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InMed Reports Second Quarter Fiscal 2023 Financial Results and Provides Business Update

Feb 21, 2023 • 11:36 AM EST
8 MIN READ  •  By Michael Berger
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VANCOUVER, British Columbia, Feb. 17, 2023 (GLOBE NEWSWIRE) — InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, today announced financial results for the second quarter of fiscal year 2023 which ended December 31, 2022.

The Company’s full financial statements and related MD&A for the second quarter ended December 31, 2022, are available at www.inmedpharma.comwww.sedar.com and at www.sec.gov.

“This period was another strong operational quarter for the Company as we advanced our pharmaceutical programs, including the launch of INM-900 series compounds for the evaluation of neurodegenerative diseases. We are currently approaching the end of enrollment in our Ph 2 clinical trial in Epidermolysis Bullosa (“EB”). As we move into calendar 2023, we have a strong pipeline of programs at various stages of development,” said Eric A. Adams, President and CEO of InMed. “Fiscal Q2 saw significant cost savings across the different business segments resulting in a reduced cash burn. In addition, our strong cash position of over $11 million enables us to pursue several material milestones throughout calendar 2023.”

Business update

Pharmaceutical Development Programs

INM-755 – Phase 2 Clinical Trial in EB
To date, the Ph 2 clinical trial has enrolled 17 patients of its targeted 20 patients. Several additional prospective patients have been identified for screening at the clinical sites and enrollment is expected to complete at the end of March 2023, with initial read out expected in early calendar 3Q 2023.

INM-088 – Glaucoma Program
The Company continues to conduct the required IND enabling preclinical testing and has planned GLP toxicology studies in mid-2023. Human clinical trials remain on track to commence in calendar 2024.

INM-900 – Neurodegenerative Diseases Program
Two cannabinoid analogs are being assessed in in vivo models of neurodegenerative diseases and the Company expects these studies to be completed and a candidate selected for further development in calendar 2Q 2023. Our research demonstrated the neuroprotective effects of specific cannabinoid analogs and their potential to improve neuronal function.

BayMedica Commercial Business
BayMedica continues to be a leading producer of cannabichromene (CBC) with increased revenue in the last two quarters, including a 46% quarter over quarter increase in fiscal 2Q 2023. Management continues to evaluate strategic options and long-term supply agreements for this business segment.

Financing Activities and Results of Operations (expressed in US Dollars):
On November 21, 2022, the Company closed a private placement of its common shares and issued an aggregate of 1,818,185 common shares (or pre-funded warrants in lieu of), for gross proceeds of approximately $6 million.

For the six months ended December 31, 2022, the Company recorded a net loss of $5.6 million, or $3.54 per share, compared with a net loss of $7.3 million, or $14.03 per share, for the six months ended December 31, 2021.

Research and development and patents expenses were $2.2 million for the six months ended December 31, 2022, compared with $4.0 million for the six months ended December 31, 2021. The decrease in research and development and patents expenses was primarily due to decreased expenditures related to the transition from capital intensive GLP toxicology into relatively less capital intensive clinical trials.

The Company incurred general and administrative expenses of $3.0 million for the six months ended December 31, 2022, compared with $3.2 million for the six months ended December 31, 2021. The decrease was due to lower personnel expenses, insurance fees, investor relation expenses, accounting fees and stock-based compensation expenses, and was partially offset by higher consulting fees and BayMedica operating costs.

Revenues increased by $0.5 million to $0.8 million in our BayMedica segment, or 198%, for the six months ended December 31, 2022, compared to the six months ended December 31, 2021. The increase in sales results from expanded marketing efforts to sell inventory on-hand and the Company acquired BayMedica on October 13, 2021, so the six months ended December 31, 2021 results were approximately 2 and a half months.

At December 31, 2022, the Company’s total issued and outstanding shares were 1,589,992. Subsequent to quarter end, 1,738,204 pre-funded warrants were exercised. As of the date of these filings, the issued and outstanding shares are 3,328,196. During the three and six months ending December 31, 2022, the weighted average number of common shares was 2,300,526 and 1,583,073, which is used for the calculation of loss per share for the respective interim periods.

At December 31, 2022, the Company’s cash, cash equivalents and short-term investments were $11.5 million, which compares to $6.2 million at June 30, 2022. The increase in cash, cash equivalents and short-term investments during the six months to December 31, 2022, was primarily the result of both the September 13, 2022 and November 21, 2022 private placements partially offset by cash outflows from operating activities. With the completion of recent financings and depending on how we prioritize investment into our various development activities, InMed has a projected cash runway to the end of calendar 2023, allowing the Company to pursue certain material milestones over the coming year which we believe will increase shareholder value.

Table 1: Condensed Consolidated Interim Balance Sheets:

InMed Pharmaceuticals Inc.   
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (unaudited) 
As at December 31, 2022 and June 30, 2022  
Expressed in U.S. Dollars  
 December 31, June 30, 
 2022 2022 
   
ASSETS$$
Current  
Cash and cash equivalents11,452,578 6,176,866 
Short-term investments43,053 44,804 
Accounts receivable, net81,647 88,027 
Inventories1,613,506 2,490,854 
Prepaids and other current assets826,931 797,225 
Total current assets14,017,715 9,597,776 
   
Non-Current  
Property, equipment and ROU assets, net703,922 904,252 
Intangible assets, net2,026,929 2,108,915 
Other assets171,130 176,637 
Total Assets16,919,696 12,787,580 
   
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current  
Accounts payable and accrued liabilities1,970,265 2,415,265 
Current portion of lease obligations414,307 404,276 
Deferred rent16,171  
Acquisition consideration payable 500,000 
Total current liabilities2,400,743 3,319,541 
   
Non-current  
Lease obligations, net of current portion183,902 389,498 
Total Liabilities2,584,645 3,709,039 
   
Shareholders’ Equity  
Common shares, no par value, unlimited authorized shares: 
1,589,992 (June 30, 2022 – 650,667) issued and outstanding74,862,424 70,718,461 
Additional paid-in capital38,407,932 31,684,098 
Accumulated deficit(99,063,874)(93,452,587)
Accumulated other comprehensive income128,569 128,569 
Total Shareholders’ Equity14,335,051 9,078,541 
Total Liabilities and Shareholders’ Equity16,919,696 12,787,580 
   

Table 2: Condensed Consolidated Interim Statements of Operations:

InMed Pharmaceuticals Inc.    
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (unaudited)  
For the three and six months ended December 31, 2022 and 2021   
Expressed in U.S. Dollars    
 Three Months EndedSix Months Ended
 December 31December 31
 2022 2021 2022 2021 
 $ $ $ $ 
     
Sales469,783 265,092 790,571 265,092 
Cost of sales338,620 153,537 573,654 153,537 
Inventory write-down  576,772  
Gross profit (loss)131,163 111,555 (359,855)111,555 
     
Operating Expenses    
Research and development and patents851,356 2,537,070 2,230,009 4,028,322 
General and administrative1,464,879 1,836,786 3,025,356 3,209,653 
Amortization and depreciation49,049 49,797 98,097 78,329 
Total operating expenses2,365,284 4,423,653 5,353,462 7,316,304 
     
Other Income (Expense)    
Interest and other income115,797 26,277 188,384 31,425 
Foreign exchange gain (loss)20,237 3,007 (76,554)(81,105)
Loss before income taxes(2,098,087)(4,282,814)(5,601,487)(7,254,429)
     
Tax expense(3,000) (9,800) 
Net loss for the period(2,101,087)(4,282,814)(5,611,287)(7,254,429)
     
Net loss per share for the period    
    Basic and diluted(0.91)(7.73)(3.54)(14.03)
Weighted average outstanding common shares    
    Basic and diluted2,300,526 553,894 1,583,073 516,933 
     

Table 3: Condensed Consolidated Interim Statements of Cash Flows:

InMed Pharmaceuticals Inc.  
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited)
For the six months ended December 31, 2022 and 2021  
Expressed in U.S. Dollars  
 2022 2021 
   
Cash provided by (used in):$ $ 
   
Operating Activities  
Net loss(5,611,287)(7,254,429)
Items not requiring cash:  
Amortization and depreciation98,097 78,329 
Share-based compensation187,318 325,921 
Amortization of right-of-use assets197,767 126,080 
Loss on disposal of assets 11,355 
Interest income received on short-term investments(418) 
Unrealized foreign exchange loss2,167 1,038 
Inventory write-down576,772  
Bad debts25,085  
Changes in operating assets and liabilities:  
Inventories300,576 (501,700)
Prepaids and other currents assets(29,706)847,374 
Other non-current assets5,507 6,030 
Accounts receivable(18,705)(2,285)
Accounts payable and accrued liabilities(508,871)296,437 
Deferred rent16,171 3,248 
Lease obligations(209,112)(125,123)
Total cash used in operating activities(4,968,639)(6,187,725)
   
Investing Activities  
Cash acquired from acquisition of BayMedica 91,566 
Payment of acquisition consideration payable(500,000) 
Purchase of property and equipment (35,555)
Total cash (used in) provided by investing activities(500,000)56,011 
   
Financing Activities  
Shares issued for cash12,000,262 12,000,001 
Share issuance costs(1,255,911)(1,294,247)
Repayment of debt (232,202)
Settlement of debt upon acquisition of subsidiary (425,000)
Total cash provided by financing activities10,744,351 10,048,552 
Increase in cash during the period5,275,712 3,916,838 
Cash and cash equivalents beginning of the period6,176,866 7,363,126 
Cash and cash equivalents end of the period11,452,578 11,279,964 
   

About InMed:
InMed Pharmaceuticals is a global leader in the research, development and manufacturing of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. We also have significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, visit www.inmedpharma.com.

Investor Contact:
Colin Clancy
Vice President, Investor Relations
and Corporate Communications
T: +1.604.416.0999
E: cclancy@inmedpharma.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: having a unique offering as the only company that has the breadth and depth in cannabinoid drug research, development and significant manufacturing know; several material milestones anticipated in the coming quarters; additional prospective patients have been identified for screening; advancing preclinical toxicology and having planned GLP studies planned for 2023 in advance of human clinical trials; being on track to begin the clinical trial in 2024; expecting in vivo studies to be completed and a candidate selected for further development in calendar 2Q 2023; BayMedica continuing to be a leading producer of CBC globally; having a strong pipeline of programs at various stages of development evaluating strategic options and long-term supply agreements for the BayMedica commercial segment; having projected cash runway to the end of calendar 2023, depending on how we prioritize our investment into various development activities; belief that hitting certain material milestones will increase shareholder value; all plans for our preclinical and clinical programs; being a global leader in the manufacturing and development of rare cannabinoids and delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs.

With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed’s stand-alone business is disclosed in InMed’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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