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.com, www.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
EBTo 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 ProgramThe
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
ProgramTwo 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 equivalents |
11,452,578 |
|
6,176,866 |
|
Short-term investments |
43,053 |
|
44,804 |
|
Accounts receivable, net |
81,647 |
|
88,027 |
|
Inventories |
1,613,506 |
|
2,490,854 |
|
Prepaids and other current assets |
826,931 |
|
797,225 |
|
Total current assets |
14,017,715 |
|
9,597,776 |
|
|
|
|
Non-Current |
|
|
Property, equipment and ROU assets,
net |
703,922 |
|
904,252 |
|
Intangible assets, net |
2,026,929 |
|
2,108,915 |
|
Other assets |
171,130 |
|
176,637 |
|
Total Assets |
16,919,696 |
|
12,787,580 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current |
|
|
Accounts payable and accrued
liabilities |
1,970,265 |
|
2,415,265 |
|
Current portion of lease obligations |
414,307 |
|
404,276 |
|
Deferred rent |
16,171 |
|
- |
|
Acquisition consideration payable |
- |
|
500,000 |
|
Total current liabilities |
2,400,743 |
|
3,319,541 |
|
|
|
|
Non-current |
|
|
Lease obligations, net of current
portion |
183,902 |
|
389,498 |
|
Total Liabilities |
2,584,645 |
|
3,709,039 |
|
|
|
|
Shareholders' Equity |
|
|
Common shares, no par value, unlimited authorized
shares: |
|
1,589,992 (June 30, 2022 - 650,667) issued and
outstanding |
74,862,424 |
|
70,718,461 |
|
Additional paid-in capital |
38,407,932 |
|
31,684,098 |
|
Accumulated deficit |
(99,063,874 |
) |
(93,452,587 |
) |
Accumulated other comprehensive income |
128,569 |
|
128,569 |
|
Total Shareholders' Equity |
14,335,051 |
|
9,078,541 |
|
Total Liabilities and Shareholders'
Equity |
16,919,696 |
|
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 Ended |
Six Months Ended |
|
December 31 |
December 31 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
Sales |
469,783 |
|
265,092 |
|
790,571 |
|
265,092 |
|
Cost of sales |
338,620 |
|
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 patents |
851,356 |
|
2,537,070 |
|
2,230,009 |
|
4,028,322 |
|
General and administrative |
1,464,879 |
|
1,836,786 |
|
3,025,356 |
|
3,209,653 |
|
Amortization and depreciation |
49,049 |
|
49,797 |
|
98,097 |
|
78,329 |
|
Total operating expenses |
2,365,284 |
|
4,423,653 |
|
5,353,462 |
|
7,316,304 |
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
Interest and other income |
115,797 |
|
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
diluted |
2,300,526 |
|
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 depreciation |
98,097 |
|
78,329 |
|
Share-based compensation |
187,318 |
|
325,921 |
|
Amortization of right-of-use assets |
197,767 |
|
126,080 |
|
Loss on disposal of assets |
- |
|
11,355 |
|
Interest income received on short-term
investments |
(418 |
) |
- |
|
Unrealized foreign exchange loss |
2,167 |
|
1,038 |
|
Inventory write-down |
576,772 |
|
- |
|
Bad debts |
25,085 |
|
- |
|
Changes in operating assets and liabilities: |
|
|
Inventories |
300,576 |
|
(501,700 |
) |
Prepaids and other currents assets |
(29,706 |
) |
847,374 |
|
Other non-current assets |
5,507 |
|
6,030 |
|
Accounts receivable |
(18,705 |
) |
(2,285 |
) |
Accounts payable and accrued
liabilities |
(508,871 |
) |
296,437 |
|
Deferred rent |
16,171 |
|
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 cash |
12,000,262 |
|
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
activities |
10,744,351 |
|
10,048,552 |
|
Increase in cash during the
period |
5,275,712 |
|
3,916,838 |
|
Cash and cash equivalents beginning of the
period |
6,176,866 |
|
7,363,126 |
|
Cash and cash equivalents end of the
period |
11,452,578 |
|
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 ClancyVice
President, Investor Relationsand Corporate CommunicationsT:
+1.604.416.0999E: 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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