InMed Pharmaceuticals Inc. (INM) Earnings
INM has beaten EPS estimates in 4 of its last 4 reported quarters (average surprise +67.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-94.44 | $-0.69 | +99.3% | $1M | -99.8% |
| Feb 11, 2026 | — | $-512954.73 | — | $820M | — |
| Nov 6, 2025 | — | $-0.44 | — | $1M | — |
| Sep 23, 2025 | — | $-3.80 | — | $2M | — |
| Feb 12, 2025 | — | $-3.64 | — | $773M | — |
| Nov 14, 2024 | — | $-54.20 | — | $936161 | — |
| Sep 27, 2024 | — | $-3.80 | — | $938461 | -47.6% |
| Feb 13, 2024 | — | $-3.80 | — | $933778 | -17.4% |
| Nov 14, 2023 | — | $-15.20 | — | $1M | -10.1% |
| May 15, 2023 | $-90.00 | $-12.00 | +86.7% | $764091 | +138.0% |
| Feb 17, 2023 | $-90.00 | $-18.20 | +79.8% | $350117 | -30.0% |
| Nov 11, 2022 | $-85.00 | $-81.20 | +4.5% | $234248 | -53.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2022 · September 23, 2022
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Pharmaceutical drug development: - INM-755 Phase 2 clinical trial: Has 9 clinical trial sites fully activated, 9 patients enrolled, expects enrollment to complete in 2022 and data readout in Q1 2023; DSMB allowed enrollment of adolescents (12 - 17) based on safety data of first five adult patients. - INM-088: Completed pre-IND discussions with FDA regarding manufacturing, preclinical studies, and early clinical development plans for INM-088 as a treatment for glaucoma; working towards IND filing in the first half of 2024. - Neurodegenerative disease: Filed international patent application in November 2021 for potential treatment of neurodegenerative diseases using rare cannabinoids and cannabinoid analogs; screening has yielded meaningful analog candidates. - Cannabinoid analogs: Published patent application in North America for several cannabinoid analogs in April 2022; initiated research collaboration with Dr. Mauro Maccarrone at the University of L'Aquila in Italy to investigate cannabinoid analogs for ocular disease. • BayMedica commercial activities: Demand for rare cannabinoids in the health and wellness sector didn't materialize as expected due to recessionary pressures, immature market readiness, BayMedica's competitive advantage not resonating, and downward pricing pressure; thus, reducing efforts in BayMedica's commercial activities, reducing inventory through existing sales and new opportunities, and pursuing strategic supply agreements and commercial collaborations. • Cost saving initiatives: Reduced total headcount by approximately 25%, implemented voluntary salary reductions including a 28% reduction by Eric Adams, and no employee received an annual performance bonus for fiscal year 2022; successfully executed registered direct offering in June 2022 ($5 million proceeds) and private placement in September 2022 ($6 million proceeds).
Guidance
• Expect enrollment into the INM-755 Phase 2 clinical trial to complete during 2022 and data readout in the first quarter of 2023; anticipate additional trials will be necessary beyond the initial 20-patient database. • For INM-088, expect to file an investigational new drug application in the first half of 2024. • Cash and cash equivalents as of June 30, 2022, were $6.2 million; forecasted to fund operating expenses and capital expenditure requirements into the second half of fiscal 2023 and possibly into the first quarter of fiscal 2024, depending on revenue from BayMedica inventory sales and company operating expenses. • Burn rate in the last fiscal quarter was around $900,000 per month, expected to move to approximately $700,000 per month two quarters down the road.
Segment performance
For the year ended June 30, 2022, the company recorded a net loss of $18.6 million or $33.17 per share compared to a net loss of $10.2 million or $37.96 per share in the previous year. R&D and patent expenses were approximately $7.3 million for the year, an increase from $5.3 million in the same period the prior year, primarily due to the inclusion of BayMedica operating results post-acquisition and increased activities related to the INM-755 Phase 2 clinical trial. General and admin expenses were $6.9 million for the year, representing a 54% increase, driven by inclusion of BayMedica's operating results, investor relations, accounting, legal fees, and higher insurance fees from Nasdaq listing. The BayMedica segment realized sales of $1.1 million for the year. The company incurred a non-cash impairment of intangible assets and goodwill of $3.5 million in the BayMedica segment for the year ended June 30, 2022.
Risks & headwinds
• Macro socioeconomic issues such as increasing recessionary pressures, high inflation, ongoing war in Ukraine, and slow emergence from COVID pandemic have impacted businesses and the global stock market, affecting InMed. • Challenges in the capital markets, especially for small cap pharmaceutical R&D companies like InMed, which rely on investment for clinical developments. • Uncertainty in the demand for rare cannabinoids in the health and wellness sector, leading to slower than expected revenue growth for BayMedica and the need to reduce efforts in its commercial activities. • Risks of delays in pharmaceutical development programs, which could reduce or extend the cash runway; also, risks related to exceeding revenue expectations or scaling back on selected third-party research programs impacting cash runway.
Analyst Q&A
Q: On the INM-755 safety data, was there any efficacy data gleaned from that readout by the DSMB?
A: The results from the DSMB's review were blinded to the company; they simply provided the decision to move ahead with enrollment of adolescents based on safety data of the first five adult patients, but the company didn't have insight into any efficacy data.
Q: With the readout of that trial in Q1 2023, what do you anticipate as the next step? Do you think you can file on that trial, or do you think another trial would be necessary?
A: Another trial is going to be necessary; we don't think we'll be in a position to file exclusively on a 20-patient database, so additional trials are definitely required, with timing and design still to be determined pending the outcome of the first Phase 2 trial.
Q: Could you speak to what the current burn or the burn rate was in the last fiscal quarter, and where you would expect it to be two quarters down the road?
A: In the last quarter, the all-in run rate was around $900,000 a month, and we expect to be moving down to about $700,000 a month two quarters down the road.
Q: Can you speak to what the current burn or the burn rate was in the last fiscal quarter, and where you would expect it to be two quarters down the road?
A: In the last quarter, the all-in run rate was around $900,000 a month, and we expect to be moving down to about $700,000 a month two quarters down the road.
Q: Regarding the INM-755 efficacy readouts and the glaucoma project's visual acuity measures?
A: For INM-755, we're looking at measurements like itch related to wound and non-wound areas, inflammation, wound healing, and pain; for the glaucoma project, the primary readout for the Phase 1/2 trial will be safety, with IOP reduction as a secondary readout, and there's a possibility of moving to another Phase 2 trial for neuroprotection readout after that.