InMed Pharmaceuticals (INM) stock price is $15.56, up 19.65% on the day, as of Nov 6, 2026. It has a market cap of $8.55Mn, and is classified in the Specialty Chemicals industry (Basic Materials sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap8.55 Mn
P/E-0.64
FCF (Yr)-8.64 Mn
ROA (Yr)-134.99
EV to EBIT0.00
Net Income (Yr)-12.60 Mn
Enterprise Value7.45 Mn
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About
InMed Pharmaceuticals Inc. is a pharmaceutical company that discovers and develops proprietary small molecule drug candidates that act as preferential signaling ligands of the cannabinoid CB1 and CB2 receptors. The firm’s therapeutic pipeline includes three lead programs: INM901 being studied as a disease modifying treatment for Alzheimer’s disease INM089 being evaluated for dry age related macular degeneration and INM755 being assessed as a topical therapy for…
InMed Pharmaceuticals Inc. is a pharmaceutical company that discovers and develops proprietary small molecule drug candidates that act as preferential signaling ligands of the cannabinoid CB1 and CB2 receptors. The firm’s therapeutic pipeline includes three lead programs: INM901 being studied as a disease modifying treatment for Alzheimer’s disease INM089 being evaluated for dry age related macular degeneration and INM755 being assessed as a topical therapy for epidermolysis bullosa. In parallel through its wholly owned subsidiary BayMedica LLC the company manufactures and sells bulk rare cannabinoids such as cannabichromene cannabidivarin tetrahydrocannabivarin and cannabicitran. These cannabinoids are supplied as ingredients to the health and wellness sector including nutraceutical cosmetic functional food and animal health markets. The company therefore operates at the intersection of innovative drug development and specialty chemical production.
The company generates revenue primarily from the sale of rare cannabinoids to business to business customers in the nutraceutical cosmetic functional food and animal health markets. In the fiscal year ended June 30 2025 BayMedica recorded sales of approximately 4.9 million US dollars. Beyond its cannabinoid business InMed Pharmaceuticals Inc. seeks to generate future income from its drug candidates through licensing partnerships co promotion agreements or outright sale of its pipeline assets. The firm intends to file new drug applications in major jurisdictions including the United States for its lead programs pending successful clinical development. It does not maintain an internal sales and marketing force for its pharmaceutical products and therefore relies on external collaborators for commercialization.
InMed Pharmaceuticals Inc. occupies a distinctive niche as a developer of cannabinoid receptor targeting small molecules while also being an early mover in the commercial production of rare nonintoxicating cannabinoids. Competitors in the therapeutic arena include firms such as GW Pharmaceuticals Zynerba Pharmaceuticals and other companies pursuing cannabinoid based treatments for neurological and dermatological conditions. In the rare cannabinoid supply market the business faces competition from other chemical synthesis and biosynthesis providers but distinguishes itself through its integrated manufacturing approach known as IntegraSyn and its extensive patent portfolio that covers both drug candidates and production processes. The company’s strengths are rooted in its experienced management team its multiple manufacturing platforms and its early mover status in the health and wellness cannabinoid market.
The company’s customer base for its cannabinoid products consists of distributors and manufacturers that formulate nutraceuticals cosmetics functional foods beverages and animal health supplements. Specific customer names are not disclosed in the filing. For its pharmaceutical pipeline the firm anticipates engaging with potential partners such as larger pharmaceutical companies or specialty biotech firms that could provide development funding clinical trial support and commercialization capabilities. InMed Pharmaceuticals Inc. also indicates that it plans to submit new drug applications in major territories including the United States either alone or with development or commercial partners.
Sectors:Basic Materials·HealthcareSector rationaleThe company's current primary revenue is generated from the manufacture and sale of bulk rare cannabinoids (specialty chemicals) supplied as ingredients to B2B customers in the nutraceutical, cosmetic, and functional food markets. A secondary sector of Healthcare is justified because the company also operates a substantial drug development pipeline for Alzheimer's and other diseases, intending to generate future income through licensing and NDAs.Industries:Specialty ChemicalsSpecialty ChemicalsPrimaryThe company generates its current revenue primarily through its subsidiary BayMedica LLC, which manufactures and sells bulk rare cannabinoids like cannabichromene and cannabidivarin. These are sold as specialty chemical ingredients to B2B customers in the nutraceutical, cosmetic, and functional food sectors.PharmaceuticalsPharmaceuticalsSecondaryInMed discovers and develops proprietary small molecule drug candidates, such as INM901 for Alzheimer's and INM089 for macular degeneration, with the intent to file new drug applications for branded prescription pharmaceuticals.Classified using BQ-MICSCIK: 0001728328
Bull & bear
Investment Thesis
▲ Bull case
The merger with Mentari Therapeutics represents a strategic pivot that could transform InMed from a preclinical-stage cannabinoid-focused company into a late-stage migraine therapeutic developer with two differentiated pipeline assets targeting high unmet need, where current anti-CGRP therapies fail approximately two-thirds of patients to achieve a 50% reduction in monthly migraine days and fewer than one-third achieve 75% reduction, creating a large addressable market for superior efficacy solutions like MT-001 and MT-002 that act on validated complementary pathways; this shift leverages Mentari's strong scientific foundation, including Paragon Therapeutics-discovered assets with equal or superior in vitro potency to benchmarks and projected subcutaneous dosing convenience, positioning the combined company to capture significant share in a global migraine market exceeding one billion sufferers while avoiding the crowded CGRP monotherapy space.
The concurrent US$290 million oversubscribed private placement, backed by blue-chip investors including a16z Bio + Health, Venrock, Wellington Management, and Blackstone Multi-Asset Investing, provides more than sufficient capital to fund operations through 2028 without dilution concerns, de-risking the execution of key milestones such as first-in-human regulatory filings for MT-001 expected mid-2026 and MT-002 in 1Q 2027, with Phase 2a proof-of-concept data for MT-001 anticipated in 2028 and Phase 1 healthy volunteer data for MT-002 in 2027—timelines that are benchmarked to approved migraine therapies and supported by a clear regulatory path, reducing execution risk and enabling the combined company to advance its pipeline without near-term financing overhang.
Despite InMed shareholders owning only approximately 1.51% of the pro forma US$421.4 million equity value post-merger, the structure includes meaningful downside protection and upside participation mechanisms through potential Parent Legacy Transaction distributions, dividends, and contingent value rights, which entitle legacy InMed shareholders to proceeds from any monetization of InMed's pre-merger R&D programs (Alzheimer's, ocular, dermatological) post-closing, creating a call option on non-core assets that could generate additional value if successfully partnered or divested, thereby aligning long-term incentives and mitigating the perceived inequity of the exchange ratio while preserving optionality on InMed's historical pipeline.
The merger with Mentari Therapeutics represents a strategic pivot that could transform InMed from a preclinical-stage cannabinoid-focused company into a late-stage migraine therapeutic developer with two differentiated pipeline assets targeting high unmet need, where current anti-CGRP therapies fail approximately two-thirds of patients to achieve a 50% reduction in monthly migraine days and fewer than one-third achieve 75% reduction, creating a large addressable market for superior efficacy solutions like MT-001 and MT-002 that act on validated complementary pathways; this shift leverages Mentari's strong scientific foundation, including Paragon Therapeutics-discovered assets with equal or superior in vitro potency to benchmarks and projected subcutaneous dosing convenience, positioning the combined company to capture significant share in a global migraine market exceeding one billion sufferers while avoiding the crowded CGRP monotherapy space.
The concurrent US$290 million oversubscribed private placement, backed by blue-chip investors including a16z Bio + Health, Venrock, Wellington Management, and Blackstone Multi-Asset Investing, provides more than sufficient capital to fund operations through 2028 without dilution concerns, de-risking the execution of key milestones such as first-in-human regulatory filings for MT-001 expected mid-2026 and MT-002 in 1Q 2027, with Phase 2a proof-of-concept data for MT-001 anticipated in 2028 and Phase 1 healthy volunteer data for MT-002 in 2027—timelines that are benchmarked to approved migraine therapies and supported by a clear regulatory path, reducing execution risk and enabling the combined company to advance its pipeline without near-term financing overhang.
Despite InMed shareholders owning only approximately 1.51% of the pro forma US$421.4 million equity value post-merger, the structure includes meaningful downside protection and upside participation mechanisms through potential Parent Legacy Transaction distributions, dividends, and contingent value rights, which entitle legacy InMed shareholders to proceeds from any monetization of InMed's pre-merger R&D programs (Alzheimer's, ocular, dermatological) post-closing, creating a call option on non-core assets that could generate additional value if successfully partnered or divested, thereby aligning long-term incentives and mitigating the perceived inequity of the exchange ratio while preserving optionality on InMed's historical pipeline.
The merger effectively subordinates InMed's legacy cannabinoid-focused pipeline—comprising Alzheimer's, ocular, and dermatological programs—to Mentari's migraine therapeutics, with InMed shareholders retaining only ~1.51% ownership in the combined entity, raising concerns that the transaction prioritizes Mentari's investors and management at the expense of InMed's historical stakeholders, especially given the lack of recent earnings call transparency and the absence of any promotional emphasis on how InMed's legacy assets will be advanced post-merger, suggesting these programs may be neglected or divested at low value rather than integrated into a unified strategy.
Although the private placement provides funding through 2028, the clinical timelines for Mentari's lead programs are aggressive and unprecedented: MT-001 aims for Phase 2a proof-of-concept data by 2028, and MT-002 targets Phase 1 healthy volunteer data in 1Q 2027, yet both antibodies (anti-PACAP and bispecific anti-CGRP/PACAP) are first-in-class or best-in-class aspirations with no prior clinical validation in humans for PACAP inhibition, introducing significant scientific and regulatory risk given that migraine pathophysiology is complex and targeting novel pathways like PACAP has not yet yielded approved therapies, meaning success is far from guaranteed despite promising preclinical data.
The combined company will operate under the Mentari Therapeutics name and ticker, with Mentari's existing board—including Julie Bruno (Fairmount Growth Partner) and Michelle Pernice (Fairmount Operating Partner)—assuming full control, while InMed's leadership, including CEO Eric A. Adams, is not guaranteed any board seats, signaling a de facto change of control where InMed's public shell is being used as a vehicle for Mentari's advancement without reciprocal governance influence, increasing the risk that post-merger decisions will favor Mentari's agenda and legacy InMed shareholders will have minimal oversight or strategic input despite contributing the public market infrastructure.
The merger effectively subordinates InMed's legacy cannabinoid-focused pipeline—comprising Alzheimer's, ocular, and dermatological programs—to Mentari's migraine therapeutics, with InMed shareholders retaining only ~1.51% ownership in the combined entity, raising concerns that the transaction prioritizes Mentari's investors and management at the expense of InMed's historical stakeholders, especially given the lack of recent earnings call transparency and the absence of any promotional emphasis on how InMed's legacy assets will be advanced post-merger, suggesting these programs may be neglected or divested at low value rather than integrated into a unified strategy.
Although the private placement provides funding through 2028, the clinical timelines for Mentari's lead programs are aggressive and unprecedented: MT-001 aims for Phase 2a proof-of-concept data by 2028, and MT-002 targets Phase 1 healthy volunteer data in 1Q 2027, yet both antibodies (anti-PACAP and bispecific anti-CGRP/PACAP) are first-in-class or best-in-class aspirations with no prior clinical validation in humans for PACAP inhibition, introducing significant scientific and regulatory risk given that migraine pathophysiology is complex and targeting novel pathways like PACAP has not yet yielded approved therapies, meaning success is far from guaranteed despite promising preclinical data.
The combined company will operate under the Mentari Therapeutics name and ticker, with Mentari's existing board—including Julie Bruno (Fairmount Growth Partner) and Michelle Pernice (Fairmount Operating Partner)—assuming full control, while InMed's leadership, including CEO Eric A. Adams, is not guaranteed any board seats, signaling a de facto change of control where InMed's public shell is being used as a vehicle for Mentari's advancement without reciprocal governance influence, increasing the risk that post-merger decisions will favor Mentari's agenda and legacy InMed shareholders will have minimal oversight or strategic input despite contributing the public market infrastructure.