- Innocan Pharma (INNO) has reported its financial results for the three and nine months ended September 30, 2022
- Revenue was US$1.424M for the quarter ended September 30, a 700 per cent increase from the third quarter of 2021
- Gross profit was US$511,000 for the quarter ended September 30, a 360 per cent increase from the third quarter of 2021
- Net loss was US$2.7M for the quarter, a 71 per cent decrease from the third quarter of 2021
- Innocan is a pharmaceutical tech company
- InnoCan Pharma Corporation (INNO) opened trading at $0.27 per share
Innocan Pharma (INNO) has reported its financial results for the three and nine months ended September 30, 2022.
Iris Bincovich, CEO of Innocan, commented on the results.
“We delivered encouraging results in the third quarter, with revenue growth and are confident in our long-term outlook. We continue with our strategy to invest in cutting-edge science and innovation while delivering revenues from our consumer wellness activities.”
Financial highlights for the third quarter of 2022:
- Revenue – Revenue was US$1.424M for the quarter ended September 30, 2022, a 700 per cent increase from the $180,000 in the third quarter of the prior year.
- Gross profit – was US$511,000 for the quarter ended September 30, 2022, a 360 per cent increase from the US$180,000 in the third quarter of the prior year.
- Net loss – was US$2.7M for the quarter ended September 30, 2022, a 71 per cent decrease from the US$9.4M in the third quarter of the prior year. This is mainly because of changes in the fair value of warrants outstanding during the period of Q3-22 in comparison to the corresponding quarter.
- Working capital – was US$7.7M for the quarter ended September 30, 2022, a 17 per cent increase from the US$6.6M in the third quarter of the prior year.
- Cash balance – was US$6.4M for the quarter ended September 30, 2022, a 10 per cent increase from the US$5.8M in the third quarter of the prior year.
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness.
InnoCan Pharma Corporation (INNO) opened trading at $0.27 per share.