InMed Pharmaceuticals Reports Net Sales Of $575K For 6 Months Since BayMedica Acquisition

InMed Pharmaceuticals Inc. INM, a leader in research, development, manufacturing and commercialization of rare cannabinoids, released unaudited financial results for the third quarter of the fiscal year 2022 which ended March 31, 2022.

Financial and Operational Highlights:

• For the 9 months ended March 31, 2022, the company recorded a net loss of $10.7 million, or $0.81 per share, compared with a net loss of $6.9 million, or $1.11 per share, for the nine months ended March 31, 2021.

• Research, development and patents expenses increased by $2.2 million for the nine months ended March 31, 2022 compared to the nine months ended March 31, 2021. 

• The company incurred general and administrative expenses of $5.1 million for the nine months ended March 31, 2022 compared with $2.9 million for the nine months ended March 31, 2021.

• At March 31, 2022, the company’s cash, cash equivalents and short-term investments were $5.9 million, which compares to $7.4 million at June 30, 2021. The change in cash, cash equivalents and short-term investments during the nine months to March 31, 2022, was primarily the result of the July 2, 2021 private placement partially offset by cash outflows from operating activities.

At March 31, 2022, the company's total issued and outstanding shares were 14.28 million. During the three and nine months ending March 31, 2022, the weighted average number of common shares was 14.15 million and 13.32 million which is used for the calculation of loss per share for the respective interim periods.

BayMedica

Results subsequent the acquisition of BayMedica in October 2021, are net sales of $0.6 million for the six months ended March 31, 2022 for cannabinoid ingredient sales to wholesalers and product manufacturers in the health and wellness sector. As the nine months ended March 31, 2021 pre-dated the acquisition of BayMedica there are no comparable revenues in the 2021 period.

Reported sales were impacted this quarter by a delay in the product launches of two new rare cannabinoids, CBDV and THCV. CBDV was launched subsequent to quarter end and the commercial launch of THCV is planned shortly. With the commercialization of these products and additional launches being planned, the company anticipates revenue growth in the coming quarters.

“The third quarter of fiscal 2022 saw noticeable advancements across all of our programs, including commencing sales of the rare cannabinoids CBDV and CBT as raw ingredients for the health and wellness industry,” stated Eric A. Adams, InMed president & CEO. “For the remainder of fiscal 2022, we will remain focused on driving our commercial operations by expanding our product portfolio, increasing sales of our existing and new rare cannabinoids, exploring new distribution channels and optimizing our product development and supply chain strategy. We continue to grow revenues and have established a solid platform upon which to build as we commercialize additional high value products. We continue to focus on enhancing our sales and marketing efforts to support increasing demand.”

Photo: Courtesy of Esteban Lopez on Unsplash

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