InMed Pharmaceuticals Stock Trading Higher On Q3 Sales Growth Of 234%, Here Is What You Need To Know

InMed Pharmaceuticals Inc. INM released its financial results for the third quarter of the fiscal year 2023 which ended March 31, 2023, revealing sales of $1 million, an increase of 234% compared to $309,585 in Q3 2022.

Q3 FY 2023 Financial Highlights

• Gross profit was $192,511 compared to $182,277 in Q3 FY 2022.

• Net loss was $2 million compared to a loss of $3.5 million in Q3 FY 2022.

• Cash and cash equivalents end of the period were $9.6 million

"The third quarter of fiscal year 2023 was an important period for InMed, as we achieved several key milestones across our different business segments, including completing enrollment in our phase 2 clinical trial for epidermolysis bullosa, marking the first time cannabinol ("CBN") has completed a phase 2 clinical trial. We look forward to the data read out during 3Q and will then be in a better position to evaluate our strategic opportunities for the program," stated Eric A. Adams, president and CEO of InMed. "We are increasingly excited about the data we are seeing in our preclinical ocular and neurodegenerative disease programs where we are researching proprietary cannabinoid analogs in the treatment of various indications."

Price Action

InMed Pharmaceuticals shares were trading 5.17% higher at $1.22 during Tuesday’s pre-market session.

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