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      Market Correction InMed Pharmaceuticals Inc. (INM) in Decline After-Hours - Stocks Telegraph

      By Gule Rukhsar

      Published on

      November 18, 2021

      8:03 AM UTC

      Market Correction InMed Pharmaceuticals Inc. (INM) in Decline After-Hours - Stocks Telegraph

      InMed Pharmaceuticals Inc. (INM) stock falls to $1.92 (-1.54%) in the after-hours, against $1.95 at its last close on November 17. The stock saw a huge leap of 39.29% upwards at a volume of 141.87 million (5,244% of avg.) during the normal trading session. Intraday trading, reached a high of $2.37 and a low of $1.43. Over the past 5 days, the stock gained a good 45.52%, while losing 40.73% year to date. INM’s current market capital stands at $19.79 million with 14.4 million outstanding shares.

      The stock’s gain of 39.29% was reversed in the after-hours as it started to lose, probably due to profit bookers taking advantage of the good gain.

      InMed Pharmaceuticals Inc. (INM) is a clinical-stage company that researches and develops cannabinoid-based therapies for the treatment of diseases.

      Cause for INM’s Gain

      On November 17, INM declared its progress across the business. As per the report, the company’s profile has significantly changed from that of a few months ago. Through the acquisition of BayMedica, INM is now in its commercial-stage because of the bulk sale of BayMedica’s cannabichromene.

      According to the progress reported, INM’s current valuation is $290 million ($20.53/basic share), while previously it was $293 million ($24.24/basic share). This value adjustment happened due to a larger number of outstanding shares. The shares were issued as a result of the closing of BayMedica acquisition. Furthermore, the company is modeling an additional $11 million raised in FY23. The exact funding requirement for this is dependent on the expense level for the two companies combined.

      This development in the company’s business progress caused its stock to soar higher on November 17, during the normal trading session.

      Third Quarter Financials

      On November 10, INM announced its financial results for the quarter ended September 30, 2021. As per the results, the net loss incurred for the quarter was $3.0 million, against that of $1.6 million for of 2020. Accordingly, the net loss per basic and diluted share was $0.25 for Q3 2021, against that of $0.31 for Q3 2020. The net loss per share resulted in a surprise of 28.57%, as the expected net loss per share was $0.35.

      Furthermore, INM had cash, cash equivalents, and short-term investments of $15.4 million at September 30, 2021. While the same was $7.4 million on June 30, 2021. In addition, the R&D expenses were $1.5 million, and general and administrative expenses were $1.4 million for Q3 2021.

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