The company's financial position appears increasingly vulnerable, as total assets contracted from $20.2 million in 2024Q2 to $9.1 million by 2026Q3, reflecting significant equity erosion.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 |
|---|
| Total Current Assets | 6.89M | 17.53M | 11.88M | 15.01M | 12.36M | 10.36M | 6.31M | 14.13M | 20.33M | 5.34M | 145.05K | 202.04K | 185.71K | 5.09K | 47.31K | 248.5K | 0 | 22.52K | 588.33K | 361.68K | 458.63K | 626.16K | 251.39K | 414.47K | 1.02M | 2.37M |
| Cash & Short-Term Investments | 5.2M | 15.09M | 8.99M | 11.81M | 8.01M | 9.16M | 5.85M | 13.74M | 20.13M | 5.16M | 41.92K | 134.18K | 7.11K | 4.14K | 44.9K | 230.53K | 0 | 0 | 46.79K | 127.78K | 47.3K | 0 | 14.41K | 81.15K | 654.82K | 2.19M |
| Cash Only | 5.16M | 15.09M | 8.99M | 11.81M | 7.95M | 9.11M | 5.81M | 9.81M | 18.35M | 5.16M | 41.92K | 134.18K | 7.11K | 4.14K | 44.9K | 230.53K | 0 | 0 | 46.79K | 127.78K | 47.3K | 0 | 14.41K | 49.1K | 3.58K | 41.01K |
| Short-Term Investments | 41.63K | 0 | 0 | 0 | 57.69K | 57.46K | 42.38K | 3.93M | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.04K | 651.24K | 2.15M |
| Accounts Receivable | 0 | 633.67K | 482.55K | 344.97K | 113.34K | 14.74K | 45.34K | 64.74K | 53.74K | 59.36K | 84.76K | 38.23K | 22.53K | 542 | 1.69K | 17.97K | 0 | 22.52K | 533.1K | 208.32K | 410.36K | 614.14K | 207.75K | 198.97K | 360.9K | 154.99K |
| Days Sales Outstanding | 0.19 | 46.79 | 38.31 | 30.45 | 37.97 | - | - | - | - | - | - | - | - | - | - | 165.38 | - | 48.81 | 312.14 | 92.08 | 54.31 | 52.96 | 36.24 | 391.27 | 9.57K | 23.17K |
| Inventory | 0 | 1.31M | 1.7M | 2.14M | 3.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 967 | 1.67K | 10.96K | 110.42K | 0 | 0 |
| Days Inventory Outstanding | 29.57K | 147.7 | 177.63 | 286.02 | 2.14K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.56 | 0.25 | 0.19 | 3.33 | 447.74 | - | - |
| Other Current Assets | 1.69M | 497.46K | 712.28K | 718.62K | 57.69K | 0 | 0 | 0 | -13.15K | -13.88K | -18.97K | -7.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 2.25M | 3.7M | 4.29M | 3.68M | 4.11M | 1.74M | 1.49M | 944.96K | 1.01M | 1.07M | 1.13M | 1.14M | 1.4M | 0 | 0 | 0 | 0 | 2.9K | 792.79K | 41.58K | 193.07K | 358.58K | 294.49K | 749.37K | 343.73K | 2.3M |
| Property, Plant & Equipment | 642.88K | 1.35M | 1.71M | 958.37K | 1.16M | 403.91K | 403.49K | 42.53K | 42.38K | 20.8K | 3.65K | 5.09K | 1.99K | 0 | 0 | 0 | 0 | 2.9K | 112.48K | 25.09K | 32.74K | 104.18K | 78.56K | 51.83K | 342.71K | 2.3M |
| Fixed Asset Turnover | 3.46x | 3.66x | 2.69x | 4.32x | 0.94x | - | - | - | - | - | - | - | - | - | - | - | - | 58.16x | 5.54x | 32.92x | 84.24x | 40.63x | 26.64x | 3.58x | 0.04x | 0.00x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 587.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.5M | 2.21M | 2.44M | 2.58M | 2.72M | 1.31M | 1.09M | 902.44K | 968.42K | 1.05M | 1.13M | 1.13M | 1.4M | 0 | 0 | 0 | 0 | 0 | 83.31K | 16.49K | 160.33K | 254.4K | 215.94K | 697.54K | 1.02K | 4.1K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 104.37K | 136.24K | 136.76K | 138.98K | 227.43K | 18.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 9.13M | 21.23M | 16.17M | 18.69M | 16.46M | 12.1M | 7.8M | 15.07M | 21.34M | 6.41M | 1.28M | 1.34M | 1.59M | 5.09K | 47.31K | 248.5K | 0 | 25.42K | 1.38M | 403.26K | 651.7K | 984.74K | 545.89K | 1.16M | 1.36M | 4.67M |
| Asset Turnover | 41.26x | 0.23x | 0.28x | 0.22x | 0.07x | - | - | - | - | - | - | - | - | - | - | 0.16x | - | 6.63x | 0.45x | 2.05x | 4.23x | 4.30x | 3.83x | 0.16x | 0.01x | 0.00x |
| Asset Growth % | 57.24% | 31.28% | -13.48% | 13.5% | 36.11% | 55.04% | -48.24% | -29.36% | 232.9% | 402.07% | -4.59% | -15.84% | 31111.5% | -89.23% | -80.96% | - | -100% | -98.16% | 242.49% | -38.12% | -33.82% | 80.39% | -53.1% | -14.61% | -70.83% | - |
| Total Current Liabilities | 2.21M | 2.51M | 2.7M | 2.65M | 4.27M | 2.74M | 1.68M | 1.19M | 713.02K | 284.24K | 456.17K | 62.51K | 70.11K | 49.2K | 44.59K | 46.2K | 0 | 1.05M | 1.5M | 1.31M | 1.1M | 1.55M | 755.33K | 469.04K | 74.45K | 493.02K |
| Accounts Payable | 225.05K | 504.29K | 856.4K | 720.91K | 1.5M | 958.63K | 0 | 1.56M | 713.02K | 284.24K | 253.97K | 57.92K | 57.72K | 29.64K | 38.17K | 0 | 0 | 0 | 1.13M | 943.24K | 829.47K | 881.78K | 447.62K | 255.49K | 74.45K | 493.02K |
| Days Payables Outstanding | 45.83 | 56.88 | 89.39 | 96.3 | 1K | - | - | 6.07K | 2.81K | - | - | - | - | - | - | - | - | - | 1.02K | 1.08K | 213.83 | 100.85 | 136.11 | 1.04K | 1.58K | 10.57K |
| Short-Term Debt | 389.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.55K | 24.26K | 0 | 114.86K | 477.55K | 110.1K | 65.51K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56.25K | 44.14K | 87.73K | 82.21K | 171.6K | 112.43K | 0 | 0 |
| Other Current Liabilities | 1.22M | 668.14K | 667.78K | 739.85K | 179.13K | 1.09M | 1.61M | -372.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 285.39K | 326.44K | 66.43K | 112.42K | 26K | 35.6K | 0 | 0 |
| Current Ratio | 3.11x | 6.99x | 4.41x | 5.66x | 2.89x | 3.78x | 3.77x | 11.87x | 28.51x | 18.79x | 0.32x | 3.23x | 2.65x | 0.10x | 1.06x | 5.38x | - | 0.02x | 0.39x | 0.28x | 0.42x | 0.40x | 0.33x | 0.88x | 13.69x | 4.81x |
| Quick Ratio | 3.11x | 6.47x | 3.78x | 4.86x | 2.14x | 3.78x | 3.77x | 11.87x | 28.51x | 18.79x | 0.32x | 3.23x | 2.65x | 0.10x | 1.06x | 5.38x | - | 0.02x | 0.39x | 0.27x | 0.42x | 0.40x | 0.32x | 0.65x | 13.69x | 4.81x |
| Cash Conversion Cycle | 29.53K | 137.62 | 126.55 | 220.18 | 1.18K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -972 | -159.26 | -47.7 | -96.54 | -196.95 | - | - |
| Total Non-Current Liabilities | 30.77K | 416.57K | 881.94K | 21.19K | 501.51K | 234.1K | 248.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.94K | 39.86K | 38.59K | 101.41K | 26.11K | 452.95K | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 917.77K | 416.57K | 881.94K | 21.19K | 501.51K | 234.1K | 248.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.21K | 0 | 0 | 7.51K | 26.11K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.73K | 39.86K | 38.59K | 93.9K | 0 | 452.95K | 0 | 0 |
| Total Liabilities | 2.24M | 2.92M | 3.58M | 2.67M | 4.78M | 2.97M | 1.92M | 1.19M | 713.02K | 284.24K | 456.17K | 62.51K | 70.11K | 49.2K | 44.59K | 46.2K | 0 | 1.05M | 1.52M | 1.35M | 1.14M | 1.66M | 781.44K | 921.99K | 74.45K | 493.02K |
| Total Debt | 420.15K | 1.01M | 1.32M | 518.92K | 1.02M | 333.64K | 316.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.55K | 38.46K | 0 | 114.86K | 485.06K | 136.21K | 65.51K | 0 | 0 |
| Net Debt | -4.74M | -14.08M | -7.67M | -11.29M | -6.93M | -8.77M | -5.49M | -9.81M | -18.35M | -5.16M | -41.92K | -134.18K | -7.11K | -4.14K | -44.9K | -230.53K | 0 | 57.55K | -8.32K | -127.78K | 67.55K | 485.06K | 121.8K | 16.41K | -3.58K | -41.01K |
| Debt / Equity | 0.06x | 0.06x | 0.10x | 0.03x | 0.09x | 0.04x | 0.05x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.27x | - | - |
| Debt / EBITDA | -0.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.51x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -498.12x | -20.88x | - | - | - | -34.19x | -480.19x | - | - | -6945.47x | -38340.48x | -979.45x | -679.14x | -4469.45x | -11369.53x | -26.81x | -14.89x | -131.69x | - | - | - | - | - | - | - | - |
| Total Equity | 6.89M | 18.3M | 12.59M | 16.02M | 11.69M | 9.12M | 5.88M | 13.88M | 20.62M | 6.13M | 820.48K | 1.28M | 1.52M | -44.11K | 2.72K | 202.29K | 0 | -1.03M | -138.98K | -950.42K | -485.38K | -670.63K | -235.55K | 241.85K | 1.29M | 4.18M |
| Equity Growth % | 104.21% | 45.38% | -21.39% | 37.01% | 28.13% | 55.2% | -57.66% | -32.69% | 236.7% | 646.56% | -35.67% | -16.07% | 3545.41% | -1724.12% | -98.66% | - | 100% | -640.42% | 85.38% | -95.81% | 27.62% | -184.71% | -197.39% | -81.23% | -69.17% | - |
| Book Value per Share | 1.70 | 18.75 | 33.04 | 130.83 | 10427.54 | 678.84 | 563.00 | 1336.99 | 2389.03 | 1044.22 | 224.91 | 456.68 | 725.10 | -21.61 | 1.33 | 232.18 | - | -363.23 | -54.31 | -480.74 | -367.99 | -835.56 | -57.68 | 59.23 | 315.55 | 1023.43 |
| Total Shareholders' Equity | 6.89M | 18.3M | 12.59M | 16.02M | 11.69M | 9.12M | 5.88M | 13.88M | 20.62M | 6.13M | 820.48K | 1.28M | 1.52M | -44.11K | 2.72K | 202.29K | 0 | -1.03M | -138.98K | -950.42K | -485.38K | -670.63K | -235.55K | 241.85K | 1.29M | 4.18M |
| Common Stock | 92.58M | 124.28M | 113.22M | 102.83M | 91.06M | 74.93M | 53.07M | 52.24M | 51.75M | 33.18M | 25.33M | 25.51M | 27.56M | 25.87M | 26.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -123.96M | -159.73M | -149.18M | -134.33M | -120.33M | -92.57M | -64.65M | -49.19M | -39.02M | -32.9M | -29.62M | -28.96M | -29.67M | -28.91M | -29.86M | -31.16M | 0 | -25.42M | -27.79M | -25.68M | -22.96M | -19.73M | -15.61M | -13.35M | -10.74M | -8.31M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 128.57K | 175.17K | 175.83K | 170.32K | 165.54K | 159.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59.83K | 0 | 0 | 2.34M | 1.7M | 1.55M | 1.38M | 636.22K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent capital dilution risk
According to recent financial disclosures, InMed's total assets have declined from $20.2 million in 2024Q2 to $9.1 million by 2026Q3, reflecting a significant reduction in the company's resource base as it continues to navigate persistent operational losses and a lack of sustainable revenue growth.
The consistent erosion of the asset base suggests that the company is consuming its capital reserves to fund ongoing R&D and administrative overhead. This downward trajectory in total assets warrants close monitoring, as it may indicate a narrowing window for the firm to achieve commercial viability before requiring further external financing.
As reported in quarterly filings, InMed's cash position has dwindled to $5.2 million in 2026Q3 from a peak of $15.1 million in 2025Q4, indicating a rapid depletion of liquid assets that leaves the company with a limited buffer against ongoing operational cash burn.
While the current ratio of 3.11 appears superficially healthy, the absolute decline in cash reserves suggests that the company's liquidity position is tightening. Investors should consider that this burn rate, if sustained, may necessitate dilutive capital raises in the near term to maintain essential clinical and operational activities.
Based on the company's reported figures, shareholders' equity has contracted significantly to $6.9 million in 2026Q3, a trend driven primarily by an accumulated deficit that has ballooned to $124.0 million, reflecting the heavy cost of the firm's long-term research and development initiatives.
The persistent growth of the accumulated deficit underscores the difficulty InMed has faced in translating its biosynthesis platform into profitable commercial outcomes. This erosion of equity quality suggests that the company's book value is increasingly disconnected from its historical investment, placing greater pressure on future clinical milestones to justify the current valuation.
Analysis of the balance sheet reveals that goodwill remains a material component of total assets at $1.5 million, which, given the company's persistent negative operating margins, suggests a potential risk of future impairment charges if the BayMedica acquisition fails to deliver expected long-term economic benefits.
The presence of goodwill on the balance sheet during a period of significant asset contraction warrants further investigation into the underlying valuation assumptions of the BayMedica acquisition. If the commercial ingredient business does not scale as anticipated, the company may be forced to write down these intangible assets, further weakening an already strained equity position.
Quick answers to the most common questions about buying INM stock.
As of 2025, InMed Pharmaceuticals Inc. (INM) had total assets of $21.2M including $17.5M in current assets.
InMed Pharmaceuticals Inc. (INM) carries total debt of $1.0M, offset by $15.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
InMed Pharmaceuticals Inc. (INM) has total shareholders' equity (book value) of $18.3M ($18.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
InMed Pharmaceuticals Inc. (INM) reported a current ratio of 6.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.