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

Hello, and welcome to InMed Pharmaceuticals, Inc. 2025 Annual General Meeting of Shareholders. I will now turn the call over to Eric Adams, CEO. Please go ahead.

Thank you. Ladies and gentlemen, the annual general and special meeting of InMed Pharmaceuticals will now come to order. My name is Eric A. Adams. I'm the President, CEO and a Director of InMed Pharmaceuticals. I will act as Chair of this meeting. I ask that Sean Gillis of Norton Rose Fulbright Canada LLP and Legal Counsel to the company, act as Secretary of this meeting. And I appoint Jessica De La Torre of Odyssey Trust Company as scrutineer of this meeting. The Secretary has tabled for inspection by any shareholder or proxyholder a sworn declaration that the notice calling this meeting and the accompanying materials, including the information circular were mailed to all security holders of record as of October 22, 2025. 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 minutes 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've been advised by the scrutineers that there are 43 shareholders present today, either in person or by proxy, representing 2,804,186 shares which is 35.43% of the issued and outstanding shares of InMed. Accordingly, we have 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 and joining us by telephone are the directors, Andy Hull; Nicole Lemerond, John Bathery, Bryan Baldasare, and absent is Neil Klompas, who is traveling and unable to attend today. 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 registered shareholders or if a proxyholder, their name and the name of the registered shareholder they represent by proxy. I've been advised that we have guests at the meeting other than registered shareholders and proxyholders 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. The financial statements of the company for the year ended June 30, 2025, 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, I'd be glad to answer them or call on others to do so. As there are no questions on this item, I declare that the audited financial statements for the year ended June 30, 2025, 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 advance notice provisions contained in Section 14.2 of the company's articles or the Business Corporations Act of 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, Mr. Andrew Hull, Mr. Eric A. Adams, Mr. Neil Klompas and Mr. John Bathery.

As 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.

May I please have a motion and seconder for the election of Nicole Lemerond as a director.

So moved.

I second the motion.

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 Director of the company to hold office until the next Annual General Meeting.

May I pleased to have a motion and a seconder for the election of Andrew Hull as a Director.

So moved.

I second the motion.

If there's no discussion, I declare this resolution duly carried. I will now ask our Secretary to table our next individual resolution.

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

May I please have a motion and seconder for the election of Eric Adams as a director.

So moved.

I second the motion.

If there's no discussion, I declare this resolution duly carried. I will now ask our Secretary to table our next individual resolution.

Be it resolved that Neil Klompas be elected as a Director of the company to hold office until the next Annual General Meeting.

May I please have a motion and a seconder for the election of Neil Klompas as a director.

So moved.

I second motion.

With no discussion on the matter, I declare this resolution duly carried. I will now ask our Secretary to table our next individual resolution.

Be it resolved that John Bathery be elected as a Director of the company to hold office until the next Annual General Meeting.

May I please have a motion and seconder for the election of John Bathery as a director.

So moved.

I second the motion.

I declare this resolution duly carried. The next item of business before the meeting relates to the appointment of the auditors of the company. I will now ask the Secretary to read the proposed motion.

Be it resolved that CBIZ CPAs P.C., be reappointed as auditors of the company to hold office until the next Annual General Meeting of the company and other directors of the company be authorized to fix the remuneration to be paid to the auditors.

May I please have a motion and seconder for the reappointment of CBIZ CPAs P.C. as auditor of the company.

So moved.

I second the motion.

If there's no discussion, I declare this motion duly carried. The next item of business before the meeting relates to the potential issuance of 20% or more of InMed Pharmaceuticals' issued and outstanding common shares as at December 13, 2024 pursuant to the standby equity purchase agreement between InMed Pharmaceuticals and YA II PN Limited dated December 13, 2024, as amended on June 13, 2025, pursuant to NASDAQ listing rules 5635(d) and 5635 (b). I'll refer to this business as CPA share issuance. Approval of the CPA share issuance will allow the company to issue common shares under the standby equity purchase agreement in excess of the current maximum being 144,758 common shares, representing 19.99% of the issued and outstanding common shares of the company immediately prior to December 13, 2024, being end to date of execution of the standby equity purchase agreement at a share price below the minimum price under the standby equity purchase agreement of $5.15 per common share. I now ask the Secretary to read the proposed motion.

Be it resolved that the company may issue 20% or more of InMed Pharmaceuticals issued and outstanding common shares as of December 13, 2024, pursuant to the standby equity purchase agreement between InMed Pharmaceuticals and YA II PN Limited dated December 13, 2024, as amended on June 13, 2025 at a price per common share of less than $5.15.

May I please have a motion and a seconder for the CPA share issuance resolution.

So moved.

I second the motion.

If there's no discussion, this motion is carried. Is there any other further business to be brought before the meeting? Okay. I now propose a motion terminating the meeting. May I please have a motion and seconder for the termination of the meeting.

So moved.

I second the motion.

If there's no discussion, I declare this resolution duly carried and the meeting to be terminated. Before I pass this back over to the operator, I just want to take a moment to thank one individual who's contributed several years to the Board of Directors, Mr. Bryan Baldasare, who has elected to step down from the Board due to his personal increasing professional commitments. I just hope that in the future, Bryan finds time to help other companies like ours. He's done an incredible job with us. And I think other companies could benefit from his experience, his expertise and his perspective. So Bryan, thank you very much, and good luck to you. With that, I'll turn it back over to the operator.

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.