InMed Pharmaceuticals Reports Full Year Fiscal 2020 Financial Results and Provides Business Update

VANCOUVER, BC, Sept. 8, 2020 /CNW/ – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (TSX:IN; OTCQX:IMLFF), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the way in the clinical development of cannabinol (“CBN”), today reported financial results for the fiscal year ended June 30, 2020.

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www.inmedpharma.com and at www.sedar.com.” data-reactid=”20″>The Company’s full financial statements and related MD&A for the fiscal year ended June 30, 2020 are available at www.inmedpharma.com and at www.sedar.com.

INM-755 for the treatment of epidermolysis bullosa (“EB”). On April 30, 2020, InMed announced it had received regulatory and ethics board approval of its Clinical Trial Application (“CTA”) to conduct a second Phase 1 trial (755-102-HV) with INM-755 skin cream on healthy volunteers with induced epidermal wounds. On July 7, 2020, the 755-102 trial enrolled the first patient at the Centre for Human Drug Research in the Netherlands, where two strengths of INM-755 cream are being evaluated in 8 adult subjects over a 14-day treatment period. Final results from the first Phase 1 trial (755-101-HV) trial are anticipated to be announced later this month and final results from 755-102 are expected in the fourth calendar quarter of 2020.

INM-088 for the treatment of glaucoma. On May 27, 2020, InMed released top-line preclinical data demonstrating the relative and overall neuroprotective effects of cannabinol in preclinical models of glaucoma. This data demonstrated cannabinol could not only help relieve intraocular pressure, a hallmark symptom of glaucoma, but could also help prevent the death of retinal ganglion cells (“RGCs”), which are the nerve cells characteristically damaged as the disease progresses, leading to vision loss. These compelling in vivo and in vitro preclinical results formed a large part of a patent filed on May 12, 2020 entitled “Compositions and Methods for Use of Cannabinoids for Neuroprotection”. InMed’s efforts are now focused on the work necessary to combine INM-088 with the delivery technology to be used in IND-enabling preclinical toxicology studies which the Company continues to anticipate commencement in the second half of calendar 2020.

IntegraSyn^TM. On June 24, 2020, InMed introduced IntegraSyn^TM, the Company’s new approach to producing pharmaceutical-grade cannabinoids. IntegraSyn^TM integrates biosynthesis with other traditional drug manufacturing methods with the goal of improving production of low-cost, high quality cannabinoids. InMed is working with industry-leading contract developing and manufacturing organizations, including the Almac Group, to generate proprietary, high efficiency enzymes for flexible application in downstream cannabinoid assembly.

On June 30, 2020, the Company announced the completion of a reverse share split whereby, in conjunction with its application to list its common shares on the Nasdaq Stock Market (“Nasdaq”), the Company completed the consolidation of its issued and outstanding common shares on the basis of thirty-three (33) pre-consolidation common shares for one (1) post-consolidation common share (the “Consolidation”). The per share data in this release reflects that Consolidation.

For the year ended June 30, 2020, the Company recorded a net loss of $11.9 million, or $2.27 per share, compared with a net loss of $13.3 million, or $2.56 share, for the year ended June 30, 2019.

Research and development expenses were $7.1 million for the year ended June 30, 2020, compared with $5.6 million for the year ended June 30, 2019. The increase of $1.5 million year-on-year was primarily due to increased spending on external contractors, largely related to advancing the INM-755 program into the clinic. In addition, the Company incurred increased salaries and benefits commensurate with the increase in research and development activities.

The Company incurred general and administrative expenses of $3.5 million for the year ended June 30, 2020, compared with $3.8 million for the year ended June 30, 2019. This 7% decrease year-on-year was the result of certain expenditures decreasing, including legal, accounting and investor relations and marketing related cost, offset by certain other costs that increased in the current year including salaries and benefits and office related expenses. Adjusting for the deferral of certain financing related expenditures totaling $0.4 million, general and administrative expenses were relatively constant year-on-year.

The Company also incurred non-cash, share-based payments, in connection with the grant of stock options, of $1.3 million in the year ended June 30, 2020, compared with $4.1 million for the year ended June 30, 2019.

At June 30, 2020, the Company’s cash, cash equivalents and short-term investments were $8.0 million, which compares to $18.0 million at June 30, 2109 and $9.9 million at the end of the previous quarter, March 31, 2020. The decrease in cash, cash equivalents and short-term investments during the year ended June 30, 2020, was primarily due to cash outflows from operating activities.

InMed Pharmaceuticals Inc.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at June 30, 2020 and June 30, 2019
Expressed in Canadian Dollars
		June 30,		June  30,
		2020		2019
ASSETS
Current
Cash and cash equivalents	$	7,912,156	$	12,873,961
Short-term investments		57,761		5,165,093
Accounts receivable		61,794		84,987
Prepaids and other assets		570,905		424,275
Total current assets		8,602,616		18,548,316
Non-Current
Property and equipment		549,869		55,829
Intangible assets		1,091,642		1,184,720
Total Assets	$	10,244,127	$	19,788,865
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Accounts payables and accrued liabilities	$	2,190,432	$	1,562,865
Current portion of lease obligations		93,986		–
Total current liabilities		2,284,418		1,562,865
Non-current
Lease obligations		337,989		–
		2,622,407		1,562,865
SHAREHOLDERS’ EQUITY
Share capital		68,579,890		68,579,890
Contributed surplus		15,468,817		14,216,224
Accumulated deficit		(76,426,987)		(64,570,114)
		7,621,720		18,226,000
	$	10,244,127	$	19,788,865