InMed Pharmaceuticals Inc. IN Ma leader in the research, development, manufacture and marketing of rare cannabinoids, published unaudited financial results for the third quarter of fiscal 2022 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 millionor $0.81 per share, compared to a net loss of $6.9 million, or $1.11 per share, for the nine months ended March 31, 2021.
Research, development and patent 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 to $2.9 million for the nine months ended March 31, 2021.
As of March 31, 2022, the company cash, cash equivalents and short-term investments were $5.9 millionwhich compares to $7.4 million as at June 30, 2021. The change in cash, cash equivalents and short-term investments during the nine-month period ending March 31, 2022 is mainly due to the private placement July 2, 2021 partially offset by cash outflows from operating activities.
As of March 31, 2022, the total number of issued and outstanding shares of the company was 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 interim periods respective.
The results following the acquisition of BayMedica in October 2021, are net sales of $0.6 million for the six months ended March 31, 2022 for sales of cannabinoid ingredients to wholesalers and manufacturers of health and wellness products. As the nine months ended March 31, 2021 predate the acquisition of BayMedica, there is no comparable revenue for 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 after the end of the quarter and the commercial launch of THCV is expected shortly. With the commercialization of these products and additional launches planned, the company anticipates growth in sales over the coming quarters.
“The third quarter of fiscal 2022 saw notable progress across all of our programs, including the start of sales of the rare cannabinoids CBDV and CBT as raw ingredients for the health and wellness industry” , said Eric A. Adams, President and CEO of InMed. “For the remainder of fiscal 2022, we will remain focused on driving our business 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 our revenues and have established a strong platform to build on to bring other high value products to market. We continue to focus on improving our sales and marketing efforts to support growing demand.
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