InMed Pharmaceuticals Inc. (NASDAQ:INM) shares rose 21.98% in after-hours trading Wednesday, reaching $1.50.
Check out the current price of INM stock here.
The stock closed Wednesday's regular session at $1.23, down 15.75%, according to Benzinga Pro data.
Large Study Milestone
The Vancouver-based pharmaceutical company announced the successful completion of pharmacokinetic studies in large animal models for its Alzheimer’s disease candidate INM-901, according to a Tuesday press release.
This was the first preclinical study to administer the oral formulation in large animals.
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Therapeutic Potential Demonstrated
Studies showed strong bioavailability in in vivo models over a period of seven days.
Therapeutic systemic exposure levels were attained by INM-901.
“The successful completion of our first large animal PK study is very encouraging for the INM-901 program,” said Dr. Eric Hsu, Senior Vice President, Preclinical Research and Development.
Regulatory Path Forward
InMed completed additional chemistry, manufacturing, and controls development to scale production for Investigational New Drug-enabling studies.
In order to support its Investigational New Drug (IND) submission, the company intends to conduct dose-ranging studies, a pre-IND meeting with the Food and Drug Administration (FDA), and Good Laboratory Practice (GLP)-enabling studies.
Financial Position and Stock Performance
The company reported $9.3 million in cash as of Sept. 30, enough to fund operations into the fourth quarter of 2026, according to its fiscal first-quarter 2026 earnings report.
InMed's stock has dropped 74.38% so far this year.
The stock of the biotech has traded in a 52-week range of $1.23 to $8.27 and has a market capitalization of $3.45 million.
Benzinga’s Edge Stock Rankings highlight INM has a Growth score of 33.86. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
