InMed Pharmaceuticals Conference Call Summary Company Overview - InMed Pharmaceuticals is a pharmaceutical drug development company focused on a proprietary pipeline of small molecule drug candidates targeting the endocannabinoid system, specifically CB1 and CB2 receptors [2][3] - The company has two main segments: drug development activities and a commercial entity, BayMedica, which manufactures rare, non-intoxicating cannabinoids for the health and wellness market [3][24] Drug Development Pipeline Alzheimer's Disease (INM-901) - INM-901 is a preferential signaling agonist for CB1 and CB2 pathways, addressing a high unmet medical need in Alzheimer's disease [5][12] - Early in vitro and extensive long-term in vivo studies in a 5X FAD mouse model showed statistically significant improvements in behavioral tests for treated diseased mice compared to untreated ones [7][11] - Key findings from studies include: - Reduction in amyloid beta load [8][15] - Decrease in neuroinflammation [9][14] - Neuroprotection of neurons [10][11] - Increased neurogenesis and neuritogenesis [10][11] - The compound can cross the blood-brain barrier and can be formulated as an oral medication [12][13] - Next steps include further studies on stress responses and cellular growth, and a pre-IND meeting with the FDA planned for next year [16][27] Dry Age-Related Macular Degeneration (INM-089) - INM-089 targets dry age-related macular degeneration, affecting nearly 200 million people globally, with a high unmet medical need [17][18] - Early studies indicate that INM-089 improves the thickness of the retinal layer, suggesting potential vision improvement [18] - The drug also provides neuroprotection to retinal ganglion cells [19] - A pre-IND meeting is also planned for this program [19][27] Epidermolysis Bullosa (INM-755) - INM-755 is a CBN cream showing strong anti-itch effects for patients with epidermolysis bullosa, a genetic skin condition [20][22] - The phase two study demonstrated meaningful anti-itch activity, but the company is seeking partnerships to advance it into phase three trials due to resource constraints [23] Commercial Operations (BayMedica) - BayMedica manufactures rare, non-intoxicating cannabinoids, generating approximately $5 million per year in profitable revenue despite pricing pressures [24] - The company has maintained sales levels while increasing the number of kilograms sold over the past 18 months [24] Financial Overview - Estimated cash balance at the end of June was $9.2 million, with a market cap around $10 million [25][26] - The company has a cash runway into the fourth quarter of 2026 and is exploring non-dilutive funding opportunities [28] Key Value Drivers - Focus on advancing INM-901 and INM-089 towards IND filings and human clinical trials [26][28] - Engagement with the FDA through pre-IND meetings to ensure clarity on regulatory expectations [29] Conclusion - InMed Pharmaceuticals is positioned with promising drug candidates in Alzheimer's disease and dry age-related macular degeneration, alongside a profitable commercial operation in cannabinoid manufacturing. The company is actively seeking partnerships and preparing for regulatory engagements to advance its drug development pipeline [27][30]

Core Viewpoint - InMed Pharmaceuticals reported its financial results for the third quarter of fiscal year 2025, highlighting advancements in its drug development pipeline, particularly INM-901 for Alzheimer's disease and INM-089 for dry age-related macular degeneration, while also addressing financial performance and operational challenges [1][2]. Financial Performance - For the three months ended March 31, 2025, InMed reported a net loss of $2.12 million, an increase from a net loss of $1.72 million in the same period the previous year, primarily due to higher research and development expenses [6][9]. - General and administrative expenses decreased to $1.33 million from $3.75 million year-over-year, attributed to lower accounting fees and share-based payments [10]. - As of March 31, 2025, the company's cash, cash equivalents, and short-term investments totaled $4.68 million, down from $6.57 million at June 30, 2024, indicating a need for additional funding sources [11]. Revenue Generation - BayMedica's commercial business generated revenues of $1.26 million for the three months ended March 31, 2025, reflecting an 8% increase from $1.18 million in the same period last year, driven by expanded marketing efforts and increased demand for cannabinoid products [12]. - Despite stable revenues, gross margins declined due to competitive pricing pressures and increased sales of lower-margin products [12]. Drug Development Updates - INM-901 is under development for Alzheimer's disease, targeting neuroinflammation through multiple biological pathways, with positive preclinical data indicating its potential to significantly reduce neuroinflammation [3][4]. - INM-089 is being developed for dry age-related macular degeneration, showing promise in preserving retinal function and improving retinal structure in preclinical studies [6][8]. Future Outlook - The company expects its cash reserves to be sufficient to fund operations into the third quarter of calendar year 2025, contingent on the timing of commercial revenues and operating expenses [11]. - InMed plans to seek additional funding through equity and debt financings, collaborations, and other strategic transactions to support its pharmaceutical pipeline [11].