InMed Pharmaceuticals(INM) - 2021 Q4 - Earnings Call Transcript

Financial Data and Key Metrics Changes - For the fiscal year ended June 30, 2021, the company recorded a net loss of approximately $10 million or $1.52 per share, compared to a net loss of approximately $9 million or $1.71 per share for the previous year [34] - Cash and cash equivalents at the end of the year were approximately $7.4 million, an increase from approximately $5.8 million at the end of the previous fiscal year [37] Business Line Data and Key Metrics Changes - Research and development expenses for the year were approximately $5.3 million, a slight decrease from approximately $5.8 million in the previous year [35] - General and administrative expenses increased to approximately $4.5 million for fiscal year 2021, compared to approximately $3.2 million for the previous year [36] Market Data and Key Metrics Changes - BayMedica's initial product, Prodiol CBC, has generated cumulative revenues exceeding $2.5 million since sales began in December 2019, with an average growth of 35% quarter-on-quarter for the year ended June 30, 2021 [15] Company Strategy and Development Direction - The company announced a transformative acquisition of BayMedica, which specializes in the manufacturing and commercialization of rare cannabinoids, positioning InMed as a leader in this sector [9][12] - The IntegraSyn program achieved a pivotal milestone with an improved yield of 5 grams per liter, significantly exceeding industry standards, which supports the advancement to large-scale production [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming catalysts, including the closing of the BayMedica acquisition and the commencement of Phase 2 clinical trials for INM-755 [28][30] - The company is monitoring the decline in share price closely, attributing it to the overall market performance of cannabis companies, and is allocating resources to enhance investor relations [30] Other Important Information - The company is preparing for the integration of BayMedica, which is expected to accelerate commercial activities and revenue growth [18] - The IntegraSyn system is designed to produce pharmaceutical-grade cannabinoids efficiently, with plans to scale up production [22] Q&A Session Summary Question: What should be expected for revenues in fiscal year 2022 regarding the BayMedica acquisition? - Management indicated it is too early to provide specific revenue guidance for 2022 as the acquisition has not yet closed, but they expect growth based on historical performance [41][42] Question: How will the IntegraSyn business model play out? - The business model will depend on the specific cannabinoid being produced and its intended use, with a focus on optimizing manufacturing processes for cost-effectiveness [43][44] Question: What is the expected timeline for data release after enrollment completion for INM-755? - The treatment period is 28 days, followed by a one-week safety follow-up, with data expected to be available several months after the last patient completes the trial [47][48] Question: What is the rollout plan for additional cannabinoids from BayMedica? - Management stated that it is too early to provide specific timing for additional cannabinoid rollouts, as they need to assess integration and prioritize product launches [50][51] Question: What types of customers are purchasing the CBC product? - Currently, sales are primarily B2B, with customers including wholesale distributors and smaller manufacturers of cannabinoid-based products [54][56] Question: What is the timing for an IND filing for INM-088? - The company anticipates filing an IND in the later half of the next calendar year, pending completion of necessary toxicology studies [57][58]