InMed Pharmaceuticals Inc. Q2 FY2022 earnings call

• Acquired BayMedica in October 2021, positioning InMed as a global leader in rare cannabinoids. - Commenced B2B sales of CBT in January 2022, with CBDV and THCV to launch shortly. - INM-755 Phase 2 clinical trial for EB has commenced enrollment of up to 20 patients. - INM-088 topical eye formulation for glaucoma has a published study showing CBN's potential, with pre-IND meeting with FDA upcoming. - Hired Jerry Griffin as VP of Sales and Marketing at BayMedica to accelerate commercial plans. - Impact of COVID on supply disruptions and clinical enrollment timelines. - Board changes: Janet Grove joined the Board, Catherine Sazdanoff stepped down.

BayMedica's B2B sales of bulk rare cannabinoids were approximately $300,000 for the three months ended December 31, 2021. Prior to the acquisition in October, BayMedica had cumulative revenues of $2.4 million over a 20-month period ending September 2021 from one product (CBC). BayMedica's focus is on B2B supply of rare cannabinoids to consumer health and wellness markets, and they aim to grow revenues with new product launches.

• Cash and cash equivalents of ~$11.2 million as of December 2021 are sufficient to fund operations into the first quarter of fiscal 2023. - Expect to grow revenues considerably in the short to medium term with new product rollouts and sales/marketing infrastructure buildout. - Aim to balance capital investments for product launches with revenue from existing products and ongoing programs.

• Global supply disruptions and staffing issues affecting development timelines for manufacturing campaigns and clinical enrollment. - Market uncertainties in the nascent rare cannabinoid industry, including difficulty in predicting demand and market size. - Uncertainty around the commercial success of new products due to limited data on rare cannabinoids' therapeutic and market potential.

Q: When will interim results be available for the INM-755 Phase 2 trial in EB patients?

A: There will be no interim analysis; results will be announced when the trial is completed and data is analyzed.

Q: What are the positive data indicators for INM-755 in EB patients?

A: The trial uses a within-patient design with active cream vs. vehicle cream on matched areas, looking at within-patient comparison of benefit.

Q: What's the outlook for peak sales of BayMedica's products?

A: Very early days, difficult to forecast peak sales due to limited data on market opportunities and customer bases; CBDV and THCV have more substantial opportunities than previously launched compounds.

Q: How long will current cash balances fund operations?

A: Cash and cash equivalents as of December 2021 are sufficient to fund operations into the first quarter of fiscal 2023.

Q: Thoughts on partnering for the glaucoma program?

A: Partnerships could come earlier than expected, with ongoing discussions, and open to dialogues but no guarantees until meaningful updates.

Q: Elaboration on Jerry Griffin's role as VP of Sales and Marketing?

A: He will spearhead sales and marketing for existing and new products, focusing on expanding sales within the cannabinoid wellness distributor channel and exploring new markets like personal care, food and beverage, and vitamins/minerals/supplements.