Free cash flow remains consistently negative, with the company failing to generate positive cash flow in any of the last ten quarters, further exacerbated by stock-based compensation reaching $45.4 million in 2026Q2.
| 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 |
|---|
| Cash from Operations | -9.01M | -7.77M | -6.99M | -7.28M | -15.58M | -9.79M | -7.37M | -6.68M | -3.68M | -2.37M | -386.07K | -1.61M | -641.38K | -39.26K | -174.62K | -562.06K | -195.42K | 100.48K | -951.15K | -1.4M | -577.4K | -702.23K | -484.19K | -844.62K | -1.14M | -471.69K |
| Operating CF Margin % | - | -157.14% | -151.94% | -176.11% | -1430.44% | - | - | - | - | - | - | - | - | - | - | -1417.26% | -245.92% | 59.66% | -152.58% | -168.96% | -20.94% | -16.59% | -23.14% | -455.04% | -8303.83% | -19315.77% |
| Operating CF Growth % | -130.51% | -11.18% | 4.08% | 53.26% | -59.17% | -32.76% | -10.41% | -81.59% | -55.5% | -512.69% | 75.98% | -150.63% | -1533.59% | 77.52% | 68.93% | -187.62% | -294.49% | 110.56% | 31.83% | -141.65% | 17.78% | -45.03% | 42.67% | 26.13% | -142.39% | - |
| Net Income | -9.91M | -8.16M | -7.68M | -7.95M | -18.6M | -10.2M | -8.94M | -10.1M | -6.71M | -3.44M | -1.84M | -3.46M | -1.15M | -46.74K | -189.91K | -325.47K | -334.79K | -1.06M | -922.26K | -1.87M | -1.27M | -2.78M | -1.52M | -1.23M | -2.71M | -4.27M |
| Depreciation & Amortization | 315.03M | 534.73K | 604.52K | 596K | 511.79K | 120.87K | 183.09K | 94.72K | -92.78K | 75.22K | 67.41K | 75.76K | 40 | 0 | 0 | 135.52K | 69.5K | 168.76K | 83.24K | 169.63K | 252.49K | 426.34K | 295.85K | 380.7K | 1.85M | 2.22M |
| Stock-Based Compensation | 45.5M | 119.31K | 137.71K | 278.15K | 697.89K | 610.19K | 0 | 3.11M | 2.43M | 1.17M | 695.2K | 1.69M | 666.83K | 0 | 0 | 0 | 0 | 95.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -242.39K | 0 | 2 | -2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.39B | 78.32K | 316.82K | 356.09K | 4.88M | 374.23K | 1.02M | -71.39K | 2.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 514.84K | -215.03K | 85.28K | 322.38K | 1.34M | 394.1K | -543 | -3.12K | 927.28K |
| Working Capital Changes | 58.86K | -337.17K | -369.34K | -565.82K | -3.07M | -450.45K | 358.11K | 283.89K | 431.4K | -165.8K | 688.73K | 87.91K | -156.08K | 7.47K | 15.3K | -372.11K | 69.87K | 380.91K | 102.9K | 223.99K | 120.27K | 309.79K | 345.72K | 5.62K | -274.51K | 653.32K |
| Change in Receivables | 287.79K | -114.69K | -92.44K | -219.15K | -40.01K | 40.2K | 17.27K | -24.08K | 4.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 161.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -222.97K | 283.15K | 66.22K | 565.56K | -2M | 0 | 0 | 0 | -431.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.82K | -9.99K | 865 | 18.98K | 105.59K | -110.42K | 0 | 0 |
| Change in Payables | -349.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 431.94K | 0 | 0 | 0 | 0 | 0 | 593 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | -9.29K | -661.8K | -673K | -1.73K | 3.79M | -2.11M | -1.88M | -19.52K | -885 | -4.84K | -2.04K | 0 | 0 | 0 | 0 | 0 | 238.09K | -10.41K | 0 | -371.63K | 18.38K | 316.7K | 1.11M | -1.81M |
| Capital Expenditures | 0 | 0 | -9.29K | -161.8K | -39.11K | -1.73K | -42.57K | -27.04K | -43.8K | -19.52K | -885 | -4.84K | -2.04K | 0 | 0 | 0 | 0 | 0 | -24.85K | -12.52K | 0 | -7.31K | -15.45K | -24.62K | -12.64K | -764.02K |
| CapEx % of Revenue | 0% | - | 0.2% | 3.91% | 3.59% | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.99% | 1.52% | - | 0.17% | 0.74% | 13.26% | 91.79% | 31286.48% |
| Acquisitions | 0 | 0 | 0 | -500K | -208.89K | 0 | 541 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123.22K | 0 | 0 | -285.7K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -425K | 0 | 0 | -17.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.11K | 0 | -78.61K | 0 | -361.16K | -303.73K | 37.9K |
| Cash from Financing | 8.22M | 12.27M | 4.65M | 10.68M | 15.07M | 10.85M | -30.99K | 272.5K | 19.27M | 7.5M | 300.14K | 1.74M | 646.44K | 0 | 0 | 792.58K | 195.42K | -141.5K | 626.21K | 1.48M | 648.18K | 1.04M | 428.4K | 572.97K | 0 | 2.21M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -290.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.7K | 33.68K | -146.67K | 14.62K | 226.04K | -37.65K | -129.24K | -65.64K | 0 | 0 | -40.22K |
| Equity Issued (Net) | 3.81M | 8.13M | 5.22M | 10.68M | 17.15M | 12.47M | -30.99K | 207.57K | 20.3M | 8.27M | 304.68K | 1.83M | 646.74K | 0 | 0 | 780.88K | 161.74K | 5.17K | 764.98K | 1.35M | 700.05K | 1.14M | 463.79K | 18.91K | 0 | 2.25M |
| Dividends Paid | 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 |
| Share Repurchases | 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 | -58.5K |
| Other Financing | 4.41M | 4.14M | -561.98K | 646 | -1.78M | -1.62M | 0 | 64.93K | -1.02M | -764.62K | -4.54K | -92.75K | -297 | 0 | 0 | 0 | 0 | 0 | -153.4K | -89.88K | -14.22K | 27.09K | 30.25K | 554.07K | 0 | 0 |
| Net Change in Cash | -1.09M | 4.5M | -2.34M | 2.74M | -1.19M | 1.56M | -4.05M | -8.58M | 13.25M | 5.12M | -86.82K | 128.07K | 3.03K | -39.26K | -174.62K | 230.53K | -1 | -41.02K | -86.86K | 78.27K | 70.77K | -37K | -37.42K | 45.06K | -36.03K | -68.31K |
| Free Cash Flow | -9.01M | -7.77M | -7M | -7.45M | -15.62M | -9.79M | -7.42M | -6.71M | -3.72M | -2.38M | -386.96K | -1.61M | -643.42K | -39.26K | -174.62K | -562.06K | -195.42K | 100.48K | -976K | -1.41M | -577.4K | -709.54K | -499.64K | -869.23K | -1.16M | -1.24M |
| FCF Margin % | -1.36% | -157.14% | -152.14% | -180.02% | -1434.03% | - | - | - | - | - | - | - | - | - | - | -1417.26% | -245.92% | 59.66% | -156.57% | -170.48% | -20.94% | -16.76% | -23.88% | -468.31% | -8395.62% | -50602.25% |
| FCF Growth % | -28.34% | -11.03% | 6.04% | 52.35% | -59.54% | -32.02% | -10.6% | -80.18% | -56.06% | -516.34% | 76% | -150.59% | -1538.77% | 77.52% | 68.93% | -187.62% | -294.49% | 110.29% | 30.67% | -143.82% | 18.62% | -42.01% | 42.52% | 24.81% | 6.45% | - |
| FCF per Share | -2.22 | -7.96 | -18.36 | -60.81 | -13936.54 | -728.65 | -710.40 | -645.83 | -431.14 | -406.57 | -106.07 | -577.29 | -306.97 | -19.24 | -85.56 | -645.10 | -831.59 | 35.47 | -381.40 | -712.10 | -437.76 | -884.04 | -122.35 | -212.86 | -283.09 | -302.61 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.95x | 0.91x | 0.92x | 0.84x | 0.77x | 0.82x | 0.67x | 0.55x | 0.69x | 0.21x | 0.46x | 0.56x | 0.84x | 0.92x | 1.73x | 0.58x | -0.09x | 1.03x | 0.74x | 0.45x | 0.25x | 0.32x | 0.69x | 0.42x | 0.11x |
| Interest Paid | 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 |
| Taxes Paid | 0 | 0 | 7.1K | 13.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash burn
As reported in financial statements, InMed's operating cash flow consistently tracks below net income, with OCF/NI ratios frequently exceeding 1.0, suggesting that the company's reported losses are being exacerbated by cash-based operational requirements rather than non-cash accounting adjustments that might otherwise soften the impact of net losses.
The persistent gap between net income and operating cash flow indicates that the company is consuming cash at a rate that exceeds its accounting losses. This suggests that the underlying business model is not yet generating the operational efficiencies required to bridge the gap between R&D investment and commercial viability.
Based on InMed's reported figures, the company has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins remaining deeply negative and showing no clear trend toward breakeven despite the integration of the BayMedica commercial ingredient business segment.
The lack of a positive FCF trajectory implies that the company remains entirely dependent on external financing to sustain its clinical pipeline and operational overhead. Investors should monitor whether the current cash burn rate necessitates further dilutive capital raises in the near term.
According to recent SEC filings, InMed's working capital changes have been highly erratic, swinging from a $1.1 million inflow in 2026Q3 to a $821,000 outflow in 2026Q2, which suggests that the company lacks a stable cycle for managing its inventory and accounts receivable effectively.
This volatility in working capital suggests that the company may be struggling to align its production of rare cannabinoids with actual market demand. Such fluctuations often indicate potential issues with inventory management or the timing of customer collections, which warrants further investigation into the sustainability of the ingredient business.
As indicated by the provided financial data, InMed has utilized significant stock-based compensation, peaking at $45.4 million in 2026Q2, which effectively masks the true economic cost of operations by shifting compensation expenses away from cash-based outflows and into equity dilution for existing shareholders.
While SBC is a non-cash expense, the reliance on equity-based incentives suggests that the company is attempting to preserve its limited cash reserves at the expense of shareholder dilution. This practice warrants careful scrutiny, as it may be artificially inflating the appearance of cash flow stability while diluting the long-term value of the equity.
Quick answers to the most common questions about buying INM stock.
InMed Pharmaceuticals Inc. (INM) generated $-7.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
InMed Pharmaceuticals Inc. (INM) reported negative free cash flow of $7.8M in 2025, indicating capital requirements exceeded cash from operations.
InMed Pharmaceuticals Inc. (INM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.