SCHEDULE: Ikarian Capital Acquires 4.2% Stake in InMed Pharma

Ikarian Capital, LLC and Neil Shahrestani have reported beneficial ownership of 4.2% of InMed Pharmaceuticals Inc. common shares, totaling 137,634 shares.

Summary

• Ikarian Capital, LLC and Neil Shahrestani, collectively referred to as the Reporting Persons, have filed a Schedule 13G.
• This filing indicates beneficial ownership of 137,634 common shares of InMed Pharmaceuticals Inc.
• This holding represents 4.2% of the total outstanding common shares.
• The shares are held through Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts.
• Ikarian Capital acts as the investment manager for the fund and sub-adviser for the managed accounts.
• Neil Shahrestani indirectly beneficially owns the securities as he ultimately controls Ikarian Capital.
• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, indicating a significant but not overwhelming stake acquisition by an investment firm, without immediate strong signals of aggressive action or distress.

Positives

• Ikarian Capital, a registered investment adviser, has taken a notable stake in InMed Pharmaceuticals, suggesting confidence in the company's potential.
• The acquisition of 4.2% of the outstanding shares indicates a significant investment by a professional entity.
• The filing confirms that the shares were acquired in the ordinary course of business, implying a standard investment strategy rather than a hostile takeover attempt.

Negatives

• The filing does not provide specific details on the acquisition price or the timing of the purchases, limiting a full financial assessment.
• The disclaimers of beneficial ownership between the Fund and Managed Accounts, and between Ikarian Capital and Mr. Shahrestani, add a layer of complexity to the ownership structure.

Risks

• While the filing states the shares were not acquired to influence control, any significant shift in ownership can introduce uncertainty for existing shareholders.
• The reliance on a Form 10-Q filed on May 6, 2026, for the outstanding share count means the 4.2% figure is based on data from March 31, 2026, and may not reflect the most current total outstanding shares.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from InMed Pharmaceuticals Inc. It solely reports on the ownership stake of Ikarian Capital, LLC and Neil Shahrestani.

Management Comments

• Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
• Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that the acquisition of a significant minority stake (4.2%) by an investment firm like Ikarian Capital in a biotechnology or pharmaceutical company like InMed Pharmaceuticals is a common occurrence. Such filings often signal a belief in the company's technology, pipeline, or market potential, but without further context on Ikarian's investment strategy or InMed's specific developments, it's difficult to ascertain the precise implications.

Comparison to Industry Standards

• In the biotechnology sector, institutional ownership stakes of 4-5% are typical for active investment funds that may seek to influence strategy or simply hold a significant position for capital appreciation.
• Companies like InMed Pharmaceuticals, often focused on drug development, frequently attract investment from specialized funds. For instance, other biotech firms have seen similar stake acquisitions by firms such as OrbiMed Advisors or RA Capital Management, which are known for taking substantial positions.
• The reporting of this stake via a Schedule 13G filing is standard for passive investors or those not seeking to control the company, aligning with typical investment practices in the industry.

Stakeholder Impact

• Shareholders: The acquisition of a significant stake by Ikarian Capital may be viewed positively by some shareholders as it indicates institutional interest, but it could also lead to increased volatility or potential shifts in company strategy.
• Management: The company's management will need to consider the interests of a new substantial shareholder, potentially influencing future strategic decisions or communications.
• Creditors: No direct impact is immediately apparent, but any significant strategic shifts resulting from the new shareholder could indirectly affect the company's financial stability.

Next Steps

• Monitor future filings from Ikarian Capital, LLC and Neil Shahrestani for any changes in their stake in InMed Pharmaceuticals Inc.
• Observe InMed Pharmaceuticals Inc.'s strategic decisions and financial performance for potential impacts related to this new significant shareholder.

Key Dates

Recommendation

StockSavvy.ai recommends a 'hold' based on this filing. The acquisition of a 4.2% stake by Ikarian Capital is a significant event, indicating institutional interest, but it does not provide enough information to warrant a buy or sell recommendation. The filing is primarily informational regarding ownership and does not contain operational updates, financial performance metrics, or forward-looking guidance from InMed Pharmaceuticals itself. Therefore, a hold position allows investors to await further developments or disclosures from the company before making a more definitive investment decision.

Keywords

InMed Pharmaceuticals, Ikarian Capital, Schedule 13G, Beneficial Ownership, Investment Adviser, Common Shares, Shareholder