pipeline programs advance, especially into IND-enabling studies.

External Contractor Costs for Preclinical and IND-enabling Studies

Specific, full-year dollar amounts for external contractor costs for preclinical and IND-enabling studies for the entire fiscal year 2025 weren't explicitly broken out in the top-line summaries, but quarterly data shows the variability:

• In the third quarter of fiscal 2025 (ended March 31, 2025), R&D expenses increased due to an increase in external contractors relating to the INM-901 and INM-089 programs.
• Conversely, R&D expenses in the first quarter of fiscal 2025 (ended September 30, 2024) were lower partly due to reduced spending on external contractors compared to the prior year's quarter.

This spend is definitely a variable cost tied directly to the advancement milestones for INM-901 and INM-089.

Manufacturing Costs and Cost of Goods Sold for the BayMedica Segment

For the commercial segment, BayMedica, the focus has been on cost management to improve margins. The segment generated sales of $4.9M for the year ended June 30, 2025.

While the total Cost of Goods Sold (COGS) for the full fiscal year 2025 isn't explicitly stated, we see trends from subsequent periods:

• BayMedica continued to reduce manufacturing costs, leading to improved margins over time.
• For the three months ending September 30, 2025, the Cost of goods sold decreased by 7% compared to the same three months in the prior year, a result of lowering supply chain and manufacturing costs.

The company is definitely working to keep the COGS manageable as it navigates pricing pressures in the rare cannabinoid market.

InMed Pharmaceuticals Inc. (INM) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of InMed Pharmaceuticals Inc. (INM) to see how the company funds its drug development pipeline. Honestly, the story here is a dual one: the steady, albeit modest, income from the commercial side supporting the high-risk, high-reward pharma research.

The primary, current revenue stream comes directly from the BayMedica commercial segment. This segment is InMed Pharmaceuticals Inc.'s supplier of non-intoxicating rare cannabinoids to the health and wellness sector. For the full fiscal year ending June 30, 2025, the company realized sales of $4.9M in this segment. This figure represents an 8% year-over-year increase, or an absolute increase of $0.34M, when compared to the sales from the year ended June 30, 2024. To give you a more granular look at that commercial engine during the fiscal year, here's a snapshot of the revenue performance we saw:

Beyond the current sales, the structure of InMed Pharmaceuticals Inc.'s business model relies heavily on future, non-guaranteed income streams tied to the success of its pharmaceutical pipeline. This is where the potential for significant, step-change revenue lies, though it carries the inherent risk of clinical failure.

Future potential revenue streams are centered on the drug licensing deals for candidates like INM-901 (for Alzheimer's disease) and INM-089 (for dry Age-related Macular Degeneration). These streams are structured as:

• Future potential milestone payments from achieving clinical or regulatory goals.
• Royalties on net sales should any licensed drug candidate reach commercialization.

Finally, you can't ignore the proceeds from financing activities, which are critical for bridging the gap between BayMedica's revenue and the high cash burn of R&D. These proceeds are essential for extending the operational runway. For instance, the company secured gross proceeds of $2.9M from financing activities that took place in January 2025. The cash position as of June 30, 2025, stood at $11.1M, which management projected would be sufficient to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026. The expectation is to seek additional funding through:

• Equity financings.
• Debt financings.
• Other capital sources, including collaborations or strategic transactions.

The company defintely uses the BayMedica cash flow to help support the R&D engine.