InMed Pharmaceuticals Inc. (NASDAQ: INM)

InMed Pharmaceuticals Inc. (NASDAQ: INM) is a clinical stage pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. Together with its subsidiary, BayMedica, the company also has significant knowhow in developing priority manufacturing approaches to produce cannabinoids for various market segments.

InMed’s pipeline has three different pharmaceutical programs – including a completed Phase 2 clinical trial in epidermolysis bullosa (EB) and R&D programs in Alzheimer’s disease and age-related macular degeneration (AMD).

Rare cannabinoids are an emerging class of compounds which are gaining interest for their potential medical benefits. Unlike natural cannabinoids isolated from the cannabis plant which are not patentable, InMed’s proprietary cannabinoid analogs are patentable and recognized as new chemical entities, or NCEs. These analogs are expected to offer similar or improved therapeutic effects compared to the naturally occurring cannabinoids, with modifications that may make them preferred candidates to treat specific diseases.


InMed has a strong IP portfolio that includes 13 patent families covering manufacturing, methods of use and formulation of rare cannabinoids. The company’s portfolio includes a broad patent application for the creation of several variations of novel cannabinoid compounds, biosynthetic pathway and semi-synthetic production of both natural cannabinoids and analogs, methods for manufacturing and uses of specific rare cannabinoids.

Products and Drug Candidates

  • NM-755 is a cannabinol topical cream which has been under development for the treatment of epidermolysis bullosa (EB). It is the first cannabinol formulation to be tested in clinical trials as a therapeutic product. Results from the Phase 2 clinical trial showed a positive indication of enhanced anti-itch activity for INM-755 cannabinol cream versus the control cream alone in an exploratory clinical evaluation. InMed is currently seeking partners to further develop INM-755 as an anti-itch drug.
  • INM-901 is a cannabinoid analog that InMed is investigating for its potential in treating Alzheimer’s disease. INM-901 potentially offers a unique treatment approach that may target several biological pathways associated with Alzheimer’s disease. Promising studies demonstrate INM-901’s neuroprotective effects and an ability to extend neurite length, signifying improved neuronal function, a unique therapeutic effect not shown in any current Alzheimer’s treatments. InMed has conducted several in vitro and in vivo studies with promising results demonstrating disease-modifying effects.
  • INM-089 is a cannabinoid analog being studied for its potential as a treatment for age-related macular degeneration (AMD). Recent preclinical studies demonstrated significant functional and pathological improvements in an AMD disease study model. INM-089 shows promising neuroprotective effects in the back of the eye, which may lead to the preservation of the retinal function.

InMed’s subsidiary, BayMedica, is producing a portfolio of premium rare cannabinoids to supply as raw ingredients for the health and wellness industry. The company has engineered bioidentical cannabinoids with high purity and consistency that are free of THC. InMed currently manufactures the rare, minor cannabinoids cannabichromene (CBC), tetrahydrocannabivarin (d9-THCV), cannabidivarin (CBDV) and cannabicitran (CBTC), which are available for B2B purchase.

Market Opportunity

According to a pharmaceutical market research report by InsightAce Analytic, a market research and intelligence solutions firm, the global cannabinoid-derived pharmaceutical market was valued at $636.8 million in 2021 and is projected to grow to a value of $11.24 billion by 2030, achieving a CAGR of 37.7% over the forecast period.

The market is further driven by increasing CBD-related clinical research activities, ongoing clinical trials of cannabis-based drugs, growing awareness about the medical benefits of cannabidiol products and the commercialization of cannabis-based indications, the report states.

According to Grandview Research, the U.S. minor cannabinoids market was estimated at $11.5 billion in 2023 and is expected to grow at a CAGR of 15.0% from 2024 to 2030.

Management Team

Eric A. Adams has been President and CEO of InMed since 2016. He has more than 25 years of experience in establishing corporate entities, capital formation, global market development, mergers and acquisitions, licensing and corporate governance. He previously served as CEO at enGene Inc. Prior to enGene, he held senior positions in global market development with QLT Inc., Advanced Tissue Sciences Inc., Abbott Laboratories and Fresenius AG.

Michael Woudenberg is InMed’s COO. He has more than 20 years of successful drug development, process engineering, GMP manufacturing and leadership experience. He has held positions with 3M, Cardiome Pharma and Arbutus Biopharma and, most recently, was Managing Director of Phyton Biotech LLC.

Netta Jagpal, CPA, is CFO of InMed. She has over 20 years of experience in financial leadership roles, primarily in the biotech industry. Prior to InMed, Ms. Jagpal served as Vice President, Financial Reporting & Compliance for D-Wave Systems Inc. (NYSE: QBTS). Before that, she spent 11 years at Zymeworks Inc., a clinical stage biopharmaceutical company, in various financial roles. She also held roles at Angiotech Pharmaceuticals Inc. and Ernst & Young.

Eric C. Hsu is Senior Vice President, Pre-Clinical Research and Development at InMed. He joined InMed with more than 18 years of scientific leadership experience in the field of gene therapy. He has held various positions within enGene Inc., including Vice President of Research and Vice President of Scientific Affairs and Operations. He received his Doctorate from the Department of Medical Biophysics at the University of Toronto.

Investment Considerations
  • InMed is a global leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs.
  • The company in April 2024 announced preclinical data for its INM-089 drug candidate, further demonstrating positive pharmacological effects targeting dry AMD.
  • InMed that same month announced preclinical data demonstrating its INM-901 drug candidate’s positive pharmacological effects in the potential treatment of Alzheimer’s disease.
  • InMed is a revenue generating company through its subsidiary BayMedica, a B2B supplier of rare cannabinoids as ingredients to the health and wellness industry
  • The company has a solid and expanding intellectual property portfolio across molecules, manufacturing, formulations and methods of use, with multiple patents filed.
  • InMed, as of March 31, 2023, has $7.6 million of cash in the bank
Additional Resources