Incannex Healthcare Inc., a clinical-stage biopharmaceutical company, reported financial results for the fiscal year ended June 30, 2024. The company experienced a net loss of $18.5 million, a decrease from the previous year's net loss of $48.8 million. This reduction was primarily due to a decrease in acquisition of in-process research and development expenses related to the acquisition of APIRx in the prior fiscal year. Operating expenses totaled $30.1 million, with research and development expenses accounting for $12.9 million, driven by clinical trials for drug candidates IHL-42X, PSX-001, and IHL-675A. General and administrative expenses increased to $17.2 million, reflecting the company's expansion and preparation for potential commercialization of drug candidates. The company received an R&D tax incentive of $11.4 million from the Australian...Show More

Incannex Healthcare Inc., a clinical-stage biopharmaceutical company, reported financial results for the fiscal year ended June 30, 2024. The company experienced a net loss of $18.5 million, a decrease from the previous year's net loss of $48.8 million. This reduction was primarily due to a decrease in acquisition of in-process research and development expenses related to the acquisition of APIRx in the prior fiscal year. Operating expenses totaled $30.1 million, with research and development expenses accounting for $12.9 million, driven by clinical trials for drug candidates IHL-42X, PSX-001, and IHL-675A. General and administrative expenses increased to $17.2 million, reflecting the company's expansion and preparation for potential commercialization of drug candidates. The company received an R&D tax incentive of $11.4 million from the Australian government, contributing to other income. As of June 30, 2024, Incannex had cash and cash equivalents of $5.9 million. The company's ability to continue as a going concern is uncertain, and it plans to address this through potential sales of common stock, debt financing, or strategic transactions. Incannex's stock price has been volatile, and the company does not anticipate paying dividends in the foreseeable future. The company's board of directors is classified into three classes with staggered three-year terms, which may prevent a change in control. Incannex has entered into employment agreements with key executives, including CEO Joel Latham, who received a total compensation of $5.8 million for the fiscal year.