Business
InMed Pharmaceuticals Reports First Quarter Fiscal 2021 IFRS Financial Results
VANCOUVER, BC, Nov. 13, 2020 /PRNewswire/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (NASDAQ: INM) (TSX: IN), a clinical-stage pharmaceutical
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"VANCOUVER, BC, Nov. 13, 2020 /PRNewswire/ - InMed Pharmaceuticals Inc. (\"InMed\" or the \"Company\") (NASDAQ: INM) (TSX: IN), 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\"), in compliance with continuous disclosure obligations in Canada, today reported financial results for the first quarter of fiscal year 2021 (\"1Q21\") which ended September 30, 2020.\nWith yesterday's announced financing expected to close on November 16, 2020, subject to customary closing conditions, the conference call component of this quarter's financial reporting has been cancelled. The Company looks forward to updating investors during a future conference call.\nResults of Operations (expressed in Canadian Dollars and in accordance with IFRS):\nFor the three months ended September 30, 2020, the Company recorded a net loss of $2.1 million, or $0.41 per share, compared with a net loss of $3.4 million, or $0.65 per share, for the three months ended September 30, 2019. Research and development expenses were $1.2 million for 1Q21, compared with $2.3 million for the three months ended September 30, 2019. The decrease was primarily due to a decrease in the costs associated with external contractors and research supplies. The Company incurred general and administrative expenses of $0.7 million for 1Q21, compared with $1.0 million for the three months ended September 30, 2019. The decrease in general and administrative expenses for the three months to September 30, 2020 was primarily due to decreased accounting and legal expenses pertaining to certain corporate initiatives, including certain current year legal costs being capitalized as deferred financing costs offset by higher accounting fees partly resulting from the preparation of financial statements under both IFRS and US GAAP, as well as decreased salaries and benefits. The Company also incurred non-cash, share-based payments, in connection with the grant of stock options, of $0.1 million for 1Q21, compared with $0.2 million for the three months ended September 30, 2019. At September 30, 2020, the Company's cash, cash equivalents and short-term investments were $6.1 million, which compares to $8.0 million at June 30, 2020. The decrease in cash, cash equivalents and short-t...