InMed Posts $12.9M Annual Loss, Cash Drops to $2.2M Ahead of Merger
INM has more than doubled off its 52-week low of $0.575 on light trading volume (0.1× avg).
Summary
InMed reported a fiscal 2026 net loss of $12.9 million, widening from $8.2 million last year, with cash down to $2.2 million from $10.7 million. The company wound down BayMedica, its only revenue-generating segment, and recorded $1.5 million in intangible asset impairments. The merger with Mentari remains on track for Q4 2026, with $490 million in pre-closing financing expected to fund the combined company into 2029. Legacy InMed shareholders will receive CVRs tied to future monetization of INM-901, INM-089, and INM-755. The pre-IND meeting with FDA for INM-901 is a minor positive, but the standalone financials show a rapidly depleting cash position.
Updates
· SEC 10-K — The 10-K confirms going concern uncertainty and details BayMedica wind-down costs of $555,000 in severance, with $120,000 more expected.
At the time of this announcement, INM was trading at $1.31 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $4.3M. The 52-week trading range was $0.58 to $2.50. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: TMX Newsfile.