subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. These risks and uncertainties include, among others: the continued availability of financing; Incannex's ability to raise capital to fund continuing operations and to complete capital raising transactions; the impact of any infringement actions or other litigation brought against Incannex; the success of Incannex's development efforts, including Incannex's ability to progress its drug candidates through clinical trials on the timelines expected; competition from other providers and products; that the market for its drug candidates may not grow at the rates anticipated or at all; Incannex's compliance with the various evolving and complex laws and regulations applicable to its business and its industry; and Incannex's ability to protect its proprietary technology and intellectual property; and other factors relating to Incannex's industry, its operations and results of operations. The forward-looking statements made in this press release speak only as of the date of this press release, and Incannex assumes no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law. Incannex's reports filed with the U.S. Securities and Exchange Commission $(SEC.UK)$ including its annual report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on September 30, 2024, and the other reports it files from time to time, including subsequently filed annual, quarterly and current reports, are made available on Incannex's website upon their filing with the SEC. These reports contain more information about Incannex, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this press release. For additional information on Incannex, please visit our website at www.incannex.com.
Contact Information
Jennifer Drew-Bear
Edison Group for Incannex
Jdrew-bear@edisongroup.com
INCANNEX HEALTHCARE INC.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share amounts)
(expressed in U.S. Dollars, unless otherwise stated)
December 31, 2024 June 30, 2024
-------------------
Assets
Current assets:
Cash and cash equivalents $ 2,098 $ 5,858
Prepaid expenses and other
assets 417 507
Assets pledged as security
for short-term debt 1,383 -
Research and Development
("R&D") tax incentive
receivable 6,606 9,837
--------------- -----------
Total current assets 10,504 16,202
Property, plant and equipment,
net 273 472
Operating lease right-of-use
assets 329 373
--------------- -----------
Total assets $ 11,106 $ 17,047
=============== ===========
Liabilities and stockholders'
equity
Current liabilities:
Trade and other payables $ 845 $ 612
Accrued expenses and other
current liabilities 3,435 4,845
Short-term debt 1,383 -
Operating lease liabilities,
current 177 163
--------------- -----------
Total current liabilities 5,840 5,620
Operating lease liabilities,
non-current 152 210
Long-term debt 2,385 -
Warrant liabilities 1,286 -
Convertible rights 478 -
--------------- -----------
Total liabilities 10,141 5,830
=============== ===========
Commitments and contingencies
(Note 8)
Stockholders' equity:
Common stock, $0.0001 par
value -- shares 100,000,000
authorized; 17,785,235 and
17,642,832 shares issued and
outstanding at December 31,
2024 and June 30, 2024
respectively 2 2
Preferred stock, $0.0001 par
value per share, 10,000,000
shares authorized; no shares
issued or outstanding at
December 31, 2024 and June
30, 2024, respectively - -
Additional paid-in capital 126,354 125,218
Accumulated deficit (121,984) (110,671)
Foreign currency translation
reserve (3,407) (3,332)
--------------- -----------
Total stockholders' equity 965 11,217
--------------- -----------
Total liabilities and
stockholders' equity $ 11,106 $ 17,047
=============== ===========
INCANNEX HEALTHCARE INC.
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(unaudited)
(in thousands, except share and per share amounts)
(expressed in U.S. Dollars, unless otherwise stated)
For the three months For the 6 months ended
ended December 31, December 31,
------------------------ --------------------------
2024 2023 2024 2023
----------- ----------- ----------- -------------
Revenue from
customers 12 - 86 -
Operating
expenses:
Research and
development (1,414) (2,638) (4,310) (5,247)
General and
administrative (3,602) (5,345) (7,034) (7,629)
---------- ---------- ---------- ----------
Total operating
expenses (5,016) (7,983) (11,344) (12,876)
---------- ---------- ---------- ----------
Loss from
operations (5,004) (7,983) (11,258) (12,876)
Other income,
net: - -
R&D tax
incentive 956 2,727 1,767 6,824
Foreign exchange
gains/(losses) (326) (5) (331) (6)
Interest income 28 20 57 90
Interest expense (171) - (171) -
Change in fair
value of
convertible
rights (179) - (179) -
Change in fair
value of
warrant
liabilities (103) - (103) -
ELOC commitment
fee (1,095) - (1,095) -
---------- ---------- ---------- ----------
Total other
income, net (890) 2,742 (55) 6,908
---------- ---------- ---------- ----------
Loss before income
tax expense (5,894) (5,241) (11,313) (5,968)
---------- ---------- ---------- ----------
Income tax
expense - - - -
---------- ---------- ---------- ----------
Net loss $ (5,894) $ (5,241) $ (11,313) $ (5,968)
---------- ---------- ---------- ----------
Other
comprehensive
income/(loss): -
Currency
translation
adjustment, net
of tax (414) 927 (75) 418
---------- ---------- ---------- ----------
Total
comprehensive
loss $ (6,308) $ (4,314) $ (11,388) $ (5,550)
========== ========== ========== ==========
Net loss per
share: Basic and
diluted $ (0.33) $ (0.33) $ (0.65) $ (0.38)
========== ========== ========== ==========
Weighted average
number of
shares
outstanding,
basic and
diluted 17,624,422 15,873,113 17,563,200 15,873,113
========== ========== ========== ==========
(END) Dow Jones Newswires
February 14, 2025 07:30 ET (12:30 GMT)