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INM on Nasdaq

InMed Pharmaceuticals Inc.

Canadian pharmaceutical preparations company based in Vancouver2

In its 2026 annual report the company says: “We are a pharmaceutical drug development company with a pipeline of proprietary small molecule drug candidates that are preferential signaling ligands of the endogenous CB1 and CB2 receptors as well as other receptor targets linked to human disease.”5 Its shares trade on Nasdaq under the symbol INM.2

Price unavailable

Last updated Oct 21, 2026.

Overview

-$12.6MNet income, fiscal 20263

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  • TickerINM on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersVancouver, Canada2
  • Incorporated inBritish Columbia, Canada4
  • Business addressC/O Norton Rose Fulbright Canada Llp, Suite 1800 - 510 West Georgia Street, Vancouver, V6B 0M34
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI549300VA5DNHEJGHG3972
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered address#709 - 1445 West Georgia Street, V6C 3E8 Vancouver, Canada2
  • Registered withBC Registry Services, BC02349162

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All dollar amounts stated herein are in U.S. dollars unless specified otherwise.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

34.5%Gross margin6
-165.1%Net margin3
7.5%Revenue growth, 20256
-60.8%Return on equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue53¢$3.2M
  • Research and development47¢$2.8M

Out of $4.9M in revenue.63 The company lost money this year.

Financial statements

Revenue786$4.9M in 2025+160% since 2021
0$2.0M$4.0M$6.0M2021: $1.9M$1.9M20212022: $1.4M$1.4M2022−28%2023: $4.1M$4.1M2023+203%2024: $4.6M$4.6M2024+11%2025: $4.9M$4.9M2025+8%
Gross profit986$1.7M in 2025+214% since 2022
0$500.0K$1.0M$1.5M$2.0M2022: $543.5K$543.5K20222023: $1.4M$1.4M2023+158%2024: $1.1M$1.1M2024−22%2025: $1.7M$1.7M2025+55%
Operating income79-$7.9M in 2023−22% since 2021
-$20.0M-$15.0M-$10.0M-$5.0M02021: -$10.2M-$10.2M20212022: -$18.6M-$18.6M2022+82%2023: -$7.9M-$7.9M2023−57%
Net income1079863-$8.2M in 2025−9% since 2020
-$20.0M-$15.0M-$10.0M-$5.0M02020: -$8.9M-$8.9M20202021: -$10.2M-$10.2M2021+14%2022: -$18.6M-$18.6M2022+82%2023: -$7.9M-$7.9M2023−57%2024: -$7.7M-$7.7M2024−3%2025: -$8.2M-$8.2M2025+6%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2026-06-302025-06-30
Research and development$3.0M$2.8M
General and administrative$6.7M$5.4M
Amortization and depreciation$205.3K$210.4K
Loss on disposal of equipment$7.1K
Impairment of fixed assets$189.2K
Impairment of intangible assets$1.5M
Foreign exchange loss$58.0K$28.5K
Total operating expenses$11.6M$8.5M
Interest and other income$245.0K$155.9K
Finance expense-$10.7K-$371.5K
Loss from continuing operations before taxes-$11.4M-$8.7M
Net loss from continuing operations-$11.4M-$8.7M
Income (Loss) from discontinued operations-$1.2M$528.2K
Income (Loss) from discontinued operations-$1.2M$528.2K
Net Loss-$12.6M-$8.2M
Deemed dividends-$431.7K
Net loss attributable to common shareholders-$13.0M-$8.2M
Continuing operations, basic (in Dollars per share)-$3-$9
Continuing operations, diluted (in Dollars per share)-$3-$9
Discontinued operations, basic (in Dollars per share)-$0$1
Discontinued operations, diluted (in Dollars per share)-$0$1
Net loss per share attributable to Common Stockholders basic (in Dollars per share)-$3.12-$8.36
Net loss per share attributable to Common Stockholders diluted (in Dollars per share)-$3.12-$8.36
Basic (in Shares)4.2M shares975.9K shares
Diluted (in Shares)4.2M shares975.9K shares

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Corporate structure

InMed Pharmaceuticals Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of InMed Pharmaceuticals Inc.

  • InMed Pharmaceuticals Inc. Vancouver, British Columbia, Canada

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What InMed Pharmaceuticals Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$810.7K3 Jun 30, 2026$2.3M3 Jun 30, 2025−65.2%
Accumulated depreciation$373.3K3 Jun 30, 2026$1.3M3 Jun 30, 2025−72.1%
Property and equipment, net$221.0K3 Jun 30, 2026$992.2K3 Jun 30, 2025−77.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.1M6 Jun 30, 2025$6.6M6 Jun 30, 2024+68.5%
Marketable securities, current$39.7K3 Jun 30, 2026$43.4K3 Jun 30, 2025−8.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$1.6M3 Jun 30, 2025$1.8M6 Jun 30, 2024−9.1%
Finite-lived intangibles, gross$2.9M3 Jun 30, 2025$2.9M6 Jun 30, 20240%
Accumulated amortization$1.3M3 Jun 30, 2025$1.1M6 Jun 30, 2024+14.2%
Finite-lived intangibles, net$1.6M6 Jun 30, 2025$1.8M8 Jun 30, 2024−9.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$961.2K6 Jun 30, 2025$1.2M6 Jun 30, 2024−22.8%
Raw materials$258.3K6 Jun 30, 2025$372.7K6 Jun 30, 2024−30.7%
Work in process$06 Jun 30, 2025$9.6K6 Jun 30, 2024−100.0%
Finished goods$676.2K6 Jun 30, 2025$840.8K6 Jun 30, 2024−19.6%

Properties, in its own words

Our corporate address is InMed Pharmaceuticals Inc., c/o Norton Rose Fulbright Canada LLP, Suite 1800 – 500 West Georgia Street, Vancouver, British Columbia, Canada V6B 0M3. The lease for our previous headquarters at Suite 1445 – 885 West Georgia Street, Vancouver, BC V6C 1B4 expired on August 31, 2026 and was not renewed.

The BayMedica facility lease was terminated effective August 31, 2026 as part of the subsidiary’s wind down.

Item 2 of the 10-K filed Sep 9, 2026.5

Leadership

Who has led InMed Pharmaceuticals Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eric A. Adams2020–now

President

  1. Eric A. Adams2020–now

Chief financial officer

  1. Bruce Colwill2020–2022
  2. Brenda Edwards2022
  3. Jonathan Tegge2022–2023
  4. Netta Jagpal2024–now

Chief operating officer

  1. Michael Woudenberg2022–now
2025
Board members and other officers (14)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorJanet J. Grove named Jun 8, 2022 to Dec 6, 202232

Timeline

  1. Sep 18, 20268-K Listing notice or transfer; Other events33
  2. Jul 22, 20268-K Regulation FD disclosure; Other events34
  3. Jul 10, 20268-K Entered a material agreement; Regulation FD disclosure35
  4. Jun 10, 20268-K Other events36
  5. May 19, 20268-K Entered a material agreement; Change to shareholders' rights; Other events37
  6. May 19, 20268-K Entered a material agreement; Change in control; Executive or director change38
  7. May 7, 20268-K Regulation FD disclosure39
  8. Apr 27, 20268-K Entered a material agreement; Change to shareholders' rights; Other events40
  9. Apr 3, 20268-K Other events41
  10. Mar 30, 20268-K Listing notice or transfer42
  11. Mar 23, 20268-K Regulation FD disclosure43
  12. Mar 9, 20268-K Regulation FD disclosure44
  13. Nov 12, 2020New chief executive Eric A. Adams becomes CEO13
  14. May 18, 1981Founded InMed Pharmaceuticals Inc. is founded2

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/202645

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

396 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 132 major events, 121 insider forms, 15 large holders, 3 private raises, 102 other. The latest 20:

  1. Oct 15, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 8, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 7, 2026SCHEDULE 13G/A EDGAR
  4. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  5. Oct 1, 2026EFFECT EDGAR
  6. Oct 1, 2026424B3 EDGAR
  7. Sep 29, 2026S-4/A EDGAR
  8. Sep 18, 20268-K CURRENT REPORT EDGAR
  9. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  10. Sep 9, 2026425 EDGAR
  11. Sep 9, 202610-K ANNUAL REPORT EDGAR
  12. Sep 9, 2026S-4/A EDGAR
  13. Aug 14, 2026SCHEDULE 13G EDGAR
  14. Jul 22, 2026425 EDGAR
  15. Jul 22, 2026425 CURRENT REPORT EDGAR
  16. Jul 22, 20268-K CURRENT REPORT EDGAR
  17. Jul 20, 2026425 EDGAR
  18. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  19. Jul 16, 20264 EDGAR
  20. Jul 10, 2026425 CURRENT REPORT EDGAR

The 396 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

29 open-market trades by officers, directors and large owners since October 2021: 28 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 16, 2026Schneeberger Daniel10% ownerBuy8,340$1.29$10.8KForm 4
Sep 15, 2026Schneeberger Daniel10% ownerBuy54,256$1.30$70.5KForm 4
Sep 14, 2026Schneeberger Daniel10% ownerBuy28,505$1.29$36.8KForm 4
Jul 16, 2026Vivo Opportunity Cayman Fund, L.P.10% ownerBuy21$1.55$33Form 4
Jul 15, 2026ADAR1 Capital Management, LLC10% ownerBuy1,000$1.56$1.6KForm 4
Jul 15, 2026Vivo Opportunity Cayman Fund, L.P.10% ownerBuy15,150$1.55$23.5KForm 4
Jul 14, 2026Vivo Opportunity Cayman Fund, L.P.10% ownerBuy5,375$1.55$8.3KForm 4
Jul 2, 2026Vivo Opportunity, LLC10% ownerBuy1,607$1.55$2.5KForm 4
Jul 1, 2026Vivo Opportunity, LLC10% ownerBuy4,344$1.55$6.7KForm 4
Jun 30, 2026Vivo Opportunity, LLC10% ownerBuy600$1.54$924Form 4
Jun 8, 2026Vivo Opportunity, LLC10% ownerBuy32,500$1.52$49.4KForm 4
Jun 5, 2026Vivo Opportunity, LLC10% ownerBuy55,011$1.57$86.4KForm 4
Jun 4, 2026Vivo Opportunity, LLC10% ownerBuy6,743$1.57$10.6KForm 4
Jun 3, 2026Vivo Opportunity, LLC10% ownerBuy7,783$1.55$12.1KForm 4
Jun 2, 2026Vivo Opportunity, LLC10% ownerBuy22,848$1.52$34.7KForm 4
Jun 1, 2026Vivo Opportunity, LLC10% ownerBuy16,336$1.55$25.3KForm 4
May 29, 2026Vivo Opportunity, LLC10% ownerBuy17,796$1.57$27.9KForm 4
May 21, 2026Vivo Opportunity, LLC10% ownerBuy34,000$1.69$57.5KForm 4
May 20, 2026Vivo Opportunity, LLC10% ownerBuy56,210$1.56$87.7KForm 4
May 19, 2026Schneeberger Daniel10% ownerBuy468,551$1.54$721.7KForm 4

All 29 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$15.3M 2021–2022
Money received by yearMoney received by year, 2021–2022: $15.3M in all. Private raises (Form D) $15.3M.$0$5M$10M$15M2021 · Private raises (Form D): $4.3M20212022 · Private raises (Form D): $11.0M2022
Figures by year
YearPrivate raises (Form D)Total
2022$11.0M$11.0M
2021$4.3M$4.3M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Nov 21, 2022Raised $6 million in a private offering of equity32 Form D: 2 investors so far Form D
  2. Jun 6, 2022Raised $5 million in a private offering of equity55 Form D: 1 investor so far Form D
  3. Oct 13, 2021Raised $4.3 million in a private offering of equity56 Form D: 54 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
ADAR1 Capital Management, LLC800,000$1.2M0.1%New
Vivo Capital, LLC798,377$1.2M0.1%New
Squadron Capital Management LLC325,000$503.8K0.2%New
Ikarian Capital, LLC245,025$379.8K0.1%New
Ursa Fund Management, LLC125,800$195.0K0.0%New
Montanova Capital, LLC100,000$155.0K0.0%New
Boothbay Fund Management, LLC74,244$115.1K0.0%New
Sabby Management, LLC44,970$69.7K0.6%−175,290
Jane Street Group, LLC43,078$66.8K0.0%New
Venrock Adviser, LLC32,685$50.7K0.0%New
Citadel Advisors LLC26,084$40.4K0.0%−20,889
Seven Grand Managers, LLC25,000$38.8K0.0%New
Scientech Research LLC15,461$24.0K0.0%New
Crestwood Advisors Group, LLC14,900$23.1K0.0%New
Two Sigma Securities, LLC10,945$17.0K0.0%−7,773
Stratos Wealth Partners, LTD.10,760$16.7K0.0%New
Private Wealth Management Group, LLC5,000$7.8K0.0%No change
Banque Cantonale Vaudoise6$1.0K0.0%No change
SBI Securities Co., Ltd.300$4650.0%No change
Federation des caisses Desjardins du Quebec2$40.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How InMed Pharmaceuticals Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARInMed Pharmaceuticals Inc.1
  • CIK0001728328
  • Employer ID (EIN)98-14282795
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inBritish Columbia, Canada5
  • Fiscal year endsJune 301
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business addressC/O Norton Rose Fulbright Canada Llp, Suite 1800 - 510 West Georgia Street, Vancouver, V6B 0M3, British Columbia, Canada1
  • Phone(604) 669-72071
  • Shares outstanding5,493,735 shares as of Sep 2, 20265
  • Public float$3.0M as of Dec 31, 20255
  • AuditorCBIZ CPAs P.C., New York, NY PCAOB ID 199; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJan 17, 20181
  • Filings505 in all: 8-K (166), 4 (116), CORRESP (24), 3 (21), EFFECT (19), 10-Q (18), UPLOAD (18), 424B3 (13)1
    All 40 form types

    S-1 (9), S-1/A (8), 10-K (6), 425 (6), DEF 14A (6), DEFA14A (6), S-8 (6), 4/A (5), D (5), POS AM (5), SC 13G (5), SCHEDULE 13G (5), S-3 (4), SC 13G/A (4), 10-K/A (3), 424B5 (3), 8-K/A (3), SCHEDULE 13G/A (3), DRSLTR (2), PRE 14A (2), S-4/A (2), S-8 POS (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), NT 10-K (1), NT 10-Q (1), S-3/A (1), S-4 (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Sep 9, 2026
    Quarterly report (10-Q) May 6, 2026
    Proxy statement (DEF 14A) Nov 3, 2025
    Latest 8-K (8-K) Sep 18, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, no par valueINMNasdaq

From the cover page of the 10-K filed Sep 9, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks InMed Pharmaceuticals Inc. names in Item 1A of its 10-K filed Sep 9, 2026: 75 risks under these headings, as written.5

  • Risks Related to the Proposed Merger
  • Failure to complete, or delays in completing, the potential Merger could materially and adversely affect our results of operations, business, financial results, and/or the price of our Common Shares.
  • If the Merger is not completed, the price of our Common Shares may decline significantly.
  • Lawsuits may be filed against us, Mentari, or any of the members of their respective boards of directors arising out of the Merger, which may delay or prevent the Merger.
  • If we do not successfully consummate the Merger or another strategic transaction, our Board may decide to pursue a dissolution and liquidation of us. In such an event, the amount of cash available for distribution to our shareholders, if any, will depend heavily on the timing of such liquidation as well as the amount of cash that will need to be reserved for commitments and contingent liabilities, as to which we can give you no assurance.
  • Risks Related to our Business and Industry
  • Our prospects depend on the success of our Product Candidates which are at early stages of development with a statistically high probability of failure.
  • InMed is winding down InMed’s only revenue-generating business segment, which creates substantial uncertainty regarding InMed’s liquidity, results of operations, prospects, and ability to continue as a going concern.
  • Even if our Product Candidates advance through preclinical studies and clinical trials, we may experience difficulties in managing our growth and expanding our operations.
  • The threat or actual adoption of tariffs, retaliatory tariffs and duties, trade barriers and restrictions, and related international trade conflicts, including by the United States, Canada or other jurisdictions, could materially impact the macroeconomic framework in which we operate.
  • Any actual or threatened delisting of our securities by Nasdaq could have a material and adverse effect on our business, operations and financial condition, and could, among other things, limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
  • If we have difficulty enrolling patients in clinical trials, the completion of the trials may be delayed or cancelled.
The other 65 risks
  • If clinical trials of our Product Candidates fail to demonstrate safety and efficacy to the satisfaction of regulatory authorities or do not otherwise produce positive results, we would incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our Product Candidates.
  • If we experience delays in clinical testing, we will be delayed in commercializing our Product Candidates, and our business may be substantially harmed.
  • Our IntegraSyn manufacturing approach may prove unsuccessful in achieving yields and/or cost levels required to be economically competitive with alternative methods of manufacturing.
  • Negative results from clinical trials or studies of others and adverse safety events involving the targets of our products may have an adverse impact on our future commercialization efforts.
  • We intend to expend our limited resources to pursue our Product Candidates for certain indications and may fail to capitalize on other Product Candidates or other indications for our Product Candidates that may be more profitable or for which there is a greater likelihood of success.
  • The regulatory approval processes of the FDA, HC, the European Medicines Agency (“EMA”) and other comparable foreign regulatory authorities are lengthy, time-consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our Product Candidates, our business will be substantially harmed.
  • We intend to conduct clinical trials for our Product Candidates in several international jurisdictions, and acceptance by all regulatory authorities for such “international” data is not certain.
  • Our Product Candidates contain compounds that may be classified as “controlled substances”, the use of which may generate public controversy and restrict their development or commercialization.
  • If any of our Product Candidates receives marketing approval and we or others later identify undesirable side effects caused by the Product Candidate, our ability to market and derive revenue from the product candidates could be compromised.
  • Research restrictions, product shipment delays or prohibitions could have a material adverse effect on our business, results of operations and financial condition.
  • Healthcare legislation, including potentially unfavorable pricing regulations or other healthcare reform initiatives, may increase the difficulty and cost for us to obtain marketing approval of and commercialize our Product Candidates.
  • Any Product Candidates we develop may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, thereby materially and adversely impacting our business.
  • Increased scrutiny on drug pricing or changes in pricing regulations could restrict the amount that we are able to charge for our Product Candidates, which could adversely affect our revenue and results of operations.
  • Negative publicity may adversely affect us and our business.
  • Even if we are able to commercialize our Product Candidates, they may not receive coverage and adequate reimbursement from third-party payors, which could harm our business.
  • Our relationships with customers and third-party payors will be subject to applicable anti-kickback, fraud and abuse, federal exclusion or debarment, and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • Failure to comply with the FCPA, the CFPOA, and other global anti-corruption and anti-bribery laws could subject us to penalties and other adverse consequences.
  • From time to time, including our ongoing matter with a third-party licensor, we may be subject to legal proceedings, disputes, claims and administrative proceedings that arise in the ordinary course of our business activities that could cause us to incur significant expenses, divert our management’s attention, and materially harm our business, financial condition, and operating results.
  • Federal legislation and actions by state and local governments may permit reimportation of drugs from/to foreign countries where the drugs are sold at lower prices than in the country of origination, which could materially adversely affect our business and financial condition.
  • We are dependent upon our key personnel to achieve our business objectives.
  • Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could subject us to significant liability and harm our reputation.
  • Our internal computer systems, or those of our contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product development programs.
  • Our insurance may be insufficient to cover losses that may occur as a result of our operations.
  • Our insurance costs may increase significantly, we may be unable to obtain the same level of insurance coverage and our insurance coverage may not be adequate to cover all possible losses we may suffer.
  • There may be changes in laws, regulations and guidelines which are material and detrimental to our business.
  • If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected.
  • Our proprietary information, or that of our customers, suppliers and business partners, may be lost or we may suffer security breaches.
  • We expect to face intense competition, often from companies with greater resources and experience than we have.
  • Industry consolidation may lead to increased competition and costs, and may harm our operating results.
  • If we receive regulatory approvals, we intend to market our Product Candidates in multiple jurisdictions where we have limited or no operating experience and may be subject to increased business and economic risks that could affect our financial results.
  • Controlled substance legislation may differ in other jurisdictions and could restrict our ability to market our products internationally, which would result in increased business and economic risks that could affect our financial results.
  • Product liability lawsuits against us could cause us to incur substantial liabilities.
  • Failure to protect our information technology infrastructure against cyber-based attacks, network security breaches, service interruptions, or data corruption could significantly disrupt our operations and adversely affect our business and operating results.
  • Our failure to comply with data protection laws and regulations could lead to government enforcement actions and significant penalties against us and adversely impact our operating results.
  • Our results of operations could be materially and adversely affected if we cannot keep pace with technological changes impacting the development of our products and implementation of our business needs, including with respect to automation and the use of AI.
  • Climate change may have an impact on our business.
  • Our success depends on our ability to continue to innovate and create new products and enhancements to our existing products.
  • Risks Related to our Securities
  • The market prices for our Common Shares are volatile and will fluctuate.
  • Raising additional capital may cause dilution to our existing shareholders, restrict our operations or require us to relinquish rights to our technologies or Product Candidates.
  • Future offerings of debt or equity securities may rank senior to our Common Shares.
  • Future sales of Common Shares by our officers, directors and affiliates may negatively impact the market price for our Common Shares.
  • We do not currently pay dividends on our Common Shares and have no intention to pay dividends on our Common Shares for the foreseeable future.
  • We are exposed to risks related to currency exchange rates.
  • There remains increased focus from lawmakers and regulators on corporate Environmental, Social and Governance (“ESG”) practices, including climate change and related ESG disclosure requirements.
  • If we fail to maintain an effective system of internal control over financial reporting in the future, we may not be able to accurately report our financial condition, results of operations or cash flows, which may adversely affect investor confidence in us and, as a result, the value of our Common Shares.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Deficiencies in disclosure controls and procedures and internal control over financial reporting could result in a material misstatement in our financial statements.
  • We have incurred, and will continue to incur, increased costs as a result of operating as a public company, and our management has been required, and will continue to be required, to devote substantial time to new compliance initiatives.
  • Future sales and issuances of our Common Shares or rights to purchase Common Shares pursuant to our equity incentive plan could result in additional dilution of the percentage ownership of our shareholders and may cause our share price to fall.
  • Provisions in our corporate charter documents and certain Canadian laws could delay or deter a change of control.
  • If securities or industry analysts publish inaccurate or unfavorable research about our business, our share price and trading volume may decline.
  • We are incorporated in Canada, with our assets and officers primarily located in Canada, with the result that it may be difficult for investors to enforce judgments obtained against us or some of our officers.
  • Risks Related to our Financial Position and Capital Needs
  • Our operating losses have raised substantial doubt regarding our ability to continue as a going concern.
  • We have incurred significant losses since our inception and anticipate that we will continue to incur losses in the future.
  • We will require additional capital to fund our operations and if we fail to obtain necessary financing, we will not be able to complete the development and commercialization of our Product Candidates.
  • We may have difficulties identifying, successfully completing or integrating acquisitions, or maintaining or growing our acquired businesses.
  • We currently have limited commercial revenue and may never become profitable.
  • Changes in tax laws and unanticipated tax liabilities could adversely affect our effective income tax rate and ability to achieve profitability.
  • Our ability to use our net operating loss carryforwards and other tax attributes may be materially limited.
  • Changes to accounting standards may adversely impact the manner in which we report our financial position and operating results.
  • Natural disasters, public health crises, political crises, or other catastrophic events may adversely affect our business affairs, results of operations, financial condition, liquidity, availability of credit and foreign exchange exposure.
  • The ongoing Russo-Ukraine War and the Israel-Hamas conflict, including the actual or perceived threat of an exacerbation of such conflicts, could have a material and adverse effect on our business, operations and financial condition.
  • High rates of global inflation, the occurrence of a recession and higher interest rates could have a material and adverse impact on our business, results of operations and financial condition.
  • Material and adverse developments impacting the financial services industry at large, including the occurrence of actual (or widespread concerns regarding the potential occurrence of) defaults, illiquidity, operational failures and non-performance by financial institutions and critical counterparties, could have a material and adverse effect on our business, financial condition and results of operations.
  • Risks Related to our Intellectual Property
  • Our success is largely dependent upon our patents, proprietary technology, and other intellectual property.

Legal proceedings

From time to time, we may be subject to various legal proceedings, claims and administrative proceedings that arise in the ordinary course of our business activities. Although the results of the litigation and claims cannot be predicted with certainty, as of the date of this Annual Report, with the exception of the Patent License Matter discussed below in which BayMedica, our wholly-owned subsidiary, is involved, we do not believe we are party to any claim, proceeding or litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business. Regardless of the outcomes, however, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.5

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