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InMed Pharmaceuticals

US: INM

Market Cap$8m

Last Close $0.47

InMed is a biopharmaceutical company focused on manufacturing, developing and commercializing cannabinoids. It commercializes rare cannabinoids to the health and wellness industry with flexibility across several manufacturing approaches. It is also a clinical-stage pharma company developing rare cannabinoid therapeutics.

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Investment summary

InMed Pharmaceuticals (INM) continues its transition from a pure-play pharma R&D firm to one also benefiting from commercial sales into the health and wellness market. Product launches of high-value, rare cannabinoids into this market should provide the majority of its revenue in the near future. Notably, InMed announced the launch of d9-THCV into B2B sales, and unlike THC, THCV is non-psychoactive and has shown indications of potential activity in combating obesity, diabetes, anxiety, Alzheimer’s disease and epilepsy. INM has also made notable advances in its pharmaceutical drug development programs, including its ongoing 755-201-EB Phase II trial and preparing for an FDA pre-investigational new drug meeting on glaucoma drug candidate INM-088. We expect to see a different InMed going forward, one that offers near-term revenue generation combined with the longer-term value of its pharma drug development programs.

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 1.8 (14.6) (14.8) (97.62) N/A N/A
2023E 10.2 (13.2) (13.8) (63.67) N/A N/A
Industry outlook

The cannabis and cannabinoid markets are growing rapidly, reaching global sales of US$21.3bn in 2020, soaring c 50% over 2019, and are forecasted to reach US$55.9bn by 2026 according to BDSA. Furthermore, US cannabis sales are expected to be US$41bn by 2026.

Last updated on 30/06/2022
Content on InMed Pharmaceuticals
InMed Pharmaceuticals – Health and wellness product launches
Healthcare | research Update | 31 May 2022
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Share price graph
Balance sheet
Forecast net cash (US$m) 7.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (38.9) (50.1) (85.2)
Relative* (33.3) (40.3) (83.2)
52-week high/low US$3.2/US$0.5
*% relative to local index
Key management
Bruce Colwill CFO
Colin Clancy Investor relations
Eric Adams President & CEO

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