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InMed Pharmaceuticals

US: INM

$34m market cap

$4.22 last close

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

Investment summary

Following the safety and tolerability data from the two Phase I trials in healthy volunteers, INM-755 is moving forward into a Phase II (755-201-EB) trial in up to 20 epidermolysis bullosa (EB) patients with an anticipated treatment duration of 28 days. Regulatory applications are expected to be filed in several countries in Q2 CY21 with enrolment to begin in the second half of the calendar year. Also, the formulation for INM-088 has been finalized with IND-enabling toxicology studies expected to begin in CY21 and filings for human clinical trials to begin in H1 CY22.

Y/E Jun
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 0.0 (9.4) (9.2) (177.47) N/A N/A
2020A 0.0 (9.0) (9.0) (172.80) N/A N/A
2021E 0.0 (8.7) (9.1) (132.97) N/A N/A
2022E 0.0 (9.5) (10.5) (123.74) 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 US$7.5bn in 2017 and we expect them to grow to US$28bn by 2023.

Last updated on 26/02/2021
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 9.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 6.0 30.4 (51.7)
Relative* 7.1 24.2 (60.5)
52-week high/low US$9.7/US$3.0
*% relative to local index
Key management
Bruce Colwill CFO
Eric Adams President & CEO

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