The Company also expects to receive an additional approximately A$5.1 million in future R&D Tax Incentive proceeds to be received in 2026. Combined, these proceeds represent more than A$11.1 million in non-dilutive capital that further strengthens the Company's balance sheet and enhances financial flexibility as Incannex advances its clinical development programs and executes on shareholder-focused capital allocation initiatives.
Highlights:
Received A$6.0 million under the Australian Government's Research and Development Tax Incentive Program
Additional approximately A$5.1 million expected to be received in future R&D Tax Incentive proceeds
More than A$11 million in total non-dilutive capital expected to be received
Further strengthens Company's already robust balance sheet
Provides additional flexibility to support advancement of key clinical assets, including IHL-42X and PSX-001
Supports ongoing capital allocation initiatives, including the Company's active share repurchase program
The Australian Government's Research and Development Tax Incentive Program is designed to encourage innovation and scientific advancement by providing eligible companies with a cash refund for qualifying research and development activities conducted in Australia.
Importantly, the proceeds are non-dilutive in nature, allowing Incannex to recover a significant portion of eligible research and development expenditure without issuing additional shares or taking on debt.
Joel Latham, President and Chief Executive Officer of Incannex Healthcare, commented:
"The receipt of more than A$6 million in non-dilutive capital is another important milestone for Incannex and further strengthens what we believe is one of the strongest balance sheets among clinical-stage biotechnology companies of our size.
"Importantly, these proceeds are being received without issuing a single additional share. ...
