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InMed Pharmaceuticals

US: INM

Market Cap$16.5m

Last Close $1.99

InMed is a pharmaceutical company focused on developing and manufacturing cannabinoids. Its main pipeline product is INM-755 for EB, a serious, debilitating orphan indication.

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Investment summary

InMed has initiated a Phase II trial for INM-755 in up to 20 epidermolysis bullosa (EB) patients with an anticipated treatment duration of 28 days. Patients with all four subtypes of inherited EB, EB Simplex, Dystrophic EB, Junctional EB and Kindler syndrome will be eligible for the trial. Current expectations are for the trial to enroll in approximately a year. Additionally, the company recently signed a definitive agreement to acquire BayMedica, a private US-based company that is focusing on the manufacture and commercialization of rare cannabinoids. The combined company will have multiple tools to produce rare cannabinoids at meaningful yields and at attractive costs and will have a growing commercial product.

Y/E Jun
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2020A 0.0 (9.0) (9.0) (172.80) N/A N/A
2021A 0.0 (9.8) (10.3) (153.02) N/A N/A
2022E 0.0 (12.7) (12.8) (105.67) N/A N/A
2023E 0.0 (10.1) (11.2) (88.92) N/A N/A
Industry outlook

The market for cannabinoids, whether FDA-approved, medical or recreational, is growing at a fantastic rate. Legal cannabis sales in the United States alone were around US$7.5bn in 2017 and we expect them to grow to US$28bn by 2023.

Last updated on 20/09/2021
Content on InMed Pharmaceuticals
Webinar: InMed Pharmaceuticals
Healthcare | Edison TV | 5 October 2021
InMed Pharmaceuticals – NM-755 Phase II about to begin
Healthcare | Update | 29 September 2021
InMed Pharmaceuticals – Acquiring BayMedica
Healthcare | Update | 20 September 2021
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Share price graph
Balance sheet
Forecast net cash (US$m) 6.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (14.6) (27.8) (44.5)
Relative* (14.6) (31.4) (58.5)
52-week high/low US$9.7/US$2.7
*% relative to local index
Key management
Bruce Colwill CFO
Eric Adams President & CEO