InMed Pharmaceuticals Inc. INM has released its financial results for the third quarter of fiscal 2023 ended March 31, 2023 and is insightful sales of 1 million US dollars, a 234% increase compared to $309,585 in the third quarter of 2022.

Financial Highlights of the Third Quarter of Fiscal Year 2023

• Gross profit was $192,511 compared to $182,277 for the third quarter of fiscal 2022.

• Net loss was $2 million compared to a loss of $3.5 million in the third quarter of fiscal 2022.

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

“The third quarter of fiscal 2023 was an important time for InMed as we achieved several important milestones across our various businesses, including the completion of enrollment for our Phase 2 clinical trial for Epidermolysis Bullosa, which was the first time that Cannabinol (“CBN”) has completed a Phase 2 clinical trial. We look forward to the data readout in the third quarter and will then be in a better position to evaluate our strategic opportunities for the program.” Eric A Adams, President and CEO of InMed. “We are increasingly excited about the data we are seeing in our preclinical programs in ophthalmic and neurodegenerative diseases, where we are exploring proprietary cannabinoid analogs for the treatment of various indications.”

price action

Shares of InMed Pharmaceuticals traded 5.17% higher at $1.22 during Tuesday’s premarket session.

Photo of Giorgio Trovato At Unsplash

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