InMed Pharmaceuticals (NASDAQ:INM) used a recent company presentation to outline its drug development strategy targeting the CB1 and CB2 receptors, with a lead focus on neuroinflammation in neurodegenerative disease and additional programs in ophthalmology and dermatology. The presentation was delivered by Eric (last name not provided in the transcript), who also reviewed the company’s cash position, development timelines, and intellectual property strategy during a moderated Q&A.
Focus on neuroinflammation and the rationale for INM-901
InMed described itself as a drug development company pursuing therapeutics that modulate CB1 and CB2 receptor pathways. Its lead candidate, INM-901, is being developed as an orally bioavailable, disease-modifying therapeutic for neurodegenerative diseases such as Alzheimer’s disease. The company emphasized that INM-901 can cross the blood-brain barrier and is designed to target neural inflammation through CB1 and CB2 signaling.
InMed highlighted microglial cells and astrocytes as key mediators of neuroinflammation. Under chronic conditions, the company said these cells can shift from protective to destructive states, increasing pro-inflammatory cytokines that may contribute to neurodegeneration. InMed’s approach is to use INM-901 to modulate CB1 and CB2 receptors on these cells to promote a transition back toward a reparative, anti-inflammatory state. The presenter also said CB1 may contribute more directly to neuroprotection, while CB2 is tied to anti-inflammatory state changes.
Preclinical findings in an Alzheimer’s mouse model
InMed reviewed preclinical work supporting INM-901, including:
- Neuroprotection: In vitro work in neurons subjected to an amyloid beta insult showed that INM-901 regulated cell death and protected neurons.
- Neurogenesis/neurite outgrowth: In vitro studies showed neurite elongation and increased branching in the presence of INM-901.
- Reductions in amyloid beta: The presenter said reductions were observed, though he emphasized the company views neuroinflammation as the primary target.
- Reduction in pro-inflammatory markers: In an Alzheimer’s model, INM-901 was associated with marked reductions in multiple pro-inflammatory biomarkers.
The company detailed a long-term proof-of-concept study in the 5xFAD mouse model, which it described as a genetic model bred to develop early amyloidosis reflective of Alzheimer’s pathology. The study included five groups: wild-type mice without drug, wild-type mice with drug, 5xFAD mice without drug, and 5xFAD mice treated with either low-dose or high-dose INM-901. Mice were dosed twice weekly starting at two months of age and continued for seven months.
InMed described running five behavioral tests in the long-term study (and additional testing in an earlier short-term study). As an example, the presenter explained the Barnes maze, which measures how quickly mice locate a hidden chamber after training. According to the company, untreated diseased mice took longer to find the chamber than normal mice, while diseased mice treated with INM-901 behaved more like normal mice. The presenter said the data showed a dose response across tests, with higher doses performing better than lower doses.
In blood analysis, InMed reported reductions in several plasma inflammatory markers—including IL-1β, NfL, and IL-2—toward normal levels in treated animals, again with a dose effect in most cases. The company said the pattern of biomarker improvements aligned with improvements in memory, cognition, locomotion, and other behavioral outcomes observed in the study.
Additional inflammation work and next updates
In summarizing INM-901, the company said it saw significant reductions in biomarkers in the long-term animal model and referenced a second study using LPS-induced inflammation. In that separate model, it said it also observed reductions in inflammasome markers and IL-1β, which the presenter linked to neurodegeneration. He said these findings suggest a direct impact on neural inflammation that is independent of amyloid beta or tau pathology, implying potential relevance beyond Alzheimer’s disease.
The presenter said additional studies are ongoing and that the company expects to report further data “in the next couple of weeks” as it becomes available.
Dry AMD program INM-089 and dermatology asset INM-755
In ophthalmology, InMed discussed INM-089 for dry age-related macular degeneration (dry AMD), describing dry AMD as a larger patient population than wet AMD and noting that it can progress to severe vision loss and blindness. The company reviewed preclinical findings in an AMD model and showed an example in which INM-089-treated subjects demonstrated improved preservation or restoration of the retinal pigment epithelium compared with diseased controls. InMed said it has also demonstrated preservation of retinal function in an animal model, and that INM-089 is delivered by retinal injection, which it characterized as consistent with standard practice for drugs targeting the back of the eye. The company also said it has observed proactive protection of retinal ganglion cells.
In dermatology, InMed briefly reviewed INM-755, which it said completed a phase IIa study for chronic severe itch in epidermolysis bullosa. The company said 18 patients were clinically assessed and 12 had meaningful improvement in itch scores. It also noted that the study used a high-quality skin cream that could reduce itch on its own, but that INM-755 provided additional benefit above the cream alone. InMed said it is seeking a partner to advance INM-755 into phase III testing, citing resource constraints.
Financial snapshot, milestones, and IP strategy
InMed provided a financial snapshot as of December 31, stating it had approximately $7 million in cash, which it said was enough to fund operations into the fourth quarter of the year. It also cited roughly 7 million fully diluted shares outstanding and said the company’s market capitalization was “somewhere around $4 million” at the time of the presentation.
On milestones, the company said INM-901 and INM-089 are on a similar timeline, with INM-901 prioritized. InMed is targeting a pre-IND meeting with the FDA in the third quarter and said it is completing additional IND-enabling pharmacology and toxicology work. The presenter said the company is conducting a dose-ranging study in two species and aims to bring the programs together over the next couple of quarters. InMed said it is targeting entry into clinical trials in 2027 for INM-901 and that INM-089 may be “a quarter behind,” depending on funding availability for developing both candidates in parallel.
During Q&A, management said it did not see “a lot of risks” to staying on the pre-IND timeline, describing the near-term task as assembling existing data into documentation for FDA discussions and seeking alignment on a development pathway and potential acceleration opportunities.
On intellectual property, the presenter said InMed’s “key patent” covers a class of compounds and the ability to modify them to potentially enhance clinical efficacy or improve formulation or delivery. He added that the company holds additional patents related to use and manufacturing and said InMed believes it has significant freedom to operate. He also suggested the IP and internal expertise could support partnerships where third parties want to explore CB1/CB2 pathways in other diseases, noting the company’s chemistry and manufacturing (CMC) capabilities.
About InMed Pharmaceuticals (NASDAQ:INM)
InMed Pharmaceuticals is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, that is dedicated to the discovery and development of novel therapeutics derived from cannabinoids. Leveraging a proprietary drug discovery engine, the company works to identify, design and optimize cannabinoid-based molecules with the goal of addressing diseases that have significant unmet medical needs. InMed’s integrated business model combines research, development and manufacturing capabilities under one roof to streamline the progression of promising assets from preclinical studies into human trials.
The company’s pipeline features multiple lead programs targeting both neurological and dermatological disorders.
