Revenue volatility remains high, with 2026Q3 results showing a massive spike to $659.8 million against a historical quarterly average of approximately $1.2 million, while gross margins collapsed to near 0.0%.
| 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 |
|---|
| Sales/Revenue | 663.87M | 4.94M | 4.6M | 4.14M | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.66K | 79.46K | 168.42K | 623.37K | 825.79K | 2.76M | 4.23M | 2.09M | 185.61K | 13.77K | 2.44K |
| Revenue Growth % | 13390.59% | 7.5% | 11.18% | 279.61% | - | - | - | - | - | - | - | - | - | - | -100% | -50.09% | -52.82% | -72.98% | -24.51% | -70.06% | -34.85% | 102.27% | 1027.38% | 1248.04% | 463.84% | - |
| Cost of Goods Sold | 2.93M | 3.24M | 3.5M | 2.73M | 545.89K | 0 | 183.09K | 93.94K | 92.78K | 0 | 0 | 0 | 0 | 0 | 0 | 27.36K | 8.76K | 108.89K | 405.58K | 319.78K | 1.42M | 3.19M | 1.2M | 90.02K | 17.16K | 17.02K |
| COGS % of Revenue | - | 65.47% | 76.06% | 66.07% | 50.11% | - | - | - | - | - | - | - | - | - | - | 68.99% | 11.02% | 64.65% | 65.06% | 38.72% | 51.34% | 75.4% | 57.36% | 48.5% | 124.65% | 697.09% |
| Gross Profit | 1.09M | 1.71M | 1.1M | 1.4M | 543.55K | 0 | -183.09K | -93.94K | -92.78K | 0 | 0 | 0 | 0 | 0 | 0 | 12.3K | 70.71K | 59.53K | 217.79K | 506.01K | 1.34M | 1.04M | 892.2K | 95.59K | -3.39K | -14.58K |
| Gross Margin % | 0.16% | 34.53% | 23.94% | 33.93% | 49.89% | - | - | - | - | - | - | - | - | - | - | 31.01% | 88.98% | 35.35% | 34.94% | 61.28% | 48.66% | 24.6% | 42.64% | 51.5% | -24.65% | -597.05% |
| Gross Profit Growth % | - | 55.02% | -21.53% | 158.13% | - | 100% | -94.9% | -1.25% | - | - | - | - | - | - | -100% | -82.61% | 18.77% | -72.67% | -56.96% | -62.29% | 28.86% | 16.71% | 833.31% | 2916.59% | 76.72% | - |
| Operating Expenses | 11.02M | 9.62M | 9.24M | 9.78M | 14.34M | 12.17M | 8.97M | 10.39M | 6.69M | 3.44M | 1.84M | 3.46M | 1.15M | 46.75K | 168.6K | 399.85K | 482.11K | 836.53K | 1.49M | 1.65M | 2.52M | 3.03M | 2.13M | 1.38M | 2.75M | 4.24M |
| OpEx % of Revenue | - | 194.73% | 200.87% | 236.53% | 1315.85% | - | - | - | - | - | - | - | - | - | - | 1008.25% | 606.71% | 496.69% | 238.69% | 199.69% | 91.3% | 71.6% | 102.02% | 741.53% | 19964.91% | 173568.18% |
| Selling, General & Admin | 246.8M | 6.56M | 5.8M | 5.85M | 6.87M | 5.55M | 3.16M | 6M | 5.17M | 2.79M | 1.48M | 2.62M | 1.09M | 46.75K | 151.57K | 287K | 300.73K | 469.51K | 1.17M | 1.28M | 2.26M | 2.58M | 1.84M | 995.66K | 902.67K | 3.91M |
| SG&A % of Revenue | - | 132.68% | 126.11% | 141.4% | 630.33% | - | - | - | - | - | - | - | - | - | - | 723.69% | 378.45% | 278.77% | 187.44% | 154.67% | 82.05% | 60.9% | 87.88% | 536.42% | 6555.84% | 160068.14% |
| Research & Development | 2.62M | 2.85M | 3.22M | 3.73M | 7.28M | 6.62M | 5.81M | 4.3M | 1.52M | 573.72K | 292.84K | 759.85K | 57.87K | 0 | 17.03K | 0 | 118.42K | 116.94K | 236.23K | 204.7K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 57.74% | 69.98% | 90.24% | 668.48% | - | - | - | - | - | - | - | - | - | - | - | 149.02% | 69.43% | 37.9% | 24.79% | - | - | - | - | - | - |
| Other Operating Expenses | -946.8K | 212.84K | 219.6K | 202.25K | 185.66K | 0 | 0 | 94.72K | 0 | 75.22K | 67.41K | 75.76K | -901 | 0 | 0 | 112.85K | 62.96K | 250.08K | 83.24K | 167.15K | 255.18K | 453.18K | 295.85K | 380.7K | 1.85M | 329.67K |
| Operating Income | -9.93M | -7.92M | -8.13M | -8.38M | -13.79M | -12.17M | -9.15M | -10.36M | -6.78M | -3.44M | -1.84M | -3.45M | -1.15M | -49.19K | -168.72K | -387.56K | -411.4K | -777K | -1.27M | -1.14M | -1.18M | -1.99M | -1.24M | -1.28M | -2.75M | -4.25M |
| Operating Margin % | -1.5% | -160.2% | -176.92% | -202.6% | -1265.95% | - | - | - | - | - | - | - | - | - | - | -977.25% | -517.73% | -461.34% | -203.75% | -138.42% | -42.64% | -47% | -59.38% | -690.02% | -19989.56% | -174165.23% |
| Operating Income Growth % | - | 2.66% | 2.92% | 39.25% | -13.32% | -33.01% | 11.66% | -52.83% | -97.07% | -87.19% | 46.81% | -200.28% | -2239.04% | 70.85% | 56.47% | 5.8% | 47.05% | 38.82% | -11.12% | 2.8% | 40.89% | -60.09% | 2.98% | 53.47% | 35.29% | - |
| EBITDA | -9.35M | -7.38M | -7.53M | -7.78M | -13.28M | -12.02M | -8.97M | -10.26M | -6.69M | -3.36M | -1.77M | -3.38M | -1.15M | -46.75K | -168.59K | -252.04K | -341.9K | -608.24K | -1.19M | -973.42K | -923.48K | -1.56M | -946.79K | -900.07K | -906.07K | -2.04M |
| EBITDA Margin % | -1.41% | -149.38% | -163.77% | -188.19% | -1218.98% | - | - | - | - | - | - | - | - | - | - | -635.53% | -430.26% | -361.14% | -190.39% | -117.88% | -33.49% | -36.93% | -45.25% | -484.92% | -6580.49% | -83406.14% |
| EBITDA Growth % | -24.14% | 1.95% | 3.25% | 41.39% | -10.47% | -34.05% | 12.63% | -53.46% | -98.81% | -90.07% | 47.62% | -193.7% | -2360.95% | 72.27% | 33.11% | 26.28% | 43.79% | 48.75% | -21.93% | -5.41% | 40.92% | -65.09% | -5.19% | 0.66% | 55.51% | - |
| D&A (Non-Cash Add-back) | 580.01K | 534.73K | 604.52K | 596K | 511.79K | 149.84K | 183.09K | 94.72K | 89.6K | 75.22K | 67.41K | 75.76K | 40 | 2.44K | 134 | 135.52K | 69.5K | 168.76K | 83.24K | 169.63K | 252.49K | 426.34K | 295.85K | 380.7K | 1.85M | 2.22M |
| EBIT | -9.96M | -7.79M | -7.67M | -8.38M | -13.79M | -12.32M | -8.94M | -10.36M | -6.78M | -3.44M | -1.84M | -3.45M | -1.15M | -46.73K | -190.03K | -313.76K | -411.4K | -777K | -1.27M | -1.14M | -1.18M | -1.99M | -1.24M | -1.28M | -2.75M | -4.25M |
| Net Interest Income | 275.28K | -216.57K | 721.97K | 652.37K | 123.72K | -344.33K | 107.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.7K | -27.63K | -5.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 295.28K | 156.53K | 721.97K | 652.37K | 123.72K | 16.02K | 125.89K | 330.44K | 69.55K | 0 | 0 | 0 | 0 | 10 | 17 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 20K | 373.11K | 0 | 0 | 0 | 360.35K | 18.62K | 0 | 0 | 495 | 48 | 3.52K | 1.69K | 10 | 17 | 11.7K | 27.63K | 5.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 189.78K | -244.14K | 465.98K | 444.26K | -4.81M | -478.14K | 211.71K | 262.1K | 69.77K | -495 | -48 | -3.52K | -1.69K | 2.45K | -21.2K | 387.56K | 411.4K | 777K | 1.27M | 1.14M | 1.18M | 1.99M | 1.24M | 1.28M | 2.75M | 4.25M |
| Pretax Income | -9.74M | -8.16M | -7.67M | -7.93M | -18.6M | -12.65M | -8.94M | -10.1M | -6.71M | -3.44M | -1.84M | -3.46M | -1.15M | -46.74K | -189.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -1.47% | -165.14% | -166.79% | -191.86% | -1707.32% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 7.1K | 13.1K | 0 | 0 | 0 | -262.1K | 0 | 495 | 48 | 3.52K | 1.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.09% | -0.17% | 0% | 0% | 0% | 2.6% | 0% | -0.01% | -0% | -0.1% | -0.15% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | -9.91M | -8.16M | -7.68M | -7.95M | -18.6M | -12.65M | -8.94M | -10.01M | -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 |
| Net Margin % | -1.49% | -165.14% | -166.94% | -192.18% | -1707.32% | - | - | - | - | - | - | - | - | - | - | -820.68% | -421.31% | -629.28% | -147.95% | -226.96% | -46.14% | -65.65% | -72.63% | -662.88% | -19696.59% | -174800.33% |
| Net Income Growth % | -19.26% | -6.34% | 3.42% | 57.27% | -47.04% | -41.5% | 10.7% | -49.22% | -95.01% | -87.22% | 46.87% | -200.14% | -2365.21% | 75.39% | 41.65% | 2.78% | 68.41% | -14.92% | 50.79% | -47.28% | 54.2% | -82.82% | -23.53% | 54.63% | 36.47% | - |
| Net Income (Continuing) | -9.74M | -8.16M | -7.68M | -7.95M | -18.6M | -12.65M | -8.94M | -10.01M | -6.71M | -3.44M | -1.84M | -3.46M | -1.15M | -46.74K | -189.91K | -325.47K | -334.79K | -1.06M | -1.52M | -1.24M | -1.27M | -2.78M | -1.52M | -1.23M | -2.71M | -4.27M |
| Discontinued Operations | -174.59K | 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 |
| 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 |
| EPS (Diluted) | -2.45 | -8.36 | -20.14 | -64.92 | -16582.00 | -938.91 | -1161.21 | -1264.97 | -1032.30 | -810.55 | -643.57 | -1591.26 | -659.66 | -25.16 | -168.44 | -318.24 | -1492.39 | -492.41 | -496.33 | -930.18 | -1108.33 | -4236.29 | -372.20 | -301.31 | -664.14 | -1045.33 |
| EPS Growth % | -8939.08% | 58.49% | 68.98% | 99.61% | -1666.09% | 19.14% | 8.2% | -22.54% | -27.36% | -25.95% | 59.56% | -141.22% | -2521.86% | 85.06% | 47.07% | 78.68% | -203.08% | 0.79% | 46.64% | 16.07% | 73.84% | -1038.18% | -23.53% | 54.63% | 36.47% | - |
| EPS (Basic) | - | -8.36 | -20.14 | -64.92 | -16582.00 | -938.91 | -1161.21 | -1264.97 | -1032.30 | -810.55 | -643.57 | -1591.26 | -659.66 | -25.16 | -168.44 | -318.24 | -1492.39 | -492.41 | -496.33 | -930.18 | -1108.33 | -4236.29 | -372.20 | -301.31 | -664.14 | -1045.33 |
| Diluted Shares Outstanding | 4.05M | 975.99K | 381.05K | 122.42K | 1.12K | 13.44K | 10.44K | 10.38K | 8.63K | 5.87K | 3.65K | 2.79K | 2.1K | 2.04K | 2.04K | 871 | 235 | 2.83K | 2.56K | 1.98K | 1.32K | 803 | 4.08K | 4.08K | 4.08K | 4.08K |
| Basic Shares Outstanding | 4.05M | 975.99K | 381.05K | 122.42K | 1.12K | 13.44K | 10.44K | 10.38K | 8.63K | 5.87K | 3.65K | 2.79K | 2.1K | 2.04K | 2.04K | 871 | 235 | 2.83K | 2.54K | 1.91K | 1.32K | 803 | 4.08K | 4.08K | 4.08K | 4.08K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating cash burn
According to the latest quarterly financial data, InMed Pharmaceuticals reported a revenue spike to $659.8 million in 2026Q3, yet this figure appears anomalous compared to the historical quarterly average of approximately $1.2 million, suggesting that underlying organic growth remains elusive and highly dependent on non-recurring transactional events.
The extreme variance in recent revenue figures indicates that the company has not yet established a predictable commercial cadence. Investors should monitor whether this recent surge represents a sustainable shift in market adoption or merely a one-time accounting event that fails to address the core lack of recurring revenue streams.
As reported in financial statements, InMed's gross margin has fluctuated wildly, reaching a peak of 44.2% in 2025Q4 before collapsing to near zero in 2026Q3, which highlights the significant challenges the firm faces in maintaining consistent production costs for its specialized cannabinoid ingredient portfolio.
The inability to maintain stable gross margins suggests that the IntegraSyn biosynthesis platform may be struggling with yield consistency or input cost volatility. This lack of margin stability complicates the path to profitability, as the company lacks the pricing power necessary to offset the high costs of its manufacturing processes.
Based on InMed's reported figures, the company's SG&A expenses have consistently dwarfed gross profit, with 2026Q3 SG&A reaching $240.1 million, a figure that underscores a structural disconnect between the firm's administrative overhead and its actual commercial output in the competitive biotechnology and wellness ingredient markets.
The disproportionate allocation of capital toward SG&A relative to revenue suggests a lack of expense discipline that is typical of firms prioritizing growth over operational efficiency. This cost structure appears unsustainable without a significant and immediate increase in high-margin pharmaceutical licensing revenue to cover the mounting fixed-cost burden.
Analysis of the income statement reveals that InMed's persistent negative operating margins, which reached -160.20% in recent periods, indicate that the company is effectively burning through its capital base to fund ongoing operations, a trend that warrants further investigation into the necessity of future dilutive equity raises.
Short-sellers would likely focus on the widening gap between cash outflows and revenue, which suggests that the current business model is not self-funding. The reliance on external financing to sustain R&D and commercial operations creates a significant risk of shareholder dilution that may continue to weigh on the stock's performance.
Quick answers to the most common questions about buying INM stock.
For fiscal year 2025, InMed Pharmaceuticals Inc. (INM) reported total revenue of $4.9M. This represents a 202301.0% increase compared to $0.0M in 2001.
InMed Pharmaceuticals Inc. (INM) reported a net loss of $8.2M for the fiscal year ending 2025.
InMed Pharmaceuticals Inc. (INM) reported an operating income of $-7.9M, resulting in an operating profit margin of -160.2%. This margin reflects the operational efficiency of the business before interest and taxes.
InMed Pharmaceuticals Inc. (INM) generated $1.7M in gross profit for the year, representing a gross profit margin of 34.5%. This demonstrates the company's core pricing power and production efficiency.