InMed Pharmaceuticals (INM) 10-Q 14 Nov 22 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Document Information Line Items
Entity Registrant Name	INMED PHARMACEUTICALS INC.
Trading Symbol	INM
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		936,761
Amendment Flag	false
Entity Central Index Key	0001728328
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39685
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1428279
Entity Address, Address Line One	Suite 310 - 815 W. Hastings Street
Entity Address, Address Line Two	Vancouver
Entity Address, City or Town	B.C
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 1B4
City Area Code	(604)
Local Phone Number	669-7207
Title of 12(b) Security	Common Shares, no par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Current
Cash and cash equivalents	$ 9,350,427	$ 6,176,866
Short-term investments	42,125	44,804
Accounts receivable	15,169	88,027
Inventories	1,778,523	2,490,854
Prepaids and other assets	356,665	797,225
Total current assets	11,542,909	9,597,776
Non-Current
Property, equipment and ROU assets, net	802,369	904,252
Intangible assets, net	2,067,922	2,108,915
Other assets	171,130	176,637
Total Assets	14,584,330	12,787,580
Current
Accounts payable and accrued liabilities	2,362,190	2,415,265
Current portion of lease obligations	404,163	404,276
Deferred revenue	15,700
Acquisition consideration payable	500,000	500,000
Total current liabilities	3,282,053	3,319,541
Non-current
Lease obligations	294,337	389,498
Total Liabilities	3,576,390	3,709,039
Shareholders’ Equity
Common shares, no par value, unlimited authorized shares:908,766 (June 30, 2022 - 650,667) issued and outstanding	72,671,392	70,718,461
Additional paid-in capital	35,170,766	31,684,098
Accumulated deficit	(96,962,787)	(93,452,587)
Accumulated other comprehensive income	128,569	128,569
Total Shareholders’ Equity	11,007,940	9,078,541
Total Liabilities and Shareholders’ Equity	$ 14,584,330	$ 12,787,580

Condensed Consolidated Interi_2

Condensed Consolidated Interim Balance Sheets (Unaudited) (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	908,766	650,667
Common stock, shares outstanding	908,766	650,667

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Sales	$ 320,788
Cost of sales	235,034
Inventory write-down	576,772
Gross loss	(491,018)
Operating Expenses
Research and development and patents	1,378,653	1,491,252
General and administrative	1,560,477	1,372,867
Amortization and depreciation	49,048	28,532
Total operating expenses	2,988,178	2,892,651
Other Income (Expense)
Interest and other income	72,587	5,148
Foreign exchange loss	(96,791)	(84,112)
Loss before income taxes	(3,503,400)	(2,971,615)
Tax expense	(6,800)
Net loss for the period	$ (3,510,200)	$ (2,971,615)
Net loss per share for the period
Net loss per share, Basic (in Dollars per share)	$ (4.06)	$ (6.17)
Weighted average outstanding common shares
Weighted average outstanding common shares, Basic (in Shares)	865,619	481,902

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net loss per share, Diluted	$ (4.06)	$ (6.17)
Weighted average outstanding common shares, Diluted	865,619	481,902

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Shareholders’ Equity (Unaudited) - USD ($)	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total
Balance at Jun. 30, 2021	$ 60,587,417	$ 21,513,051	$ (74,852,470)	$ 128,569	$ 7,376,567
Balance (in Shares) at Jun. 30, 2021	322,028
Private placement	$ 1,459,051	10,540,635			11,999,686
Private placement (in Shares)	35,600
Share issuance costs	$ (247,336)	(1,786,831)			(2,034,167)
Agents’ warrants		739,920			739,920
Exercise of pre-funded warrants	$ 1,887,592	(1,887,453)			139
Exercise of pre-funded warrants (in Shares)	55,453
Loss for the period			(2,971,615)		(2,971,615)
Share-based compensation		111,142			111,142
Balance at Sep. 30, 2021	$ 63,686,724	29,230,464	(77,824,085)	128,569	15,221,672
Balance (in Shares) at Sep. 30, 2021	413,081
Balance at Jun. 30, 2022	$ 70,718,461	31,684,098	(93,452,587)	128,569	9,078,541
Balance (in Shares) at Jun. 30, 2022	650,667
Private placement	$ 410,376	5,589,570			5,999,946
Private placement (in Shares)	90,000
Share issuance costs	$ (77,242)	(1,052,101)			(1,129,343)
Agents’ investment options		451,897			451,897
Exercise of pre-funded warrants	$ 1,619,797	(1,619,378)			419
Exercise of pre-funded warrants (in Shares)	168,099
Loss for the period			(3,510,200)		(3,510,200)
Share-based compensation		116,680			116,680
Balance at Sep. 30, 2022	$ 72,671,392	$ 35,170,766	$ (96,962,787)	$ 128,569	$ 11,007,940
Balance (in Shares) at Sep. 30, 2022	908,766

Condensed Consolidated Interi_6

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net loss for the period	$ (3,510,200)	$ (2,971,615)
Items not requiring cash:
Amortization and depreciation	49,048	28,532
Share-based compensation	116,680	111,142
Amortization of right-of-use assets	99,460	25,906
Interest income received on short-term investments	(120)	(23)
Unrealized foreign exchange loss	2,796	1,262
Inventory write-down	576,772
Payments on lease obligations	(100,903)	(17,411)
Changes in non-cash working capital:
Inventories	135,559
Prepaids and other assets	440,560	634,410
Other non-current assets	5,507	6,030
Accounts receivable	72,858	(2,923)
Accounts payable and accrued liabilities	(159,260)	(469,227)
Deferred revenue	15,700
Total cash used in operating activities	(2,255,543)	(2,653,917)
Investing Activities
Short-term loan		(250,000)
Total cash used in investing activities		(250,000)
Financing Activities
Shares issued for cash	6,000,365	11,999,825
Share issuance costs	(571,261)	(1,115,129)
Total cash provided by financing activities	5,429,104	10,884,696
Increase (decrease) in cash during the period	3,173,561	7,980,779
Cash and cash equivalents beginning of the period	6,176,866	7,363,126
Cash and cash equivalents end of the period	$ 9,350,427	$ 15,343,905

Corporate Information and Conti

Corporate Information and Continuing Operations	3 Months Ended
	Sep. 30, 2022
Corporate Information and Continuing Operations [Abstract]
CORPORATE INFORMATION AND CONTINUING OPERATIONS	1. CORPORATE INFORMATION AND CONTINUING OPERATIONS InMed Pharmaceuticals Inc. (“InMed” or the “Company”) was incorporated in the Province of British Columbia on May 19, 1981 under the Business Corporations Act The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) under the trading symbol “INM”. InMed’s corporate office and principal place of business is located at #310 – 815 West Hastings Street, Vancouver, B.C., Canada, V6C 1B4. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. Through September 30, 2022, the Company has funded its operations primarily with proceeds from the sale of common stock. The Company has incurred recurring losses and negative cash flows from operations since its inception, including net losses of $3.5 million and $3.0 million for the three months ended September 30, 2022 and 2021, respectively. In addition, the Company had an accumulated deficit of $97.0 million as of September 30, 2022 (June 30, 2022 - $93.5 million). The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these condensed consolidated interim financial statements, the Company expects its cash and cash equivalents of $9.4 million as of September 30, 2022 will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of fiscal 2023, and possibly into the first quarter of fiscal 2024 (being the third calendar quarter of 2023), depending on the level and timing of realizing revenues from the sale of BayMedica inventory as well as the level and timing of the Company operating expenses. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. As a result of the recurring losses and requirement for cash in fiscal 2023 or the beginning of fiscal 2024, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company expects to continue to seek additional funding through equity financings, debt financings or other capital sources, including collaborations with other companies, government contracts or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing shareholders. These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its commitments, realize its assets and discharge its liabilities in the normal course. These condensed consolidated interim financial statements do not reflect adjustments to the carrying values of assets and liabilities that would be necessary if the Company was unable to continue as a going concern and such adjustments could be material.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“US GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended June 30, 2022. These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended September 30, 2022 and 2021 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended June 30, 2022. The functional currency of the Company and its subsidiaries is the U.S. Dollar. These condensed consolidated interim financial statements are presented in U.S. Dollars. References to “$” and “US$” are to United States (“U.S.”) dollars and references to “C$” are to Canadian dollars. Use of Estimates The preparation of financial statements in compliance with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, and the corresponding revenues and expenses for the periods reported. It also requires management to exercise judgment in applying the Company’s accounting policies. In the future, actual experience may differ from these estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are the estimate of useful life of intangible assets, the application of the going concern assumption, and determining the fair value of share-based payments and warrants. COVID-19 Impacts The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these consolidated financial statements. While there was no material impact to the Company’s condensed consolidated interim financial statements as of and for the three months ended September 30, 2022, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in a material impact to the Company’s consolidated financial statements in future reporting periods. Recent Accounting Pronouncements Not Yet Adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the Company or that there was no material impact or no material impact is expected in the consolidated financial statements as a result of future adoption.

Customer Concentration

Customer Concentration	3 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
CUSTOMER CONCENTRATION	3. CUSTOMER CONCENTRATION The Company had three customers during the three months ended September 30, 2022, which individually generated 10% or more of the Company’s sales. These customers accounted for 78% of the Company’s sales for the three months ended September 30, 2022. There were no outstanding amounts receivable from these customers as at September 30, 2022.

Inventories

Inventories	3 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consisted of the following: September 30, June 30, $ $ Raw materials 292,577 292,577 Work in process 1,210,261 1,724,851 Finished goods 275,685 473,426 Inventories 1,778,523 2,490,854 During the three months ended September 30, 2022, inventory expensed to cost of goods sold was $235,034 (2021 - $ Nil During the three months ended September 30, 2022, the write-down of inventories to net realizable value was $576,772 (2021 - $ Nil

Property, Equipment and Rou Ass

Property, Equipment and Rou Assets, Net	3 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, EQUIPMENT AND ROU ASSETS, NET	5. PROPERTY, EQUIPMENT AND ROU ASSETS, NET Property, equipment and ROU assets consisted of the following: September 30, June 30, $ $ Right-of-Use Assets (leases) 1,167,436 1,167,436 Equipment 212,877 212,877 Leasehold Improvements 40,409 40,409 Property and equipment 1,420,722 1,420,722 Less: accumulated depreciation and amortization (618,353 ) (516,470 ) Property, equipment and ROU assets, net 802,369 904,252 Depreciation expense on property, equipment and leasehold improvements for the three months ended September 30, 2022, was $8,055 (2021 - $4,217). Amortization expense related to the right-of-use assets for the three months ended September 30, 2022, was $90,244 (2021 - $21,343) and was recorded in general and administrative expenses.

Intangible Assets

Intangible Assets	3 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	6. INTANGIBLE ASSETS September 30, June 30, $ $ Intellectual property 1,736,420 1,736,420 Patents 1,191,000 1,191,000 Intangible assets 2,927,420 2,927,420 Less: accumulated depreciation (859,498 ) (818,505 ) Intangible assets, net 2,067,922 2,108,915 Acquired intellectual property is recorded at cost and is amortized on a straight-line basis over 18 years. Acquired patents consist of patents related to the development of cannabinoid analogs. This intangible asset is being amortized over an estimated useful life of 18 years. As at September 30, 2022, the definite-lived intangible assets had a weighted average estimated remaining useful life of approximately 13 years. Amortization expense on intangible assets for the three months ended September 30, 2022 was $40,993 (2021 - $24,315). The Company expects amortization expense to be incurred over the next five years as follows: $ 2023 155,778 2024 155,778 2025 155,778 2026 155,778 2027 155,778 778,890

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following: September 30, June 30, $ $ Trade payables 1,096,212 1,166,068 Accrued research and development expenses 956,429 839,638 Employee compensation, benefits and related accruals 249,593 139,120 Accrued general and administrative expenses 59,956 270,439 Accounts payable and accrued liabilities 2,362,190 2,415,265

Share Capital and Reserves

Share Capital and Reserves	3 Months Ended
	Sep. 30, 2022
Share Capital And Reserves [Abstract]
SHARE CAPITAL AND RESERVES	8. SHARE CAPITAL AND RESERVES a) Authorized As at September 30, 2022, the Company’s authorized share structure consisted of: (i) an unlimited number of common shares without par value; and (ii) an unlimited number of preferred shares without par value. No preferred shares were issued and outstanding as at September 30, 2022 and June 30, 2022. The Company may issue preferred shares and may, at the time of issuance, determine the rights, preference and limitations pertaining to these shares. Holders of preferred shares may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding up of the Company before any payment is made to the holders of common shares. b) Common Shares During the three months ended September 30, 2022, the Company completed the following: September 2022 Private Placement Offering: Transaction Description Number Issue Price Total Shares Issued 90,000 $ 8.680 $ 781,200 Pre-funded Warrants Issued 601,245 $ 8.6799 5,218,746 Gross Proceeds $ 5,999,946 Allocated to Additional Paid-in Capital (5,589,570 ) $ 410,376 Share Issuance Costs $ (77,242 ) On September 13, 2022, the Company closed a private placement of its common shares and issued an aggregate of 90,000 common shares and 601,245 pre-funded warrants, for gross proceeds of $5,999,946. The pre-funded warrants were determined to be common stock equivalents. Each common share and each pre-funded warrant were sold in the offering with an investment option to purchase a common share. Transaction costs were allocated proportionally between common shares and investment options with $77,242 allocated to common shares and the balance of $1,052,101 allocated to additional paid-in capital and recorded as a component of shareholders’ equity in the consolidated balance sheet. As at September 30, 2022, there were 601,245 pre-funded warrants outstanding. c) Share Purchase Warrants The following is a summary of changes in share purchase warrants from July 1, 2022 to September 30, 2022: Number Weighted Average Aggregate Balance as at June 30, 2022 244,767 $ 41.99 - Cancelled (179,231 ) $ 18.50 - Balance as at September 30, 2022 65,536 $ 106.23 - The total intrinsic value of warrants exercised during the three months ended September 30, 2022 was $ Nil Nil d) Agents’ Warrants The following is a summary of changes in agents’ warrants from July 1, 2022 to September 30, 2022: Number Weighted Average Aggregate Balance as at June 30, 2022 12,109 $ 92.91 - Balance as at September 30, 2022 12,109 $ 92.91 - e) Preferred Investment Options On September 13, 2022, 1,382,490 preferred investment options were issued with an exercise price of $8.44 per share, were immediately exercisable upon issuance, and expire 7 years following the date of issuance. Number Weighted Average Aggregate Balance as at June 30, 2022 233,100 $ 18.50 - Granted 1,382,490 $ 8.44 - Cancelled (233,100 ) $ 18.50 - Balance as at September 30, 2022 1,382,490 $ 8.44 - f) Agents’ Investment Options On September 13, 2022, 44,931 preferred investment options were issued for services with an exercise price of $10.85 per share, were immediately exercisable upon issuance, and expire approximately 7 years following the date of issuance. Number Weighted Average Aggregate Balance as at June 30, 2022 15,152 $ 26.81 - Granted 44,931 $ 10.85 - Balance as at September 30, 2022 60,083 $ 14.88 -

Share-Based Payments

Share-Based Payments	3 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED PAYMENTS	9. SHARE-BASED PAYMENTS a) Option Plan Details On March 24, 2017, and as amended on November 20, 2020, the Company’s shareholders approved: (i) the adoption of a new stock option plan (the “Plan”) pursuant to which the Board of Directors may, from time to time, in its discretion and in accordance with regulatory requirements, grant to directors, officers, employees and consultants of the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed twenty percent (20%) of the issued and outstanding common shares at the date the options are granted (on a non-diluted and rolling basis); and (ii) the application of the new stock option plan to all outstanding stock options of the Company that were granted prior to March 24, 2017 under the terms of the Company’s previous stock option plan. As at September 30, 2022, there were 20,300 (June 30, 2022 – 18,163) options available for future allocation pursuant to SEC rules and 20% of the issued and outstanding shares according to the terms of the Plan. The option price under each option shall not be less than the closing price on the day prior to the date of grant. All options vest upon terms as set by the Board of Directors, either over time, up to 36 months, or upon the achievement of certain corporate milestones. Stock options granted prior to May 2021 were granted with Canadian dollar exercise prices (United States dollar amounts for weighted average exercise prices and aggregate intrinsic value are calculated using prevailing rates as at June 30, 2022). Commencing in May 2021, stock options are granted with United States dollar exercise prices. The following is a summary of changes in outstanding options from July 1, 2022 to September 30, 2022: Number Weighted Average Balance as at June 30, 2022 55,603 128.59 Granted 560 9.75 Expired/Forfeited (2,697 ) 46.62 Balance as at September 30, 2022 53,466 124.74 September 30, 2022: Vested and exercisable 26,531 212.33 Unvested 26,935 38.46 b) Fair Value of Options Issued During the Period i) Weighted Average Fair Value at Grant Date of Options Granted: The weighted average fair value at grant date of options granted during the three months ended September 30, 2022, was $6.00 per option (year ended June 30, 2022 - $21.04). Assumptions used for options granted during the three months ended September 30, 2022 included a weighted average risk-free interest rate of 3.59% (year ended June 30, 2022 – 1.17%), weighted average expected life of 3.3 years calculated using the Simplified Method for directors, officers and employees, weighted average volatility factor of 91.61% (year ended June 30, 2022 – 97.15%), weighted average dividend yield of 0% (year ended June 30, 2022 – 0%) and a 5% forfeiture rate (year ended June 30, 2022 – 5%). ii) Expenses Arising from Share-based Payment Transactions: Total expenses arising from share-based payment transactions recognized during the three months ended September 30, 2022, were $116,681 (2021 - $111,142). $65,072 was allocated to general and administrative expenses (2021 - $81,009) and the remaining $51,609 was allocated to research and development expenses (2021 - $30,133). Unrecognized compensation cost at September 30, 2022 related to unvested options was $154,239 which will be recognized over a weighted-average vesting period of 0.8 years.

Lease Obligations

Lease Obligations	3 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASE OBLIGATIONS	10. LEASE OBLIGATIONS The Company is committed to minimum lease payments as follows: Maturity Analysis September 30, $ Less than one year 338,135 One to five years 200,655 More than five years - Total undiscounted lease liabilities (1) 538,790 (1) Excludes estimated variable operating costs of $92,964 and $57,274 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Basic and Diluted Loss per Shar

Basic and Diluted Loss per Share	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
BASIC AND DILUTED LOSS PER SHARE	11. BASIC AND DILUTED LOSS PER SHARE Basic loss per share amounts are calculated by dividing the net loss for the period by the weighted average number of ordinary shares outstanding during the period. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. As the outstanding stock options and warrants are anti-dilutive, they are excluded from the weighted average number of common shares in the table below. Three Months Ended September 30, 2022 2021 $ $ Net loss for the period (3,510,200 ) (2,971,615 ) Basic and diluted loss per share (4.06 ) (6.17 ) Weighted average number of common shares - basic and diluted 865,619 481,902

Segment Information

Segment Information	3 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	12. SEGMENT INFORMATION The following table presents information about the Company’s reportable segments for the three months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 2021 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 320,788 320,788 - - - Operating expenses 2,268,831 1,562,157 3,830,988 2,971,615 - 2,971,615 Net loss (2,268,831 ) (1,241,369 ) (3,510,200 ) (2,971,615 ) - (2,971,615 ) Unrestricted cash 9,227,828 122,599 9,350,427 15,343,905 - 15,343,905

Non-Cash Transactions

Non-Cash Transactions	3 Months Ended
	Sep. 30, 2022
Non Cash Transactions [Abstract]
NON-CASH TRANSACTIONS	13. NON-CASH TRANSACTIONS Investing and financing activities that do not have a direct impact on cash flows are excluded from the statements of cash flows. During the three months ended September 30, 2022, the following transactions were excluded from the statement of cash flows: i) On September 13, 2022, the Company issued 44,931 preferred investment options to its placement agent. The fair value of these investment options was $451,897 and was included in share issuance costs related to the September 2022 private placement. ii) As at September 30, 2022, the Company has unpaid financing costs of $106,185. During the three months ended September 30, 2021, the following transactions were excluded from the statement of cash flows: i) On July 2, 2021, the Company issued warrants to its placement agent. The fair value of these warrants was $739,920 and was included in share issuance costs related to the July 2021 private placement. ii) As at September 30, 2021, the Company has unpaid financing costs of $179,118.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Pursuant to the terms of agreements with various contract research organizations, as at September 30, 2022, the Company is committed for contract research services and materials at a cost of approximately $2,393,075. A total of $1,632,165 of these expenditures are expected to occur in the twelve months following September 30, 2022 and the balance of $760,910 in the following twelve month period. Pursuant to the terms of agreements with various vendors, as at September 30, 2022, the Company is committed for contract materials and equipment at a cost of approximately $563,612, expected to occur in the twelve months following September 30, 2022. Pursuant to the terms of a May 31, 2017 Technology Assignment Agreement between the Company and the University of British Columbia (“UBC”), the Company is committed to pay royalties to UBC on certain licensing and royalty revenues received by the Company for biosynthesis of certain drug products that are covered by the agreement. To date, no payments have been required to be made. Pursuant to the terms of a December 13, 2018 Collaborative Research Agreement with UBC in which the Company owns all rights, title and interests in and to any intellectual property, in addition to funding research at UBC, the Company is committed to make a one-time payment upon filing of any PCT patent application arising from the research. To date, one such payment has been made to UBC. Pursuant to the terms of a November 1, 2018 Contribution Agreement with National Research Council Canada, as represented by its Industrial Research Assistance Program (NRC-IRAP), under certain circumstances contributions received, including the disposition of the underlying intellectual property developed in part with NRC-IRAP contributions, may become repayable. Short-term investments include guaranteed investment certificates with a face value of $42,125 (June 30, 2022 - $44,676) that are pledged as security for a corporate credit card. The Company has entered into certain agreements in the ordinary course of operations that may include indemnification provisions, which are common in such agreements. In some cases, the maximum amount of potential future indemnification is unlimited; however, the Company currently holds commercial general liability insurance. This insurance limits the Company’s liability and may enable the Company to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and it believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented. Pursuant to a technology licensing agreement, the Company is committed to issue, subject to regulatory approval, up to 700 warrants to purchase 700 common shares upon the achievement of certain milestones. The exercise price of the warrants will be equal to the five-day VWAP of the common shares prior to each milestone achievement and the warrants will be exercisable for a period of three years for issuance date. The Company entered into a patent license agreement with a third party (the “Licensor”) in an agreement dated February 15, 2021. The Company is required to make future royalty payments to Licensor based on net sales of licensed products, with minimum payments required starting in 2021. In December 2021, the Company amended the License Agreement including the deferral of the 2021 minimum payments to 2022. As at September 30, 2022, the Company has paid $300,000 for the minimum payments under the agreement. From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.

Financial Risk Management

Financial Risk Management	3 Months Ended
	Sep. 30, 2022
Financial Risk Management [Abstract]
FINANCIAL RISK MANAGEMENT	15. FINANCIAL RISK MANAGEMENT The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable and accounts payable and accrued liabilities. The fair values of short-term investments, accounts receivable, and accounts payable and accrued liabilities approximate their carrying values because of the short-term nature of these instruments. Cash and cash equivalents are measured at fair value using Level 1 inputs. a) Market Risk: Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of four types of risk: foreign currency risk, interest rate risk, commodity price risk and equity price risk. The Company does not currently have significant commodity price risk or equity price risk. Foreign Currency Risk Foreign currency risk is the risk that the future cash flows or fair value of the Company’s financial instruments that are denominated in a currency that is not the Company’s functional currency (U.S. dollar) will fluctuate due to changes in foreign exchange rates. Portions of the Company’s cash and cash equivalents and accounts payable and accrued liabilities are denominated in Canadian dollars. Accordingly, the Company is exposed to fluctuations in exchange rates, primarily against the Canadian dollar. As at September 30, 2022, the Company has a net excess of Canadian dollar denominated cash and cash equivalents in excess of Canadian dollar denominated accounts payable and accrued liabilities of C$1,712,166 which is equivalent to US$1,249,196 at the September 30, 2022 exchange rate. The Canadian dollar financial assets generally result from holding Canadian dollar cash to settle anticipated near-term accounts payable and accrued liabilities denominated in Canadian dollars. The Canadian dollar financial liabilities generally result from purchases of supplies and services from suppliers in Canada. Each increase (decrease) of 1% in the Canadian dollar in relation to the U.S. dollar results in a gain (loss), with a corresponding effect on cash flows, of $12,492 based on the September 30, 2022 net Canadian dollar assets (liabilities) position. During the three months ended September 30, 2022, the Company recorded foreign exchange loss of $94,392 (2021 – $83,800) related to Canadian dollars. Interest Rate Risk: Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. As at September 30, 2022, holdings of cash and cash equivalents of $8,061,484 (June 30, 2022 - $5,087,615) are subject to floating interest rates. The balance of the Company’s cash holdings of $1,288,943 (June 30, 2022 - $1,089,251) are non-interest bearing. As at September 30, 2022, the Company held variable rate guaranteed investment certificates, with one-year terms, of $42,125 (June 30, 2022 - $44,676). The Company’s current policy is to invest excess cash in guaranteed investment certificates or interest-bearing accounts of major Canadian chartered banks or credit unions with comparable credit ratings. The Company regularly monitors compliance to its cash management policy. b) Credit Risk: Credit risk is the risk of financial loss to the Company if a customer or a counter party to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents, short-term investments and loan receivable. Cash and cash equivalents and short-term investments are maintained with financial institutions of reputable credit and may be redeemed upon demand. In the normal course of business, the Company does not provide third party loans. The carrying amount of financial assets represents the maximum credit exposure. Credit risk exposure is limited through maintaining cash and cash equivalents and short-term investments with high-credit quality financial institutions and management considers this risk to be minimal for all cash and cash equivalents and short-term investments assets based on changes that are reasonably possible at each reporting date. c) Liquidity Risk: Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases. As at September 30, 2022, the Company has cash and cash equivalents and short-term investments of $9,392,552 (June 30, 2022 - $6,221,670), current liabilities of $3,282,053 (June 30, 2022 - $3,181,316) and a working capital surplus of $8,260,856 (June 30, 2022 - $6,416,460).

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS On February 11, 2022, the Board of Directors appointed Janet Grove as a director of the Company. Ms. Grove is a Partner of Norton Rose Fulbright Canada LLP (“NRF”). During the three months ended September 30, 2022, NRF rendered legal services in the amount of $67,092 (2021 - $ Nil

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS On October 13, 2022, in accordance with the BayMedica Agreement, $500,000 of escrow payments were made to BayMedica’s historical equity and convertible debt holders. In October 2022, 341,226 of the September 2022 pre-funded warrants were exercised for a total of $34, resulting in the issuance of 341,226 common shares.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“US GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended June 30, 2022. These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended September 30, 2022 and 2021 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended June 30, 2022. The functional currency of the Company and its subsidiaries is the U.S. Dollar. These condensed consolidated interim financial statements are presented in U.S. Dollars. References to “$” and “US$” are to United States (“U.S.”) dollars and references to “C$” are to Canadian dollars.
Use of Estimates	Use of Estimates The preparation of financial statements in compliance with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, and the corresponding revenues and expenses for the periods reported. It also requires management to exercise judgment in applying the Company’s accounting policies. In the future, actual experience may differ from these estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are the estimate of useful life of intangible assets, the application of the going concern assumption, and determining the fair value of share-based payments and warrants.
COVID-19 Impacts	COVID-19 Impacts The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these consolidated financial statements. While there was no material impact to the Company’s condensed consolidated interim financial statements as of and for the three months ended September 30, 2022, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in a material impact to the Company’s consolidated financial statements in future reporting periods.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the Company or that there was no material impact or no material impact is expected in the consolidated financial statements as a result of future adoption.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	September 30, June 30, $ $ Raw materials 292,577 292,577 Work in process 1,210,261 1,724,851 Finished goods 275,685 473,426 Inventories 1,778,523 2,490,854

Property, Equipment and Rou A_2

Property, Equipment and Rou Assets, Net (Tables)	3 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	September 30, June 30, $ $ Right-of-Use Assets (leases) 1,167,436 1,167,436 Equipment 212,877 212,877 Leasehold Improvements 40,409 40,409 Property and equipment 1,420,722 1,420,722 Less: accumulated depreciation and amortization (618,353 ) (516,470 ) Property, equipment and ROU assets, net 802,369 904,252

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	September 30, June 30, $ $ Intellectual property 1,736,420 1,736,420 Patents 1,191,000 1,191,000 Intangible assets 2,927,420 2,927,420 Less: accumulated depreciation (859,498 ) (818,505 ) Intangible assets, net 2,067,922 2,108,915
Schedule of amortization expense	$ 2023 155,778 2024 155,778 2025 155,778 2026 155,778 2027 155,778 778,890

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued liabilities	September 30, June 30, $ $ Trade payables 1,096,212 1,166,068 Accrued research and development expenses 956,429 839,638 Employee compensation, benefits and related accruals 249,593 139,120 Accrued general and administrative expenses 59,956 270,439 Accounts payable and accrued liabilities 2,362,190 2,415,265

Share Capital and Reserves (Tab

Share Capital and Reserves (Tables)	3 Months Ended
	Sep. 30, 2022
Share Capital And Reserves [Abstract]
Schedule of Private Placement Offering	Transaction Description Number Issue Price Total Shares Issued 90,000 $ 8.680 $ 781,200 Pre-funded Warrants Issued 601,245 $ 8.6799 5,218,746 Gross Proceeds $ 5,999,946 Allocated to Additional Paid-in Capital (5,589,570 ) $ 410,376 Share Issuance Costs $ (77,242 )
Schedule of summary of changes in share purchase warrants	Number Weighted Average Aggregate Balance as at June 30, 2022 244,767 $ 41.99 - Cancelled (179,231 ) $ 18.50 - Balance as at September 30, 2022 65,536 $ 106.23 -
Schedule of changes in agents warrants	Number Weighted Average Aggregate Balance as at June 30, 2022 12,109 $ 92.91 - Balance as at September 30, 2022 12,109 $ 92.91 -
Schedule of changes in preferred investment options	Number Weighted Average Aggregate Balance as at June 30, 2022 233,100 $ 18.50 - Granted 1,382,490 $ 8.44 - Cancelled (233,100 ) $ 18.50 - Balance as at September 30, 2022 1,382,490 $ 8.44 -
Schedule of changes in agents' investment options	Number Weighted Average Aggregate Balance as at June 30, 2022 15,152 $ 26.81 - Granted 44,931 $ 10.85 - Balance as at September 30, 2022 60,083 $ 14.88 -

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of options activity	Number Weighted Average Balance as at June 30, 2022 55,603 128.59 Granted 560 9.75 Expired/Forfeited (2,697 ) 46.62 Balance as at September 30, 2022 53,466 124.74 September 30, 2022: Vested and exercisable 26,531 212.33 Unvested 26,935 38.46

Lease Obligations (Tables)

Lease Obligations (Tables)	3 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of minimum lease payments	Maturity Analysis September 30, $ Less than one year 338,135 One to five years 200,655 More than five years - Total undiscounted lease liabilities (1) 538,790 (1) Excludes estimated variable operating costs of $92,964 and $57,274 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Basic and Diluted Loss per Sh_2

Basic and Diluted Loss per Share (Tables)	3 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of weighted average number of common shares	Three Months Ended September 30, 2022 2021 $ $ Net loss for the period (3,510,200 ) (2,971,615 ) Basic and diluted loss per share (4.06 ) (6.17 ) Weighted average number of common shares - basic and diluted 865,619 481,902

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of reportable segments	Three Months Ended September 30, 2022 2021 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 320,788 320,788 - - - Operating expenses 2,268,831 1,562,157 3,830,988 2,971,615 - 2,971,615 Net loss (2,268,831 ) (1,241,369 ) (3,510,200 ) (2,971,615 ) - (2,971,615 ) Unrestricted cash 9,227,828 122,599 9,350,427 15,343,905 - 15,343,905

Corporate Information and Con_2

Corporate Information and Continuing Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Accounting Policies [Abstract]
Net losses	$ 3.5	$ 3
Accumulated deficit	97		$ 93.5
Cash and cash equivalents	$ 9.4

Customer Concentration (Details

Customer Concentration (Details)	3 Months Ended
	Sep. 30, 2022
Customer Concentration (Details) [Line Items]
Net sales description	The Company had three customers during the three months ended September 30, 2022, which individually generated 10% or more of the Company’s sales.
Customer One [Member] | Sales [Member]
Customer Concentration (Details) [Line Items]
Concentration percentage	78%

Inventories (Details)

Inventories (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventory expensed to cost of goods sold	$ 235,034
Write-down of inventories to net realizable value	$ 576,772

Inventories (Details) - Schedul

Inventories (Details) - Schedule of inventories - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Schedule Of Inventories Abstract
Raw materials	$ 292,577	$ 292,577
Work in process	1,210,261	1,724,851
Finished goods	275,685	473,426
Inventories	$ 1,778,523	$ 2,490,854

Property, Equipment and Rou A_3

Property, Equipment and Rou Assets, Net (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense on property, equipment and leasehold improvements	$ 8,055	$ 4,217
Amortization expense related to the right-of-use assets	$ 90,244	$ 21,343

Property, Equipment and Rou A_4

Property, Equipment and Rou Assets, Net (Details) - Schedule of property and equipment - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,420,722	$ 1,420,722
Less: accumulated depreciation and amortization	(618,353)	(516,470)
Property, equipment and ROU assets, net	802,369	904,252
Right-of-Use Assets (leases) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,167,436	1,167,436
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	212,877	212,877
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 40,409	$ 40,409

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Intangible Assets (Details) [Line Items]
Weighted average estimated remaining useful life	13 years
Amortization expense on intangible assets (in Dollars)	$ 40,993	$ 24,315
Term of amortization expense	5 years
Intellectual property [Member]
Intangible Assets (Details) [Line Items]
Estimated useful life	18 years
Patents [Member]
Intangible Assets (Details) [Line Items]
Estimated useful life	18 years

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of intangible assets - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Schedule of Intangible Assets [Abstract]
Intellectual property	$ 1,736,420	$ 1,736,420
Patents	1,191,000	1,191,000
Intangible assets	2,927,420	2,927,420
Less: accumulated depreciation	(859,498)	(818,505)
Intangible assets, net	$ 2,067,922	$ 2,108,915

Intangible Assets (Details) -_2

Intangible Assets (Details) - Schedule of amortization expense	Sep. 30, 2022 USD ($)
Schedule of Amortization Expense [Abstract]
2023	$ 155,778
2024	155,778
2025	155,778
2026	155,778
2027	155,778
Total	$ 778,890

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Schedule of accounts payable and accrued liabilities - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Schedule of Accounts Payable and Accrued Liabilities [Abstract]
Trade payables	$ 1,096,212	$ 1,166,068
Accrued research and development expenses	956,429	839,638
Employee compensation, benefits and related accruals	249,593	139,120
Accrued general and administrative expenses	59,956	270,439
Accounts payable and accrued liabilities	$ 2,362,190	$ 2,415,265

Share Capital and Reserves (Det

Share Capital and Reserves (Details) - USD ($)			3 Months Ended
	Sep. 13, 2022	Sep. 13, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Capital and Reserves (Details) [Line Items]
Common shares issued (in Shares)		90,000
Pre-funded warrants		$ 601,245
Gross proceeds from warrants		5,999,946
Transaction costs allocated to common shares		77,242
Transaction costs allocated to additional paid-in capital		$ 1,052,101
Pre funded warrants outstanding (in Shares)			601,245
Intrinsic value of warrants exercised
IPO warrant issue (in Shares)	1,382,490
Warrants exercise price (in Dollars per share)	$ 8.44
Warrants exercisable expire term	7 years
Warrant [Member]
Share Capital and Reserves (Details) [Line Items]
Warrants exercise price (in Dollars per share)	$ 10.85
Warrants exercisable expire term	7 years
Warrants issued (in Shares)	44,931
Bay Medica Agreement [Member]
Share Capital and Reserves (Details) [Line Items]
Intrinsic value of warrants exercised

Share Capital and Reserves (D_2

Share Capital and Reserves (Details) - Schedule of Private Placement Offering	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of Private Placement Offering [Line Items]
Total	$ 410,376
Shares issued [Member]
Share Capital and Reserves (Details) - Schedule of Private Placement Offering [Line Items]
Number of shares (in Shares) | shares	90,000
Issue Price (in Dollars per share) | $ / shares	$ 8.68
Total	$ 781,200
Pre-funded Warrants Issued [Member]
Share Capital and Reserves (Details) - Schedule of Private Placement Offering [Line Items]
Number of shares (in Shares) | shares	601,245
Issue Price (in Dollars per share) | $ / shares	$ 8.6799
Total	$ 5,218,746
Gross Proceeds [Member]
Share Capital and Reserves (Details) - Schedule of Private Placement Offering [Line Items]
Total	5,999,946
Allocated to Additional Paid-in Capital [Member]
Share Capital and Reserves (Details) - Schedule of Private Placement Offering [Line Items]
Total	(5,589,570)
Share Issuance Costs [Member]
Share Capital and Reserves (Details) - Schedule of Private Placement Offering [Line Items]
Total	$ (77,242)

Share Capital and Reserves (D_3

Share Capital and Reserves (Details) - Schedule of summary of changes in share purchase warrants	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of summary of changes in share purchase warrants [Line Items]
Number of Cancelled | shares	(179,231)
Weighted Average Share Price, Cancelled | $ / shares	$ 18.5
Aggregate Intrinsic Value, Cancelled | $
Share purchase warrants [Member]
Share Capital and Reserves (Details) - Schedule of summary of changes in share purchase warrants [Line Items]
Number of Beginning balance | shares	244,767
Weighted Average Share Price, Beginning balance | $ / shares	$ 41.99
Aggregate Intrinsic Value, Beginning balance | $
Number of Ending balance | shares	65,536
Weighted Average Share Price, Ending balance | $ / shares	$ 106.23
Aggregate Intrinsic Value, Ending balance | $

Share Capital and Reserves (D_4

Share Capital and Reserves (Details) - Schedule of changes in agents warrants - Agents Warrants [Member]	Sep. 30, 2022 USD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of changes in agents warrants [Line Items]
Number of shares, Beginning balance | shares	12,109
Weighted Average Share Price, Beginning balance | $ / shares	$ 92.91
Aggregate Intrinsic Value, Beginning balance | $
Number of shares, ending balance | shares	12,109
Weighted Average Share Price, ending balance | $ / shares	$ 92.91
Aggregate Intrinsic Value, ending balance | $

Share Capital and Reserves (D_5

Share Capital and Reserves (Details) - Schedule of changes in preferred investment options - Preferred Investment Options [Member]	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of changes in preferred investment options [Line Items]
Number of shares, Beginning balance | shares	233,100
Weighted Average Share Price, Beginning balance | $ / shares	$ 18.5
Aggregate Intrinsic Value, Beginning balance | $
Number of shares, Granted | shares	1,382,490
Weighted Average Share Price, Granted | $ / shares	$ 8.44
Aggregate Intrinsic Value, Granted | $
Number of shares, Cancelled | shares	(233,100)
Weighted Average Share Price, Cancelled | $ / shares	$ 18.5
Aggregate Intrinsic Value, Cancelled | $
Number of shares, ending balance | shares	1,382,490
Weighted Average Share Price, ending balance | $ / shares	$ 8.44
Aggregate Intrinsic Value, ending balance | $

Share Capital and Reserves (D_6

Share Capital and Reserves (Details) - Schedule of changes in agents' investment options - Agents’ Investment Options [Member]	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of changes in agents' investment options [Line Items]
Number of shares, Beginning balance | shares	15,152
Weighted Average Share Price, Beginning balance | $ / shares	$ 26.81
Aggregate Intrinsic Value, Beginning balance | $
Number of shares, Granted | shares	44,931
Weighted Average Share Price, Granted | $ / shares	$ 10.85
Aggregate Intrinsic Value, Granted | $
Number of shares, ending balance | shares	60,083
Weighted Average Share Price, ending balance | $ / shares	$ 14.88
Aggregate Intrinsic Value, ending balance | $

Share-Based Payments (Details)

Share-Based Payments (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 24, 2017	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Share-Based Payments (Details) [Line Items]
Issued and outstanding, percentage	20%	20%
Options shares (in Shares)		20,300		18,163
Weighted average fair value at grant date of options granted (in Dollars per share)		$ 6
Weighted average fair value per share (in Dollars per share)				$ 21.04
Weighted average risk-free interest rate		3.59%		1.17%
Weighted average expected life		3 years 3 months 18 days
Weighted average volatility rate		91.61%		97.15%
Weighted average dividend yield		0%		0%
Weighted average forfeiture rate		5%		5%
Share-based payment transactions (in Dollars)		$ 116,681	$ 111,142
Unrecognized compensation cost (in Dollars)		$ 154,239
Weighted-average vesting period		9 months 18 days
General and Administrative Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions (in Dollars)		$ 65,072	81,009
Research and Development Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions (in Dollars)		$ 51,609	$ 30,133

Share-Based Payments (Details)

Share-Based Payments (Details) - Schedule of options activity	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Schedule of Options Activity [Abstract]
Number of Beginning balance	55,603
Weighted Average Exercise Price, Beginning balance (in Dollars per share) | $ / shares	$ 128.59
Number of Granted	560
Weighted Average Exercise Price, Granted (in Dollars per share) | $ / shares	$ 9.75
Number of Expired/Forfeited	(2,697)
Weighted Average Exercise Price, Expired/Forfeited (in Dollars per share) | $ / shares	$ 46.62
Number of Ending balance	53,466
Weighted Average Exercise Price, Ending balance	124.74
September 30, 2022:
Number of Vested and exercisable	26,531
Weighted Average Exercise Price, Vested and exercisable (in Dollars per share) | $ / shares	$ 212.33
Number of Unvested	26,935
Weighted Average Exercise Price, Unvested (in Dollars per share) | $ / shares	$ 38.46

Lease Obligations (Details)

Lease Obligations (Details) - USD ($)	1 Months Ended
	Aug. 31, 2024	Apr. 30, 2024
Forecast [Member]
Lease Obligations (Details) [Line Items]
Variable operating costs	$ 57,274	$ 92,964

Lease Obligations (Details) - S

Lease Obligations (Details) - Schedule of minimum lease payments	Sep. 30, 2022 USD ($)
Schedule of Minimum Lease Payments [Abstract]
Less than one year	$ 338,135
One to five years	200,655
More than five years
Total undiscounted lease liabilities	$ 538,790	[1]
[1] Excludes estimated variable operating costs of $92,964 and $57,274 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Basic and Diluted Loss per Sh_3

Basic and Diluted Loss per Share (Details) - Schedule of weighted average number of common shares - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Schedule of Weighted Average Number of Common Shares [Abstract]
Net loss for the period	$ (3,510,200)	$ (2,971,615)
Basic and diluted loss per share	$ (4.06)	$ (6.17)
Weighted average number of common shares - basic and diluted	865,619	481,902

Basic and Diluted Loss per Sh_4

Basic and Diluted Loss per Share (Details) - Schedule of weighted average number of common shares (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Schedule of Weighted Average Number of Common Shares [Abstract]
Basic and diluted loss per share	$ (4.06)	$ (6.17)
Weighted average number of common shares - basic and diluted	865,619	481,902

Segment Information (Details) -

Segment Information (Details) - Schedule of reportable segments - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Sales	$ 320,788
Operating expenses	3,830,988	2,971,615
Net loss	(3,510,200)	(2,971,615)
Unrestricted cash	9,350,427	15,343,905
InMed [Member]
Segment Reporting Information [Line Items]
Sales
Operating expenses	2,268,831	2,971,615
Net loss	(2,268,831)	(2,971,615)
Unrestricted cash	9,227,828	15,343,905
BayMedica [Member]
Segment Reporting Information [Line Items]
Sales	320,788
Operating expenses	1,562,157
Net loss	(1,241,369)
Unrestricted cash	$ 122,599

Non-Cash Transactions (Details)

Non-Cash Transactions (Details) - USD ($)	Sep. 30, 2022	Sep. 13, 2022	Sep. 30, 2021	Jul. 02, 2021
Non Cash Transactions [Abstract]
Preferred investment options issued (in Shares)		44,931
Share issuance costs		$ 451,897		$ 739,920
Unpaid financing costs	$ 106,185		$ 179,118

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Materials cost	$ 2,393,075	$ 2,393,075
Expenditure		1,632,165
Balance of expenditure		760,910
Materials and equipment at a cost	563,612
Guaranteed investment face value	$ 42,125	$ 42,125	$ 44,676
Warrants to purchase (in Shares)	700
Common shares (in Shares)	700	700
Accrued minimum payments	$ 300,000	$ 300,000

Financial Risk Management (Deta

Financial Risk Management (Details)	3 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 CAD ($)	Jun. 30, 2022 USD ($)
Financial Risk Management (Details) [Line Items]
Accounts payable and accrued liabilities	$ 1,249,196		$ 1,712,166
Cash and cash equivalents subject to floating interest rates	8,061,484			$ 5,087,615
Non-interest bearing	1,288,943			1,089,251
Guaranteed investment	42,125			44,676
Cash and cash equivalents and short-term investments	9,392,552			6,221,670
Current liabilities	3,282,053			3,181,316
Working capital surplus	$ 8,260,856			$ 6,416,460
Canadian Dollar [Member]
Financial Risk Management (Details) [Line Items]
Increase decrease relation percentage	1%
Effect on gain or loss	$ 12,492
Foreign exchange loss	$ 94,392	$ 83,800

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions [Abstract]
Amount of legal services	$ 67,092

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)		1 Months Ended
	Oct. 13, 2022	Oct. 31, 2022
Subsequent Events (Details) [Line Items]
Pre-funded warrants		341,226
Exercised cost		$ 34
Issuance of common shares		341,226
BayMedica Agreement [Member]
Subsequent Events (Details) [Line Items]
Escrow payments	$ 500,000