InMed Pharmaceuticals (INM) 10-Q 13 May 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2024	May 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	INMED PHARMACEUTICALS INC.
Entity Central Index Key	0001728328
Entity File Number	001-39685
Entity Tax Identification Number	98-1428279
Entity Incorporation, State or Country Code	A1
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(604)
Local Phone Number	669-7207
Entity Listings [Line Items]
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	INM
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		8,357,956

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Current
Cash and cash equivalents	$ 7,600,598	$ 8,912,517
Short-term investments	43,085	44,422
Accounts receivable, net of allowance for credit losses of $66,775 in 2024 and 2023	207,681	260,399
Inventories	1,193,952	1,616,356
Prepaids and other current assets	1,018,686	498,033
Total current assets	10,064,002	11,331,727
Non-Current
Property, equipment and ROU assets, net	1,370,969	723,426
Intangible assets, net	1,823,745	1,946,279
Other assets	100,000	104,908
Total Assets	13,358,716	14,106,340
Current
Accounts payable and accrued liabilities	1,183,285	1,608,735
Current portion of lease obligations	345,545	375,713
Deferred rent		16,171
Total current liabilities	1,528,830	2,000,619
Non-current
Lease obligations, net of current portion	725,236	15,994
Total Liabilities	2,254,066	2,016,613
Commitments and Contingencies (Note 11)
Shareholders’ Equity
Common shares, no par value, unlimited authorized shares, 6,344,970 (June 30, 2023 - 3,328,191) issued and outstanding	80,606,863	77,620,252
Additional paid-in capital	37,507,306	35,741,115
Accumulated deficit	(107,138,088)	(101,400,209)
Accumulated other comprehensive income	128,569	128,569
Total Shareholders’ Equity	11,104,650	12,089,727
Total Liabilities and Shareholders’ Equity	$ 13,358,716	$ 14,106,340

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Net of allowance for credit losses (in Dollars)	$ 66,775	$ 66,775
Common stock par value (in Dollars per share)
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	6,344,970	3,328,191
Common stock, shares outstanding	6,344,970	3,328,191

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Sales	$ 1,172,601	$ 1,033,925	$ 3,314,663	$ 1,824,496
Cost of sales	883,143	841,414	2,416,417	1,415,068
Inventory write-down			263,404	576,772
Gross profit	289,458	192,511	634,842	(167,344)
Operating Expenses
Research and development and patents	656,764	878,303	2,558,648	3,108,312
General and administrative	1,374,095	1,412,727	4,036,784	4,438,083
Amortization and depreciation	54,767	50,689	164,833	148,786
Foreign exchange loss	48,156	2,733	36,717	79,287
Total operating expenses	2,133,782	2,344,452	6,796,982	7,774,468
Other Income (Expense)
Interest and other income	121,458	155,497	424,261	343,881
Loss before income taxes	(1,722,866)	(1,996,444)	(5,737,879)	(7,597,931)
Tax expense		(1,500)		(11,300)
Net loss for the period	$ (1,722,866)	$ (1,997,944)	$ (5,737,879)	$ (7,609,231)
Net loss per share for the period
Basic (in Dollars per share)	$ (0.18)	$ (0.6)	$ (0.82)	$ (3.53)
Weighted average outstanding common shares
Basic (in Shares)	9,612,973	3,328,191	6,961,938	2,156,283

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Diluted	$ (0.18)	$ (0.60)	$ (0.82)	$ (3.53)
Diluted	9,612,973	3,328,191	6,961,938	2,156,283

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($)	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total
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
Proceeds from private placement net of issuance costs	$ 333,134	4,989,366			5,322,500
Proceeds from private placement net of issuance costs (in Shares)	90,000
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
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
Loss for the period					(7,609,231)
Balance at Mar. 31, 2023	$ 77,620,252	35,700,635	(101,061,818)	128,569	12,387,638
Balance (in Shares) at Mar. 31, 2023	3,328,191
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
Proceeds from private placement net of issuance costs	$ 224,659	5,132,848			5,357,507
Proceeds from private placement net of issuance costs (in Shares)	150,000
Exercise of pre-funded warrants	$ 1,966,373	(1,966,320)			53
Exercise of pre-funded warrants (in Shares)	531,226
Loss for the period			(2,101,087)		(2,101,087)
Share-based compensation		70,638			70,638
Balance at Dec. 31, 2022	$ 74,862,424	38,407,932	(99,063,874)	128,569	14,335,051
Balance (in Shares) at Dec. 31, 2022	1,589,992
Exercise of pre-funded warrants	$ 2,757,828	(2,757,654)			174
Exercise of pre-funded warrants (in Shares)	1,738,199
Loss for the period			(1,997,944)		(1,997,944)
Share-based compensation		50,357			50,357
Balance at Mar. 31, 2023	$ 77,620,252	35,700,635	(101,061,818)	128,569	12,387,638
Balance (in Shares) at Mar. 31, 2023	3,328,191
Balance at Jun. 30, 2023	$ 77,620,252	35,741,115	(101,400,209)	128,569	$ 12,089,727
Balance (in Shares) at Jun. 30, 2023	3,328,191				3,328,191
Loss for the period			(2,536,828)		$ (2,536,828)
Share-based compensation		25,191			25,191
Balance at Sep. 30, 2023	$ 77,620,252	35,766,306	(103,937,037)	128,569	9,578,090
Balance (in Shares) at Sep. 30, 2023	3,328,191
Balance at Jun. 30, 2023	$ 77,620,252	35,741,115	(101,400,209)	128,569	$ 12,089,727
Balance (in Shares) at Jun. 30, 2023	3,328,191				3,328,191
Loss for the period					$ (5,737,879)
Balance at Mar. 31, 2024	$ 80,606,863	37,507,306	(107,138,088)	128,569	$ 11,104,650
Balance (in Shares) at Mar. 31, 2024	6,344,970				6,344,970
Balance at Sep. 30, 2023	$ 77,620,252	35,766,306	(103,937,037)	128,569	$ 9,578,090
Balance (in Shares) at Sep. 30, 2023	3,328,191
Proceeds from private placement net of issuance costs	$ 2,316,381	2,337,661			4,654,042
Proceeds from private placement net of issuance costs (in Shares)	2,339,779
Loss for the period			(1,478,185)		(1,478,185)
Share-based compensation		18,264			18,264
Balance at Dec. 31, 2023	$ 79,936,633	38,122,231	(105,415,222)	128,569	12,772,211
Balance (in Shares) at Dec. 31, 2023	5,667,970
Proceeds from private placement net of issuance costs	$ 670,230	(670,230)
Proceeds from private placement net of issuance costs (in Shares)	677,000
Loss for the period			(1,722,866)		(1,722,866)
Share-based compensation		55,305			55,305
Balance at Mar. 31, 2024	$ 80,606,863	$ 37,507,306	$ (107,138,088)	$ 128,569	$ 11,104,650
Balance (in Shares) at Mar. 31, 2024	6,344,970				6,344,970

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net loss	$ (5,737,879)	$ (7,609,231)
Items not requiring cash:
Amortization and depreciation	164,833	148,786
Share-based compensation	98,760	237,675
Amortization of right-of-use assets	287,824	296,239
Interest income on short-term investments	(1,271)	(392)
Unrealized foreign exchange loss	2,607	2,138
Inventory write-down	263,404	576,772
Bad debts		25,085
Changes in operating assets and liabilities:
Inventories	159,000	584,151
Prepaids and other current assets	(520,653)	102,022
Other non-current assets	4,908	5,507
Accounts receivable	52,718	(107,357)
Accounts payable and accrued liabilities	(425,446)	(585,341)
Deferred rent	(16,171)	16,171
Lease obligations	(289,302)	(317,490)
Total cash used in operating activities	(5,956,668)	(6,625,265)
Investing Activities
Payment of acquisition consideration		(500,000)
Sale of short-term investments	42,513
Purchase of short-term investments	(42,513)
Purchase of property and equipment	(9,293)	(128,198)
Total cash used in investing activities	(9,293)	(628,198)
Financing Activities
Proceeds from private placement	4,654,042	10,680,654
Total cash provided by financing activities	4,654,042	10,680,654
(Decrease) increase in cash and cash equivalents during the period	(1,311,919)	3,427,191
Cash and cash equivalents beginning of the period	8,912,517	6,176,866
Cash and cash equivalents end of the period	7,600,598	9,604,057
Cash Paid During the Year for:
Income taxes		11,300
Interest
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Fair value of warrant modification recorded as equity issuance costs	3,508,749
Preferred investment options to its placement agent	325,699	$ 691,483
Recognition of Right-of-use asset and corresponding operating lease liability	$ 968,376

Corporate Information and Conti

Corporate Information and Continuing Operations	9 Months Ended
	Mar. 31, 2024
Corporate Information and Continuing Operations [Abstract]
CORPORATE INFORMATION AND CONTINUING OPERATIONS	1. CORPORATE INFORMATION AND CONTINUING OPERATIONS Business 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 office and principal place of business is located at #310 – 815 West Hastings Street, Vancouver, B.C., Canada, V6C 1B4. Going Concern 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 March 31, 2024, 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 approximately $5.7 million and $7.6 million for the nine months ended March, 2024 and 2023, respectively. In addition, the Company had an accumulated deficit of approximately $107.1 million as of March 31, 2024. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these condensed consolidated financial statements, the Company expects its cash, cash equivalents and short-term investments of $7.6 million as of March 31, 2024, will be sufficient to fund its operating expenses and capital expenditure requirements into the fourth quarter of calendar 2024, depending on the level and timing of realizing BayMedica, LLC, a wholly-owned subsidiary of the Company (“BayMedica”), revenues from the sale of bulk rare cannabinoids as ingredients in the health and wellness sector as well as the level and timing of the Company’s operating expenses. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. 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 condensed 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. In connection with the Company’s assessment of going concern considerations in accordance with Subtopic 205-40, management has determined that the Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern, which is considered to be for a period of one year from the issuance of these financial statements. These condensed consolidated financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts of classification of liabilities that might result from the outcome of this uncertainty. Such adjustments could be material.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Mar. 31, 2024
Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“U.S. 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 fiscal year ended June 30, 2023. These condensed consolidated 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 and nine months ended March 31, 2024 and 2023 are not necessarily indicative of results that can be expected for a full year. These condensed consolidated 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 fiscal year ended June 30, 2023. Reclassifications Certain prior year amounts in the condensed consolidated financial statements and the notes thereto have been reclassified where necessary to conform to the current year’s presentation. These reclassifications did not affect the prior period’s total assets, total liabilities, stockholders’ deficit, net loss or net cash used in operating activities. During the three months and nine months ended March 31, 2024, we adopted a change in presentation on our condensed consolidated statements of operations in order to include foreign exchange loss in operating expenses. The Company has adopted ASU 2023-07 - Improvements to Reportable Segment Disclosures Recent Accounting Pronouncements Use of Estimates The preparation of financial statements in compliance with U.S. 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 condensed consolidated financial statements are the application of the going concern assumption, and determining the fair value of share-based payments, income tax provisions, write-down of inventories to net realizable value, and warrant valuations. Actual results could differ from those estimates. Basis of Consolidation These condensed consolidated financial statements include the accounts of the Company and its subsidiaries, including subsidiaries: InMed Pharmaceutical Ltd., BayMedica, LLC, Biogen Sciences Inc., and Sweetnam Consulting Inc. A subsidiary is an entity that the Company controls, either directly or indirectly, where control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company transactions and balances including unrealized income and expenses arising from intercompany transactions are eliminated in preparing these condensed consolidated financial statements. Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. Dollar. These consolidated 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. Accounts Receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for credit losses. The allowance for credit losses is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Inventories Inventories are initially valued at weighted average cost and subsequently valued at the lower of weighted average cost and net realizable value. Costs included in inventories are the purchase price of goods and cost of services rendered, freight costs, warehousing costs, purchasing costs and production and labor costs related to manufacturing. Cost of Sales Cost of sales consists primarily of the purchase price of goods and cost of services rendered, freight costs, warehousing costs, and purchasing costs. Cost of sales also includes production and labor costs for the Company’s manufacturing business. Concentration of Credit Risk and Other Risks and Uncertainties At times, the Company’s cash balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) or Canadian Deposit Insurance Corporation (“CDIC”) insurable limits. To date, the Company has not experienced any losses related to these balances. The uninsured cash balance as of March 31, 2024 and June 30, 2023, was $3.0 million and $3.8 million respectively. The Company’s customers are primarily concentrated in the U.S. As of March 31, 2024, the Company had four customers with an accounts receivable balance representing 39%, 32%, 16%, and 10% of total accounts receivable, respectively. As of June 30, 2023, we had three customers with an accounts receivable balance representing 41%, 30% and 15% of total accounts receivable, respectively. For the three months ended March 31, 2024, the Company had four customers that accounted for 29%, 21%, 16% and 16% of revenue, respectively. For the three months ended March 31, 2023, the Company had four customers that accounted for 22%, 20%, 17% and 11% of revenue, respectively. For the nine months ended March 31, 2024, the Company had four customers that accounted for 39%, 16%, 15% and 10% of revenue, respectively. For the nine months ended March 31, 2023, the Company had four customers that accounted for 17%, 15%, 14%, and 10% of revenue, respectively. This change is reflective of the Company’s transition to operating primarily through a distributor model in the year ended June 30, 2023. Financial Assets and Liabilities Financial Assets Financial assets are initially recognized at fair value, plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. No financial assets are or elected to be carried at fair value through profit or loss or where changes in fair value are recognized in the consolidated statements of operations and comprehensive loss in other comprehensive loss. Short-term investments are subsequently recorded at cost plus accrued interest, which approximates fair value due to short term nature. Accounts receivable are reported at outstanding amounts, net of provisions for uncollectable amounts. Financial Liabilities To determine the fair value of financial instruments, the Company uses the fair value hierarchy for inputs used to measure the fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority). Level 1 – Unadjusted quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices included within Level 1 are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 – Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying value of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities, approximate their carrying values as of March 31, 2024 and June 30, 2023 due to their immediate or short-term maturities. Earnings (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income or loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant period. The Company has 3,012,049 pre-funded warrants and 255,954 abeyance shares included in the basic earnings (loss) per share. Diluted earnings (loss) per common share (“Diluted EPS”) is computed by dividing the net income or loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding for the three and nine months ended March 31, 2024, if potentially dilutive instruments were converted. If the conversion of outstanding stock options and warrants into common shares is anti-dilutive, then diluted EPS is not presented separately from EPS. The following table sets forth the number of potential shares of common shares that have been excluded from diluted net income (loss) per because their effect was anti-dilutive: As of March 31, 2024 2023 Options 678,475 26,813 Warrants 13,204,093 3,528,643 13,882,568 3,555,456 Recent Accounting Pronouncements 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. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements primarily through expanded disclosures around significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company has early adopted this accounting pronouncement. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories meeting a quantitative threshold within the income tax rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU and expects to include updated income tax disclosures.

Inventories

Inventories	9 Months Ended
	Mar. 31, 2024
Inventory [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following: March 31, June 30, Raw materials $ 196,500 $ 208,737 Work in process 439,086 514,113 Finished goods 558,366 893,506 Inventories $ 1,193,952 $ 1,616,356 In determining any valuation allowances, the Company reviews inventory for obsolete, redundant, and slow-moving goods. As of March 31, 2024 and June 30, 2023, the Company has $357,224 and $93,820 respectively, as a valuation allowance to reduce weighted average cost to net realizable value. During the three months ended March 31, 2024 and 2023, the Company did not record an inventory write-down. During the nine months ended March 31, 2024 and 2023, the Company recorded an inventory write-down of $263,404 and $576,772, respectively.

Property, Equipment and Right o

Property, Equipment and Right of Use (‘Rou’) Assets, Net	9 Months Ended
	Mar. 31, 2024
Property, Equipment and Right of Use (‘Rou’) Assets, Net [Abstract]
PROPERTY, EQUIPMENT AND RIGHT OF USE (‘ROU’) ASSETS, NET	4. PROPERTY, EQUIPMENT AND RIGHT OF USE (‘ROU’) ASSETS, NET Property, equipment and ROU assets consisted of the following: March 31, June 30, Right-of-use assets (leases) $ 2,135,811 $ 1,167,436 Equipment 429,090 440,902 Furnishing 40,409 40,409 Property and equipment $ 2,605,310 $ 1,648,747 Less: accumulated depreciation and amortization (1,234,341 ) (925,321 ) Property, equipment and ROU assets, net $ 1,370,969 $ 723,426 Depreciation expense on computer equipment, lab equipment and furnishing for the three months ended March 31, 2024 and 2023, was $14,220 and $10,586, respectively, and was recorded in general and administrative expenses. Amortization expense related to the right-of-use assets for the three months ended March 31, 2024 and 2023, was $95,615 and $91,935, respectively, and was recorded in general and administrative expenses. Depreciation expense on computer equipment, lab equipment and furnishing for the nine months ended March 31, 2024 and 2023, was $42,302 and $26,697, respectively, and was recorded in general and administrative expenses. Amortization expense related to the right-of-use assets for the nine months ended March 31, 2024 and 2023, was $287,824 and $296,239, respectively, and was recorded in general and administrative expenses.

Intangible Assets

Intangible Assets	9 Months Ended
	Mar. 31, 2024
Intangible Assets [Abstract]
INTANGIBLE ASSETS	5. INTANGIBLE ASSETS The following table summarizes the Companies intangible assets: March 31, 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 amortization (1,103,675 ) (981,141 ) Intangible assets, net $ 1,823,745 $ 1,946,279 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 small molecule drug candidates. This intangible asset is being amortized over an estimated useful life of 18 years. As of March 31, 2024, the definite-lived intangible assets had a weighted average estimated remaining useful life of approximately 12 years. Amortization expense on intangible assets for the three months ended March 31, 2024 and 2023 was $40,993 and $40,103, respectively. Amortization expense on intangible assets for the nine months ended March 31, 2024 and 2023 was $122,531 and $122,089, respectively. The Company expects amortization expense to be incurred over the next five years as follows: Twelve months ending March 31, 2024 $ 158,935 2025 158,935 2026 158,935 2027 158,935 2028 158,935 Thereafter 1,029,070 Total $ 1,823,745

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following: March 31, June 30, Trade payables $ 402,638 $ 544,179 Accrued research and development expenses 353,465 164,587 Inventory purchase accruals 54,629 - Employee compensation, benefits and related accruals 205,030 542,305 Accrued general and administrative expenses 167,523 357,664 Accounts payable and accrued liabilities $ 1,183,285 $ 1,608,735

Share Capital and Reserves

Share Capital and Reserves	9 Months Ended
	Mar. 31, 2024
Share Capital and Reserves [Abstract]
SHARE CAPITAL AND RESERVES	7. SHARE CAPITAL AND RESERVES Authorized As of March 31, 2024, 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 of March 31, 2024 and June 30, 2023. The Company may, from time to time, issue preferred shares and may, at the time of issuance, determine the rights, preferences 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. On October 24, 2023, the Company entered into a securities purchase agreement (the “2023 Securities Purchase Agreement”) with two accredited institutional investors (the “Accredited Institutional Investors”) for the sale (the “2023 Private Placement”) of 3,012,049 pre-funded warrants of the Company’s common shares at a purchase price of $0.83 per share. The pre-funded warrants have an exercise price of $0.0001 and do not have an expiration date. The pre-funded warrants had a fair value of $1,248,376 at the time of issuance. In addition, the Company agreed, as part of the 2023 Private Placement, to issue to the purchasers unregistered preferred investment options to purchase up to an aggregate of 3,012,049 common shares. These preferred investment options have an exercise price of $0.83 and have a term of 5.5 years from issuance. The preferred investment options had a fair value of $1,251,449 at the time of their issuance. Subsequent to their issuance, the preferred investment options were registered with the SEC on Form S-1 on November 8, 2023, which became effective on November 13, 2023. Subsequent to March 31, 2024, an Accredited Institutional Investor exercised 1,757,032 preferred investment options. Concurrently with the Company’s entry into the 2023 Securities Purchase Agreement, the Company also entered into an inducement offer letter agreement (the “Inducement Offer Letter”) with the holders of existing preferred investment options (the “Existing Holders”) to purchase up to an aggregate of 3,272,733 common shares issued to the Existing Holders on November 21, 2022. Pursuant to the Inducement Offer Letter, the Existing Holders agreed to exercise for cash their existing preferred investment options to purchase an aggregate of 3,272,733 common shares (at a reduced exercise price of $0.83 per share) in consideration of the Company’s agreement to issue new unregistered preferred investment options to purchase up to an aggregate of 6,545,466 shares of the Company’s common shares at an exercise price of $0.83 per share). Due to ownership limitations, the Accredited Institutional Investors had 1,796,552 common shares held in abeyance as of the closing of the 2023 Private Placement. The abeyance shares had a fair value of $1,491,138 and the common shares issued had a fair value of $1,225,230 on their respective issuance date. As of March 31, 2024, the Accredited Institutional Investors had drawn down 1,540,598 abeyance shares. Subsequent to March 31, 2024, the Accredited Institutional Investors drew down the remaining 255,954 abeyance shares. The inducement contemplated by the Inducement Offer Letter (the “Inducement”) is considered a warrant modification due to the changing of the terms of the warrants. The modification had a fair value of $3.5 million as of the date of the Inducement, using a Black-Scholes model and is recognized as an equity issuance cost in accordance with ASC 718-20-35-3. On October 26, 2023, the parties consummated the 2023 Private Placement and the other transactions contemplated by the 2023 Securities Purchase Agreement. In connection with such transactions, the Company (i) received gross proceeds of approximately $5.2 million and paid approximately $560,000 in cash fees and (ii) issued 408,511 warrants to our placement agent. These warrants have an exercise price of $1.0375 and a term of 5.5 years. The placement agent warrants had a fair value of $325,699 as of the date of their issuance, using a Black-Scholes model and were recorded as an equity issuance cost. Common Share Warrants The assumptions used in the Black-Scholes model to value the new warrants issued during the nine months ended March 31, 2024, are set forth in the table immediately below. 2024 Exercise price $ 0.83 – 1.04 Risk-free interest rate 4.82 % Volatility 109 – 111 % Expected life (years) 5.0 – 5.5 Dividend yield $ 0 % The assumptions used in the Black-Scholes model to value the modification of warrants issued during the nine months ended March 31, 2024, are set forth in the table immediately below. 2024 Exercise price $ 0.83 – 3.04 Risk-free interest rate 0.56 – 4.82 % Volatility 109 – 614 % Expected life (years) 0 – 6.8 Dividend yield $ 0 % A summary of the Company’s warrant activity and related information for the periods covered were as follows: Number of Weighted Warrants Outstanding at July 1, 2023 3,516,529 $ 3.83 Warrants Granted 12,978,075 0.64 Exercised (3,272,733 ) 0.83 Expire/Cancelled (17,778 ) 18.50 Warrants Outstanding at March 31, 2024 13,204,093 $ 0.87 Warrants Exercisable at March 31, 2024 13,204,093 $ 0.87 As of March 31, 2024, the warrants exercisable and outstanding have an intrinsic value of $1,096,085 with a weighted average remaining life of 4 years.

Share-Based Payments

Share-Based Payments	9 Months Ended
	Mar. 31, 2024
Share-Based Payments [Abstract]
SHARE-BASED PAYMENTS	8. 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 Company’s Board of Directors may, from time to time, in its discretion and in accordance with applicable 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 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. On December 19, 2023, the Company’s Board of Directors approved the reservation of an additional 700,000 common shares under the Plan (which common shares were registered on the Company’s Form S-8 previously filed with the SEC on December 22, 2023). As of March 31, 2024 and June 30, 2023, there were 174,353 and 51,633 options, respectively, immediately available for future allocation pursuant to applicable regulatory requirements. The maximum number of options issuable under the terms of the Plan equates to 20% of the then issued and outstanding shares. 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 (U.S. 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 U.S. dollar exercise prices. On December 23, 2023, the Company issued 502,000 options to its employees and consultants pursuant to the Plan. The options have an exercise price of $0.37 with a term of 5 years. The options vest in equal installments monthly over three years. On December 23, 2023, the Company additionally issued 28,400 options to members of the Company’s Board of Directors pursuant to the Plan. The options have an exercise price of $0.37 with a term of five years. The options vest on the earlier of (i) December 23, 2024 or (ii) immediately prior to the next Annual General Meeting. On February 20, 2024, the Company issued 50,000 options to its employees pursuant to the Plan. The options have an exercise price of $0.37 with a term of five years. The options vest in equal installments monthly over three years. The assumptions used in the Black-Scholes model during the nine months ended March 31, 2024, are set forth in the table immediately below: 2024 Exercise price $ 0.37 Risk-free interest rate 3.95 - 4.30 % Volatility 116 - 203 % Expected life (years) 3.5 - 3.6 Dividend yield $ 0 % The following is a summary of changes in outstanding options from July 1, 2023 to March 31, 2024: Number Weighted Balance at July 1, 2023 102,642 $ 31.28 Granted 580,400 0.37 Expired/Forfeited (4,567 ) 386.97 Balance at March 31, 2024 678,475 $ 2.96 March 31, 2024: Vested and exercisable 112,920 $ 15.39 Unvested 565,555 $ 0.47 ii) Expenses Arising from Share-based Payment Transactions: Total expenses arising from share-based payment transactions recognized during the three months ended March 31, 2024 and 2023 were $55,305 and $50,357, respectively, of which $9,768 and $28,442, respectively, was allocated to general and administrative expenses, $6,659 and $21,915, respectively, was allocated to research and development expenses, and $506 and $0, respectively, was allocated to Cost of Goods sold. Total expenses arising from share-based payment transactions recognized during the nine months ended March 31, 2024 and 2023 were $98,760 and $237,675, respectively, of which $57,231 and $137,555, respectively, was allocated to general and administrative expenses, $41,024 and $100,120, respectively, was allocated to research and development expenses, and $505 and $0, respectively, was allocated to Cost of Goods sold. Unrecognized compensation cost at March 31, 2024 related to unvested options was $146,413 which will be recognized over a weighted-average vesting period of approximately 1.4 years.

Lease Obligations

Lease Obligations	9 Months Ended
	Mar. 31, 2024
Lease Obligations [Abstract]
LEASE OBLIGATIONS	9. LEASE OBLIGATIONS The Company is committed to minimum lease payments as follows: Maturity Analysis March 31, Year 1 $ 388,703 Year 2 364,043 Year 3 374,965 Year 4 31,325 Year 5 - More than five years - Total undiscounted lease liabilities (1) 1,159,035 Less: imputed interest (88,254 ) Present value of lease liabilities 1,070,781 Less: Current portion of lease liabilities (345,545 ) Non-current portion of lease liabilities 725,236 (1) Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively. On October 5, 2023, BayMedica amended its lease located at 458 Carlton Court, Suite C, South San Francisco, California, in order to extend its lease to May 14, 2027. The Company is obligated to pay $1,095,104 over the three-year period unless terminated before the end of the period. The Company used an incremental borrowing rate of 6.15% and recognized a right-of-use asset and corresponding operating lease liability of $968,376.

Segment Information

Segment Information	9 Months Ended
	Mar. 31, 2024
Segment Information [Abstract]
SEGMENT INFORMATION	10. SEGMENT INFORMATION The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer and the senior management team, for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM allocates resources and assesses the performance of each operating segment based on potential licensing opportunities, historical and potential future product sales, operating expenses, and operating income (loss) before interest and taxes. The Company has determined its reportable segments to be InMed Pharmaceuticals (‘InMed Pharma’) and BayMedica Commercial based on the information used by the CODM. Other than cash, cash equivalents and short-term investments (“Unrestricted cash”) balances, the CODM does not regularly review asset information by reportable segment and, therefore, the Company does not report asset information by reportable segment. The InMed Pharma segment is largely organized around the research and development of small molecule pharmaceuticals drug candidates and the BayMedica Commercial segment is largely organized around manufacturing technologies to produce and commercialize bulk rare cannabinoids for sale as ingredients in the health and wellness industry. Total assets held in the InMed Pharma segment as of March 31, 2024 and June 30, 2023 are $10.8 million and $11.2 million, respectively. Total assets as of March 31, 2024 and June 30, 2023, held in the BayMedica segment are $2.6 million and $3.0 million, respectively. The following table presents information about the Company’s reportable segments for the three months and nine months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 1,172,601 1,172,601 - 1,033,925 1,033,925 Cost of sales - 883,143 883,143 - 841,414 841,414 Gross profit - 289,458 289,458 - 192,511 192,511 Research and development and patents 620,223 36,541 656,764 870,837 7,466 878,303 General and administrative 1,172,023 202,072 1,374,095 1,213,047 199,680 1,412,727 Amortization and depreciation 54,168 599 54,767 50,261 428 50,689 Other expense 48,156 - 48,156 2,733 - 2,733 Total operating expenses 1,894,570 239,212 2,133,782 2,136,878 207,574 2,344,452 Other income (expense) 102,987 18,471 121,458 155,567 (70 ) 155,497 Tax expense - - - - (1,500 ) (1,500 ) Net Income (loss) (1,791,583 ) 68,717 (1,722,866 ) (1,981,311 ) (15,133 ) (1,997,944 ) Unrestricted cash 6,578,230 1,022,368 7,600,598 9,441,977 162,080 9,604,057 For the nine months ended March 31, 2024 March 31, 2023 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 3,314,663 3,314,663 - 1,824,496 1,824,496 Cost of sales - 2,416,417 2,416,417 - 1,415,068 1,415,068 Inventory write-down - 263,404 263,404 - 576,772 576,772 Gross profit - 634,842 634,842 - (167,344 ) (167,344 ) Research and development and patents 2,458,576 100,072 2,558,648 2,991,525 116,787 3,108,312 General and administrative 3,434,917 601,867 4,036,784 3,854,275 583,808 4,438,083 Amortization and depreciation 163,045 1,788 164,833 147,754 1,032 148,786 Other expense 36,717 - 36,717 79,242 45 79,287 Total operating expenses 6,093,255 703,727 6,796,982 7,072,796 701,672 7,774,468 Other income (expense) 424,480 (219 ) 424,261 344,083 (202 ) 343,881 Tax expense - - - - (11,300 ) (11,300 ) Net Income (loss) (5,668,775 ) (69,104 ) (5,737,879 ) (6,728,713 ) (869,218 ) (7,609,231 ) Unrestricted cash 6,578,230 1,022,368 7,600,598 9,441,977 162,080 9,604,057 Other Income (expense) includes interest income earned on cash and short-term investments, interest expense, and sublease income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2024
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Pursuant to the terms of agreements with various contract research organizations, as of March 31, 2024, the Company is committed for contract research services and materials at a cost of approximately $1.5 million, which is expected to occur in the following twelve months period following March 31, 2024. Pursuant to the terms of agreements with various vendors, as of March 31, 2024, the Company is committed for contract materials and equipment at a cost of approximately $1.0 million, which is expected to occur in the twelve months following March 31, 2024. Pursuant to the terms of a certain Technology Assignment Agreement, dated as of May 31, 2017 (the “Technology 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 Technology Agreement. To date, no payments have been required to be made. Pursuant to the terms of a certain Collaborative Research Agreement, dated as of December 13, 2018, between the Company and UBC, pursuant to 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 certain Contribution Agreement, dated as of November 1, 2018, between the Company and 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 one-year terms of $43,085 and $44,422 as of March 31, 2024 and June 30, 2023, respectively, that are pledged as security for a corporate credit card. In addition to the foregoing, 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 may limit the Company’s overall 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 certain Technology Licensing Agreement, dated as of March 11, 2021, 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 from the issuance date . BayMedica entered into a patent license agreement (“Patent License Agreement”) with a third party (the “Licensor”) on February 15, 2021. The Company was required to begin making royalty payments to the Licensor based on net sales of licensed products in 2021 in order to maintain an exclusive license. In December 2021, the Company amended the Patent License Agreement, which amendment included the deferral of the 2021 minimum payments to 2022. As of June 30, 2023, the Company has paid $300,000 for the minimum payments due and payable under the Patent License Agreement. On February 10, 2023, BayMedica received a letter from the Licensor alleging a breach of the Patent License Agreement and asserting a right to monies due thereunder. On April 6, 2023, BayMedica sent a letter to the Licensor disputing the Licensor’s interpretation of the Patent License Agreement and asserted that the counterparty’s only remedy under the Patent License Agreement to be either (a) the conversion of an exclusive technology license into a non-exclusive license or (b) the termination of the Patent License Agreement. To date, the Licensor has not initiated a lawsuit with respect to the foregoing matters. If a lawsuit is ultimately brought alleging a breach of the Patent License Agreement, the proceeding will be subject to final, binding and non-appealable arbitration under the Arbitration Act, 1991 (Ontario) and determined pursuant to Ontario law. BayMedica intends to vigorously defend its position. At this time, it is not possible to reasonably estimate a potential loss due to the terms of the Agreement, the nature of the legal theory advanced by the counterparty, and the ultimate outcome of any proceeding (including the interpretation by the arbitrator with respect to applicable requirements under Ontario law regarding contract formation). 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	12. 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 March 31, 2024 and 2023, NRF rendered legal services in the amount of $66,000 and $91,232, respectively, to the Company. During the nine months ended March 31, 2024 and 2023, NRF rendered legal services in the amount of $197,155 and $580,761, respectively, to the Company. These transactions were in the normal course of operations and were measured at the exchange amount which represented the amount of consideration established and agreed to by NRF. No legal services rendered by NRF were rendered by Ms. Grove directly.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Based upon this review, other than as disclosed in Note 7, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements. On May 10, 2024, the Company delivered a 90-day notice of termination to EyeCRO LLC with respect to the Technology Licensing Agreement, specifying an effective date of termination of August 8, 2024, 2024 (see Note 11 – Commitments and Contingencies).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,722,866)	$ (1,478,185)	$ (2,536,828)	$ (1,997,944)	$ (2,101,087)	$ (3,510,200)	$ (5,737,879)	$ (7,609,231)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Mar. 31, 2024
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“U.S. 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 fiscal year ended June 30, 2023. These condensed consolidated 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 and nine months ended March 31, 2024 and 2023 are not necessarily indicative of results that can be expected for a full year. These condensed consolidated 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 fiscal year ended June 30, 2023.
Reclassifications	Reclassifications Certain prior year amounts in the condensed consolidated financial statements and the notes thereto have been reclassified where necessary to conform to the current year’s presentation. These reclassifications did not affect the prior period’s total assets, total liabilities, stockholders’ deficit, net loss or net cash used in operating activities. During the three months and nine months ended March 31, 2024, we adopted a change in presentation on our condensed consolidated statements of operations in order to include foreign exchange loss in operating expenses. The Company has adopted ASU 2023-07 - Improvements to Reportable Segment Disclosures Recent Accounting Pronouncements
Use of Estimates	Use of Estimates The preparation of financial statements in compliance with U.S. 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 condensed consolidated financial statements are the application of the going concern assumption, and determining the fair value of share-based payments, income tax provisions, write-down of inventories to net realizable value, and warrant valuations. Actual results could differ from those estimates.
Basis of Consolidation	Basis of Consolidation These condensed consolidated financial statements include the accounts of the Company and its subsidiaries, including subsidiaries: InMed Pharmaceutical Ltd., BayMedica, LLC, Biogen Sciences Inc., and Sweetnam Consulting Inc. A subsidiary is an entity that the Company controls, either directly or indirectly, where control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company transactions and balances including unrealized income and expenses arising from intercompany transactions are eliminated in preparing these condensed consolidated financial statements.
Foreign Currency	Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. Dollar. These consolidated 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.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for credit losses. The allowance for credit losses is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience.
Inventories	Inventories Inventories are initially valued at weighted average cost and subsequently valued at the lower of weighted average cost and net realizable value. Costs included in inventories are the purchase price of goods and cost of services rendered, freight costs, warehousing costs, purchasing costs and production and labor costs related to manufacturing.
Cost of Sales	Cost of Sales Cost of sales consists primarily of the purchase price of goods and cost of services rendered, freight costs, warehousing costs, and purchasing costs. Cost of sales also includes production and labor costs for the Company’s manufacturing business.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties At times, the Company’s cash balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) or Canadian Deposit Insurance Corporation (“CDIC”) insurable limits. To date, the Company has not experienced any losses related to these balances. The uninsured cash balance as of March 31, 2024 and June 30, 2023, was $3.0 million and $3.8 million respectively. The Company’s customers are primarily concentrated in the U.S. As of March 31, 2024, the Company had four customers with an accounts receivable balance representing 39%, 32%, 16%, and 10% of total accounts receivable, respectively. As of June 30, 2023, we had three customers with an accounts receivable balance representing 41%, 30% and 15% of total accounts receivable, respectively. For the three months ended March 31, 2024, the Company had four customers that accounted for 29%, 21%, 16% and 16% of revenue, respectively. For the three months ended March 31, 2023, the Company had four customers that accounted for 22%, 20%, 17% and 11% of revenue, respectively. For the nine months ended March 31, 2024, the Company had four customers that accounted for 39%, 16%, 15% and 10% of revenue, respectively. For the nine months ended March 31, 2023, the Company had four customers that accounted for 17%, 15%, 14%, and 10% of revenue, respectively. This change is reflective of the Company’s transition to operating primarily through a distributor model in the year ended June 30, 2023.
Financial Assets and Liabilities	Financial Assets and Liabilities Financial Assets Financial assets are initially recognized at fair value, plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. No financial assets are or elected to be carried at fair value through profit or loss or where changes in fair value are recognized in the consolidated statements of operations and comprehensive loss in other comprehensive loss. Short-term investments are subsequently recorded at cost plus accrued interest, which approximates fair value due to short term nature. Accounts receivable are reported at outstanding amounts, net of provisions for uncollectable amounts. Financial Liabilities To determine the fair value of financial instruments, the Company uses the fair value hierarchy for inputs used to measure the fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority). Level 1 – Unadjusted quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices included within Level 1 are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 – Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying value of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities, approximate their carrying values as of March 31, 2024 and June 30, 2023 due to their immediate or short-term maturities.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income or loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant period. The Company has 3,012,049 pre-funded warrants and 255,954 abeyance shares included in the basic earnings (loss) per share. Diluted earnings (loss) per common share (“Diluted EPS”) is computed by dividing the net income or loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding for the three and nine months ended March 31, 2024, if potentially dilutive instruments were converted. If the conversion of outstanding stock options and warrants into common shares is anti-dilutive, then diluted EPS is not presented separately from EPS. The following table sets forth the number of potential shares of common shares that have been excluded from diluted net income (loss) per because their effect was anti-dilutive: As of March 31, 2024 2023 Options 678,475 26,813 Warrants 13,204,093 3,528,643 13,882,568 3,555,456
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements primarily through expanded disclosures around significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company has early adopted this accounting pronouncement. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories meeting a quantitative threshold within the income tax rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU and expects to include updated income tax disclosures.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2024
Significant Accounting Policies [Abstract]
Schedule of Diluted Net Income (Loss) Per Shares	The following table sets forth the number of potential shares of common shares that have been excluded from diluted net income (loss) per because their effect was anti-dilutive: As of March 31, 2024 2023 Options 678,475 26,813 Warrants 13,204,093 3,528,643 13,882,568 3,555,456

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2024
Inventory [Abstract]
Schedule of Inventories	Inventories consisted of the following: March 31, June 30, Raw materials $ 196,500 $ 208,737 Work in process 439,086 514,113 Finished goods 558,366 893,506 Inventories $ 1,193,952 $ 1,616,356

Property, Equipment and Right_2

Property, Equipment and Right of Use (‘Rou’) Assets, Net (Tables)	9 Months Ended
	Mar. 31, 2024
Property, Equipment and Right of Use (‘Rou’) Assets, Net [Abstract]
Schedule of Property, Equipment and ROU Assets	Property, equipment and ROU assets consisted of the following: March 31, June 30, Right-of-use assets (leases) $ 2,135,811 $ 1,167,436 Equipment 429,090 440,902 Furnishing 40,409 40,409 Property and equipment $ 2,605,310 $ 1,648,747 Less: accumulated depreciation and amortization (1,234,341 ) (925,321 ) Property, equipment and ROU assets, net $ 1,370,969 $ 723,426

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2024
Intangible Assets [Abstract]
Schedule of Intangible Assets	The following table summarizes the Companies intangible assets: March 31, 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 amortization (1,103,675 ) (981,141 ) Intangible assets, net $ 1,823,745 $ 1,946,279
Schedule of Expects Amortization Expense	The Company expects amortization expense to be incurred over the next five years as follows: Twelve months ending March 31, 2024 $ 158,935 2025 158,935 2026 158,935 2027 158,935 2028 158,935 Thereafter 1,029,070 Total $ 1,823,745

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consist of the following: March 31, June 30, Trade payables $ 402,638 $ 544,179 Accrued research and development expenses 353,465 164,587 Inventory purchase accruals 54,629 - Employee compensation, benefits and related accruals 205,030 542,305 Accrued general and administrative expenses 167,523 357,664 Accounts payable and accrued liabilities $ 1,183,285 $ 1,608,735

Share Capital and Reserves (Tab

Share Capital and Reserves (Tables)	9 Months Ended
	Mar. 31, 2024
Share Capital and Reserves [Abstract]
Schedule of Assumptions Used in the Black-Scholes Model	The assumptions used in the Black-Scholes model to value the new warrants issued during the nine months ended March 31, 2024, are set forth in the table immediately below. 2024 Exercise price $ 0.83 – 1.04 Risk-free interest rate 4.82 % Volatility 109 – 111 % Expected life (years) 5.0 – 5.5 Dividend yield $ 0 % 2024 Exercise price $ 0.83 – 3.04 Risk-free interest rate 0.56 – 4.82 % Volatility 109 – 614 % Expected life (years) 0 – 6.8 Dividend yield $ 0 %
Schedule of Warrant Activity	A summary of the Company’s warrant activity and related information for the periods covered were as follows: Number of Weighted Warrants Outstanding at July 1, 2023 3,516,529 $ 3.83 Warrants Granted 12,978,075 0.64 Exercised (3,272,733 ) 0.83 Expire/Cancelled (17,778 ) 18.50 Warrants Outstanding at March 31, 2024 13,204,093 $ 0.87 Warrants Exercisable at March 31, 2024 13,204,093 $ 0.87

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Mar. 31, 2024
Share-Based Payments [Abstract]
Schedule of Assumptions Used in the Black-Scholes Model	The assumptions used in the Black-Scholes model during the nine months ended March 31, 2024, are set forth in the table immediately below: 2024 Exercise price $ 0.37 Risk-free interest rate 3.95 - 4.30 % Volatility 116 - 203 % Expected life (years) 3.5 - 3.6 Dividend yield $ 0 %
Schedule of Changes in Outstanding Options	The following is a summary of changes in outstanding options from July 1, 2023 to March 31, 2024: Number Weighted Balance at July 1, 2023 102,642 $ 31.28 Granted 580,400 0.37 Expired/Forfeited (4,567 ) 386.97 Balance at March 31, 2024 678,475 $ 2.96 March 31, 2024: Vested and exercisable 112,920 $ 15.39 Unvested 565,555 $ 0.47

Lease Obligations (Tables)

Lease Obligations (Tables)	9 Months Ended
	Mar. 31, 2024
Lease Obligations [Abstract]
Schedule of Minimum Lease Payments	The Company is committed to minimum lease payments as follows: Maturity Analysis March 31, Year 1 $ 388,703 Year 2 364,043 Year 3 374,965 Year 4 31,325 Year 5 - More than five years - Total undiscounted lease liabilities (1) 1,159,035 Less: imputed interest (88,254 ) Present value of lease liabilities 1,070,781 Less: Current portion of lease liabilities (345,545 ) Non-current portion of lease liabilities 725,236 (1) Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Mar. 31, 2024
Segment Information [Abstract]
Schedule of Reportable Segments	The following table presents information about the Company’s reportable segments for the three months and nine months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 1,172,601 1,172,601 - 1,033,925 1,033,925 Cost of sales - 883,143 883,143 - 841,414 841,414 Gross profit - 289,458 289,458 - 192,511 192,511 Research and development and patents 620,223 36,541 656,764 870,837 7,466 878,303 General and administrative 1,172,023 202,072 1,374,095 1,213,047 199,680 1,412,727 Amortization and depreciation 54,168 599 54,767 50,261 428 50,689 Other expense 48,156 - 48,156 2,733 - 2,733 Total operating expenses 1,894,570 239,212 2,133,782 2,136,878 207,574 2,344,452 Other income (expense) 102,987 18,471 121,458 155,567 (70 ) 155,497 Tax expense - - - - (1,500 ) (1,500 ) Net Income (loss) (1,791,583 ) 68,717 (1,722,866 ) (1,981,311 ) (15,133 ) (1,997,944 ) Unrestricted cash 6,578,230 1,022,368 7,600,598 9,441,977 162,080 9,604,057 For the nine months ended March 31, 2024 March 31, 2023 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 3,314,663 3,314,663 - 1,824,496 1,824,496 Cost of sales - 2,416,417 2,416,417 - 1,415,068 1,415,068 Inventory write-down - 263,404 263,404 - 576,772 576,772 Gross profit - 634,842 634,842 - (167,344 ) (167,344 ) Research and development and patents 2,458,576 100,072 2,558,648 2,991,525 116,787 3,108,312 General and administrative 3,434,917 601,867 4,036,784 3,854,275 583,808 4,438,083 Amortization and depreciation 163,045 1,788 164,833 147,754 1,032 148,786 Other expense 36,717 - 36,717 79,242 45 79,287 Total operating expenses 6,093,255 703,727 6,796,982 7,072,796 701,672 7,774,468 Other income (expense) 424,480 (219 ) 424,261 344,083 (202 ) 343,881 Tax expense - - - - (11,300 ) (11,300 ) Net Income (loss) (5,668,775 ) (69,104 ) (5,737,879 ) (6,728,713 ) (869,218 ) (7,609,231 ) Unrestricted cash 6,578,230 1,022,368 7,600,598 9,441,977 162,080 9,604,057

Corporate Information and Con_2

Corporate Information and Continuing Operations (Details) - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Corporate Information and Continuing Operations [Abstract]
Net loss	$ (1,722,866)	$ (1,478,185)	$ (2,536,828)	$ (1,997,944)	$ (2,101,087)	$ (3,510,200)	$ (5,737,879)	$ (7,609,231)
Accumulated deficit	(107,138,088)						(107,138,088)		$ (101,400,209)
Cash, cash equivalents and short-term investments	$ 7,600,000						$ 7,600,000

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Significant Accounting Policies [Line Items]
Uninsured cash balance (in Dollars)	$ 3			$ 3		$ 3.8
Weighted average number of common shares outstanding (in Shares)				255,954
Pre-Funded Warrants [Member]
Significant Accounting Policies [Line Items]
Weighted average number of common shares outstanding (in Shares)				3,012,049
Customer Concentration Risk [Member] | Customer One [Member] | Accounts Receivable [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage			39%			41%
Customer Concentration Risk [Member] | Customer One [Member] | Revenue [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage	29%	22%		39%	17%
Customer Concentration Risk [Member] | Customer Two [Member] | Accounts Receivable [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage			32%			30%
Customer Concentration Risk [Member] | Customer Two [Member] | Revenue [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage	21%	20%		16%	14%
Customer Concentration Risk [Member] | Customer Three [Member] | Accounts Receivable [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage			16%			15%
Customer Concentration Risk [Member] | Customer Three [Member] | Revenue [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage	16%	17%		15%	15%
Customer Concentration Risk [Member] | Customer Four [Member] | Accounts Receivable [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage			10%
Customer Concentration Risk [Member] | Customer Four [Member] | Revenue [Member]
Significant Accounting Policies [Line Items]
Concentration of credit risk percentage	16%	11%		10%	10%

Significant Accounting Polici_4

Significant Accounting Policies (Details) - Schedule of Diluted Net Income (Loss) Per Shares - shares	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Diluted Net Income (Loss) Per Shares [Abstract]
Total share of anti-dilutive	13,882,568	3,555,456
Warrants [Member]
Schedule of Diluted Net Income (Loss) Per Shares [Abstract]
Total share of anti-dilutive	13,204,093	3,528,643
Options [Member]
Schedule of Diluted Net Income (Loss) Per Shares [Abstract]
Total share of anti-dilutive	678,475	26,813

Inventories (Details)

Inventories (Details) - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Inventories [Line Items]
Weighted average cost	$ 357,224		$ 93,820
Write-down of inventories to net realizable value	$ 263,404	$ 576,772

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventories - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule of Inventories [Abstract]
Raw materials	$ 196,500	$ 208,737
Work in process	439,086	514,113
Finished goods	558,366	893,506
Inventories	$ 1,193,952	$ 1,616,356

Property, Equipment and Right_3

Property, Equipment and Right of Use (‘Rou’) Assets, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Property, Equipment and Right of Use (‘Rou’) Assets, Net [Line Items]
Depreciation expense	$ 14,220	$ 10,586	$ 42,302	$ 26,697
Amortization expense related to the right-of-use assets	$ 95,615	$ 91,935	$ 287,824	$ 296,239

Property, Equipment and Right_4

Property, Equipment and Right of Use (‘Rou’) Assets, Net (Details) - Schedule of Property, Equipment and ROU Assets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule of Property, Equipment and ROU Assets [Abstract]
Property and equipment	$ 2,605,310	$ 1,648,747
Less: accumulated depreciation and amortization	(1,234,341)	(925,321)
Property, equipment and ROU assets, net	1,370,969	723,426
Right-of-use assets (leases) [Member]
Schedule of Property, Equipment and ROU Assets [Abstract]
Property and equipment	2,135,811	1,167,436
Equipment [Member]
Schedule of Property, Equipment and ROU Assets [Abstract]
Property and equipment	429,090	440,902
Furnishing [Member]
Schedule of Property, Equipment and ROU Assets [Abstract]
Property and equipment	$ 40,409	$ 40,409

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets [Line Items]
Amortized on a straight-line basis	18 years		18 years
Estimated useful life	18 years		18 years
Weighted average estimated remaining useful life			12 years
Amortization expense on intangible assets	$ 40,993	$ 40,103	$ 122,531	$ 122,089

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
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 amortization	(1,103,675)	(981,141)
Intangible assets, net	$ 1,823,745	$ 1,946,279

Intangible Assets (Details) -_2

Intangible Assets (Details) - Schedule of Expects Amortization Expense	Mar. 31, 2024 USD ($)
Schedule of Expects Amortization Expense [Abstract]
2024	$ 158,935
2025	158,935
2026	158,935
2027	158,935
2028	158,935
Thereafter	1,029,070
Total	$ 1,823,745

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule of Accounts Payable and Accrued Liabilities [Abstract]
Trade payables	$ 402,638	$ 544,179
Accrued research and development expenses	353,465	164,587
Inventory purchase accruals	54,629
Employee compensation, benefits and related accruals	205,030	542,305
Accrued general and administrative expenses	167,523	357,664
Accounts payable and accrued liabilities	$ 1,183,285	$ 1,608,735

Share Capital and Reserves (Det

Share Capital and Reserves (Details) - USD ($)			1 Months Ended	9 Months Ended
	Oct. 26, 2023	Oct. 24, 2023	Nov. 21, 2022	Mar. 31, 2024	Mar. 31, 2023
Share Capital and Reserves [Line Items]
Aggregate of common shares (in Shares)		3,012,049
Warrants exercise price (in Dollars per share)		$ 0.83
Warrants of fair value		$ 1,248,376
Issuance terms	5 years 6 months
Option of fair value		$ 1,251,449
Preferred investment options exercised				$ 1,757,032
Fair value of common stock				1,491,138
Fair value of issuance date				$ 1,225,230
Shares of investor (in Shares)				1,540,598
Equity issuance cost				$ 3,500,000
Gross proceeds				4,654,042	$ 10,680,654
Fees paid	$ 560,000
Warrants shares issued (in Shares)	408,511
Outstanding intrinsic value				$ 1,096,085
Weighted average remaining life				4 years
Warrant [Member]
Share Capital and Reserves [Line Items]
Aggregate of common shares (in Shares)		3,012,049
Common stock at a purchase price (in Dollars per share)		$ 0.83
Warrants exercise price (in Dollars per share)	$ 1.0375	$ 0.0001
Issuance terms		5 years 6 months
Equity issuance cost	$ 325,699
Share-Based Payment Arrangement, Option [Member]
Share Capital and Reserves [Line Items]
Aggregate of common shares (in Shares)			3,272,733
Accredited Institutional Investors [Member]
Share Capital and Reserves [Line Items]
Shares of investor (in Shares)				255,954
Preferred Investment Options [Member]
Share Capital and Reserves [Line Items]
Aggregate of common shares (in Shares)				3,272,733
Warrants exercise price (in Dollars per share)				$ 0.83
Common Stock [Member]
Share Capital and Reserves [Line Items]
Aggregate of common shares (in Shares)				6,545,466
Warrants exercise price (in Dollars per share)				$ 0.83
Private Placement [Member]
Share Capital and Reserves [Line Items]
Institutional investors (in Shares)				1,796,552
Gross proceeds	$ 5,200,000

Share Capital and Reserves (D_2

Share Capital and Reserves (Details) - Schedule of Assumptions Used in the Black-Scholes Model	9 Months Ended
	Mar. 31, 2024 $ / shares
New Warrants [Member]
Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Risk-free interest rate	4.82%
Dividend yield	0%
Modification of Warrants [Member]
Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Dividend yield	0%
Minimum [Member] | New Warrants [Member]
Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Exercise price (in Dollars per share)	$ 0.83
Volatility	109%
Expected life (years)	5 years
Minimum [Member] | Modification of Warrants [Member]
Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Exercise price (in Dollars per share)	$ 0.83
Risk-free interest rate	0.56%
Volatility	109%
Expected life (years)	0 years
Maximum [Member] | New Warrants [Member]
Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Exercise price (in Dollars per share)	$ 1.04
Volatility	111%
Expected life (years)	5 years 6 months
Maximum [Member] | Modification of Warrants [Member]
Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Exercise price (in Dollars per share)	$ 3.04
Risk-free interest rate	4.82%
Volatility	614%
Expected life (years)	6 years 9 months 18 days

Share Capital and Reserves (D_3

Share Capital and Reserves (Details) - Schedule of Warrant Activity - Warrant [Member]	9 Months Ended
	Mar. 31, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Shares Under Warrants, Warrants Outstanding Beginning Balance | shares	3,516,529
Weighted Average Exercise Price, Warrants Outstanding Beginning Balance | $ / shares	$ 3.83
Number of Shares Under Warrants, Warrants Granted | shares	12,978,075
Weighted Average Exercise Price, Warrants Granted | $ / shares	$ 0.64
Number of Shares Under Warrants, Exercised | shares	(3,272,733)
Weighted Average Exercise Price, Exercised | $ / shares	$ 0.83
Number of Shares Under Warrants, Expire/Cancelled | shares	(17,778)
Weighted Average Exercise Price, Expire/Cancelled | $ / shares	$ 18.5
Number of Shares Under Warrants, Warrants Outstanding Ending Balance | shares	13,204,093
Weighted Average Exercise Price,Warrants Outstanding Ending Balance | $ / shares	$ 0.87
Number of Shares Under Warrants, Warrants Exercisable | shares	13,204,093
Weighted Average Exercise Price, Warrants Exercisable | $ / shares	$ 0.87

Share-Based Payments (Details)

Share-Based Payments (Details) - USD ($)				3 Months Ended		9 Months Ended
	Feb. 20, 2024	Dec. 23, 2023	Mar. 24, 2017	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 19, 2023	Jun. 30, 2023
Share-Based Payments [Line Items]
Percentage of common stock issued and outstanding			20%			20%
Reservation of additional common stock (in Shares)				174,353		174,353		700,000	51,633
Share-based payment expense				$ 55,305	$ 50,357	$ 98,760	$ 237,675
General and administrative expenses				9,768	28,442	57,231	137,555
Research and development expenses				6,659	21,915	41,024	100,120
Unrecognized compensation cost				146,413		$ 146,413
Weighted-average vesting period						1 year 4 months 24 days
Share-Based Payment [Member]
Share-Based Payments [Line Items]
Cost of Goods sold				$ 506	$ 0	$ 505	$ 0
Share-Based Payment Arrangement, Employee [Member]
Share-Based Payments [Line Items]
Option issued (in Shares)	50,000	502,000
Exercise price option (in Dollars per share)	$ 0.37	$ 0.37
Exercise option term	5 years	5 years
Members of Board of Directors [Member]
Share-Based Payments [Line Items]
Option issued (in Shares)		28,400
Exercise price option (in Dollars per share)		$ 0.37
Exercise option term		5 years

Share-Based Payments (Details)

Share-Based Payments (Details) - Schedule of Assumptions Used in the Black-Scholes Model	9 Months Ended
	Mar. 31, 2024 $ / shares
Schedule of Assumptions Used in the Black Scholes Model [Line Items]
Exercise price (in Dollars per share)	$ 0.37
Dividend yield	0%
Minimum [Member]
Schedule of Assumptions Used in the Black Scholes Model [Line Items]
Risk-free interest rate	3.95%
Volatility	116%
Expected life (years)	3 years 6 months
Maximum [Member]
Schedule of Assumptions Used in the Black Scholes Model [Line Items]
Risk-free interest rate	4.30%
Volatility	203%
Expected life (years)	3 years 7 months 6 days

Share-Based Payments (Details_2

Share-Based Payments (Details) - Schedule of Changes in Outstanding Options	9 Months Ended
	Mar. 31, 2024 $ / shares shares
Schedule of Changes in Outstanding Options [Abstract]
Number, Balance at beginning | shares	102,642
Weighted Average Exercise Price, Balance at beginning | $ / shares	$ 31.28
Number, Granted | shares	580,400
Weighted Average Exercise Price, Granted | $ / shares	$ 0.37
Number, Expired/Forfeited | shares	(4,567)
Weighted Average Exercise Price, Expired/Forfeited | $ / shares	$ 386.97
Number, Balance at ending | shares	678,475
Weighted Average Exercise Price, Balance at ending | $ / shares	$ 2.96
Number, Vested and exercisable | shares	112,920
Weighted Average Exercise Price, Vested and exercisable | $ / shares	$ 15.39
Number, Unvested | shares	565,555
Weighted Average Exercise Price, Unvested | $ / shares	$ 0.47

Lease Obligations (Details)

Lease Obligations (Details) - USD ($)			9 Months Ended
	Aug. 31, 2024	Apr. 30, 2024	Mar. 31, 2024
Lease Obligations [Line Items]
Obligated to pa			$ 1,095,104
Borrowing rate			6.15%
Operating lease liability			$ 968,376
Forecast [Member]
Lease Obligations [Line Items]
Variable operating costs	$ 78,500	$ 92,964

Lease Obligations (Details) - S

Lease Obligations (Details) - Schedule of Minimum Lease Payments - USD ($)		Mar. 31, 2024	Jun. 30, 2023
Schedule of Minimum Lease Payments [Abstract]
Year 1		$ 388,703
Year 2		364,043
Year 3		374,965
Year 4		31,325
Year 5
More than five years
Total undiscounted lease liabilities	[1]	1,159,035
Less: imputed interest		(88,254)
Present value of lease liabilities		1,070,781
Less: Current portion of lease liabilities		(345,545)	$ (375,713)
Non-current portion of lease liabilities		$ 725,236	$ 15,994
[1] Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Segment Information (Details)

Segment Information (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
InMed Segment [Member]
Segment Information [Line Items]
Total assets	$ 10.8	$ 11.2
BayMedica Segment [Member]
Segment Information [Line Items]
Total assets	$ 2.6	$ 3

Segment Information (Details) -

Segment Information (Details) - Schedule of Reportable Segments - Reportable Subsegments [Member] - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Sales	$ 1,172,601	$ 1,033,925	$ 3,314,663	$ 1,824,496
Cost of sales	883,143	841,414	2,416,417	1,415,068
Inventory write-down			263,404	576,772
Gross profit	289,458	192,511	634,842	(167,344)
Research and development and patents	656,764	878,303	2,558,648	3,108,312
General and administrative	1,374,095	1,412,727	4,036,784	4,438,083
Amortization and depreciation	54,767	50,689	164,833	148,786
Other expense	48,156	2,733	36,717	79,287
Total operating expenses	2,133,782	2,344,452	6,796,982	7,774,468
Other income (expense)	121,458	155,497	424,261	343,881
Tax expense		(1,500)		(11,300)
Net loss	(1,722,866)	(1,997,944)	(5,737,879)	(7,609,231)
Unrestricted cash	7,600,598	9,604,057	7,600,598	9,604,057
InMed Pharma [Member]
Segment Reporting Information [Line Items]
Sales
Cost of sales
Inventory write-down
Gross profit
Research and development and patents	620,223	870,837	2,458,576	2,991,525
General and administrative	1,172,023	1,213,047	3,434,917	3,854,275
Amortization and depreciation	54,168	50,261	163,045	147,754
Other expense	48,156	2,733	36,717	79,242
Total operating expenses	1,894,570	2,136,878	6,093,255	7,072,796
Other income (expense)	102,987	155,567	424,480	344,083
Net loss	(1,791,583)	(1,981,311)	(5,668,775)	(6,728,713)
Unrestricted cash	6,578,230	9,441,977	6,578,230	9,441,977
BayMedica Commercial [Member]
Segment Reporting Information [Line Items]
Sales	1,172,601	1,033,925	3,314,663	1,824,496
Cost of sales	883,143	841,414	2,416,417	1,415,068
Inventory write-down			263,404	576,772
Gross profit	289,458	192,511	634,842	(167,344)
Research and development and patents	36,541	7,466	100,072	116,787
General and administrative	202,072	199,680	601,867	583,808
Amortization and depreciation	599	428	1,788	1,032
Other expense				45
Total operating expenses	239,212	207,574	703,727	701,672
Other income (expense)	18,471	(70)	(219)	(202)
Tax expense		(1,500)		(11,300)
Net loss	68,717	(15,133)	(69,104)	(869,218)
Unrestricted cash	$ 1,022,368	$ 162,080	$ 1,022,368	$ 162,080

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)		9 Months Ended
	Mar. 11, 2021	Mar. 31, 2024	Jun. 30, 2023
Commitments and Contingencies [Line Items]
Contract research services and materials		$ 1,500,000
Contract materials and equipment at a cost		1,000,000
Guaranteed investment value		$ 43,085	$ 44,422
Shares of warrants (in Shares)	700
Common shares purchased (in Shares)	700
Accrued minimum payments			$ 300,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Norton Rose Fulbright Canada LLP [Member]
Related Party Transactions [Line Items]
Legal services	$ 66,000	$ 91,232	$ 197,155	$ 580,761