LONDON, UK / ACCESSWIRE / June 1, 2022 / InMed Pharmaceuticals has reported fiscal Q322 results (ending 31 March) benefiting from commercial sales into the health and wellness market. Its product launches of high-value rare cannabinoids contributed to its $0.3m revenues and should provide most sales in the near future. It has also made progress with its pharmaceutical drug development program for treating glaucoma, where it completed the FDA pre-investigational new drug (pIND) meeting for candidate INM-088. We continue to see InMed offering near-term revenue generation combined with the longer-term value of its pharma drug development programs.

We adjust our forecasts from those published in our Outlook report for the lower net cash balance ($5.0m) than in Q222 ($10.3m) and the slightly higher share count. Our risk-adjusted per basic share valuations are now $5.6 (base), $15.5 (bull) and $1.1 (bear), down slightly from our prior $6.0 (base), $16.0 (bull) and $1.5 (bear).

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SOURCE: Edison Investment Research Limited