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InMed Pharmaceuticals

CN: IN

CA$41.4m market cap

CA$0.24 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 is a Canada-based biopharmaceutical company focused on maximizing the therapeutic potential of cannabinoids. Through its biosynthesis platform, the company believes it has distinct advantages over both naturally sourced and chemically synthesized cannabinoids, which could give it access to both the medical and retail markets, although the process is still in development. The company is also developing a proprietary pipeline, including INM-755 for epidermolysis bullosa (EB), a serious orphan indication, and expects to begin human clinical trials by the end of the year after filing a CTA in November. Advanced preclinical and formulation development has begun for INM-088 for glaucoma and should be completed in early 2020.

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 (15.4) (16.1) (9.04) N/A N/A
2021E 0.0 (16.0) (17.6) (9.48) 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 19/11/2019
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 (11.1) (7.7) (56.4)
Relative* (14.5) (12.4) (61.2)
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