InMed Pharmaceuticals Seeks Shareholder Approval for SEPA

Introduction

InMed Pharmaceuticals Inc (NASDAQ: INM) is a clinical-stage pharmaceutical company based in Vancouver, Canada, focused on developing proprietary small molecule drug candidates that target CB1 and CB2 receptors. Its pipeline includes three programs aimed at addressing Alzheimer’s disease, age-related macular degeneration (AMD), and epidermolysis bullosa.

Corporate Structure and Experience

InMed employs between 11 and 50 professionals with expertise in pharmaceutical research, synthetic chemistry, and manufacturing. The executive team is led by President and CEO Eric A. Adams, with Shane Johnson serving as Senior Vice President and General Manager of BayMedica. InMed and its wholly-owned subsidiary BayMedica hold 13 patent families covering novel molecules, manufacturing processes, formulations, and methods of use. BayMedica produces high-purity, bioidentical rare cannabinoids—including CBC, d9-THCV, CBDV, and CBTC—free of THC, supplying the health and wellness market.

Developments and News

On May 29, 2025, InMed filed a preliminary proxy statement (DEFA14A) seeking shareholder approval for a Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd, which would allow for the issuance of up to 20% of outstanding common shares to fund operations. A special meeting of shareholders was held on June 13, 2025, to vote on this proposal.

InMed reported preclinical results for two pipeline candidates:

• In June 2025, INM-901 demonstrated in an ex vivo Alzheimer’s model a statistically significant reduction in pro-inflammatory cytokines (IL-6, IL-1β, IL-2, and KC/Gro) and the inflammasome marker NLRP3, indicating anti-inflammatory and neuroprotective effects.
• In June 2025, INM-089 showed in AMD disease models various improvements, including photoreceptor neuroprotection, enhanced retinal pigment epithelium integrity, reduction of extracellular autofluorescent deposits, and preservation of retinal function.

Financial and Strategic Analysis

As of June 24, 2025, INM shares traded at $4.17, reflecting a 70.20% increase on a volume of 18,305,225 shares. The 52-week range spans $1.72 to $15.70, with a market capitalization of approximately $2.96 million based on 1.21 million shares outstanding. Over the trailing twelve months, InMed reported $4.92 million in revenue, with a gross margin of 32.43% and a net margin of –168.90%. Loss per share (TTM) was –$12.32, with EBITDA of –$7.87 million. Year-to-date through June 24, the stock is down 48.31%.

The proposed SEPA aims to strengthen liquidity for ongoing research and development (R&D) and potential clinical trials, serving as a cost-effective alternative to traditional equity financing. InMed’s dual model—focusing on clinical-stage drug development and revenue generation through rare cannabinoids—provides diversified cash flow. The company’s 13 patent families and proprietary analog library position it to engage in both pharmaceutical and health and wellness markets.

Market Position and Industry Context

InMed operates at the intersection of cannabinoid-based therapeutics and specialty cannabinoid manufacturing. Its small molecule pipeline targeting CB1/CB2 receptors competes alongside established and emerging biotech firms developing treatments for Alzheimer’s disease, AMD, and dermatological conditions. Concurrently, BayMedica addresses consumer demand for non-intoxicating rare cannabinoids in health products. This integrated approach differentiates InMed by combining late-stage preclinical assets with an existing commercial supply business.

tl;dr

As of June 24, 2025, INM shares increased to $4.17 (+70.20%) amid interest in the May 29, 2025, proxy filing for a SEPA that could issue up to 20% new equity. Preclinical data released in June 2025 for INM-901 and INM-089 demonstrated significant anti-inflammatory and neuroprotective effects in Alzheimer’s and AMD models. InMed holds 13 patent families and operates a revenue-generating subsidiary in rare cannabinoids. Approval of the SEPA may facilitate funding for upcoming clinical and operational milestones.