8-K - INM - Equibles

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d)

of

the Securities Exchange Act of 1934

Dateof Report (Date of earliest event reported): November14, 2024

INMED PHARMACEUTICALS INC.

(ExactName of Company as Specified in Charter)

British Columbia	001-39685	98-1428279
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

InMedPharmaceuticals Inc. Suite 1445 - 885 W. Georgia Street,Vancouver ,B.C. Canada	V6C 3E8
(Address of Principal Executive Offices)	(Zip Code)

Company’s

telephone number, including area code: (604) 669-7207

Not

applicable

(FormerName or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the<br> Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the<br> Exchange Act (17 CFR 240.14a-12)
---	---
☐	Pre-commencement communications pursuant to Rule 14d-2(b)<br> under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c)<br> under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, no par value	INM	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item7.01 Regulation FD Disclosure.

On November 14, 2024, the Company announced the financial results for the first quarter of fiscal year 2025 which ended September 30, 2024.

The information set forth in this Item 7.01, including Exhibits 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits:

The following exhibits shall be deemed to be furnished, and not filed:

Exhibit No.	Description
99.1	News release, dated November 14, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document<br> and included as Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	INMED PHARMACEUTICALS INC.
Date: November 14, 2024	By:	/s/ Eric A<br> Adams
		Eric A Adams <br><br> President & CEO

Exhibit 99.1

NASDAQ: INM<br><br> <br>****<br><br> <br>1445 – 885 West Georgia St.<br><br> <br>Vancouver, BC, Canada V6C 3E8<br><br> <br>Tel: +1.604.669.7207<br><br> <br>Email: info@inmedpharma.com<br><br> <br>www.inmedpharma.com

InMed Reports First Quarter Fiscal 2025 FinancialResults and Provides Business Update

Vancouver, British Columbia – November 14, 2024. InMed Pharmaceuticals Inc. (NASDAQ: INM) (“InMed” or the “Company”), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today reports financial results for the first quarter of the fiscal year 2025 which ended September 30, 2024.

The Company’s full financial statements and related MD&A for the first quarter ended September 30, 2024, are available at www.inmedpharma.com, www.sedar.com and at www.sec.gov.

Eric A. Adams, InMed Chief Executive Officer, commented, “Fiscal 2025 has commenced on a positive trajectory, with notable progress across our pharmaceutical programs and commercial operations. Our Alzheimer’s treatment candidate, INM-901, demonstrated robust progress in the first quarter, with initial read-out from a long-term preclinical study providing strong data, including achieving statistical significance in certain behavioural criteria. We are encouraged by the promising data supporting this program and the multiple potential mechanisms of action observed with this drug candidate. The Alzheimer’s research landscape is rapidly evolving, with increasing attention on neuroinflammation and other key mechanisms, aligning closely with InMed’s research focus and direction. We look forward to communicating additional long-term preclinical data in calendar 4Q 2024.”

Adams continued, “On the corporate front, the Company’s recent announcement to implement a reverse split to regain Nasdaq compliance became effective today, November 14, 2024, underpinning the Company’s commitment to maintaining its listing on a major exchange while actively exploring strategic opportunities to enhance long-term shareholder value.”

Business Update - Pharmaceutical DevelopmentPrograms

INM-901: Targeting multiple biological pathwaysassociated with Alzheimer’s disease

INM-901 is a proprietary small molecule drug candidate with multiple mechanisms of action, currently in development as a potential treatment for Alzheimer’s disease. In the first quarter, the Company announced key milestones, including positive behavioral data from long-term preclinical studies that reinforce and enhance previous findings. Additionally, new data showed that INM-901 can be administered orally, achieving therapeutic levels in the brain comparable to those obtained through intraperitoneal (“IP”) injection, a standard method of drug administration in preclinical neurodegenerative research. Ongoing studies are also examining receptor interactions to better understand the mechanisms of action (“MoA”) and drug metabolism and pharmacokinetics (“DMPK”).

Next steps include conducting further molecular analyses from the recently completed long-term preclinical dosing study to more precisely characterize the drug’s mechanisms of action. Data read-out is anticipated in the calendar 4Q 2024.

INM-089: Targeting the treatment of dry Age-relatedMacular Degeneration (“AMD”)

INM-089 is a proprietary small molecule drug candidate being studied in the treatment of dry AMD. Next steps in the drug development pathway include additional in vivo preclinical dose ranging studies, alongside continued Chemistry, Manufacturing, and Controls (“CMC”) activities for both the drug substance and drug product. Following these efforts, Good Laboratory Practice (“GLP”) studies are set to commence.

Financial commentary:

BayMedica commercial business generated revenues of $1.3M for the three months ending September 30, 2024, compared to $0.9M for the same period last year, reflecting a 40% increase and a fourth consecutive quarter of consistent revenue. Additionally, BayMedica reported net income of $0.3M, or 24% as a percentage of sales, for the quarter, showing continued progress as a profitable business unit. BayMedica also continues to reduce manufacturing costs, which has led to improved margins over time.

Research and development and patent expenses were $0.8M for the three months ended September 30, 2024, compared with $1.3M for the three months ended September 30, 2023. The decrease in research and development and patents expenses was primarily due to reduced spending on external contractors, patent fees, and compensation. We expect research and development expenses to increase in calendar year 2025 as the Company advances preclinical work on INM-901 and IND-enabling studies in ocular disease.

As of September 30, 2024, the Company’s cash, cash equivalents and short-term investments were $5.6M, which compares to $6.6M at June 30, 2024. The Company continues to closely monitor expenses while advancing its pharmaceutical pipeline candidates. Based on current forecasts, the Company expects its cash will be sufficient to fund its planned operating expenses and capital expenditure through to the end of the first quarter of calendar year 2025, depending on the level and timing of BayMedica commercial revenues, as well as the level and timing of our operating expenses.

Table 1. CONDENSED CONSOLIDATED BALANCE SHEETS

Expressed in U.S. Dollars

		June 30,
		2024


ASSETS
Current
Cash and cash equivalents
Short-term investments
Accounts receivable (less provision for credit losses of nil and 66,775 in September 30, 2024 and June 30, 2024, respectively)
Inventories, net
Prepaids and other current assets
Total current assets
Non-Current
Property, equipment and right-of-use (“ROU”) assets, net
Intangible assets, net
Other assets
Total Assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Accounts payable and accrued liabilities
Current portion of lease obligations
Total current liabilities
Non-current
Lease obligations, net of current portion
Total Liabilities
Commitments and Contingencies (Note 11)
Shareholders’ Equity
Common Shares, no par value, unlimited authorized shares: 667,012 and 445,948, as of September 30, 2024 and June 30, 2024, respectively, issued and outstanding
Additional paid-in capital
Accumulated deficit	)		)
Accumulated other comprehensive income
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity

All values are in US Dollars.

Table 2. CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS UNAUDITED

Expressed in U.S. Dollars

	Three Months Ended
	September 30,
	2024		2023

Sales
Cost of sales
Gross profit
Operating Expenses
Research and development and patents
General and administrative
Amortization and depreciation
Foreign Exchange (Gain) Loss		)
Total operating expenses
Other Income (Expense)
Interest and other income
Loss before income taxes		)		)

Tax expense
Net loss for the period		)		)
Net loss per share for the period
Basic and diluted		)		)
Weighted average outstanding common shares
Basic and diluted

All values are in US Dollars.

Table 3. CONDENSED CONSOLIDATED STATEMENTSOF CASH FLOWS UNAUDITED

Expressed in U.S. Dollars



Cash provided by (used in):
Operating Activities
Net loss	)	)
Items not requiring cash:
Amortization and depreciation
Share-based compensation
Amortization of right-of-use assets
Interest income received on short-term investments	)	)
Unrealized foreign exchange loss
Inventory write-down
Changes in operating assets and liabilities:
Inventories
Prepaids and other currents assets
Other non-current assets
Accounts receivable
Accounts payable and accrued liabilities	)	)
Deferred rent		)
Lease obligations	)	)
Total cash used in operating activities	)	)
Investing Activities
Sale of short-term investments
Purchase of short-term investments	)	)
Total cash (used in) provided by investing activities
Financing Activities
Proceeds from private placement
Share issuance costs	)
Total cash provided by financing activities
Increase in cash during the period	)	)
Cash and cash equivalents beginning of the period
Cash and cash equivalents end of the period
SUPPLEMENTARY CASH FLOW INFORMATION:
Cash Paid During the Year for:
Income taxes
Interest
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Recognition of Right-of-use asset and corresponding operating lease liability

All values are in US Dollars.

About InMed:

InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

Investor Contact:

Colin Clancy

Vice President, Investor Relations

and Corporate Communications

T: +1 604 416 0999

E: ir@inmedpharma.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “potential”, “possible”, “would” and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about; exploring strategic opportunities to enhance long-term shareholder value; advancing our pharmaceutical pipeline using rare cannabinoids for potential therapeutic applications in dermatology, ocular and neurodegenerative disease; the efficacy of INM-901, INM-901’s ability to treat Alzheimer’s, marketability and uses for INM-901, the results of further studies into INM-901 and acceleration of the development of InMed’s Alzheimer’s program; the efficacy of INM-089, INM-089’s ability to treat AMD, marketability and uses for INM-089, the results of further studies into INM-089 and the further development of InMed’s AMD program; potential to improve margins over time; expectations that the Company’s cash will be sufficient to fund its planned operating expenses and capital expenditure requirements to the end of the first quarter of calendar year 2025.

Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed’s stand-alone business is disclosed in InMed’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.