Incannex Healthcare Inc., a biopharmaceutical company, reported its financial results for the quarter ended December 31, 2023. The company's cash and cash equivalents stood at $14.554 million, a decrease from the previous period's $22.120 million. Total current assets were $21.332 million, while total assets amounted to $22.359 million. The company's liabilities totaled $3.487 million, with stockholders' equity at $18.872 million. Research and development expenses increased to $2.638 million, up from $1.549 million in the same period last year, reflecting the company's investment in clinical trials and product development. General and administrative expenses also rose to $5.345 million, driven by higher employee benefits and legal costs associated with the company's re-domiciliation. The company reported a net loss of $5.241 million, compared to a net loss of $2.918 million...Show More

Incannex Healthcare Inc., a biopharmaceutical company, reported its financial results for the quarter ended December 31, 2023. The company's cash and cash equivalents stood at $14.554 million, a decrease from the previous period's $22.120 million. Total current assets were $21.332 million, while total assets amounted to $22.359 million. The company's liabilities totaled $3.487 million, with stockholders' equity at $18.872 million. Research and development expenses increased to $2.638 million, up from $1.549 million in the same period last year, reflecting the company's investment in clinical trials and product development. General and administrative expenses also rose to $5.345 million, driven by higher employee benefits and legal costs associated with the company's re-domiciliation. The company reported a net loss of $5.241 million, compared to a net loss of $2.918 million in the previous year. However, the company benefited from an R&D tax incentive of $2.727 million. Incannex Healthcare Inc. is focused on the development of its drug candidates and has not generated significant revenue. The company's future plans include continuing its research and development activities, with the current cash expected to fund operations until at least December 2024.