InMed Pharmaceuticals Inc. (NASDAQ:INM) released financial results for the second quarter of fiscal year 2023 which ended December 31, 2022, revealing revenue of $469,783, a 77% increase compared to $265,092 in Q2 FY 2022.
Q2 FY 2023 Financial Highlights
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Gross profit was $131,163, compared to $111,555 in Q2 FY 2022.
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Total operating expenses were $2.4 million compared to $4.4 million in Q2 FY 2022.
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Net loss was $2.1 million compared to net loss of $4.3 million in Q2 FY 2022.
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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.
“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. As we move into calendar 2023, we have a strong pipeline of programs at various stages of development,” stated 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.”
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