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

Welcome to the InMed Pharmaceuticals Inc. 2024 Annual General Meeting of Shareholders, being held virtually today, December 18, 2024, at 4:00 p.m. Pacific Time. [Operator Instructions] The meeting is being recorded. [Operator Instructions] It's now my pleasure to bring this meeting -- to hand the meeting over to Mr. Eric A. Adams, President and CEO of InMed Pharmaceuticals, Inc. Please proceed, Mr. Adams.

Thank you very much. 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 President, CEO as well as a Director of the company. I will be acting as the Chair of this meeting. I ask that Thomas Moggan of Norton Rose Fulbright Canada LLP and legal counsel to the company act as Secretary to this meeting. And I appoint Vivien Leung of Odyssey Trust Company 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 the 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 follows: 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 27 shareholders present today, either in person or by proxy, representing 5,318,704 shares, which represent 39.83% 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 are our directors, Bryan Baldasare, Nicole Lemerond, Andy Hull as well as our CFO, Netta Jagpal. 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've been advised that we have guests at this meeting other than registered shareholders and proxy holders entitled to vote at the meeting. I welcome all guests. However, I would like to remind them that they do not have a legal right to vote on any resolution and are not entitled to speak at the meeting. The financial statements of the company for the year ended June 30, 2024, and the report of the auditors thereon was delivered to the 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, we'd be glad to answer them at the end of this meeting when we're taking questions and answers. I declare that the audited financial statements for the year ended June 30, 2024, 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 is anticipated that a full slate of directors will be elected. We have received no nominations for election as a director for the ensuing year from shareholders in accordance with the advanced notice provisions contained in Section 14.2 of the company's articles or the Business Corporations Act, 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: Nicole Lemerond, Janet Grove, Bryan Baldasare, Andrew Hull and Eric Adams.

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

Be it resolved that Nicole Lemerond be elected as a director of the company to hold office until the next Annual General Meeting.

And who will move the motion?

So moved.

Okay. And there's no discussion on this motion? All in favor of this motion, please signify so. Aye. Any withheld? Okay. I declare this resolution duly carried. I will now ask our secretary to table our next individual resolution.

Be it resolved that Bryan Baldasare be elected as a director of the company to hold office until the next Annual General Meeting.

And who will move the motion?

So moved.

Any discussion? We can address any questions at the end of -- at the conclusion of the meeting. All in favor of this motion, please signify so. Aye.

Aye.

Any withheld? I declare this resolution duly carried. I will now ask our secretary to table our next individual resolution.

Be it resolved that Andrew Hull be elected as a director of the company to hold office until the next Annual General Meeting.

Who will move the motion?

So moved.

All in favor of this motion, please signify so. Aye?

Aye.

And any withheld? I declare this resolution duly carried. I will now ask our secretary to table our next individual resolution.

Be it resolved that Eric A. Adams be elected as a director of the company to hold office until the next Annual General Meeting.

Who will move the motion?

So moved.

There's no discussion. All in favor of the motion, please signify so. I guess I could vote for myself, aye.

Aye.

I declare the resolution duly carried. I will now ask our secretary to table our next individual resolution.

Be it resolved that Janet Grove be elected as a director of the company to hold office until the next Annual General Meeting.

Who will move the motion?

So moved.

If there's no discussion, all in favor of the motion, please signify so. Aye.

Aye.

I can confirm that Janet Grove has not received the required affirmative votes for reelection and is required to submit her resignation in accordance with InMed's majority voting policy. Thereafter, our Governance and Nomination Committee will consider whether to accept her resignation and will provide a recommendation to the Board in due course. Consequently, the following year, the following have been duly elected as directors of the company for the ensuing year: Nicole Lemerond, Bryan Baldasare, Andy Hull and Eric Adams. The next item of business before the meeting relates to the appointment of the auditors of the company. I now ask the Secretary to read the proposed motion.

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

Who will move this motion?

So moved.

If there's no discussion, all those in favor of the motion, please signify so. Aye.

Aye.

And if any, against? I declare this motion to be duly carried. Is there any further business to be brought before the meeting? I don't believe so. I now propose a motion terminating the meeting. Who will move the motion?

So moved.

If there's no discussion on this motion, all in favor of this motion, please signify so. Aye.

Aye.

Against? Okay. I declare the resolution duly carried and the meeting to be terminated. And with that, I will pass it back over to the operator.

[Operator Instructions] As there appear to be no questions, this concludes the question-and-answer session and today's conference call. Thank you for participating, and have a pleasant day.