Full Press Release Details
InMed Pharmaceuticals
Reports Third Quarter Fiscal 2021 Financial Results
Vancouver, BC - May 13, 2021 - InMed
Pharmaceuticals Inc. ("InMed" or the "Company") (NASDAQ:INM), a clinical-stage company developing pharmaceutical-based
drug candidates and leading the way in the clinical development of cannabinol ("CBN"), today reported financial results for
the third quarter of fiscal year 2021 ("3Q21") which ended March 31, 2021.
The Company will be hosting a conference call
to present the 3Q21 results, as follows:
Conference Call & Webcast*:
Thursday, May 13, 2021 at 8:00 AM Pacific Time,
11:00 AM Eastern Time
US/CANADA Participant Toll-Free Dial-In Number: +1 (855) 605-1745
US/CANADA Participant International Dial-In Number: +1 (914) 987-7959
Conference ID: 3186833
(*Webcast replay available for 90 days)
Company's 10-Q including financial statements and related MD&A for the third quarter ending March 31, 2021 are available at
"In the third quarter of fiscal 2021, significant
progress was made in InMed's INM-755 therapeutic program and IntegraSynTM manufacturing approach, resulting in the announcement
of important milestones shortly after the quarter's end," said InMed President and Chief Executive Officer, Eric A. Adams.
"The submission of Clinical Trial Applications in several countries, seeking permission to begin a Phase 2 safety and efficacy clinical
trial in Epidermolysis Bullosa patients and the achievement of a commercially viable yield using the IntegraSynTM manufacturing
approach bring us one step closer to delivering new therapeutic alternatives to patients who may benefit from cannabinoid-based pharmaceutical
drugs. In addition to our R&D advances this past quarter, we continue to explore business development opportunities as a potential
avenue to build the Company and accelerate our programs."
Research & Development Update:
INM-755 for the Treatment
of Epidermolysis Bullosa ("EB"):
Financing Activity and Results of Operations (expressed
Table 1: Condensed consolidated interim
balance sheets (unaudited):
Pharmaceuticals Inc.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (unaudited)
As at March 31, 2021 and June 30, 2020
Expressed in U.S. Dollars
| March 31, | June 30, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | $ | $ | ||||||
| Current | ||||||||
| Cash and cash equivalents | 9,454,113 | 5,805,809 | ||||||
| Short-term investments | 45,765 | 42,384 | ||||||
| Accounts receivable | 70,300 | 45,344 | ||||||
| Prepaids and other assets | 1,326,526 | 418,920 | ||||||
| Total current assets | 10,896,704 | 6,312,457 | ||||||
| Non-Current | ||||||||
| Property and equipment, net | 347,892 | 403,485 | ||||||
| Intangible assets, net | 1,085,748 | 1,086,655 | ||||||
| Other assets | 14,655 | - | ||||||
| Total Assets | 12,344,999 | 7,802,597 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payables and accrued liabilities | 1,635,477 | 1,607,303 | ||||||
| Current portion of lease obligations | 78,818 | 68,965 | ||||||
| Total current liabilities | 1,714,295 | 1,676,268 | ||||||
| Non-current | ||||||||
| Lease obligations | 216,234 | 248,011 | ||||||
| Total Liabilities | 1,930,529 | 1,924,279 | ||||||
| Shareholders' Equity | ||||||||
| Common shares, no par value, unlimited authorized shares: 8,050,707 (June 30, 2020 - 5,220,707) issued and outstanding | 60,587,417 | 53,065,240 | ||||||
| Additional paid-in capital | 21,292,201 | 17,764,333 | ||||||
| Accumulated deficit | (71,593,717 | ) | (64,649,381 | ) | ||||
| Accumulated other comprehensive income (loss) | 128,569 | (301,874 | ) | |||||
| Total Shareholders' Equity | 10,414,470 | 5,878,318 | ||||||
| Total Liabilities and Shareholders' Equity | 12,344,999 | 7,802,597 |
Table 2: Condensed consolidated interim
statements of operations and comprehensive loss (unaudited):
InMed Pharmaceuticals Inc.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
For the three and nine months ended March 31, 2021 and 2020
Expressed in U.S. Dollars
| Three Months Ended | Nine Months Ended | |||||||||||||||
| March 31 | March 31 | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Operating Expenses | ||||||||||||||||
| Research and development and patents | 1,772,593 | 1,274,913 | 3,621,697 | 4,843,656 | ||||||||||||
| General and administrative | 1,333,725 | 902,289 | 2,918,067 | 2,661,545 | ||||||||||||
| Amortization and depreciation | 27,421 | 27,113 | 92,218 | 85,572 | ||||||||||||
| Total operating expenses | 3,133,739 | 2,204,315 | 6,631,982 | 7,590,773 | ||||||||||||
| Other Income (Loss) | ||||||||||||||||
| Interest income | 3,797 | 26,330 | 11,192 | 125,231 | ||||||||||||
| Finance expense | - | - | (360,350 | ) | - | |||||||||||
| Unrealized gain on derivative warrants liability | - | - | 242,628 | - | ||||||||||||
| Foreign exchange gain (loss) | 28,467 | 153,927 | (205,824 | ) | 142,677 | |||||||||||
| Net loss for the period | (3,101,475 | ) | (2,024,058 | ) | (6,944,336 | ) | (7,322,865 | ) | ||||||||
| Other Comprehensive Loss | ||||||||||||||||
| Foreign currency translation (loss) gain | - | (717,510 | ) | 430,443 | (685,834 | ) | ||||||||||
| Total comprehensive loss for the period | (3,101,475 | ) | (2,741,568 | ) | (6,513,893 | ) | (8,008,699 | ) | ||||||||
| Net loss per share for the year | ||||||||||||||||
| Basic and diluted | (0.41 | ) | (0.39 | ) | (1.11 | ) | (1.40 | ) | ||||||||
| Weighted average outstanding common shares | ||||||||||||||||
| Basic and diluted | 7,549,040 | 5,220,707 | 6,277,824 | 5,220,707 |
Table 3: Condensed consolidated interim
statements of cash flows (unaudited):
InMed Pharmaceuticals Inc.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited)
For the nine months ended March 31, 2021 and 2020
Expressed in U.S. Dollars
| 2021 | 2020 | |||||||
| Cash provided by (used in): | $ | $ | ||||||
| Operating Activities | ||||||||
| Net loss for the period | (6,944,336 | ) | (7,322,865 | ) | ||||
| Items not requiring cash: | ||||||||
| Amortization and depreciation | 92,218 | 85,572 | ||||||
| Share-based compensation | 389,343 | 838,304 | ||||||
| Non-cash lease expense | 88,620 | 63,130 | ||||||
| Loss on disposal of assets | - | 2,331 | ||||||
| Received interest income on short-term investments | 159 | 80,819 | ||||||
| Unrealized gain on derivative warrants liability | (242,628 | ) | - | |||||
| Unrealized gain on foreign exchange | (571 | ) | - | |||||
| Payments on lease obligations | (66,537 | ) | (48,865 | ) | ||||
| Finance expense | 360,350 | - | ||||||
| Changes in non-cash working capital: | - | |||||||
| Prepaids and other assets | (1,192,936 | ) | 72,428 | |||||
| Other non-current assets | (14,161 | ) | - | |||||
| Accounts receivable | (18,183 | ) | 29,704 | |||||
| Accounts payable and accrued liabilities | (235,892 | ) | 223,369 | |||||
| Total cash used in operating activities | (7,784,554 | ) | (5,976,073 | ) | ||||
| Investing Activities | ||||||||
| Maturity of short-term investments | - | 3,876,269 | ||||||
| Purchase of short-term investments | - | (43,619 | ) | |||||
| Proceeds on disposal of property and equipment | - | 546 | ||||||
| Purchase of property and equipment | - | (43,496 | ) | |||||
| Total cash provided by investing activities | - | 3,789,700 | ||||||
| Financing Activities | ||||||||
| Shares issued for cash | 12,472,500 | - | ||||||
| Share issuance costs | (1,534,602 | ) | - | |||||
| Total cash provided by financing activities | 10,937,898 | - | ||||||
| Effects of foreign exchange on cash and cash equivalents | 494,960 | (682,210 | ) | |||||
| Increase (decrease) in cash during the period | 3,648,304 | (2,868,583 | ) | |||||
| Cash and cash equivalents beginning of the period | 5,805,809 | 9,837,213 | ||||||
| Cash and cash equivalents end of the period | 9,454,113 | 6,968,630 |
About InMed: InMed Pharmaceuticals is a
clinical-stage company developing a pipeline of cannabinoid-based pharmaceutical drug candidates, initially focused on the therapeutic
benefits of cannabinol (CBN) in diseases with high unmet medical need. The Company is dedicated to delivering new therapeutic alternatives
to patients that may benefit from cannabinoid-based pharmaceutical drugs. For more information, visit www.inmedpharma.com.
Edison Advisors for InMed
Joe Green/Laine Yonker
T: +1.646.653.7030/+1.646.653.7035
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: leading the way in the clinical development of
cannabinol ("CBN"); developing a pipeline of cannabinoid-based medications in diseases with high unmet medical need; delivering
new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines; filing additional clinical trial applications
in selected countries and the timing thereof; patient enrollment and the timing thereof; exploring business development opportunities
as a potential avenue to build the Company and accelerate InMed's programs; anticipated responses from regulatory authorities and
ethics committees and the timing thereof; anticipated enrollment and locations of clinical sites; commercial viability of IntegraSyn
and advancement to large-scale production and the timing thereof; the focus of the Company on manufacturing scale-up of IntegraSyn
to larger batch sizes while continuing process and enzyme optimization; IntegraSyn targeting increased cannabinoid yield and reducing
overall costs; the preparation for IntegraSyn to be GMP-ready; and IntegraSyn targeting an output of one kilogram of the
selected cannabinoid in 2H2021 via a GMP-ready process.
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. Known risk factors include, among
others: regulatory filings may not be filed or approved on a timely basis, or at all; the outbreak and impact of COVID-19 may worsen;
preclinical and clinical testing may not produce the desired results on a timely basis, or at all; cannabis licensing/importing issues
may delay our projected development timelines; suitable partners may not be located; economic or market conditions may worsen; our existing
cash runway may not allow us to complete our forthcoming significant milestones; the development of IntegraSyn for the production
of pharmaceutical-grade cannabinoids as well as a pipeline of medications targeting diseases with high unmet medical needs may not be
as successful as desired, if at all. A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's
filings with the Security and Exchange Commission and the most recent Annual Information Form and other continuous disclosure filed with
Canadian securities regulatory authorities on SEDAR at www.sedar.com.
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.