InMed Pharmaceuticals is a pre-commercial biotech company focused on developing small molecule drug candidates that target the endocannabinoid system (CB1 and CB2 receptors) to treat diseases with high unmet medical needs. Its drug candidates are proprietary analogs of naturally occurring cannabinoids, designed as patentable new chemical entities with improved pharmaceutical properties. InMed has three active programs: INM-901 for Alzheimer's disease, INM-089 for dry age-related macular degeneration, and INM-755 for Epidermolysis Bullosa. INM-901 and INM-089 are both CB1/CB2 agonists in preclinical development, while INM-755 completed a Phase 2 trial and InMed is now seeking a commercial partner for further development. InMed's pharmaceutical business is funded by capital raises, and future commercialization would likely involve out-licensing or partnerships rather than building its own commercial infrastructure. InMed also owns BayMedica, a wholly owned subsidiary and its only revenue-generating business, which manufactures and sells bulk rare cannabinoids as ingredients to health and wellness companies, including nutraceuticals, cosmetics, and functional foods. BayMedica uses chemical synthesis, biosynthesis, and a proprietary hybrid process called IntegraSyn to manufacture cannabinoids at scale, selling directly to distributors and manufacturers on a B2B basis.