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Incannex Healthcare Inc (IXHL-2.11%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $5.4 million, compared to a net loss of $0.7 million in the same quarter the previous year.
Revenue from customers was reported at $74,000 for the quarter, while operating expenses increased to $6.3 million from $4.9 million in the previous year.
Research and development expenses increased to $2.9 million from $2.6 million, attributed to clinical trials for IHL-42X, IHL-675A, and PSX-001.
General and administrative expenses rose to $3.4 million from $2.3 million, due to increased salaries, legal costs, and stock-based compensation.
The company reported a decrease in R&D tax incentive income to $811,000 from $4.1 million in the previous year.
Cash and cash equivalents at the end of the period were $3.6 million, down from $5.9 million at the end of the previous quarter.
Incannex entered into a Facility Agreement with FC Credit Pty Ltd for a $4.7 million loan and an equity line of credit agreement with Arena Global for up to $50 million.
The company also issued a convertible debenture to Arena Opportunities, raising $3 million with a warrant for 453,749 shares.
Incannex continues to focus on developing its drug candidates and anticipates increased expenses related to research and development and general administration in the future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Incannex Healthcare Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.