Innocan Pharma Corporation INNPF INNO IP released its financial results for the three and nine months ended September 30, 2022, revealing Q3 revenue of $1.42 million, a 700% increase compared to $180,000 in the Q3 2021.
Q3 2022 Financial Highlights
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Gross Profit – was $511,000 for the quarter ended September 30, 2022, representing a 360% increase from the $180,000 in third quarter in the prior year.
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Net loss – was $2.7 million for the quarter ended September 30, 2022, representing a 71% decrease from the $9.4 million in third quarter in the prior year. This is mainly because of changes in fair value of warrants outstanding during the period of Q3-22 in compared to the corresponding quarter.
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Working capital – was $7.7 million for the quarter ended September 30, 2022, representing a 17% increase from the $6.6 million in third quarter in the prior year.
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Cash balance – was $6.4 million for the quarter ended September 30, 2022, representing a 10% increase from the $5.8 million in third quarter in the prior year.
“We delivered encouraging results in the third quarter, with revenue growth and are confident in our long-term outlook” stated Iris Bincovich, CEO of Innocan, “we continue with our strategy to invest in cutting-edge science and innovation while deliver revenues from our consumer wellness activities.”
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