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Here are 1-3 brief analogies to describe InMed Pharmaceuticals (INM):

• Like a smaller, early-stage Jazz Pharmaceuticals, developing cannabinoid-based drugs for specific medical conditions.
• Similar to Moderna or BioNTech in their early R&D phase, focused on discovering new therapies for diseases with high unmet medical needs.

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• INM-755 (Topical Cannabinol Cream): A cream containing cannabinol (CBN) developed for the treatment of Epidermolysis Bullosa (EB), a group of rare genetic skin blistering disorders.
• INM-088 (Ophthalmic Cannabinol Solution): An eye drop formulation of cannabinol (CBN) being developed for the treatment of glaucoma.

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InMed Pharmaceuticals (INM) is a **clinical-stage pharmaceutical company** focused on the research and development of cannabinoid-based pharmaceutical drug candidates. As of the current date, InMed Pharmaceuticals **does not have any approved commercial products on the market** that generate revenue from sales to major customers.

Therefore, InMed Pharmaceuticals **does not have major commercial customers** (either other companies or categories of individuals) in the traditional sense, as they are still in the drug development and clinical trial phase. Their primary activities are focused on advancing their pipeline candidates, such as INM-755 for Epidermolysis Bullosa and INM-088 for Glaucoma, through regulatory approval processes.

Any revenue they may report typically comes from sources such as grants, financing activities, or potential strategic partnerships for development, rather than from the sale of finished pharmaceutical products to end-users or distributors.

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• Almac Group

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Eric A. Adams, Chief Executive Officer & President

Mr. Adams was appointed Chief Executive Officer, President, and Director of InMed Pharmaceuticals in June 2016. He is a seasoned biopharmaceutical executive with over 25 years of experience in company and capital formation, global market development, mergers & acquisitions, licensing, and corporate governance. Mr. Adams previously served as CEO at enGene Inc., where he oversaw its transformation from a nascent start-up into a venture capital-backed leader in gene therapy. Prior to enGene, he held senior positions in global market development with QLT Inc., Advanced Tissue Sciences Inc., Abbott Laboratories, and Fresenius AG.

Netta Jagpal, Chief Financial Officer & Corporate Secretary

Ms. Jagpal was appointed Chief Financial Officer and Corporate Secretary, effective February 20, 2024. She brings over 20 years of experience in financial leadership roles, primarily within the biotech industry. Before joining InMed, Ms. Jagpal served as Vice President, Financial Reporting & Compliance for D-Wave Systems Inc., where she led a finance team through the initial public offering process. She also spent 11 years at Zymeworks Inc. in various financial roles, including Senior Director, Finance & Corporate Controller, and previously held roles at Angiotech Pharmaceuticals, Inc.

Michael Woudenberg, Chief Operating Officer

Mr. Woudenberg joined InMed with over 20 years of experience in successful drug development, process engineering, GMP manufacturing, and leadership.

Dr. Eric Chih-Hsien Hsu, Senior Vice President, Preclinical Research and Development

Dr. Hsu holds the position of Senior Vice President, Preclinical Research and Development.

Colin Clancy, Vice President, Investor Relations & Corporate Communications

Mr. Clancy is an executive with over 18 years of experience across the pharmaceutical, legal cannabis, mining, and financial services sectors. He has a proven track record in capital markets engagement, strategic business development, and enhancing corporate visibility. Prior to InMed, he was Vice President of Investor Relations at Harvest One Cannabis Inc. and held a business development role at Deloitte, where he helped establish the firm's Canadian Cannabis practice.

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The key risks to InMed Pharmaceuticals (INM) include:

1. Financial Challenges and Liquidity Concerns: InMed Pharmaceuticals faces significant financial challenges, characterized by persistent operational losses, negative cash flows, and a small market capitalization. The company has a history of sustained operational losses and a lack of profitability, making traditional valuation metrics ineffective. While InMed is managing its cash reserves and exploring additional funding options, its current cash is anticipated to fund operations only into the fourth quarter of calendar year 2026, depending on revenue realization from its BayMedica subsidiary and operating expenses. This highlights a continuous need for financing to support its operations and drug development programs.
2. Adverse Impact of New Legislation on BayMedica Subsidiary: Recently enacted U.S. legislation, specifically the H.R. 5371 Act, could materially and negatively impact InMed's wholly-owned subsidiary, BayMedica Inc. This act may prohibit certain aspects of BayMedica's commercial business related to rare, non-intoxicating cannabinoids, which is a source of revenue for InMed. Although InMed's core pharmaceutical programs remain unaffected and are progressing under FDA guidance, any significant negative impact on BayMedica could affect the company's overall financial health.
3. Clinical Trial and Drug Development Risks: As a pharmaceutical drug development company, InMed's business success is heavily dependent on the successful advancement and commercialization of its proprietary small molecule drug candidates, such as INM-901 for Alzheimer's, INM-089 for dry age-related macular degeneration, and INM-755 for dermatological indications. There is an inherent risk that clinical trials may not proceed as anticipated, drug candidates may not produce the desired effects, or regulatory filings may not be approved on a timely basis, or at all. This could delay or prevent the company from bringing new therapeutic alternatives to market.

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Emergence of approved gene therapies for Epidermolysis Bullosa (EB): Krystal Biotech's Vyjuvek (beremagene geperpavec), a topical gene therapy approved by the FDA in May 2023 for treating wounds in patients with dystrophic EB (DEB), represents a disease-modifying approach for a subtype of EB. InMed's lead candidate, INM-755, is a topical cannabinoid aiming for symptomatic relief across all EB types. The success and increasing adoption of gene therapies could fundamentally shift the treatment paradigm for EB, potentially diminishing the market and need for symptomatic or palliative treatments.

Approval of competing topical therapies for Epidermolysis Bullosa (EB): Chiesi Global Rare Diseases' Filsuvez (Oleogel-S10) received FDA approval in December 2023 for treating partial-thickness wounds in patients with junctional and dystrophic EB. This product directly competes with InMed's INM-755 in the topical wound healing and management space for specific types of EB, potentially capturing market share for a key aspect of INM-755's therapeutic claims.

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Addressable Markets for InMed Pharmaceuticals' Main Products and Services

InMed Pharmaceuticals (NASDAQ: INM) is a clinical-stage pharmaceutical company focused on developing cannabinoid-based drug candidates and is also a business-to-business (B2B) supplier of rare cannabinoids through its subsidiary, BayMedica. The addressable markets for its main products and services are as follows:

INM-755 (Cannabinol Cream for Epidermolysis Bullosa - EB)

• The global Epidermolysis Bullosa (EB) Therapeutics Market is estimated to be valued at USD 4,715.0 million in 2025 and is projected to reach USD 9,913.2 million by 2032, exhibiting a compound annual growth rate (CAGR) of 11.2% from 2025 to 2032.
• Another estimate for the global EB Therapeutics Market size is approximately USD 3.6 billion in 2023, with a projection to reach USD 11.3 billion by 2033, growing at a CAGR of 12.40% from 2024 to 2033.
• In 2023, the EB market size in the United States, among the seven major markets (7MM - which typically include the US, EU5, and Japan), reached approximately USD 1,300 million.
• InMed Pharmaceuticals estimates there are approximately 50,000 EB patients in North America, Europe, and Japan.

INM-088 (Cannabinol Eye Drops for Glaucoma)

• The global glaucoma treatment market size was valued at USD 6.6 billion in 2024. This market is expected to grow from USD 6.9 billion in 2025 to USD 10.5 billion in 2034, at a CAGR of 4.8%.
• Another report indicates that the global glaucoma market size was estimated at USD 8.03 billion in 2022 and is projected to reach USD 11.52 billion by 2030, with a CAGR of 4.61% from 2023 to 2030.
• The glaucoma market in terms of revenue is valued at $9.41 billion in 2025 and is projected to reach $14.23 billion by 2034, with a CAGR of 4.70% from 2025 to 2034.
• North America held the largest share of the global glaucoma market in 2024, at 39%.
• The glaucoma market across the seven major markets (US, France, Germany, Italy, Spain, UK, Japan) is forecast to grow from $2.1 billion in 2023 to $2.5 billion in 2033.

INM-089 (Cannabinol Analog for Age-Related Macular Degeneration - AMD) and INM-901 (Cannabinoid Analog for Alzheimer's Disease)

• Market size information specifically for INM-089 in dry AMD and INM-901 in Alzheimer's disease is not explicitly available in the provided search results. It is noted that there are currently no approved treatments for dry AMD, which accounts for 90% of AMD cases.

BayMedica (B2B Supplier of Rare Cannabinoids)

• The global cannabinoid-derived pharmaceutical market was valued at $636.8 million in 2021 and is projected to grow to $11.24 billion by 2030, achieving a CAGR of 37.7%.
• 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.
• The rare cannabinoid supply sales market was predicted to be $200 million in 2021 and was expected to grow to $10 billion in four or five years (around 2025-2026).
• In 2023, minor cannabinoid-infused edibles in ten regulated states (encompassing 85 million residents where recreational cannabis is legal) experienced an impressive 47% year-over-year growth, totaling $391 million in sales.

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Here are 3-5 expected drivers of future revenue growth for InMed Pharmaceuticals (INM) over the next 2-3 years:

1. Continued Growth of BayMedica Subsidiary: InMed's commercial subsidiary, BayMedica, is focused on the manufacturing, development, and commercialization of rare cannabinoids for the health and wellness sector. BayMedica has demonstrated consistent year-over-year revenue growth and expects to continue capitalizing on increasing demand for minor cannabinoid ingredients and expanding its market reach through strategic decisions and a predominantly distributor model.
2. Advancement of INM-901 for Alzheimer's Disease: InMed is actively progressing its INM-901 program, a proprietary small molecule drug candidate for Alzheimer's disease. The company has reported positive preclinical data, highlighting its potential to target multiple biological pathways and provide disease-modifying effects. InMed is advancing IND-enabling activities and aims for an Investigational New Drug (IND) filing, which, if successful, could lead to human clinical trials and eventual commercialization.
3. Advancement of INM-089 for Dry Age-related Macular Degeneration (AMD): The company is also developing INM-089, a preclinical program for the treatment of dry Age-related Macular Degeneration. Preclinical studies have shown positive pharmacological effects and neuroprotection, indicating its potential to preserve retinal function. Continued development and successful progression through clinical stages could unlock significant revenue opportunities in this underserved indication.
4. Strategic Partnerships for INM-755 in Dermatology: InMed has completed a Phase 2 clinical trial for INM-755, a cannabinol cream for symptoms related to Epidermolysis Bullosa (EB), which showed positive indications of enhanced anti-itch activity. The company is actively seeking strategic partnerships to further develop INM-755 for EB and potentially other itch-related diseases, which would provide a pathway to commercialization and revenue generation from this asset.

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Share Issuance

• In November 2020, InMed closed a public offering of common shares and accompanying warrants, generating gross proceeds of approximately US$8 million. The net proceeds were intended for general corporate purposes, including funding preclinical and clinical development of cannabinoid drug candidates.
• In December 2024, InMed entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD, enabling the company to sell up to US$10 million in common shares over a 36-month period to support its pharmaceutical programs and business development initiatives.
• The company reported approximately $13.3 million in net proceeds from private placements over its fiscal years 2024 and 2025.

Inbound Investments

• In December 2024, InMed entered into a Standby Equity Purchase Agreement (SEPA) with an investment fund, which allows for the sale of up to $10 million in common shares over a 36-month period to accelerate pharmaceutical programs and other business development initiatives.
• Proceeds from private placements, net of issuance costs, amounted to approximately $8.13 million for the fiscal year ended June 30, 2025, and $5.22 million for the fiscal year ended June 30, 2024.

Outbound Investments

• InMed acquired BayMedica, which positions the company in the health and wellness market for cannabinoid biosynthesis products.

Capital Expenditures

• InMed anticipates its current cash will be sufficient to fund planned operating expenses and capital expenditures into the fourth quarter of calendar year 2026.
• The primary focus of capital expenditures and research and development (R&D) investments is the advancement of its pharmaceutical pipeline, including INM-901 for Alzheimer's disease and INM-089 for dry Age-related Macular Degeneration.
• R&D expenses are expected to increase substantially through the remainder of fiscal year 2026 as the company advances preclinical work and IND-enabling studies for INM-901.