Incannex Healthcare Inc., a biopharmaceutical company, reported its financial results for the quarter ended March 31, 2024. The company experienced an increase in operating expenses, primarily due to higher research and development costs associated with clinical trials. Research and development expenses rose by $1.6 million compared to the same period in the previous year, reaching $3.3 million. General and administrative expenses also increased by $2.1 million, totaling $4.1 million for the quarter. This rise was attributed to higher salaries and employee benefits, including the issuance of restricted stock, as well as increased legal and accounting expenses following the company's re-domiciliation. Despite these increases, the company benefited from a $1.3 million R&D tax credit. The net loss for the quarter was $6.0 million, a significant increase...Show More

Incannex Healthcare Inc., a biopharmaceutical company, reported its financial results for the quarter ended March 31, 2024. The company experienced an increase in operating expenses, primarily due to higher research and development costs associated with clinical trials. Research and development expenses rose by $1.6 million compared to the same period in the previous year, reaching $3.3 million. General and administrative expenses also increased by $2.1 million, totaling $4.1 million for the quarter. This rise was attributed to higher salaries and employee benefits, including the issuance of restricted stock, as well as increased legal and accounting expenses following the company's re-domiciliation. Despite these increases, the company benefited from a $1.3 million R&D tax credit. The net loss for the quarter was $6.0 million, a significant increase from the $3.6 million loss reported in the previous year. The company's cash position stood at $9.3 million as of March 31, 2024. Incannex Healthcare's business development efforts included the continuation of clinical trials for its drug candidates. Looking ahead, the company plans to further its research and development activities and pursue regulatory approvals for its products.