InMed Appoints CBIZ as New Auditor in Connection with CBIZ's Acquisition of Marcum's Attest Business, Provides Update on Special Meeting and Makes Modifications to Existing SEPA

Vancouver, British Columbia--(Newsfile Corp. - June 13, 2025) - InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced that Marcum LLP has resigned as InMed's auditor following the acquisition of Marcum's attest business by CBIZ CPAs P.C., with an effective resignation date of June 12, 2025 (the "Marcum Acquisition"). As a result of the Marcum Acquisition, the Company has engaged and appointed CBIZ as its new auditor for the fiscal year ending June 30, 2025.

Marcum's resignation was not due to any disagreements or reportable events related to InMed's financial statements for the fiscal year ended June 30, 2024. The audit reports for these periods did not contain adverse opinions or disclaimers and were not qualified regarding uncertainty, audit scope, or accounting principles, except for a material weakness related to the adequacy of resources available to respond to financial reporting matters other than in the normal course of business that was previously disclosed under the heading "Item 9A. Controls and Procedures" in the Company's Annual Report on Form 10-K for the year ended June 30, 2023.

InMed further announces that its special meeting of shareholders was held today and was convened without any business being conducted, due to lack of the required quorum. Consequently, the proposed resolution to approve the potential issuance of 20% or more of the Company's issued and outstanding common shares as of December 13, 2024 pursuant to the Standby Equity Purchase Agreement (the "SEPA") with YA II PN, Ltd. ("Yorkville"), and pursuant to Nasdaq Listing Rules 5635(d) and 5635(b) (the "Share Issuance Proposal") was not formally voted on. The Company intends to assess whether it will (x) hold a subsequent special meeting of its shareholders at a later date with respect to the Share Issuance Proposal or (y) include the Share Issuance Proposal in its definitive proxy statement for the Company's 2025 annual general meeting of shareholders.

The Company also announced today that it has entered into an amendment to the SEPA, pursuant to which the Company and Yorkville agreed to amend certain of the provisions of the SEPA. Such amendment permits the Company to, at its sole discretion, temporarily suspend the use of its existing registration statement for its common shares under the SEPA (the "Registration Statement"). This suspension, known as a "Black Out Period," may be implemented if the Company believes it is necessary to delay the disclosure of sensitive, material information or to update the Registration Statement or prospectus to ensure all information is accurate and not misleading.