April 26, 2023, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on InMed Pharmaceuticals, Inc. (NASDAQ: INM) titled, “A Unique Developer of Rare Cannabinoid-Based Therapies”. The report can be accessed here.

Vancouver-headquartered and NASDAQ-listed InMed Pharmaceuticals is a unique clinical-stage biopharmaceutical company that is at the forefront of research into and development of pharmaceutical applications of non-psychoactive rare cannabinoids and novel cannabinoid analogs. The company oversees three drug development programs at various stages of advancement that target dermatological (epidermolysis bullosa), ocular (glaucoma), and neurodegenerative diseases, conditions that have unmet needs.

InMed has built up extensive and unrivalled expertise across a breadth of cannabinoid manufacturing technologies, both internally and through its acquisition of BayMedica in 2021. This gives the company unique capabilities to cost-effectively produce commercial-grade cannabinoids at scale for their intended use. These capabilities, which provide a valuable and growing intellectual property (IP) portfolio across cannabinoid analogs, manufacturing technologies, targeted diseases, and formulations, give InMed a competitive advantage that cannot be understated.

While the potential commercialization of its drug programs is still years away, InMed is a revenue-stage company from B2B sales of rare cannabinoids to the health & wellness sector, courtesy of BayMedica. These commercial operations are generating current run-rate revenues approaching $2 million annually, with the potential to more than double over the next two years. Although InMed is largely reliant on outside capital to fund its pharmaceutical development programs, BayMedica provides InMed with the opportunity to at least partially self-fund its pharmaceutical programs, which is not typical for a clinical-stage biopharmaceutical company.

InMed has the potential for substantial value creation. Our sum-of-the-parts (SOTP) valuation assessment, which is largely based around our 12-year risk-adjusted NPV model for its two leading drug programs, is $37.5 million against the company’s prevailing market cap of ~$4 million. Our assessment attributes nothing to InMed’s exciting research into the potential of cannabinoid analogs in the treatment of neurodegenerative diseases.

About Water Tower Research

Water Tower Research is modernizing Investor Relations through research-driven communications and Investor Engagement. Sound investment research begins with good information. At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundation of a successful modern investor relations platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is distributed across traditional research aggregators like Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies take control of their IR program and proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients’ businesses, industries, and the investment opportunities they present.

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