InMed Pharmaceuticals Inc. (NASDAQ: INM) is back in the spotlight today after a sharp bounce in its share price, driven by fresh preclinical data for its Alzheimer’s disease candidate INM‑901 and heavy speculative trading in the micro‑cap biotech name.
On Wednesday, INM shares closed at $1.23, down almost 16% on the day, before surging about 22% after hours to around $1.50. Benzinga That momentum rolled into Thursday’s pre‑market session, where multiple market data sources showed gains of roughly 20–26%, with INM changing hands in the $1.49–$1.55 range on unusually high volume. Benzinga
As regular trading gets underway, real‑time quote providers still show INM well above yesterday’s close, with prices around the mid‑$1.30s to mid‑$1.40s, and a market capitalization in the $3–5 million range depending on the data source and time of quote. Stocktwits
Why INM Is Moving: INM‑901 Hits a Key Large‑Animal Milestone
The immediate catalyst for INM’s move is new preclinical data for INM‑901, the company’s lead small‑molecule candidate for Alzheimer’s disease.
On November 18, 2025, InMed announced the successful completion of pharmacokinetic (PK) studies in large animal models using an oral formulation of INM‑901. InMed Pharmaceuticals Key points from the company’s press release and subsequent coverage:
- This was the first time the oral version of INM‑901 has been tested in large animals. InMed Pharmaceuticals
- Over seven days of dosing, the compound showed “robust bioavailability” in vivo, achieving systemic exposure levels that the company believes are in the anticipated therapeutic range for neurodegenerative conditions like Alzheimer’s. InMed Pharmaceuticals
- Neurological assessments (behavior, motor function, general attitude) did not show adverse neural or behavioral effects, supporting a favorable safety profile at this stage. InMed Pharmaceuticals
- InMed has scaled up chemistry, manufacturing and controls (CMC) work for INM‑901 and laid out next steps: dose‑ranging studies in two species, a pre‑IND meeting with the U.S. FDA, and GLP‑enabling toxicology studies ahead of a planned IND submission. InMed Pharmaceuticals
Independent outlets including TipRanks, GuruFocus and Barchart have all highlighted this large‑animal PK success as a major milestone in moving INM‑901 toward first‑in‑human Phase 1 trials. Stock Insights
Pre‑Market Surge: INM Among Top Health‑Care Gainers
Traders pounced on the news overnight.
- After hours (Wednesday, Nov. 19): Benzinga reports INM jumped about 22% to $1.50 in after‑hours trading, even as it remained down more than 70% year‑to‑date. Benzinga
- Pre‑market (Thursday, Nov. 20):
- A Benzinga pre‑market movers piece lists InMed up ~21% to $1.49, with a market cap around $3.4 million. Benzinga
- RTTNews and 24/7 Market News show INM up roughly 23–24% to about $1.52, with millions of shares changing hands in the pre‑market session. RTTNews
- StockAnalysis’ pre‑market gainer list ranks INM among the top pre‑market movers, with pre‑market volume far above its typical average. StockAnalysis
By early trading today, various quote services show prices between roughly $1.35 and $1.45, still well above yesterday’s close of $1.23. FinancialContent
For context:
- 52‑week range: Roughly $1.23 to $8.27, underscoring how much the stock has already compressed from earlier highs. Stocktwits
- Market cap: Most services now place InMed’s market value at around $3–5 million. Stocktwits
- Volume: Today’s trading is many times the normal average volume, a typical sign that news‑driven short‑term traders and momentum algorithms are in control. Stocktwits
Inside INM‑901: A Multi‑Pathway Approach to Alzheimer’s
INM‑901 is not a cannabinoid itself, but a cannabinoid‑inspired small molecule that targets the CB1/CB2 receptor system and multiple biological pathways implicated in Alzheimer’s disease. PRISM MarketView
According to InMed’s scientific updates and a recent Investing News / PRISM MarketView profile: Investing News Network (INN)
- INM‑901 is designed to protect neurons, reduce neuroinflammation and promote clearance of toxic proteins, aligning with an industry trend toward multi‑target Alzheimer’s therapies rather than single‑mechanism drugs.
- In previous long‑term preclinical models, the compound has shown improvements in cognition, behavior and inflammatory markers, data that InMed has presented at the 2025 Alzheimer’s Association International Conference (AAIC). InMed Pharmaceuticals
- The new large‑animal PK data helps bridge the gap between rodent models and humans, giving the company more confidence around oral dosing, brain exposure and safety ahead of a first‑in‑human study. InMed Pharmaceuticals
From a drug development standpoint, the large‑animal PK milestone is important because regulators expect robust pharmacokinetic and safety data across species before greenlighting clinical trials. Today’s rally suggests traders see the data as de‑risking at least one early step on a very long path.
A Tiny, Volatile Stock With Big Numbers on the Balance Sheet
Underneath today’s price action, InMed remains a very small, very volatile micro‑cap biotech:
- Share price: Around the mid‑$1 range as of this morning. Investing
- Market cap: Roughly $3–5 million depending on the latest quote source. Stocktwits
- 52‑week move: Several services estimate the stock is still down 60–70% over the past year, even after today’s bounce. Benzinga
Financially, recent filings and company reports paint a mixed picture:
- For fiscal 2025 (year ended June 30, 2025), InMed generated $4.94 million in sales, largely from its BayMedica rare‑cannabinoid business, with a net loss of $8.16 million. InMed Pharmaceuticals
- In the first quarter of fiscal 2026 (ended Sept. 30, 2025), the company reported:
- $1.12 million in revenue,
- gross profit of about $0.4 million,
- R&D spend of roughly $0.6 million,
- a quarterly net loss of about $1.73 million, and
- cash and cash equivalents of $9.3 million, down from $11.1 million three months earlier. InMed Pharmaceuticals
- Management says current cash should fund planned operations and development programs into the fourth quarter of calendar 2026, assuming BayMedica revenue and spending evolve as forecast. InMed Pharmaceuticals
Independent analysis from GuruFocus highlights the tension between strong liquidity and weak profitability:
- Operating margin: around ‑165%,
- Net margin: roughly ‑171%,
- 3‑year revenue growth: approximately ‑49%,
- Altman Z‑Score: deeply negative and in the “distress” zone, flagging a heightened risk of financial trouble if conditions worsen. GuruFocus
This combination — decent cash runway, but highly negative margins and tiny market cap — is typical in pre‑revenue or early‑revenue biotech, and it helps explain why small pieces of good or bad news can move INM dramatically in either direction.
Dual‑Engine Strategy: Drug Development Plus BayMedica Revenue
One reason some investors continue to track InMed despite the risk is its hybrid business model:
- Pharmaceutical R&D (InMed Pharma segment)
- INM‑901 for Alzheimer’s disease (pre‑IND).
- INM‑089 for dry age‑related macular degeneration (AMD), showing neuroprotective effects in preclinical models. InMed Pharmaceuticals
- INM‑755, a cannabinol (CBN) cream that has completed a Phase 2 trial in epidermolysis bullosa, a rare, devastating skin disease. InMed Pharmaceuticals
- INM‑088 CBN eye drops in preclinical development for glaucoma. InMed Pharmaceuticals
- Commercial Rare‑Cannabinoid Manufacturing (BayMedica segment)
- Produces rare cannabinoids like CBC, THCV, CBDV and CBTC at scale for the health and wellness industry. InMed Pharmaceuticals
- Generated about $4.9 million in revenue in fiscal 2025, up ~8% year‑over‑year, with improving gross margins as manufacturing efficiencies have kicked in. InMed Pharmaceuticals
Recent promotional profiles from Investing News Network and PRISM MarketView (both paid campaigns, as disclosed) argue that this “dual‑engine” model gives InMed a degree of financial resilience not always seen in tiny biotech names, since BayMedica’s revenue partially offsets R&D burn. Investing News Network (INN)
However, those same profiles are marketing materials, not independent research; readers should treat them as company‑friendly viewpoints rather than neutral analysis.
The Bigger Picture: Cannabinoid‑Inspired Drugs and a Crowded Field
InMed is one of dozens of companies trying to leverage cannabinoids or cannabinoid‑inspired chemistry for serious medical conditions.
- A recent industry report projects the cannabinoid‑based drug discovery and development market could grow from around $1.3 billion in 2024 to $1.8 billion by 2034, a modest 3.3% CAGR. Allied Market Research
- Another analysis counts 50+ companies advancing over 55 cannabinoid‑based therapies globally, spanning Alzheimer’s disease, epilepsy, pain and multiple sclerosis, among other indications. The Marijuana Herald
InMed’s differentiation lies in its focus on:
- Small‑molecule drugs that modulate cannabinoid receptors and related pathways, rather than plant‑derived extracts. InMed Pharmaceuticals
- A multi‑pathway approach to Alzheimer’s, directly targeting neuroinflammation, neuronal survival and protein aggregation — areas increasingly emphasized by academic and industry leaders as crucial beyond just amyloid and tau. InMed Pharmaceuticals
Whether that approach can translate from animal data to human clinical benefit remains the central question — one that today’s PK milestone edges slightly closer to answering, but does not resolve.
What Comes Next for InMed and INM‑901?
Based on InMed’s own guidance and regulatory norms, key near‑term milestones investors and observers will be watching include: TipRanks
- Pre‑IND meeting with the FDA
- This will clarify what additional data the agency wants to see before INM‑901 can enter a Phase 1 trial in humans.
- GLP‑compliant toxicology and dose‑ranging studies
- Successful completion would support IND filing and initial human dosing.
- More clarity on the clinical development plan
- Trial design, endpoints and patient populations for a first‑in‑human Alzheimer’s study will matter a lot for future valuation.
- Progress in INM‑089 and INM‑755
- Updates on the AMD program and potential partnering/licensing for the epidermolysis bullosa asset could create additional catalysts.
- BayMedica revenue trends
- Continued growth (or contraction) in rare‑cannabinoid ingredient sales will directly affect the company’s cash runway and dilution risk.
Risks to Keep in Mind
Despite today’s rally, InMed remains a high‑risk, early‑stage biotech:
- No human data yet for INM‑901. All efficacy and safety signals so far are preclinical; many promising animal‑model drugs ultimately fail in clinical trials. InMed Pharmaceuticals
- Severe dilution over time. The company has already raised capital through private placements and equity offerings, and may need more if timelines slip or programs expand. InMed Pharmaceuticals
- Financial stress indicators. Deeply negative margins and a low Altman Z‑Score underscore real solvency risks if access to capital or BayMedica revenues falter. GuruFocus
- Micro‑cap volatility. Thin liquidity and small float mean outsized price swings on relatively small order flow — today’s 20%+ intraday moves could just as easily be mirrored on the downside in future sessions. Stocktwits
Bottom Line
For November 20, 2025, the story around InMed Pharmaceuticals (INM) is straightforward:
- Catalyst: Successful large‑animal PK data for Alzheimer’s candidate INM‑901, plus associated SEC 8‑K filing and media coverage. InMed Pharmaceuticals
- Market reaction: A sharp rebound of 20%+ from a depressed base, pushing INM back onto pre‑market and momentum scanners after a deep multi‑month slide. StockAnalysis
- Context: A tiny, cash‑constrained but liquid micro‑cap trying to turn a cannabinoid‑inspired Alzheimer’s program and a revenue‑generating rare‑cannabinoid business into a sustainable long‑term story. PRISM MarketView
As always in biotech — and especially in names this small — today’s excitement should be weighed against the long timelines, scientific risk and financing uncertainty intrinsic to the sector. This article is for information only and does not constitute investment advice; anyone considering exposure to INM should carefully review the company’s SEC filings, risk factors and independent research before making any financial decisions.
