microscope 2

InMed Pharmaceuticals

CN: IN

C$61.2m market cap

C$0.35 last close

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

Investment summary

InMed has announced that the cannabinoid that is the basis for both its epidermolysis bullosa (EB) and glaucoma programs is cannabinol (CBN). This puts InMed in an attractive position (especially from an intellectual property perspective) as other medical cannabis programs are focused on either tetrahydrocannabinol (THC) and/or cannabidiol (CBD) for a variety of indications. Importantly, from a regulatory perspective, CBN is believed to have either slight or no psychoactivity, but it does have a number of beneficial effects including reducing inflammation and intraocular pressure (IOP).

Y/E Jun
Revenue (C$m)
EBITDA (C$m)
PBT (C$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 0.0 (5.5) (5.3) (3.74) N/A N/A
2019A 0.0 (9.7) (9.1) (5.33) N/A N/A
2020E 0.0 (15.2) (15.6) (8.93) N/A N/A
2021E 0.0 (15.8) (17.3) (9.50) 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 US alone were around $7.5bn in 2017 and we expect them to grow to $28bn by 2023.

Last updated on 23/01/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (C$m) 1.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 47.9 26.8 (30.4)
Relative* 44.1 18.5 (39.2)
52-week high/low C$0.8/C$0.2
*% relative to local index
Key management
Bruce Colwill CFO
Jeff Charpentier CFO
Eric Adams President & CEO