US$29 Target Price Following the safety and tolerability data from the two Phase I trials in healthy volunteers, INM-755 is moving forward into a Phase II (755-201-EB) trial in up to 20 epidermolysis bullosa (EB) patients with an anticipated treatment duration of 28 days. Regulatory applications are expected to be filed in several countries in Q2 CY21 with enrolment to begin in the second half of the calendar year. Also, the formulation for INM-088 has been finalized with IND-enabling toxicology studies expected to begin in CY21 and filings for human clinical trials to begin in H1 CY22.
| Year end | Revenue (US$m) | PBT*
(US$m) | EPS*
(US$) | DPS
(US$) | P/E
(x) | Yield
(%) |
| 06/19 | 0.0 | (9.2) | (1.77) | 0.00 | N/A | N/A |
| 06/20 | 0.0 | (9.0) | (1.73) | 0.00 | N/A | N/A |
| 06/21e | 0.0 | (9.1) | (1.33) | 0.00 | N/A | N/A |
| 06/22e | 0.0 | (10.5) | (1.24) | 0.00 | N/A | N/A |
Note: *PBT and EPS are normalised, excluding amortization of acquired intangibles, exceptional items and share-based payments.
INM-755 safe and well tolerated
InMed previously announced top-line results from both the 755-101-HV and 755-102-HV Phase I trials. Trial 755-101-HV was conducted in 22 healthy adult volunteers with intact skin, while 755-102-HV was conducted in eight healthy volunteers with small wounds. Both trials indicated that INM-755 was safe and well tolerated. There were no systemic or serious adverse effects, nor were there any adverse event-related withdrawals.
A formulation of INM-088 for glaucoma has been finalized and has demonstrated the ability to deliver sustained levels of cannabinol (CBN) to the eye in an animal model through a stable and comfortable eyedrop formulation. The delivery technology was licensed (covering global commercial rights to all cannabinoids and analogs) from EyeCRO, a contract research organization. Scale-up of manufacturing for the final formulation is in process. IND-enabling studies are expected to begin in 2021 with filings for human clinical trials expected in H1 CY22.
BayMedica collaboration initiating
In November, InMed announced a research collaboration with BayMedica, which specializes in rare natural cannabinoids and analogs. As part of the agreement, BayMedica will receive access to aspects of InMed’s IntegraSyn biosynthesis platform, while InMed will explore the therapeutic potential of some of BayMedica’s cannabinoid analogs in neuroprotection.
Valuation: US$236m or US$29.27 per basic share
We have adjusted our valuation from US$233m or US$33.34 per basic share to US$236m or US$29.27 per basic share. The total valuation rose due to higher net cash following a financing, while the per-share value decreased due to a higher number of shares outstanding.