InMed Pharmaceuticals Stock Hits 52-Week Low at $2.34

In a challenging year for InMed Pharmaceuticals Inc., the stock has touched a 52-week low, trading at $2.34. According to InvestingPro analysis, the company maintains a healthy current ratio of 3.05, with liquid assets exceeding short-term obligations. This latest price point underscores a significant downturn for the company, with the stock experiencing a precipitous 1-year change, plummeting by -66.55%. Investors have been closely monitoring InMed’s performance, as the biopharmaceutical company navigates through a period marked by volatility and investor caution. The 52-week low serves as a critical indicator of the stock’s current trajectory and is a focal point for discussions about its future potential and recovery prospects. InvestingPro analysis suggests the stock is currently undervalued, though analysts anticipate continued challenges with net income expected to decline this year.

In other recent news, InMed Pharmaceuticals Inc. has announced the selection of its intravitreal (IVT) formulation, INM-089, for further development in treating dry age-related macular degeneration (AMD (NASDAQ:AMD)). This decision follows successful preclinical studies indicating a favorable pharmacokinetic profile and safety at doses significantly higher than the therapeutic level. The company is preparing for the next stages of preclinical research, including Good Laboratory Practice (GLP) enabling studies, to advance the clinical development of INM-089. In a separate development, InMed Pharmaceuticals has secured an international patent under the Patent Cooperation Treaty (PCT) in Mexico, titled "Cannabinoid analogs and methods for their preparation." This patent, which has a 20-year term, covers novel analog compounds for therapeutic use in conditions such as pain, glaucoma, and several neurological disorders. The patent is part of InMed’s broader intellectual property strategy, which includes 14 patent families covering various aspects of their drug candidates. The company’s President and CEO, Eric A. Adams, highlighted the patent as crucial for protecting their research and development investments. These recent developments underscore InMed’s commitment to advancing its pipeline of small molecule drug candidates.

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