The case for & against
Bull & Bear analysis
Bearish
InMed Pharmaceuticals Inc. (NASDAQ: INM) is a biopharmaceutical company immersed in the development of cannabinoid-based therapeutics aimed primarily at treating rare conditions. Positioned as a leader in the emerging rare cannabinoid space, InMed aims to leverage innovative production methodologies while advancing clinical programs such as INM-755 for epidermolysis bullosa (EB) and INM-088 for glaucoma. The company is strategically focused on scaling therapeutic offerings and manufacturing capabilities through its proprietary Integrison platform.
Bull says
- ↑Integrison platform achieved 2 g/L cannabinoid yield, signaling scale-up readiness.
- ↑Phase II trial of INM-755 for epidermolysis bullosa started, pivotal mid-2023 readout.
- ↑BayMedica acquisition adds ~$300K of rare cannabinoid sales, expands manufacturing pipeline.
- ↑Expect significant revenue growth short-to-medium term via new therapeutic launches.
- ↑Positive interest-rate sensitivity suggests potential upside in stabilizing macro environment.
- ↑High growth and strong liquidity factors may attract growth-oriented investors.
Bear says
- ↓FY 2022 net loss widened to $18.6M vs $10.2M in FY 2021, straining cash.
- ↓R&D spend rose to $7.3M, delaying path to revenue.
- ↓BayMedica integration risks could hinder cost savings and operational synergies.
- ↓Phase II delays expected: additional INM-755 trial may push commercialization beyond 2023.
- ↓Weak profitability factors and negative momentum suggest low near-term returns.
- ↓Low institutional ownership and high leverage exposure indicate investor caution.
Earnings Call · Q3 2021 · Mgmt. Guidance
Updated 06-29-2026bullish
Transcript signals
Bull points
- We believe these important milestones bring us a step closer to delivering new therapeutic alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs.
- The 201 trial is designed to enroll up to 20 patients conservatively within 10 to 12 months and will take place at 10 pre-qualified clinical sites in the aforementioned countries.
- On April 26, we announced that InMed's Integrison manufacturing approach was able to achieve a level of 2 grams per liter cannabinoid yield, a milestone that signals commercial viability and supports advancement to large-scale production in the coming months.
Bear points
- Over the three months ended March 31st, 2021, the company recorded a net loss of approximately 3.1 million or 41 cents per share compared with a net loss of 2 million or 39 cents per share for the three months ended March 31st, 2020.
- Over the three months ended March 31st, 2021, the company recorded a net loss of approximately 3.1 million or 41 cents per share compared with a net loss of 2 million or 39 cents per share for the three months ended March 31st, 2020.
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