Netta Jagpal
InMed PharmaceuticalsAbout Netta Jagpal
Netta Jagpal is Chief Financial Officer of InMed Pharmaceuticals (INM), appointed February 20, 2024; she certified the company’s Q1 FY26 10-Q on November 6, 2025 as CFO . She is 52, a Chartered Professional Accountant (CPA, British Columbia), and holds a BBA in Accounting & Organizational Behavior from Simon Fraser University; her background includes >20 years in biotech finance, including VP, Financial Reporting & Compliance at D‑Wave (led IPO process), 11 years at Zymeworks in senior finance roles, and earlier roles at Angiotech Pharmaceuticals and Ernst & Young . Company performance context during her tenure is included below.
Company performance (fiscal years):
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenues (USD) | $4,597,730* | $4,942,633 |
| EBITDA (USD) | $(7,914,830)* | $(7,705,156)* |
| Net Income (USD) | $(7,675,550)* | $(8,162,133)* |
| EBIT (USD) | $(8,134,430)* | $(7,917,995)* |
| EBITDA Margin (%) | (172.15%)* | (155.89%)* |
| Net Income Margin (%) | (166.94%)* | (165.14%)* |
Values with an asterisk (*) were retrieved from S&P Global and may not include inline filing citations.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| D‑Wave Systems Inc. (NYSE: QBTS) | VP, Financial Reporting & Compliance | — | Led finance team through IPO process |
| Zymeworks Inc. (NYSE: ZYME) | Senior Director, Finance & Corporate Controller; other roles | 11 years | Senior finance leadership at a clinical-stage biopharma |
| Angiotech Pharmaceuticals, Inc. | Finance roles | — | Public biotech finance experience |
| Ernst & Young | Auditor/finance | — | Foundational public accounting experience |
Fixed Compensation
Multi-year NEO compensation disclosure (USD):
| Component (USD) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary | — | $87,600 | $243,142 |
| Bonus (paid) | — | $19,100 | $48,671 |
| Option-based awards (grant date fair value) | — | $13,800 | $11,907 |
| Total compensation | — | $120,500 | $303,720 |
Employment agreement highlights (currency in CAD):
- Base salary: Initial C$326,000 effective Feb 20, 2024; increased to C$332,000 effective July 1, 2024 .
- Bonus: Eligible for annual discretionary bonus approved by Board/Comp Committee .
- Benefits: Company insurance plan eligibility; 25 days vacation per year .
- Clawback: Company has an incentive compensation clawback policy (cash and equity) for restatement-related circumstances; filed as Exhibit 97.1 to the 10‑K/A .
Performance Compensation
Annual bonus framework (policy level):
| Metric/Component | Weighting | Target | Actual (FY 2025) | Payout mechanics | Vesting/Timing |
|---|---|---|---|---|---|
| Task Achievement | 75% | CFO target bonus falls within executive range of 30–40% of base salary (policy; CEO at 50%) | $48,671 (cash bonus) | Score-based vs goals; Board retains discretion considering financial position and critical goal attainment | Paid annually, subject to Board approval |
| Personal Effectiveness | 25% | Same as above | — | Part of combined score; example framework disclosed, not individual scores | — |
Notes:
- The company targets cash compensation around the 25th percentile and equity around the 50th percentile of a small-cap biopharma peer set (AON/Radford assessment), to conserve cash while aligning with shareholders via equity .
Equity Ownership & Alignment
Security ownership (as of Oct 22, 2025):
| Holder | Beneficial ownership (shares) | % Outstanding | Composition |
|---|---|---|---|
| Netta Jagpal | 2,788 | 0.10% | Entirely from presently exercisable options; no direct common shares disclosed |
Outstanding equity awards (as of June 30, 2025):
| Award type | Exercisable | Unexercisable | Exercise price (USD) | Expiration | Vesting |
|---|---|---|---|---|---|
| Stock options | 1,120 | 1,380 | $7.40 | 02/19/2029 | Equal monthly installments over 36 months |
| Stock options | 630 | 3,120 | $4.14 | 12/19/2029 | Equal monthly installments over 36 months |
Policies and alignment controls:
- Anti-hedging/anti-speculation: Executives and directors are prohibited from short-selling, buying puts, or selling calls, and from using derivatives or similar instruments to hedge company stock .
- Equity plan: Options under the 2017 Amended Stock Option Plan (as amended), up to 10-year term, exercise price ≥ market; unexercised/expired options return to pool .
Employment Terms
| Term | Provision |
|---|---|
| Start date | Appointed CFO on Feb 20, 2024 |
| Term/auto-renewal | Not specifically disclosed in filings reviewed |
| Severance (without cause) | If terminated within first 12 months, 6 months’ base salary; after 12 months, 12 months’ salary plus one month per year of service up to 18 months, plus “Average Bonus Payment” |
| Change-in-control (CIC) | 12 months’ salary plus one month per year up to 18 months, plus “Average Bonus Payment,” upon termination without cause or resignation for “Good Reason” following CIC |
| CIC/Good Reason definitions | CIC includes sale of substantially all assets, certain mergers/acquisitions; Good Reason includes material diminution of duties, reduction in base or target bonus (other than across-the-board), or relocation >30km |
| Clawback | Company clawback policy applicable to Section 16 officers; Exhibit 97.1 to 10‑K/A |
| Ownership guidelines | Not specifically disclosed in filings reviewed |
| Non-compete/solicit | Not disclosed in filings reviewed |
| Pension/SERP | Company does not currently have a pension plan |
Estimated severance values as of June 30, 2025 (USD):
| Scenario | Description | Estimated value |
|---|---|---|
| Termination without cause | As above | $297,300 |
| Change-in-control | As above | $297,300 |
Compensation Structure Analysis
- Mix and benchmarking: Policy targets lower cash (≈25th percentile) and mid-range equity (≈50th percentile) to preserve cash and emphasize long-term alignment .
- Short-term incentive design: Two-part scorecard (75% Task Achievement / 25% Personal Effectiveness) with Board discretion tied to financial position and critical goal attainment, indicating potential variability and prudent cash use in lean periods .
- Equity emphasis and vesting: Significant unvested options with 36‑month monthly vesting create a steady cadence of newly vesting, potentially saleable options (subject to exercise), which can incrementally increase sale capacity over time .
- Governance controls: Anti-hedging/anti-speculation policy and clawback provisions strengthen alignment and risk controls .
Risk Indicators & Red Flags (as disclosed)
- Hedging/speculation prohibited; no disclosure of pledging policy or pledged shares for the CFO in reviewed documents .
- No related-party transactions involving the CFO disclosed; company outlined related-party policy and noted legal services tied to a former director’s firm without her involvement .
- No executive indebtedness disclosed; standard indemnification agreements in place .
Investment Implications
- Alignment and retention: The compensation program emphasizes equity with disciplined cash use, and Ms. Jagpal’s outstanding options vest monthly over 36 months, supporting retention but also gradually increasing potential saleable share supply as vesting occurs .
- Downside protection and accountability: Anti-hedging/anti-speculation and a formal clawback policy reduce misalignment and enhance governance, lowering risk of behavior inconsistent with long-term shareholder value .
- Severance/CIC economics: CFO severance scales with service (up to 18 months) and includes an average bonus component, with defined CIC/Good Reason terms; economics are moderate and typical for small-cap biotech, implying manageable change-in-control friction costs .
- Performance context: Revenues were approximately $4.94M in FY25, with negative but improving EBITDA margin vs FY24; continued operating losses underscore the importance of equity-heavy incentives and careful cash bonus discretion in a pre-commercial biotech (table above; other values from S&P Global*).
Footnote: Values with an asterisk (*) in the performance table were retrieved from S&P Global.