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Pro Forma Information on Continuing Operations
The following unaudited pro forma consolidated financial information
of InMed Pharmaceuticals Inc. (the "Company") is derived from its historical consolidated financial statements and should
be read in conjunction with the audited financial statements and notes thereto appearing in its Annual Report on Form 10-K for the year
ended June 30, 2025 and its Form 10-Q for the period ended December 31, 2025. The accompanying unaudited pro forma condensed consolidated
statements of operations for the six months ended December 31, 2025 and the year ended June 30, 2025 are presented as if the Company had
accounted for the wind down and exit of BayMedica LLC's commercial operations business segment ("commercial operations")
as discontinued operations as of July 1, 2024. The unaudited pro forma condensed consolidated financial information is preliminary and
may be subject to change.
The unaudited pro forma condensed consolidated financial information
has been presented for informational purposes only and is not indicative of any future results of operations or the results that might
have occurred if the discontinued operations were actually effective on the indicated dates. The unaudited pro forma condensed consolidated
financial statements are based on management's estimate of the effects of the discontinued operations. Pro forma adjustments are
based on currently available information, historical results and certain assumptions that management believes are reasonable and described
in the accompanying notes.
Pharmaceuticals Inc.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
| December 31, 2025 | ||||||||||||
| As filed | Pro Forma Adjustments | Pro Forma | ||||||||||
| $ | $ | $ | ||||||||||
| ASSETS | ||||||||||||
| Current | ||||||||||||
| Cash and cash equivalents | 6,954,834 | (215,389 | ) | 6,739,445 | ||||||||
| Short-term investments | 42,675 | - | 42,675 | |||||||||
| Accounts receivable, net | 182,967 | (182,967 | ) | - | ||||||||
| Inventories | 947,898 | (947,898 | ) | - | ||||||||
| Prepaids and other current assets | 660,280 | (28,997 | ) | 631,283 | ||||||||
| Current assets of discontinued operations | - | 1,375,251 | 1,375,251 | |||||||||
| Total current assets | 8,788,654 | - | 8,788,654 | |||||||||
| Non-Current | ||||||||||||
| Property, equipment and ROU assets, net | 764,254 | - | 764,254 | |||||||||
| Intangible assets, net | 1,538,576 | - | 1,538,576 | |||||||||
| Other assets | 100,000 | - | 100,000 | |||||||||
| Total Assets | 11,191,484 | - | 11,191,484 | |||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| Current | ||||||||||||
| Accounts payable and accrued liabilities | 1,071,871 | (324,161 | ) | 747,710 | ||||||||
| Current portion of lease obligations | 408,122 | - | 408,122 | |||||||||
| Current liabilities of discontinued operations | - | 994,161 | 994,161 | |||||||||
| Total current liabilities | 1,479,993 | 670,000 | 2,149,993 | |||||||||
| Non-current | ||||||||||||
| Lease obligations, net of current portion | 123,827 | - | 123,827 | |||||||||
| Total Liabilities | 1,603,820 | 670,000 | 2,273,820 | |||||||||
| Commitments and Contingencies | ||||||||||||
| Shareholders' Equity | ||||||||||||
| Common shares, no par value, unlimited authorized shares: | ||||||||||||
| 2,804,186 as of December 31, 2025, issued and outstanding | 92,046,396 | - | 92,046,396 | |||||||||
| Additional paid-in capital | 38,405,713 | - | 38,405,713 | |||||||||
| Accumulated deficit | (120,993,014 | ) | (670,000 | ) | (121,663,014 | ) | ||||||
| Accumulated other comprehensive income | 128,569 | - | 128,569 | |||||||||
| Total Shareholders' Equity | 9,587,664 | (670,000 | ) | 8,917,664 | ||||||||
| Total Liabilities and Shareholders' Equity | 11,191,484 | - | 11,191,484 |
InMed Pharmaceuticals Inc.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Expressed in U.S. Dollars
| Six months ended December 31, | ||||||||||||
| 2025 | ||||||||||||
| As filed | Pro Forma Adjustments | Pro Forma | ||||||||||
| $ | $ | $ | ||||||||||
| Sales | 1,940,309 | (1,940,309 | ) | - | ||||||||
| Cost of sales | 1,352,956 | (1,352,956 | ) | - | ||||||||
| Gross profit | 587,353 | (587,353 | ) | - | ||||||||
| Operating Expenses | ||||||||||||
| Research and development | 1,212,248 | (12,146 | ) | 1,200,102 | ||||||||
| General and administrative | 3,153,110 | (590,803 | ) | 2,562,307 | ||||||||
| Amortization and depreciation | 106,403 | (1,198 | ) | 105,205 | ||||||||
| Foreign exchange loss | 38,858 | - | 38,858 | |||||||||
| Total operating loss from continuing operations | (3,923,266 | ) | 16,794 | (3,906,472 | ) | |||||||
| Other Income (Expense) | ||||||||||||
| Interest and other income | 168,144 | - | 168,144 | |||||||||
| (Loss) income from continuing operations | (3,755,122 | ) | - | (3,738,328 | ) | |||||||
| Loss from discontinued operations | - | (16,794 | ) | (16,794 | ) | |||||||
| Net loss for the period | (3,755,122 | ) | - | (3,755,122 | ) | |||||||
| Net loss per share for the period | ||||||||||||
| Basic and diluted | ||||||||||||
| Continuing operations | - | (0.95 | ) | |||||||||
| Discontinued operations | - | (0.00 | ) | |||||||||
| Net loss per share attributable to Common Stockholders - basic and diluted | (0.95 | ) | (0.95 | ) | ||||||||
| Weighted average outstanding common shares | ||||||||||||
| Basic and diluted | 3,954,549 | 3,954,549 |
InMed Pharmaceuticals Inc.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Expressed in U.S. Dollars
| For the Year Ended June 30, | ||||||||||||
| 2025 | ||||||||||||
| As filed | Pro Forma Adjustments | Pro Forma | ||||||||||
| $ | $ | $ | ||||||||||
| Sales | 4,942,633 | (4,942,633 | ) | - | ||||||||
| Cost of sales | 3,236,047 | (3,236,047 | ) | - | ||||||||
| Gross profit | 1,706,586 | (1,706,586 | ) | - | ||||||||
| Operating Expenses | ||||||||||||
| Research and development | 2,853,920 | (32,718 | ) | 2,821,202 | ||||||||
| General and administrative | 6,557,822 | (1,143,297 | ) | 5,414,525 | ||||||||
| Amortization and depreciation | 212,839 | (2,396 | ) | 210,443 | ||||||||
| Foreign exchange loss | 28,471 | - | 28,471 | |||||||||
| Total operating (loss) from continuing operations | (7,946,466 | ) | (528,175 | ) | (8,474,641 | ) | ||||||
| Other Income (Expense) | ||||||||||||
| Interest and other income | 155,882 | - | 155,882 | |||||||||
| Finance expense | (371,549 | ) | - | (371,549 | ) | |||||||
| Loss from continuing operations | (8,162,133 | ) | (528,175 | ) | (8,690,308 | ) | ||||||
| Net income from discontinued operations | - | 528,175 | 528,175 | |||||||||
| Net (loss) income for the period | (8,162,133 | ) | 528,175 | (8,832,133 | ) | |||||||
| Net (loss) income per share for the period | ||||||||||||
| Basic and diluted | ||||||||||||
| Continuing operations | - | (8.90 | ) | |||||||||
| Discontinued operations | - | 0.54 | ||||||||||
| Net loss per share attributable to Common Stockholders - basic and diluted | (8.36 | ) | (8.36 | ) | ||||||||
| Weighted average outstanding common shares | ||||||||||||
| Basic and diluted | 975,895 | 975,895 |
Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheets:
The unaudited pro forma condensed consolidated balance sheet was prepared
assuming the wind down of commercial operations and BayMedica LLC's assets and liabilities were accounted for as discontinued operations
as of December 31, 2025.
Notes to Unaudited Pro Forma Condensed Consolidated Statements
The unaudited pro forma condensed consolidated statements of operations
for the six months ended December 31, 2025 and the year ended June 30, 2025 have been presented as if the Company had accounted for the
wind down of commercial operations and BayMedica LLC's assets as discontinued operations as of July 1, 2024.
At this time, the Company has not completed its determination of the
fair value of the assets and does not have an estimate of the write-down or other charges associated with the wind down of the net assets.
The pro forma adjustments do not give effect to any write-down of the fair value of the net assets as of December 31, 2025.