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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 announced that it has entered into a definitive agreement to acquire BayMedica, a private US-based company that is focusing on the manufacture and commercialization of rare cannabinoids. This is an all-stock transaction in which InMed will issue 1.78m shares to BayMedica’s equity and convertible debt holders. At the current stock price, this values BayMedica at approximately US$4m. Following the closure of the transaction, the combined company will have expertise in both yeast and bacteria biosynthesis as well as chemical synthesis of cannabinoids. Additionally, it will be a commercial company with cumulative revenues of over US$2.5m since December 2019 stemming from the sale of cannabichromene (CBC). The acquisition is expected to close in the coming weeks.

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 (9.8) (10.2) (154.58) N/A N/A
2022E 0.0 (10.8) (10.9) (89.93) 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
InMed Pharmaceuticals – Acquiring BayMedica
Healthcare | Update | 20 September 2021
InMed Pharmaceuticals and BayMedica – executive interview
Healthcare | Edison TV | 13 September 2021
Webinar: InMed Pharmaceuticals
Healthcare | Edison TV | 5 May 2021
View more
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Share price graph
Balance sheet
Forecast net cash (US$m) 6.5
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