Incannex Healthcare | 10-Q: FY2026 Q1 Revenue: USD 0

Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.02.

EBIT: As of FY2026 Q1, the actual value is USD -6.799 M.

Segment Revenue

• Revenue from customers for the three months ended September 30, 2025 was $0, compared to $74,000 for the same period in 2024, representing a 100% decrease.

Operational Metrics

• Net Loss: The net loss for the three months ended September 30, 2025 was $6.4 million, compared to $5.4 million for the same period in 2024, an increase of 18%.
• Total Operating Expenses: Total operating expenses for the three months ended September 30, 2025 were $6.8 million, compared to $6.3 million for the same period in 2024, an increase of 7%.
• Research and Development Expenses: R&D expenses decreased by $1.8 million for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to the completion of certain clinical trials and the pausing of patient recruitment in Australia.
• General and Administrative Expenses: Increased by $2.2 million for the three months ended September 30, 2025 compared to the same period in 2024, due to increases in executive compensation and consulting charges.

Cash Flow

• Net Cash Used in Operating Activities: For the three months ended September 30, 2025, net cash used in operating activities was $9.2 million, compared to $2.2 million for the same period in 2024.
• Net Cash Used in Investing Activities: Increased by $42,000 for the three months ended September 30, 2025 compared to the same period in 2024, due to investment in Mind Medicine Australia.
• Net Cash Provided by Financing Activities: Increased by $67.2 million for the three months ended September 30, 2025, due to share issuances under the ATM.

Unique Metrics

• R&D Tax Incentive: The benefit from R&D tax incentive decreased by $0.4 million for the three months ended September 30, 2025 compared to the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue developing its lead drug candidates, IHL-42X, PSX-001, and IHL-675A, targeting conditions with limited treatment options. The company expects R&D expenses to increase as these candidates progress through clinical trials.
• Non-Core Business: The company has invested in Mind Medicine Australia, a joint venture for psychedelic-assisted therapies, indicating a strategic interest in expanding into new therapeutic areas.
• Priority: The company anticipates being able to fund its planned operating expenses and capital expenditure requirements for at least twelve months from the date of the financial statements.