Edison Investment Research Limited
London, UK, 3 May 2022
InMed Pharmaceuticals (INM): Notable launches of high-value rare cannabinoids
InMed Pharmaceuticals (INM) continues its transition from a pure-play pharma R&D firm to one also benefiting from commercial sales into the health and wellness market. Product launches of high-value, rare cannabinoids into this market should provide the majority of its revenue in the near future. INM also made notable advances in its pharmaceutical drug development programs, including its ongoing 755-201-EB Phase II trial and preparing for an FDA pre-investigational new drug meeting on glaucoma drug candidate INM-088. We expect to see a different InMed going forward, one that offers near-term revenue generation combined with the longer-term value of its pharma drug development programs.
We have updated our valuation to consider a range of scenarios as well as accounting for the BayMedica acquisition. Our risk-adjusted per basic share valuations are US$6.0 (base), US$16.0 (bull), and US$1.5 (bear), versus the previous US$20.53. The key factors influencing our valuation are the market share InMed can capture with its biosynthesis platform and its EB treatment, projected sales for its cannabinoid health & wellness products, and rolling our model forward.
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