This offering represents a distress capital raise from a company on the brink of delisting with no revenue stream. The dilution from raising up to $1.2 million on a $2 million market cap is extreme. Traders should anticipate continued downward pressure on the stock price, potential delisting to OTC markets, and possible bankruptcy if the company cannot secure additional funding. The offering confirms the company's survival is in serious jeopardy.
Price Chart
Executive Summary
InMed Pharmaceuticals is conducting an at-the-market offering of up to $1.2 million in common shares through H.C. Wainwright & Co. This offering occurs amid severe financial distress, including a Nasdaq delisting notice due to low stock price and the wind down of its only revenue-generating business segment, BayMedica, due to adverse U.S. legislation. The company faces substantial doubt about its ability to continue as a going concern.
Key Facts
- Company is offering up to $1,213,648 in common shares through an at-the-market offering with H.C. Wainwright & Co.
- Stock received Nasdaq delisting notice on March 27, 2026 for failing to maintain $1.00 minimum bid price for 30 consecutive days.
- Company is winding down BayMedica, its only revenue-generating business segment, due to H.R. 5371 legislation that will prohibit aspects of its commercial business.
- Company has incurred significant operating losses: $3.8 million for six months ended December 31, 2025 and $8.2 million for the year ended June 30, 2025.
- Auditors have included going concern doubts in financial statements due to recurring losses and negative cash flows.
- Market cap is only $2 million with stock trading at $0.67 per share as of April 1, 2026.
Financial Impact
Up to $1.2 million in dilutive equity issuance from a $2 million market cap company, representing up to 60% of market value. The offering comes after a $50 million shelf registration, indicating potential for significant further dilution.
Risk Factors
- Substantial doubt about the company's ability to continue as a going concern
- Imminent delisting from Nasdaq if stock price doesn't recover to $1.00
- Complete loss of revenue stream from wind down of BayMedica operations
- Extreme shareholder dilution from capital raise on minimal market cap
- Potential bankruptcy if unable to secure additional financing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001213900-26-039938 |
| Document: 0001213900-26-039938-index-headers.html | 0001213900-26-039938 |
| Document: 0001213900-26-039938-index.html | 0001213900-26-039938 |
| Document: 0001213900-26-039938.txt | 0001213900-26-039938 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 22d ago | 425 | $1.31 $1.39 | ▲ +6.11% | ▲ +6.61% | $1.33 (+1.53%) |
Jul 10, 2026 12w ago | 8-K | $1.57 $1.52 | ▲ +3.18% | ▲ +2.40% | $1.33 (+15.29%) |
Jul 2, 2026 13w ago | S-4 | $1.56 $1.66 | ▼ −6.41% | ▼ −5.48% | $1.33 (+14.74%) |
Jun 11, 2026 16w ago | Insider Cluster | $1.58 $1.49 | ▼ −5.70% | ▼ −6.13% | $1.33 (−15.82%) |
Jun 10, 2026 16w ago | 8-K | $1.51 $1.48 | ▼ −1.99% | ▼ −5.42% | $1.33 (−11.92%) |
May 19, 2026 19w ago | 425 | $1.60 $1.69 | ▲ +5.63% | ▲ +3.38% | $1.33 (−16.87%) |
May 19, 2026 19w ago | 8-K | $1.60 $1.69 | ▲ +5.63% | ▲ +3.38% | $1.33 (−16.87%) |
May 19, 2026 19w ago | 8-K | $1.60 $1.66 | ▼ −3.75% | ▼ −1.45% | $1.33 (+16.87%) |
Apr 27, 2026 22w ago | 8-K | $0.7010 $0.7480 | ▼ −6.70% | ▼ −5.01% | $1.33 (−89.73%) |
Apr 3, 2026 26w ago | 8-K | $0.6950 $0.7130 | ▲ +2.59% | ▼ −1.54% | $1.33 (+91.37%) |
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