VANCOUVER, British Columbia, Nov. 11, 2022 (GLOBE NEWSWIRE) — InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a pacesetter within the pharmaceutical analysis, improvement and manufacturing of uncommon cannabinoids and cannabinoid analogs, as we speak reported monetary outcomes for the primary quarter of fiscal yr 2023, ended September 30, 2022.
The Company’s condensed monetary statements and associated MD&A for the primary quarter of fiscal yr 2023, ended September 30, 2022 will likely be obtainable at www.inmedpharma.com and at www.sedar.com.
Eric A. Adams, InMed CEO, states, “In the first quarter of our new fiscal year, we continue to strengthen our pharmaceutical pipeline in dermatology, ocular and neurodegenerative diseases, as well as continue to screen our library of proprietary analogs for additional therapeutic candidates. Throughout the remainder of the year and into calendar year 2023, we have many milestones to look forward to in our clinical and preclinical programs, including the completion of our Phase 2 clinical trial in epidermolysis bullosa as well as advancing our glaucoma program towards human trials.”
Business Update
Pharmaceutical Development Programs
INM-755 for the remedy of Epidermolysis Bullosa (“EB”)
Enrollment and affected person remedy within the Company’s Phase 2 medical trial, 755-201-EB, has continued by means of the primary quarter and is predicted to finish throughout calendar yr 2022.
InMed’s Phase 2 medical trial now has all 11 medical trial websites totally activated to display and enroll sufferers. The medical trial is going down in seven nations (Austria, Germany, Greece, France, Italy, Israel and Spain).
InMed is evaluating the protection of INM-755 (cannabinol) cream and its preliminary efficacy in treating signs and wound therapeutic in individuals with EB over a 28-day remedy interval. This research marks the primary time cannabinol (“CBN”) has superior to a Phase 2 medical trial to be investigated as a therapeutic choice to deal with a illness.
INM-088 for the remedy of glaucoma
The Company continues to do crucial preclinical work together with toxicology and GLP research upfront of human medical trials.
Earlier within the yr, the Company accomplished a pre-Investigational New Drug (“pIND”) utility dialogue with the U.S. Food and Drug Administration (“FDA”) concerning manufacturing, preclinical research and early medical improvement plans for INM-088, a CBN formulation in improvement for glaucoma. The Company gained alignment with FDA on the design of the preliminary Phase 1-2 medical trial to assemble preliminary knowledge on the protection and efficacy of INM-088 remedy.
InMed knowledge counsel CBN is the cannabinoid of selection for neuroprotection and decreasing intraocular stress in glaucoma and doubtlessly different ocular ailments.
New cannabinoid analogs for the remedy of neurodegenerative ailments
The Company continues to advance discovery work to establish an acceptable compound for a preclinical improvement program for treating neurodegenerative problems akin to Alzheimer’s illness, Parkinson’s illness and Huntington’s illness.
The Company stays targeted on the era of proprietary cannabinoid analogs to assist its pharmaceutical drug improvement applications. As these novel cannabinoid analogs are patentable, they defend the long-term analysis funding and business alternatives.
BayMedica business actions
BayMedica business actions stay regular because the Company continues to work by means of current inventories as a B2B provider of uncommon cannabinoids to the well being and wellness market. The Company continues to discover potential alternatives for structured provide agreements, business collaborations and overview different strategic options for the business facet of its business.
Financial and Operational Highlights:
For the three months ended September 30, 2022, the Company recorded a web lack of $3.5 million, or $4.06 per share, in contrast with a web lack of $3.0 million, or $6.17 per share, for the three months ended September 30, 2021.
Research and improvement bills have been $1.4 million for the three months ended September 30, 2022, in contrast with $1.5 million for the three months ended September 30, 2021. The lower in analysis and improvement and patents bills was primarily as a result of decreased actions associated to the INM-755 Phase 2 medical trials which have been offset by the inclusion of BayMedica working outcomes following the acquisition date.
The Company incurred normal and administrative bills of $1.6 million for the three months ended September 30, 2022, in contrast with $1.4 million for the three months ended September 30, 2021. The improve is as a result of inclusion of BayMedica working outcomes following the acquisition date.
The Company realized gross sales of $0.3 million in our BayMedica phase for the for the three months ended September 30, 2022, the results of the manufacturing and sale of bulk uncommon cannabinoid merchandise following the acquisition of BayMedica in October 2021. As the interval ended September 30, 2021 predated the acquisition of BayMedica, there are not any comparable revenues in 2021.
At September 30, 2022, the Company’s money, money equivalents and short-term investments have been $9.4 million, which compares to $6.2 million at June 30, 2022. On September 13, 2022, the Company closed a $6.0 million non-public placement with two healthcare-focused institutional buyers. Based on the present forecast, which is topic to potential revisions sooner or later, the Company’s money reserves are estimated to final into the second half of fiscal 2023, and presumably into the primary quarter of fiscal 2024 (being the third calendar quarter of 2023), relying on the extent and timing of realizing revenues from the sale of BayMedica stock in addition to the extent and timing of the Company’s working bills.
As a results of the choice to de-emphasize the business business as a result of decrease demand outlook and downward pricing stress, the Company incurred a write-down of inventories to web realizable worth of $0.6 million throughout the interval ended September 30, 2022.
At September 30, 2022, the Company’s complete issued and excellent shares have been 908,766, or 1,510,011 together with all excellent pre-funded warrants that are thought of frequent share equivalents. During the three months ending September 30, 2021, together with the pre-funded warrants, the weighted common variety of frequent shares was 865,619, which is used for the calculation of loss per share for the interim interval.
Table 1: Condensed Consolidated Interim Balance Sheets:
| InMed Pharmaceuticals Inc. | ||||
| CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (unaudited) | ||||
| As at September 30, 2022 and June 30, 2022 | ||||
| Expressed in U.S. Dollars | ||||
| September 30, | June 30, | |||
| 2022 | 2022 | |||
| ASSETS | $ | $ | ||
| Current | ||||
| Cash and money equivalents | 9,350,427 | 6,176,866 | ||
| Short-term investments | 42,125 | 44,804 | ||
| Accounts receivable | 15,169 | 88,027 | ||
| Inventories | 1,778,523 | 2,490,854 | ||
| Prepaids and different property | 356,665 | 797,225 | ||
| Total present property | 11,542,909 | 9,597,776 | ||
| Non-Current | ||||
| Property, gear and ROU property, web | 802,369 | 904,252 | ||
| Intangible property, web | 2,067,922 | 2,108,915 | ||
| Other property | 171,130 | 176,637 | ||
| Total Assets | 14,584,330 | 12,787,580 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| Current | ||||
| Accounts payable and accrued liabilities | 2,362,190 | 2,415,265 | ||
| Current portion of lease obligations | 404,163 | 404,276 | ||
| Deferred income | 15,700 | – | ||
| Acquisition consideration payable | 500,000 | 500,000 | ||
| Total present liabilities | 3,282,053 | 3,319,541 | ||
| Non-current | ||||
| Lease obligations | 294,337 | 389,498 | ||
| Total Liabilities | 3,576,390 | 3,709,039 | ||
| Shareholders’ Equity | ||||
| Common shares, no par worth, limitless licensed shares: | ||||
| 908,766 (June 30, 2022 – 650,667) issued and excellent | 72,671,392 | 70,718,461 | ||
| Additional paid-in capital | 35,170,766 | 31,684,098 | ||
| Accumulated deficit | (96,962,787 | ) | (93,452,587 | ) |
| Accumulated different complete revenue | 128,569 | 128,569 | ||
| Total Shareholders’ Equity | 11,007,940 | 9,078,541 | ||
| Total Liabilities and Shareholders’ Equity | 14,584,330 | 12,787,580 | ||
Table 2: Condensed Consolidated Interim Statements of Operations and Comprehensive Loss:
| InMed Pharmaceuticals Inc. | ||||
| CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) | ||||
| For the three months ended September 30, 2022 and 2021 | ||||
| Expressed in U.S. Dollars | ||||
| Three Months Ended | ||||
| September 30 | ||||
| 2022 | 2021 | |||
| $ | $ | |||
| Sales | 320,788 | – | ||
| Cost of gross sales | 235,034 | – | ||
| Inventory write-down | 576,772 | – | ||
| Gross loss | (491,018 | ) | – | |
| Operating Expenses | ||||
| Research and improvement and patents | 1,378,653 | 1,491,252 | ||
| General and administrative | 1,560,477 | 1,372,867 | ||
| Amortization and depreciation | 49,048 | 28,532 | ||
| Total working bills | 2,988,178 | 2,892,651 | ||
| Other Income (Expense) | ||||
| Interest and different revenue | 72,587 | 5,148 | ||
| Foreign change loss | (96,791 | ) | (84,112 | ) |
| Loss earlier than revenue taxes | (3,503,400 | ) | (2,971,615 | ) |
| Tax expense | (6,800 | ) | – | |
| Net loss for the interval | (3,510,200 | ) | (2,971,615 | ) |
| Net loss per share for the interval | ||||
| Basic and diluted | (4.06 | ) | (6.17 | ) |
| Weighted common excellent frequent shares | ||||
| Basic and diluted | 865,619 | 481,902 | ||
Table 3: Condensed Consolidated Interim Statements of Cash Flows:
| InMed Pharmaceuticals Inc. | ||||
| CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited) | ||||
| For the three months ended September 30, 2022 and 2021 | ||||
| Expressed in U.S. Dollars | ||||
| 2022 | 2021 | |||
| Cash supplied by (utilized in): | $ | $ | ||
| Operating Activities | ||||
| Net loss for the interval | (3,510,200 | ) | (2,971,615 | ) |
| Items not requiring money: | ||||
| Amortization and depreciation | 49,048 | 28,532 | ||
| Share-based compensation | 116,680 | 111,142 | ||
| Amortization of right-of-use property | 99,460 | 25,906 | ||
| Interest revenue obtained on short-term investments | (120 | ) | (23 | ) |
| Unrealized overseas change loss | 2,796 | 1,262 | ||
| Inventory write-down | 576,772 | – | ||
| Payments on lease obligations | (100,903 | ) | (17,411 | ) |
| Changes in non-cash working capital: | ||||
| Inventories | 135,559 | – | ||
| Prepaids and different property | 440,560 | 634,410 | ||
| Other non-current property | 5,507 | 6,030 | ||
| Accounts receivable | 72,858 | (2,923 | ) | |
| Accounts payable and accrued liabilities | (159,260 | ) | (469,227 | ) |
| Deferred income | 15,700 | – | ||
| Total money utilized in working actions | (2,255,543 | ) | (2,653,917 | ) |
| Investing Activities | ||||
| Short-term mortgage | – | (250,000 | ) | |
| Total money utilized in investing actions | – | (250,000 | ) | |
| Financing Activities | ||||
| Shares issued for money | 6,000,365 | 11,999,825 | ||
| Share issuance prices | (571,261 | ) | (1,115,129 | ) |
| Total money supplied by financing actions | 5,429,104 | 10,884,696 | ||
| Increase (lower) in money throughout the interval | 3,173,561 | 7,980,779 | ||
| Cash and money equivalents starting of the interval | 6,176,866 | 7,363,126 | ||
| Cash and money equivalents finish of the interval | 9,350,427 | 15,343,905 | ||
About InMed: InMed Pharmaceuticals is a worldwide chief within the pharmaceutical analysis, improvement and manufacturing of uncommon cannabinoids and cannabinoid analogs, together with medical and preclinical applications concentrating on the remedy of ailments with excessive unmet medical wants. We even have important know-how in creating proprietary manufacturing approaches to provide cannabinoids for numerous market sectors. For extra data, go to www.inmedpharma.com and www.baymedica.com.
Investor Contact:
Colin Clancy
Vice President, Investor Relations
T: +1.604.416.0999
E: [email protected]
Cautionary Note Regarding Forward-Looking Information:
This information launch incorporates “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) throughout the which means of relevant securities legal guidelines. Forward-looking data is predicated on administration’s present expectations and beliefs and is topic to plenty of dangers and uncertainties that would trigger precise outcomes to vary materially from these described within the forward-looking statements. Forward-looking data on this information launch consists of statements about: persevering with to strengthen the pharmaceutical pipeline in dermatology, ocular and neurodegenerative ailments; persevering with to display a library of proprietary analogs for extra therapeutic candidates; anticipating many milestones within the medical and preclinical applications; evaluating the protection of INM-755 (cannabinol) cream and its preliminary efficacy in treating signs; the completion of Phase 2 medical trial in epidermolysis bullosa throughout calendar yr 2022; advancing the glaucoma program in the direction of human trials; CBN being the cannabinoid of selection for neuroprotection and decreasing intraocular stress in glaucoma and doubtlessly different ocular ailments; advancing discovery work to establish an acceptable compound for a preclinical improvement program for treating neurodegenerative problems akin to Alzheimer’s illness, Parkinson’s illness and Huntington’s illness; the era of proprietary cannabinoid analogs to assist the Company’s pharmaceutical drug improvement applications; BayMedica exploring potential alternatives for structured provide agreements, business collaborations and overview different strategic options for the business facet of its business; the Company’s present money reserves are estimated to final into the second half of fiscal 2023, and presumably into the primary quarter of fiscal 2024.
With respect to the forward-looking data contained on this information launch, InMed has made quite a few assumptions. While InMed considers these assumptions to be affordable, these assumptions are inherently topic to important business, financial, aggressive, market and social uncertainties and contingencies.
Additionally, there are recognized and unknown danger elements which might trigger InMed’s precise outcomes, efficiency or achievements to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking data contained herein. A whole dialogue of the dangers and uncertainties dealing with InMed’s stand-alone business is disclosed in InMed’s Annual Report on Form 10-Ok and different filings with the Securities and Exchange Commission on www.sec.gov.
All forward-looking data herein is certified in its entirety by this cautionary assertion, and InMed disclaims any obligation to revise or replace any such forward-looking data or to publicly announce the results of any revisions to any of the forward-looking data contained herein to mirror future outcomes, occasions or developments, besides as required by legislation.
