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InMed Pharmaceuticals

CN: IN

CA$74m market cap

CA$0.43 last close

InMed is a biopharmaceutical company focused on manufacturing and developing cannabinoids. Its platform may be able to produce cannabinoids for less cost and with improved purity compared to currently used methods. The company is developing a pipeline, including INM-750 for epidermolysis bullosa, a serious, debilitating orphan indication.

Investment summary

InMed recently reported results for the third quarter of FY19 and is on track to be in the clinic to treat epidermolysis bullosa (EB) in the second half of this year (consistent with prior guidance for a CTA filing in H219 with entrance into clinic by year-end 2019). In March, it announced that instead of developing a combination cannabinoid product for EB, it would go with a single agent (INM-755) as it discovered in its testing that by increasing the dose of one of the components, efficacy was the same as the combination. This greatly simplified the regulatory process as there are extra hurdles for a combination of two investigational drugs in one product.

Y/E Jun
Revenue (C$m)
EBITDA (C$m)
PBT (C$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 0.0 (3.3) (3.2) (3.27) N/A N/A
2018A 0.0 (5.5) (5.3) (3.74) N/A N/A
2019E 0.0 (9.0) (8.4) (4.92) N/A N/A
2020E 0.0 (14.0) (13.9) (7.79) N/A N/A
Last updated on 22/05/2019
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 $7.5 billion in 2017 and we expect it to grow to $28 billion by 2023.

Last updated on 22/05/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (C$m) 17.6
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (11.3) (25.9) (58.3)
Relative* (10.3) (27.8) (58.9)
52-week high/low C$1.1/C$0.3
*% relative to local index
Key management
Jeff Charpentier CFO
Eric Adams President & CEO
Josh Blacher Chief Business Officer