InMed Pharmaceuticals Inc. INM, a leader in research, development, manufacturing and commercialization of rare cannabinoids, released unaudited financial results for the third quarter of the fiscal year 2022, which ended March 31, 2022.
For the 9 months ended March 31, 2022, the company recorded a net loss of $10.7 million, or $0.81 per share, compared with a net loss of $6.9 million, or $1.11 per share, for the nine months ended March 31, 2021.
Research, development and patents expenses went up by $2.2 million for the nine months ended March 31, 2022, compared to the nine months ended March 31, 2021.
The company had general and administrative expenses of $5.1 million for the nine months ended March 31, 2022 compared to $2.9 million for the nine months ended March 31, 2021.
At March 31, 2022, the company s cash, cash equivalents and short-term investments were $5.9 million, which is a difference between $7.4 million and $7.4 million at June 30, 2021. Cash outflows from operating activities partially offset the July 2, 2021 private placement, which resulted in a change in cash, cash equivalents and short-term investments during the nine months to March 31, 2022.
The company's total issued and outstanding shares were 14.28 million at March 31, 2022, the company's total issued and outstanding shares were 14.28 million. The weighted average number of common shares was 14.15 million and 13.32 million, which is used for the calculation of loss per share for the three and nine months ending March 31, 2022.
The acquisition of BayMedica in October 2021 results in net sales of $0.6 million for the six months ended March 31, 2022 for cannabinoid ingredient sales to wholesalers and product manufacturers in the health and wellness sector. There were no comparable revenues in the 2021 period as the nine months ended March 31, 2021 pre-dated the acquisition of BayMedica.
The products launches of two new rare cannabinoids, CBDV and THCV were impacted by the delay in reported sales this quarter. The commercial launch of THCV is planned soon and CBDV will be launched at the end of the quarter. The company anticipates that revenue growth will be strong in the coming quarters due to the commercialization of these products and additional launches being planned.
Eric A. Adams, InMed president and CEO, said that the third quarter of fiscal 2022 saw significant advancements across all of our programs, including the beginning of sales of the rare cannabinoids CBDV and CBT as raw ingredients for the health and wellness industry. We will continue to focus on driving our commercial operations by expanding our product portfolio, expanding our existing and new rare cannabinoids, exploring new distribution channels, and optimizing our product development and supply chain strategy for the remainder of fiscal 2022. We continue to grow revenues and have a solid platform to build as we commercialize additional high value products. We continue to focus on enhancing our sales and marketing efforts to support increasing demand.