Inmed Pharmaceuticals Inc Stock Price, News & Analysis

InMed Pharmaceuticals Inc. (Nasdaq: INM) reported its Q3 fiscal 2022 results, highlighting advancements in its rare cannabinoid products, including the launches of CBDV and CBT. The company saw a net loss of $10.7 million, or $0.81 per share, compared to a loss of $6.9 million, or $1.11 per share, for the same period last year. InMed's BayMedica segment generated $0.6 million in net sales. The company is also advancing clinical trials for its therapeutic candidates, including INM-755 for Epidermolysis Bullosa and INM-088 for glaucoma. Cash and short-term investments stood at $5.9 million as of March 31, 2022.

InMed Pharmaceuticals (Nasdaq: INM) announced that its subsidiary, BayMedica, will supply rare cannabinoids for Radicle Science's study on the effects of delta-9 dominant tetrahydrocannabivarin (THCV) on health outcomes like energy, focus, appetite, and weight/BMI. This consumer-based research will involve up to 900 participants in a randomized, placebo-controlled trial, beginning participant recruitment in May 2022 and expected to last four weeks. Results will inform consumers and healthcare providers on the efficacy of THCV as part of broader cannabinoid research.

InMed Pharmaceuticals (INM) is transitioning from a pure-play pharmaceutical R&D firm to include commercial sales in the health and wellness market. Upcoming product launches of high-value rare cannabinoids are expected to drive revenue growth. The company is also advancing its pharmaceutical drug programs, including a Phase II trial and preparations for an FDA meeting for its glaucoma drug candidate INM-088. Valuation scenarios have been updated, reflecting a risk-adjusted per basic share value ranging from US$1.5 to US$16.0.

InMed Pharmaceuticals (Nasdaq: INM) has published a patent application for various cannabinoid analogs, enhancing its library of proprietary compounds for pharmaceutical development. The application claims broad protections for these novel cannabinoid-related chemical entities, which may offer improved therapeutic effects over naturally occurring cannabinoids. InMed has initiated a collaboration with Italy's University of L’Aquila to screen these analogs for therapeutic uses.

This initiative aims to address unmet medical needs and solidify InMed's position in rare cannabinoid research and development.

InMed Pharmaceuticals has launched B2B sales of the rare cannabinoid cannabidivarin (CBDV) through its subsidiary, BayMedica, targeting wholesalers and product manufacturers in the health sector. CBDV is non-intoxicating and has therapeutic potential for conditions like autism and epilepsy. As research indicates a growing market for rare cannabinoids, estimated to reach US$26 billion by 2028, InMed aims to secure a reliable supply chain. The company also plans to introduce THCV to its product line soon.

InMed Pharmaceuticals (Nasdaq: INM) announced its participation in various investor events in April and May 2022. Key highlights include:

• Benzinga Spring Cannabis Capital Conference: April 20-21, 2022, Fontainebleau Miami Beach, Florida.
• Canaccord Genuity’s 6th Annual Global Cannabis Conference: May 11, 2022, Virtual.
• H.C. Wainwright Global Investment Conference: May 23-26, 2022, Virtual.

Management will conduct virtual meetings with institutional clients to discuss potential collaborations and the company's pipeline of rare cannabinoid therapeutics.

InMed Pharmaceuticals has announced the retirement of Chief Financial Officer Bruce Colwill effective March 31, 2022, who will continue as an advisor until June 30, 2022. Brenda Edwards has been appointed as Interim CFO starting April 1, 2022, bringing over 35 years of financial experience, including over 20 years in CFO roles. Eric Adams, CEO, expressed gratitude for Colwill's leadership during a pivotal time and welcomed Edwards for her extensive background in finance and management, emphasizing her suitability for the company's transitional phase.

InMed Pharmaceuticals (Nasdaq: INM) announced that Eric A. Adams, President and CEO, will present at the 34th Annual Roth Conference from March 13-15, 2022. Mr. Adams will host a fireside chat with Scoth Henry on March 15 at 09:30 AM ET. Investors can access a webcast of this event and an on-demand presentation through the company's investor relations webpage. The conference features numerous small group meetings and presentations from around 400 companies, focusing on emerging growth sectors.

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.