MeritValue

InMed Pharmaceuticals Inc.

INMdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

InMed Pharmaceuticals Inc. earns about -302% on invested capital, but has diluted owners by 263% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.9M1$1.37M1$1.37M2$4.6M3$4.94M3
Net income−$10.2M4−$18.6M5−$7.95M6−$7.68M7−$8.16M7
Operating cash flow−$9.79M8−$15.6M9−$7.28M10−$6.99M11−$7.77M11
Capital expenditure$1,72512$39,10813$160,01414$9,29315—
Free cash flow (derived)−$9.79M8−$15.6M9−$7.44M10−$7M11—
Total debt—————
Cash & equivalents$7.36M16$6.18M17$8.91M18$6.57M19$11.1M19
Diluted shares268,793560,8292.4M381,053975,985

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$137.65
your share of equity
Profit it earned you last year
−$83.63
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $137.65 of net worth that earned you −$83.63 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-302% avg · 5y
FY21 —FY22 -506%FY23 -197%FY24 -230%FY25 -273%

It earned an average -302% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+263% shares · 5y

Share count is up 263% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001213900-22-058355 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001213900-23-080842 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001213900-25-090210 (Revenues)
  4. 10-K · period ending 2021-06-30 · accession 0001213900-22-058355 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001213900-23-080842 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001213900-24-082843 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0001213900-25-090210 (NetIncomeLoss)
  8. 10-K · period ending 2021-06-30 · accession 0001213900-22-058355 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001213900-23-080842 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001213900-24-082843 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0001213900-25-090210 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-06-30 · accession 0001213900-22-058355 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001213900-23-080842 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-06-30 · accession 0001213900-24-082843 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-06-30 · accession 0001213900-25-090210 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-06-30 · accession 0001213900-22-058355 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-06-30 · accession 0001213900-23-080842 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0001213900-24-082843 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001213900-25-090210 (CashAndCashEquivalentsAtCarryingValue)