Incannex Healthcare | 10-K: FY2025 Revenue: USD 86 K

Revenue: As of FY2025, the actual value is USD 86 K.

EBIT: As of FY2025, the actual value is USD -23.42 M.

Revenue from Customers

Revenue from customers increased by 617% from $12,000 in the fiscal year ended June 30, 2024, to $86,000 in the fiscal year ended June 30, 2025, primarily due to the expansion of rehabilitation services.

Operating Expenses

Research and Development (R&D)

R&D expenses decreased by 17% from $12.9 million in the fiscal year ended June 30, 2024, to $10.7 million in the fiscal year ended June 30, 2025, primarily due to a pause in development activities for resource conservation reasons.

General and Administrative

General and administrative expenses decreased by 24% from $17.2 million in the fiscal year ended June 30, 2024, to $13.1 million in the fiscal year ended June 30, 2025. This decrease was mainly due to a reduction in share-based compensation expense and a decrease in cash paid related to trade and other payables.

Other Income (Expense)

Benefit from R&D Tax Credit

Benefit from R&D tax credit decreased by 85% from $11.4 million in the fiscal year ended June 30, 2024, to $1.8 million in the fiscal year ended June 30, 2025, primarily due to multiple years of tax incentives being granted and successful lodgement of overseas findings on the Company’s lead assets.

Foreign Exchange Losses

Foreign exchange losses increased by 932% from $28,000 in the fiscal year ended June 30, 2024, to $289,000 in the fiscal year ended June 30, 2025, primarily due to unfavorable currency exchange rates during the period.

Change in Fair Value of Convertible Rights

The changes in the fair value of convertible rights amounted to $299,000 for the fiscal year ended June 30, 2025.

Change in Fair Value of Warrant Liabilities

The changes in the fair value of warrant liabilities amounted to $21.9 million for the fiscal year ended June 30, 2025.

Loss on Extinguishment

The total loss on extinguishment amounted to $1.5 million for the fiscal year ended June 30, 2025.

ELOC Commitment Fee

The commitment fee expense incurred for the fiscal year ended June 30, 2025, was $1.1 million.

Currency Translation Adjustment Losses

Currency translation adjustment, net of tax increased by 370% from a loss of $77,000 in the fiscal year ended June 30, 2024, to a gain of $208,000 in the fiscal year ended June 30, 2025.

Net Loss

Net loss increased by 154% from $18.5 million in the fiscal year ended June 30, 2024, to $46.7 million in the fiscal year ended June 30, 2025.

Cash Flows

Operating Activities

Net cash used in operating activities decreased by $3.3 million from $15.8 million in the fiscal year ended June 30, 2024, to $12.5 million in the fiscal year ended June 30, 2025.

Investing Activities

Net cash used in investing activities decreased by $0.3 million from $277,000 in the fiscal year ended June 30, 2024, to $8,000 in the fiscal year ended June 30, 2025.

Financing Activities

Cash provided by financing activities increased by $21.4 million in the fiscal year ended June 30, 2025, compared to the fiscal year ended June 30, 2024.

Outlook / Guidance

The Company plans for additional capital through the sale of common stock in public offerings and/or private placements, debt financings, or through other capital sources, including collaborations with other companies or other strategic transactions.