Full Press Release Details
Pharmaceuticals Reports Full Year Fiscal 2021 Financial Results and Provides Business Update
BC - September 24, 2021 - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM),
a leader in the manufacturing and clinical development of rare cannabinoids, today reported financial results for the fiscal year ended
September 24, 2021, at 8:00 AM Pacific Time, 11:00 AM Eastern Time
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Company's full financial statements and related MD&A for the fiscal year ended June 30, 2021, are available at www.inmedpharma.com,
www.sedar.com and at www.sec.gov.
A. Adams, InMed CEO, states, "In the final quarter of our of fiscal year 2021, as well as throughout the year, we made important
progress in corporate development, pharmaceutical drug development and in advancing our proprietary manufacturing approach, IntegraSyn .
With the recent announcements regarding our acquisition of BayMedica Inc., the Company is well positioned to continue its activities
to solidify a leadership position in the field of rare cannabinoids."
Activities and Results of Operations (expressed in US Dollars):
1: Consolidated statements of financial position:
InMed Pharmaceuticals Inc.
As at June 30, 2021 and 2020
Expressed in U.S. Dollars
| June 30, 2021 | June 30, 2020 | |||||||
| ASSETS | $ | $ | ||||||
| Current | ||||||||
| Cash and cash equivalents | 7,363,126 | 5,805,809 | ||||||
| Short-term investments | 46,462 | 42,384 | ||||||
| Accounts receivable | 11,919 | 45,344 | ||||||
| Prepaids and other assets | 956,762 | 418,920 | ||||||
| Total current assets | 8,378,269 | 6,312,457 | ||||||
| Non-Current | ||||||||
| Property and equipment, net | 326,595 | 403,485 | ||||||
| Intangible assets, net | 1,061,697 | 1,086,655 | ||||||
| Other assets | 14,655 | - | ||||||
| Total Assets | 9,781,216 | 7,802,597 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payables and accrued liabilities | 2,134,878 | 1,607,303 | ||||||
| Current portion of lease obligations | 80,483 | 68,965 | ||||||
| Total current liabilities | 2,215,361 | 1,676,268 | ||||||
| Non-current | ||||||||
| Lease obligations | 189,288 | 248,011 | ||||||
| Total Liabilities | 2,404,649 | 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 | 21,513,051 | 17,764,333 | ||||||
| Accumulated deficit | (74,852,470 | ) | (64,649,381 | ) | ||||
| Accumulated other comprehensive income (loss) | 128,569 | (301,874 | ) | |||||
| Total Shareholders' Equity | 7,376,567 | 5,878,318 | ||||||
| Total Liabilities and Shareholders' Equity | 9,781,216 | 7,802,597 |
2: Consolidated statements of operations and comprehensive loss:
InMed Pharmaceuticals Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
For the year ended June 30, 2021 and 2020
Expressed in U.S. Dollar
| Year Ended June 30 | ||||||||
| 2021 | 2020 | |||||||
| $ | $ | |||||||
| Operating Expenses | ||||||||
| Research and development and patents | 5,338,084 | 5,811,266 | ||||||
| General and administrative | 4,479,333 | 3,227,167 | ||||||
| Amortization and depreciation | 120,866 | 112,429 | ||||||
| Total operating expenses | 9,938,283 | 9,150,862 | ||||||
| Other Income (Loss) | ||||||||
| Interest income | 16,017 | 129,526 | ||||||
| Finance expense | (360,350 | ) | - | |||||
| Unrealized gain on derivative warrants liability | 242,628 | - | ||||||
| Foreign exchange (loss) gain | (163,101 | ) | 82,187 | |||||
| Net loss for the period | (10,203,089 | ) | (8,939,149 | ) | ||||
| Other Comprehensive Loss | ||||||||
| Foreign currency translation gain (loss) | 430,443 | (419,838 | ) | |||||
| Total comprehensive loss for the period | (9,772,646 | ) | (9,358,987 | ) | ||||
| Net loss per share for the year | ||||||||
| Basic and diluted | (1.52 | ) | (1.71 | ) | ||||
| Weighted average outstanding common shares | ||||||||
| Basic and diluted | 6,719,830 | 5,220,707 |
3: Consolidated statements of cash flows:
InMed Pharmaceuticals Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended June 30, 2021 and 2020
Expressed in U.S. Dollars
| 2021 | 2020 | |||||||
| $ | $ | |||||||
| Cash provided by (used in): | ||||||||
| Operating Activities | ||||||||
| Net loss for the period | (10,203,089 | ) | (8,939,149 | ) | ||||
| Items not requiring cash: | ||||||||
| Amortization and depreciation | 120,866 | 112,429 | ||||||
| Share-based compensation | 610,193 | 994,401 | ||||||
| Non-cash lease expense | 107,828 | 89,816 | ||||||
| Loss on disposal of assets | 555 | 2,307 | ||||||
| Received interest income on short-term investments | 131 | 79,937 | ||||||
| Unrealized gain on derivative warrants liability | (242,628 | ) | - | |||||
| Unrealized foreign exchange gain | (445 | ) | - | |||||
| Payments on lease obligations | (93,951 | ) | (72,522 | ) | ||||
| Finance expense | 360,350 | - | ||||||
| Changes in non-cash working capital: | - | |||||||
| Prepaids and other assets | (823,172 | ) | (126,560 | ) | ||||
| Other non-current assets | (14,161 | ) | - | |||||
| Accounts receivable | 40,198 | 17,273 | ||||||
| Accounts payable and accrued liabilities | 346,685 | 467,392 | ||||||
| Total cash used in operating activities | (9,790,640 | ) | (7,374,676 | ) | ||||
| Investing Activities | ||||||||
| Maturity of short-term investments | - | 3,876,269 | ||||||
| Purchase of short-term investments | - | (43,619 | ) | |||||
| Proceeds on disposal of property and equipment | - | 541 | ||||||
| Purchase of property and equipment | (1,725 | ) | (42,573 | ) | ||||
| Total cash (used in) provided by investing activities | (1,725 | ) | 3,790,618 | |||||
| Financing Activities | ||||||||
| Shares issued for cash | 12,472,500 | - | ||||||
| Share issuance costs | (1,617,778 | ) | (30,993 | ) | ||||
| Total cash provided by (used in) financing activities | 10,854,722 | (30,993 | ) | |||||
| Effects of foreign exchange on cash and cash equivalents | 494,960 | (416,353 | ) | |||||
| Increase (decrease) in cash during the period | 1,557,317 | (4,031,404 | ) | |||||
| Cash and cash equivalents beginning of the period | 5,805,809 | 9,837,213 | ||||||
| Cash and cash equivalents end of the period | 7,363,126 | 5,805,809 |
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") and is developing IntegraSyn to produce pharmaceutical-grade
cannabinoids. 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.
Director, Investor Relations
+1.646.653.7030/+1.646.653.7035
Note Regarding Forward-Looking Information:
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;
leading the clinical development of cannabinol as a potential therapeutic option for diseases; solidifying a leadership position in the
field of rare cannabinoids including in the manufacturing of rare cannabinoids; scaling-up IntegraSyn to larger batch sizes; evaluating
the safety of INM-755 (cannabinol) cream and its preliminary efficacy in the INM-755-201 study; commencing patient enrollment the INM-755-201
study in the coming weeks; and completing INM-088 GLP studies by mid-2022.
respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other
things: continued and timely positive preclinical and clinical efficacy data; the speed of regulatory approvals; the ability to contract
with suitable partners; demand for InMed's products; and continued economic and market stability. While InMed considers these assumptions
to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties
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: 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; regulatory applications may not be approved 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 a proprietary
biosynthesis manufacturing technology 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 Form 10-K filed on sec.gov.
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.