InMed Pharmaceuticals Inc. (INM) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the InMed Pharmaceuticals AGM Call. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Eric Adams, CEO. Please go ahead, sir.

Thank you. Ladies and gentlemen, the Annual General Meeting of InMed Pharmaceuticals, Inc. will now come to order. My name is Eric Adams, and I am the CEO, President as well as a Director of the company. I will act as Chair of this meeting. I ask that Thomas Moggan of Norton Rose Fulbright Canada LLP and legal counsel to the company act as the Secretary of the Meeting. I appoint Loretta Pataki of Computershare Investor Services, Inc. as Scrutineer of this meeting. The Secretary has tabled for inspection by any shareholder or proxy holder, a declaration that the notice calling this Annual General Meeting was delivered to shareholders in conformity with the applicable law. I will dispense with calling for a reading of the notice of meeting and direct that a copy of the declaration be kept by the Secretary with the records of this meeting. The Scrutineer has submitted a report on attendance to the Secretary. The Secretary will now read the Scrutineer's report.

The Scrutineer's report reads as following: a quorum of shareholders is present for the transaction of business at this meeting if at least 2 persons are present in person and holding or representing by proxy, not less than 33.3% of the shares entitled to vote at the meeting. I have been advised by the Scrutineer that there are 60 shareholders present today, either in person or by proxy, representing 347,595 shares, which is approximately 37.11% of the issued and outstanding shares of InMed. Accordingly, we have a quorum present.

I adopt the Scrutineer's report and declare accordingly that a quorum is present. Adequate notice having been given and a quorum being present, I therefore declare this meeting to be properly constituted for the transaction of business. Before continuing with the formal part of the meeting, I would like to note that present today is from the Board of Directors, Andy Hull, Nicole Lemerond, and Bryan Baldasare. And from the executive management team, Colin Clancy, the Vice President of Investor Relations, Mike Woudenberg, the Chief Operating Officer, Alexandra Mancini, the Senior Vice President of Clinical and Regulatory Affairs, and Eric Hsu, the Senior Vice President of Pre-Clinical R&D. As a matter of procedure, I ask that registered shareholders wishing to speak during the meeting, please identify themselves by name and indicate that they are a registered shareholder or if a proxy holder, their name and the name of the registered shareholder they represent by proxy. I have been advised that we have guests at this meeting other than registered shareholders and proxy holders entitled to vote at this meeting. I welcome all guests. However, I would like to remind them that they do not have the legal right to vote on any resolution and are not entitled to speak at the meeting. If you have a comment or question during the meeting, please press star and then the #1 on your telephone keypad. If you would like to withdraw your question, please press the pound key. The financial statements of the company for the year ended June 30, 2022, and the report of the auditors thereon was delivered to shareholders prior to this meeting. If there are any questions which any shareholder would like to ask in respect of the financial statements and the report, I would be glad to answer them or call on others to do so.

Yes, Bill, [ Bill Garner ].

[Operator Instructions] [ Bill Garner ], your line is open. Bill, you might have your phone on mute. Bill, we're not hearing...

Okay. Well...

Okay.

It was a mistake. Sorry.

No problem.

But I'd also like to welcome Bill Garner, who is currently on the Board of Directors to the meeting as well. Glad you can make it. So as we have not received any questions on this item, I declare that the audited financial statements for the year ended June 30, 2022, together with the auditor's report thereon have been received. It is now in order to proceed with the nomination and election of directors. The number of directors of the company has been fixed at 5 and it is anticipated that a full slate of directors will be elected. We have received no nominations for election as a director from the ensuing year from shareholders in accordance with the Advance Notice Provisions contained in Section 14.2 of the company's articles or the Business Corporations Act in British Columbia. I now ask the Secretary to read the names of the persons nominated.

The names of the persons nominated for directors for the ensuing year are: Ms. Nicole Lemerond, Ms. Janet Grove, Mr. Bryan Baldasare, Mr. Andrew Hull, and Mr. Eric A. Adams.

Since the number of nominees is the same as the number of vacancies to be filled, I ask the Secretary to read the proposed motion for the election of the nominees as directors.

Be it resolved that the persons nominated for election as directors be elected as directors of the company to hold office until the next Annual General Meeting.

And who will move the motion?

[ So moved ].

Is there any discussion on this motion? All in favor of this motion, please signify so. I. And any against? I declare this resolution duly carried. The next item of business before the meeting relates to the appointment of the auditors of the company. As previously disclosed on December 12, 2022, the management information circular sent to shareholders in connection with this meeting contemplates the nomination of KPMG LLP as the company's auditor. Pursuant to the resignation received from KPMG, the Board has nominated Marcum LLP to fill the existing vacancy as the auditors of the company. The former proxy distributed in connection with the meeting confers discretionary authority on the management proxy holders to vote on amendments or variations of matters coming before the meeting. Given the amendment to the resolution appointing the company's auditor, the management proxy holders intend to rely on this discretionary authority to vote for the appointment of Marcum as the company's auditor. I would now ask the Secretary to read the proposed motion.

Be it resolved that Marcum LLP be appointed as auditors of the company to hold office until the next Annual General Meeting of the company and that the directors of the company be authorized to fix the remuneration to be paid to the auditors.

Who will move this motion?

So moved.

Is there any discussion on this motion? All those in favor of this motion, please signify so. I. And if any, against? I declare this motion duly carried. Is there any further business to be brought before the meeting? Okay. I now propose a motion terminating the meeting. Who will move the motion?

So moved.

Is there any discussion on this motion? All of those in favor of this motion, please signify so. I. Any against? I declare this resolution duly carried and the meeting to be terminated. We appreciate everyone joining us today for the Annual General Meeting. With the conclusion now of the meeting, we'd be glad to open the call to questions from participants. So please use the previously announced instructions to raise your hand if you indeed have a question.

Certainly. [Operator Instructions] And I'm not showing any questions at this time.

Great. Well, thank you very much. And again, thanks, everyone, for joining us today. Much appreciated. And we wish you a great weekend and a great holiday season.

Thank you. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.