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)