InMed Pharmaceuticals

Investor Insight

InMed is a pharmaceutical drug development company advancing proprietary small-molecule drugs in Alzheimer’s and ophthalmology, backed by a revenue-generating manufacturing subsidiary. The company is an undervalued opportunity with cash exceeding market capitalization and multiple upcoming catalysts.

Overview

InMed Pharmaceuticals (NASDAQ:INM) is a biopharmaceutical company with a differentiated business model: advancing innovative therapeutic programs in Alzheimer’s, ophthalmology and dermatology, while generating recurring revenue through its BayMedica manufacturing division. This structure offers investors exposure to pharmaceutical innovation with mitigated financing risk, a rare combination among small-cap biotech firms.

The company’s lead drug candidate, INM-901, takes a new and broader approach to treating Alzheimer’s disease. Instead of focusing on just one suspected cause – a protein in the brain called amyloid beta – this drug is designed to act on several key processes that drive the disease. In preclinical studies, INM-901 has shown that it can protect brain cells, reduce inflammation, clear harmful protein buildup, and help new nerve connections form. These results led to improvements in both brain health and behavior in research models. This “multi-pathway” approach reflects the latest thinking in Alzheimer’s research, where major pharmaceutical companies are moving toward treatments that target the disease from multiple angles.

InMed’s BayMedica subsidiary manufactures rare cannabinoids via chemical synthesis, rather than plant extraction, ensuring purity, consistency and scalability. The business generates approximately $5 million in annual revenue and ~40 percent gross margins, selling to the global health and wellness ingredient markets. This dual business model gives InMed a cash flow-supported R&D engine, enhancing sustainability and valuation resilience.

Key Business Segments

Pharmaceuticals

InMed’s pharmaceutical programs are focused on developing new, small molecule medicines that address serious diseases where current treatments fall short. These drug candidates are designed to work on multiple disease pathways, offering a more comprehensive approach than traditional single-target drugs. The company’s current programs target Alzheimer’s disease, dry age-related macular degeneration (AMD), and a rare skin disorder called epidermolysis bullosa (EB). Each program is supported by strong preclinical or clinical data and aims to move into the next stage of development in the near term.

Highlights

• INM-901 (Alzheimer’s disease): INM-901 is being developed as a potential new treatment for Alzheimer’s disease, a condition that currently has no cure. Unlike many past approaches that focused only on a single cause, INM-901 targets several key processes that contribute to Alzheimer’s, including protecting brain cells, reducing inflammation, lowering harmful protein buildup, and supporting the growth of new nerve connections. In animal studies, the drug has shown improvements in brain inflammation and memory-related behavior, suggesting a broad protective effect. The program is now advancing IND-enabling activities, an important stage in translating INM-901’s scientific promise into clinical evaluation.
• INM-089 (Dry AMD): New drug being developed to help slow or prevent vision loss in people with dry age-related macular degeneration, one of the leading causes of blindness in older adults. The drug is designed to protect nerve cells in the eye and reduce inflammation, helping to keep the retina healthy. Laboratory studies have shown its ability to maintain vision-related function and protect retinal tissue. The company has developed a safe and effective eye-injection (intravitreal) formulation, which delivers the drug directly to where it’s needed in the eye. INM-089 is now moving toward the final preclinical studies required before starting human trials.
• INM-755 (Dermatology / Epidermolysis Bullosa): A topical cream that has completed a Phase 2 clinical trial in patients with epidermolysis bullosa (EB), a rare genetic skin disorder that causes fragile, blistering skin. The study showed the cream was safe, well-tolerated and helped reduce itching, which is a major symptom for EB patients. The company plans to advance this program through partnerships or licensing agreements.

Manufacturing (BayMedica)

InMed’s BayMedica division provides a steady source of revenue and a strong commercial foundation that supports the company’s drug development work. BayMedica specializes in making rare, non-intoxicating cannabinoids, natural compounds originally found in the cannabis plant, but without using the plant itself. Instead, these compounds are produced through biosynthesis and chemical synthesis, highly controlled processes that ensure every batch is pure, consistent and scalable for commercial production.

BayMedica’s ingredients are sold to health, wellness and consumer brands that use them in products such as supplements and topicals. Each cannabinoid has its own unique properties, and BayMedica is helping customers explore their benefits safely and reliably. The division is recognized as a global leader in rare cannabinoid manufacturing, particularly for cannabichromene (CBC), where it is among the largest producers in the world.

Product Portfolio: BayMedica produces several rare cannabinoids, including CBC, THCV, CBT and CBDV, which are known for their unique biological effects.

Financial Performance: In fiscal year 2025, BayMedica generated approximately $4.9 million in revenue, growing by 8 percent year over year, with around 40 percent gross margins and positive net income. These results help fund InMed’s pharmaceutical programs and reduce the need for frequent financing, a major advantage for a small-cap biotech.

Management Team

Eric Adams – Chief Executive Officer and President

Eric Adams has led a comprehensive transformation of InMed Pharmaceuticals’ leadership team and governance structure, reconstituting the board of directors and executive management while raising more than $35 million in capital to support operations and growth. With more than 25 years of experience in the biopharmaceutical industry, Adams brings extensive expertise in corporate development, capital formation, global market expansion, mergers and acquisitions, licensing and corporate governance.

Michael Woudenberg – Chief Operating Officer

Michael Woudenberg brings deep expertise in the development, technology transfer and commercialization of active pharmaceutical ingredients (APIs) and drug products. Before joining InMed in 2018, Woudenberg held senior roles at 3M, Cardiome Pharma and Arbutus Biopharma, and most recently served as managing director of Phyton Biotech. His extensive experience spans process and formulation development from laboratory and pre-clinical stages through all phases of clinical development, leading to validated, approved, and commercially manufactured APIs and drug products.

Netta Jagpal – Chief Financial Officer

Netta Jagpal brings over 20 years of financial leadership experience, primarily in the biotechnology sector. Before joining InMed, she served as vice-president, financial reporting and compliance at D-Wave Systems (NYSE:QBTS), where she led the finance team through its initial public offering. Jagpal spent 11 years at Zymeworks (NYSE:ZYME) in progressive finance roles, including senior director, finance and corporate controller, and also held positions at Angiotech Pharmaceuticals and Ernst & Young. She is a chartered professional accountant and holds a Bachelor of Business Administration in Accounting and Organizational Behaviour from Simon Fraser University.

Eric Hsu – Senior Vice-president, Pre-Clinical Research & Development

Dr. Eric Hsu brings more than 18 years of scientific leadership experience in gene therapy and biotechnology. Before joining InMed, he held senior roles at enGene, including vice-president of research and vice-president of scientific affairs and operations. His expertise spans gene transfer and expression systems, formulation and process development, intellectual property management, and research partnerships. Hsu has extensive experience leading R&D programs, expanding product pipelines, and overseeing research budgets and timelines.

Colin Clancy – Vice-president, Investor Relations and Corporate Communications

Colin Clancy is an experienced corporate finance and investor relations executive with over 18 years of experience across the pharmaceutical, cannabis, mining and financial services sectors. At InMed Pharmaceuticals, he leads the company’s capital markets engagement and communications strategy. Before joining InMed, Clancy served as vice-president of investor relations at Harvest One Cannabis.