InMed Pharmaceuticals Inc. (INM) Options Positioning, Max Pain & Unusual Sweeps

Per the Roarable RQD rating, INM scores 47 out of 100, grade D, labeled "Roarable Sell — Underperform / Distribution Warning." The five pillars are:

• Fundamental Cash Engine: 6 / 20. Per the RQD rating, ROIC is -35% and FCF yield is 0%. This is the weakest pillar and indicates the business is not currently generating returns on capital or free cash flow relative to its valuation.
• Whale 13F Flow: 13 / 20. Per the RQD rating, this pillar reflects institutional accumulation and options positioning. The source does not itemize 13F holdings, so the magnitude of this signal cannot be verified from the holders section.
• Insider Conviction: 5 / 20. Per the RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. It is the lowest-scoring pillar relative to its weight, suggesting limited insider conviction in the current data.
• Macro Regime Fit: 12 / 20. Per the RQD rating, beta is 1.0 with sector sensitivity noted. This implies the stock tracks broad market movement rather than offering defensive or uncorrelated behavior.
• Forensic Balance Sheet: 11 / 20. Per the RQD rating, Altman Z is 2.5, Piotroski F is 4/9, and Debt/Equity is 0.5. These are mid-range readings that do not signal balance sheet distress but also do not indicate strength.

For a prospective investor evaluating the stock today, the rating points to a weak operating return profile, limited insider conviction, and a market capitalization of $8.9M. Upside drivers in the data are limited to the catalyst events described below; the rating itself frames the risk as underperformance and distribution. Valuation tradeoffs cannot be fully assessed because P/E and EV/EBITDA are not available in source data.

InMed Pharmaceuticals Inc. is a NASDAQ-listed issuer in the Health Care sector, within the Biotechnology: Pharmaceutical Preparations industry, per the company profile. The source data does not specify its products, customers, or revenue model. Per the market data, gross margin is 34.5%, operating margin is 0%, and net margin is -60%. Per the SEC financials, FY 2025 revenue was $4.9M.

Per the SEC financials, revenue grew from $4.1M to $4.9M across the three reported periods while net losses stayed in the $-7.7M to $-8.2M range. Net margin is -60% and ROIC is -35% per the market data. Per the Roarable RQD rating, Altman Z is 2.5, Piotroski F is 4/9, and Debt/Equity is 0.5. Cash rose from $3.4M in FY 2024 to $7.0M in FY 2025 per the SEC financials.

Per the recent news section, the dominant theme is a proposed merger with a contingent value right (CVR). Key items:

• CVR record date (Nov. 5): Multiple sources report a CVR distribution record date of Nov. 5 tied to the proposed merger and a pending shareholder vote. This is flagged as a CATALYST (GREEN) by the source feed. Source headlines describe this as determining which shareholders may qualify for rights to future payments.
• ADAR1 Capital purchases: Several reports describe ADAR1 Capital Management funds buying INM shares at $1.32–$1.33 per share, with small share counts (4 and 9,569 shares). These are flagged as MARKET WIRE (YELLOW) items.

Risk watch items: the merger and CVR structure depend on a pending shareholder vote, and the source does not describe merger terms, CVR payment conditions, or the vote outcome. The Butterfly Supply-Chain Graph contains no proprietary signals.

• What are the terms of the proposed merger and the CVR payment conditions, and what is the status of the shareholder vote?
• What products or therapies does InMed sell or develop, and who are its customers and revenue sources?
• What are the FY 2025 EPS, debt, and operating cash flow figures, and what drove the net loss?
• Who are the institutional and insider holders behind the whale and insider pillar scores?
• What is the company's cash runway given the reported FCF of $-8.1M against $7.0M in cash?