InMed spent $8.6 million to keep going for a year. The company’s net loss widened to $12.6 million, but the more consequential change was underneath it: the financing tap almost shut off.
For the twelve months ended June 30, 2026, InMed used $8.6 million in operating cash, up from $8.1 million a year earlier. Financing provided just $94,000, down from $12.3 million. The company therefore moved from a $4.2 million increase in cash to an $8.5 million decrease.
That is a different kind of deterioration from simply spending more on research. Research and development rose 7.3%, to $3.0 million from $2.8 million. The larger shift was that the company had far less financing available to cover a cash need that barely changed.
Management’s cash-flow explanation puts the loss and the cash usage in the same frame:
"The following table summarizes our cash flows for each of the years presented: (in thousands) Year Ended June 30, 2026 Year Ended June 30, 2025 Net cash used in operating activities $ (8,643 ) $ (8,099 ) Net cash provided by financing activities 94 12,271 Net increase (decrease) in cash and cash equivalents $ (8,549 ) $ 4,172 81 Operating Activities During the year ended June 30, 2026, we used cash in operating activities of $8.6 million, primarily resulting from our net loss of $12.6 million combined with $0.7 million used in changes in our non-cash working capital, partially offset by non-cash share-based compensation expenses."
InMed Pharmaceuticals, 10-K filed September 9, 2026
The operating cash drain was not a bookkeeping-only loss. InMed says working capital used $0.7 million, while non-cash share compensation partly offset the cash cost. The result was a cash requirement close to the prior year’s, with much less new money arriving.
The share count shows how the capital structure changed while that happened. Diluted shares rose from 975.9 thousand to 4.2 million, a 326.6% increase. More shares can accompany financing, but the filing’s numbers leave a plain comparison: diluted shares rose substantially while the company ended the year with a large cash decline.
InMed also describes the funding condition directly:
"Funding Requirements If the Merger does not consummate and subject to our ability to attract sufficient funding to continue operations, we expect our expenses to increase substantially in connection with our ongoing research and development activities, particularly as we continue the research and development of and the clinical trials for our Product Candidates."
InMed Pharmaceuticals, 10-K filed September 9, 2026
That statement makes funding more than a balance-sheet footnote. InMed’s future spending is tied to whether the merger closes and whether it can attract enough capital to continue its pipeline work. The company does not disclose in these facts how that condition was resolved after year-end.
The operating backdrop is small and still loss-making. The latest annual revenue in the company’s reported history was $4.9 million for 2025, up 7.5%, while net margin was negative 165.1%. The latest filing reports a larger annual loss, not a revenue figure that would show a new scale of commercial support.
InMed closed at $1.35 on September 8, down 2.2% that day. The number to carry into its next report is $8.6 million of operating cash used: the financing line will show whether the company again covered that requirement with new capital, or whether the cash drain moved elsewhere.
InMed’s latest 10-K reports $8.6 million of operating cash used for the twelve months ended June 30, 2026.