InMed Pharmaceuticals (INM): Generating Commercial Sales of CBC and CBT

Rhea-AI Summary

InMed Pharmaceuticals (INM) reported its Q2 2022 financial results, showcasing a significant transition from a biotech firm to one with commercial sales, generating $0.3 million in revenue, all from cannabichromene (CBC). The company has also started selling cannabicitran (CBT). The acquisition of BayMedica enhances its portfolio, while ongoing clinical trials continue to advance. However, net losses increased to $4.3 million due to higher R&D and G&A expenses. With a gross cash balance of $11.3 million, INM anticipates adequate funding into Q1 2023.

Positive

• Commercial sales commenced with $0.3 million in revenue from CBC.
• Acquisition of BayMedica strengthens product offerings in rare cannabinoids.
• Advancements in ongoing clinical trials, including INM-755 and INM-088.

Negative

• Net losses rose to $4.3 million, up from $1.9 million in Q221.
• Increased R&D and G&A expenses impacting financial performance.

LONDON, UK / ACCESSWIRE / February 16, 2022 / InMed Pharmaceuticals' (INM's) Q222 financial results reflect its evolution from a pure-play biotech firm to one with commercial sales to the health and wellness market, with revenues of $0.3m, all cannabichromene (CBC). As of January, it also began selling cannabicitran (CBT) to the health and wellness market. The now-completed BayMedica acquisition boosts its product portfolio for rare cannabinoids and rounds out InMed's manufacturing capabilities. INM continued advancing its drug development programs, including its ongoing 755-201-EB Phase II trial and preparing for an INM-088 FDA pre-investigational new drug meeting to treat glaucoma.

InMed reported its first post-BayMedica acquisition (13 October 2021) results, with revenues of $0.3m from BayMedica's sales. Net losses grew to $4.3m versus $1.9m in Q221, driven by increased R&D and G&A expenses from INM-755's clinical trials, acquisition expenses and the inclusion of BayMedica's operating results. With $11.3m of gross cash, management expects to have sufficient cash to fund opex and capex into Q123.

Click here to view the full report or here to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Kenneth Mestemacher +44 (0)20 3077 5700 healthcare@edisongroup.com
Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn www.linkedin.com/company/edison-group-/
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv

SOURCE: Edison Investment Research Limited

View source version on accesswire.com:
https://www.accesswire.com/689047/InMed-Pharmaceuticals-INM-Generating-Commercial-Sales-of-CBC-and-CBT

FAQ

What were InMed Pharmaceuticals' (INM) revenue figures for Q2 2022?

InMed Pharmaceuticals reported revenues of $0.3 million for Q2 2022 from cannabichromene sales.

What is the significance of the BayMedica acquisition for INM?

The BayMedica acquisition enhances InMed's product portfolio in rare cannabinoids and strengthens its manufacturing capabilities.

How much are InMed's net losses for Q2 2022?

InMed reported net losses of $4.3 million for Q2 2022, up from $1.9 million the previous year.

What is InMed's cash position following the Q2 2022 results?

InMed has a gross cash position of $11.3 million, sufficient to fund operations into Q1 2023.

What clinical trials is InMed Pharmaceuticals currently advancing?

InMed is advancing its INM-755 clinical trials and preparing for an FDA pre-investigational new drug meeting for INM-088 to treat glaucoma.