InMed Pharmaceuticals Inc. (NASDAQ:INM) released insightful financial results for the second quarter of fiscal 2023 ended December 31, 2022 Revenue of $469,783, an increase of 77% compared to $265,092 in the second quarter of fiscal 2022.

Q2 FY 2023 financial highlights

• Gross profit was $131,163 compared to $111,555 in the second quarter of fiscal 2022.

• Total operating expenses were $2.4 million compared to $4.4 million in the second quarter of fiscal 2022.

• Net loss was $2.1 million compared to a net loss of $4.3 million in the second quarter of fiscal 2022.

• As of December 31, 2022, the Company’s cash, cash equivalents and short-term investments were $11.5 million compared to $6.2 million on June 30, 2022. The increase in cash, cash equivalents and short-term investments in The six months ended December 31, 2022 was primarily a result of the private placements dated September 13, 2022 and November 21, 2022, partially offset by cash outflows from operations.

“This period was another strong operational quarter for the Company as we advanced our pharmaceutical programs, including the launch of compounds in the INM-900 series for evaluating neurodegenerative diseases. We are currently nearing the end of recruitment for our Phase 2 clinical trial in Epidermolysis Bullosa. As we enter the 2023 calendar, we have a strong pipeline of programs in various stages of development,” he said Eric A Adams, President and CEO of InMed. “In the second quarter of the fiscal year, there were significant cost savings across the various businesses, resulting in reduced cash burn. Additionally, our strong cash position of over $11 million allows us to achieve several significant milestones in calendar year 2023.”

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