Incannex Healthcare Inc.

09/25/2026 | Press release | Distributed by Public on 09/25/2026 06:41

Annual Report for Fiscal Year Ending June 30, 2026 (Form 10-K)

Management's Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report. This discussion and analysis contains forward looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the "Risk Factors" section of this Annual Report. Actual results may differ materially from those contained in any forward-looking statements. For a discussion on forward-looking statements, see the information set forth in the introductory note to this Annual Report under the caption "Special Note Regarding Forward Looking Statements," which information is incorporated herein by reference.
Overview
We are a clinical-stage biopharmaceutical company developing oral fixed-dose combination therapies and psychedelic-assisted treatments for serious chronic conditions. Our principal development priority is IHL-42X for obstructive sleep apnea. We are also evaluating the next clinical development plan for PSX-001 in generalized anxiety disorder and the potential for further development of IHL-675A in inflammatory conditions. Our aim is to offer patients additional treatment options where existing care does not adequately meet their needs.
IHL-42X, our lead drug candidate for the treatment of OSA, is an oral fixed-dose combination of dronabinol and acetazolamide designed to act synergistically by targeting two different physiological pathways associated with the intermittent hypoxia and hypercapnia that characterize OSA. We completed the Phase 2 portion of our RePOSA Phase 2/3 clinical trial, or the RePOSA Study, in July 2025, in which we observed that IHL-42X reduced AHI, improved patient reported outcome measures and was well-tolerated in OSA patients. In December 2025, the FDA granted Fast Track designation for IHL-42X for the treatment of OSA. We have determined to conduct an additional dose confirmation study, the DReAMzz Study, to further optimize the ratio of dronabinol and acetazolamide prior to advancing into a Phase 3 clinical trial of IHL-42X. The DReAMzz Study is a Phase 2 dose confirmation crossover trial evaluating nine dose combinations of IHL-42X across approximately 120 subjects at 14 U.S. clinical sites. This study commenced in May 2026, began screening participants in July 2026, is currently enrolling participants, and is estimated to be completed in mid-2027. Results from the DReAMzz Study are expected to inform the design of a planned Phase 3 clinical trial for IHL-42X.
PSX-001, our other lead drug candidate in clinical development following completion of a Phase 2 trial, is an oral synthetic psilocybin treatment, administered in combination with psychological therapy for patients with moderate-to-severe GAD. We completed a Phase 2 clinical trial, known as PsiGAD1, in the results of which we observed that the combination of synthetic psilocybin with psychotherapy significantly reduced anxiety scores and was well-tolerated in GAD patients. In this trial, statistically meaningful reductions in HAM-A scores were observed, with subjects in the investigational arm achieving an average 12.8-point reduction from baseline that was sustained for an 11-week follow up period. A greater than 50% reduction in HAM-A scores was observed in 44.1% of subjects receiving the experimental treatment and 27% of subjects in the treatment arm achieved full disease remission, a number five times higher than placebo. Improvements were also observed in secondary endpoint measures. PSX-001 was observed to be well-tolerated with no serious adverse events reported and only a single discontinuation across 73 patients. The majority of TEAEs were transient, mild to moderate in nature and consistent with the expected pharmacological effects of psilocybin. No signs of increased suicidality, psychosis, or prolonged psychological distress, concerns often cited with psychedelic treatments, were observed. We have a cleared IND application with the FDA. We are assessing options for the next steps in development of this asset, including adjustments to the design of the Phase 2 study.
IHL-675A is our drug candidate for the treatment of inflammatory conditions, with an initial focus on rheumatoid arthritis. IHL-675A is an oral fixed-dose combination of CBD and hydroxychloroquine sulfate designed to target two different pathways, acting synergistically to alleviate inflammation. In our Phase 1 clinical trial, IHL-675A was observed to be well-tolerated and bioavailable. In preclinical studies, IHL-675A was observed to reduce inflammatory markers and disease scores across multiple animal inflammatory disease models and in vitro assays. We initiated an Australian Phase 2 trial investigating IHL-675A in rheumatoid arthritis patients; however, in November 2024, we paused patient recruitment due to slower than anticipated enrollment and subsequently terminated the trial. Insufficient data was collected to make any conclusions on safety or efficacy of IHL-675A. We continue to assess the potential development strategies for IHL-675A in the treatment of rheumatoid arthritis and other inflammatory conditions while resource and capital allocation is focused on development of our lead assets.
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These programs address distinct treatment needs. IHL-42X is being developed as an oral option for OSA, PSX-001 combines a pharmaceutical treatment with structured psychological therapy for GAD, and IHL-675A investigated a combination approach to inflammation. Our development priorities reflect the evidence available for each program and the work required to advance it to its next clinical milestone.
Results of Operations
Comparison of Fiscal Year Ended June 30, 2026 to June 30, 2025
The following tables summarize our results of operations for the periods presented (in thousands):
For the Years Ended
June 30, 		$ Change % Change
2026 2025
Revenue from customers $ - $ 86 $ (86) (100) %
Operating expenses:
Research and development (5,210) (10,747) 5,537 (52) %
General and administrative (17,817) (13,128) (4,689) 36 %
Total operating expenses (23,027) (23,875) 848 (4) %
Loss from operations (23,027) (23,789) 762 (3) %
Other income / (expense):
R&D tax incentive 4,658 1,756 2,902 165 %
Foreign exchange gains (losses) (13) (289) 276 (96) %
Interest income 21 62 (41) (66) %
Interest expense - (303) 303 (100) %
Change in fair value of convertible rights - 299 (299) (100) %
Change in fair value of warrant liabilities (620) (21,925) 21,305 (97) %
Warrant issuance costs (284) (129) (155) 120 %
Loss on extinguishment - (1,472) 1,472 (100) %
ELOC commitment fee - (1,095) 1,095 (100) %
Share of earnings (loss) of joint venture (37) - (37) 100 %
Total other income / (expenses), net 3,725 (23,096) 26,821 (116) %
Loss before income tax expense (19,302) (46,885) 27,583 (59) %
Income tax expense - - - - %
Net loss (19,302) (46,885) 27,583 (59) %
Other comprehensive income/(loss):
Currency translation adjustment, net of tax (452) 208 (660) (317) %
Comprehensive loss $ (19,754) $ (46,677) $ 26,923 (58) %
Revenue from Customers
During the fiscal year ended June 30, 2025, we generated revenue from clinic patients for rehabilitation services. This figure reflects the consideration to which the Company expects to be entitled in exchange for those services. During the fiscal year ended June 30, 2026, the Company did not generate any revenue from clinic patients for rehabilitation services We have not generated any revenue from the sale of products. We do not expect to generate material revenues unless and until our drug candidates are approved.
Operating Expenses
Our operating expenses consist of (i) R&D expenses, (ii) acquisition of in-process research and development ("IPR&D") expense and (iii) general and administrative expenses.
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R&D Expenses
R&D expenses consist primarily of external and internal costs incurred in performing clinical and preclinical development activities.
Our R&D expenses include:
•external costs incurred under agreements with CROs, contract manufacturers, consultants and other third parties to conduct and support our clinical trials and preclinical studies; and
•internal costs, including R&D personnel-related expenses such as salaries, and benefits, as well as allocated facilities costs and dues and subscriptions.
We expense R&D costs as incurred.
R&D expenses decreased by $5.5 million for the fiscal year ended June 30, 2026 compared to the fiscal year ended June 30, 2025. The decrease was primarily due to the timing of the completion of the RePOSA Study and commencement of the DReAMzz Study.
Although R&D activities are central to our business model, the successful development of our drug candidates is highly uncertain. There are numerous factors associated with the successful development of our drug candidates, including future trial design and various regulatory requirements, many of which cannot be determined with accuracy at this time based on our stage of development. In addition, future regulatory factors beyond our control may impact our clinical development programs. Drug candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later stage clinical trials. As a result, we expect our R&D expenses will increase substantially in connection with our ongoing and planned clinical and preclinical development activities in the near term and in the future to the extent our development activities are successful. At this time, we cannot accurately estimate or know the nature, timing and costs of the efforts that will be necessary to complete the preclinical and clinical development of our drug candidates. Our R&D expenses have varied, and our future R&D expenses may vary, significantly based on a wide variety of factors such as:
•the number and scope, rate of progress, expense and results of our clinical trials and preclinical studies, including any modifications to clinical development plans based on feedback that we may receive from regulatory authorities;
•per patient trial costs;
•the number of trials required for approval;
•the number of sites included in the trials;
•the countries in which the trials are conducted;
•the length of time required to enroll eligible patients;
•the number of patients that participate in the trials;
•the number of doses that patients receive;
•the drop-out or discontinuation rates of patients;
•the potential additional safety monitoring requested by regulatory agencies;
•the duration of patient participation in the trials and follow-up;
•the cost and timing of manufacturing of our drug candidates;
•the costs, if any, of obtaining third-party drugs for use in our combination trials;
•the extent of changes in government regulation and regulatory guidance;
•the efficacy and safety profile of our drug candidates;
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•the timing, receipt, and terms of any approvals from applicable regulatory authorities; and
•the extent to which we establish additional collaboration, license, or other arrangements.
A change in the outcome of any of these variables with respect to the development of our drug candidates could significantly change the costs and timing associated with the development of that drug candidate. We may never succeed in obtaining regulatory approval for any drug candidate.
In addition, we are obligated under our contracts with CROs to reimburse these CROs for certain expenses incurred by them in the performance of the services they provide to us. The precise timing and amounts of these expenses and our corresponding reimbursement obligations are and may continue to be uncertain and outside of our control. We incur the costs for these reimbursement obligations when invoiced by the CRO. We often receive invoices long after the CRO has performed the services that are the subject of the invoice. As a result, our related operating expenses have and may continue to vary significantly period-to-period and are not necessarily indicative of the expenses associated with the activities of the CRO conducted during the period covered by the periodic report in which these expenses are disclosed.
General and Administrative
General and administrative expenses consist primarily of personnel-related expenses, finance and accounting, human resources and other administrative functions, including salaries, stock-based compensation and benefits for employees, legal fees, expenses relating to patent and corporate matters and professional fees paid for accounting, auditing, consulting and tax services, as well as facilities-related costs not otherwise included in R&D expenses and other costs such as insurance costs and travel expenses.
General and administrative expenses increased by $4.7 million for the fiscal year ended June 30, 2026 compared to the fiscal year ended June 30, 2025. The increase was primarily driven by a $5.0 million increase in stock-based compensation expense (from $2.6 million to $7.6 million), reflecting increased amortization of equity awards granted in May 2025. There is also a slight increase by a $0.3 million in salaries and other employee benefits (from $4.2 million to $4.5 million), primarily due to the additional middle management personnel hired or retained during the period. These increases were partially offset by a $0.3 million decrease in compliance, legal and regulatory expenses (from $3.9 million to $3.6 million), and a $0.3 million decrease in advertising and investor relations expenses (from $0.8 million to $0.5 million).
We anticipate our general and administrative expenses will increase substantially in the future as we expand our operations, including increasing our headcount to support our continued R&D activities and preparing for potential commercialization of our drug candidates. We also anticipate we will incur increased accounting, audit, legal, regulatory, compliance, director and officer insurance, and investor and public relations expenses associated with operating as a U.S. public company.
Other Income (Expense)
Benefit from R&D Tax Credit
We receive tax incentives from the Australian government for R&D activities. Subject to certain exclusions, the Australian Government tax incentives provide benefits for eligible R&D activities. Entities are entitled to either (i) a 48.5% refundable tax offset for eligible companies with an aggregated turnover of less than A$20 million per annum or (ii) a non-refundable 38.5% tax offset for all other eligible companies. As our aggregated turnover is less than A$20 million and we are not controlled by one or more income tax exempt entities, we anticipate being entitled to a claim of 48.5% refundable tax offset for costs relating to eligible R&D activities during the year.
Benefit from R&D tax credit increased by $2.9 million (from $1.8 million to $4.7 million) for the fiscal year ended June 30, 2026 compared to the fiscal year ended June 30, 2025. The increase was primarily attributable to an increase in the Company's estimated R&D tax incentive receivable resulting from expanded eligibility for certain R&D expenditures incurred in the fiscal years ended June 30, 2026 and 2025.
Foreign Exchange Losses
Foreign exchange losses decreased by $0.3 million for the fiscal year ended June 30, 2026 compared to the fiscal year ended June 30, 2025, primarily due to favorable currency exchange rates during the period.
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Change in fair value of convertible rights
On October 17, 2024, we issued a convertible debenture as part of a financing arrangement. The convertible debenture was repaid in full on March 13, 2025, and the convertible rights associated with the convertible debenture were derecognized along with the debt repayment.
Change in fair value of warrant liabilities
In 2025 and 2026, the Company issued warrants in connection with its equity line of credit financing, convertible debenture financing and private investment in public equity financing transactions, including warrants issued in March 2026. Certain of these warrants were classified as liabilities and measured at fair value, with changes in fair value recognized in profit or loss. As a result of the remeasurement of these warrant liabilities, the changes in the fair value of warrant liabilities amounted to a loss of $0.6 million for the fiscal year ended June 30, 2026.
Loss on extinguishment
As mentioned above, the convertible debenture was repaid in full on March 13, 2025, and the associated convertible rights were derecognized along with the debt repayment. This resulted in a total loss on extinguishment of $1.5 million, comprising a $1.0 million loss on the debt host contract and $0.5 million related to the associated convertible rights.
ELOC commitment fee
We entered into an equity line of credit purchase agreement in September 2024 and as part of that arrangement, we issued shares as a commitment fee to secure the equity line of credit facility. The commitment fee expense incurred for the fiscal year ended June 30, 2025 as a result of these share issuances was $1.1 million.
Currency Translation Adjustment Losses
Currency translation adjustment, net of tax decreased by $0.7 million for the fiscal year ended June 30, 2026 compared to the fiscal year ended June 30, 2025. The decrease resulted primarily from the translation of financial statements from the functional currency to U.S. dollars. For certain of our international subsidiaries, the local currency is the functional currency, and their financial statements are then translated into U.S. dollars for reporting purposes. See Note 2 to our financial statements included in this Annual Report for further information, under the heading "Foreign Currency Translation."
Liquidity and Capital Resources
We have incurred net losses since inception and expect to incur substantial and increasing losses in the future as we expand our R&D activities in an effort to move our drug candidates into later stages of development. Historically, we have funded our operations primarily through the sale of equity securities, proceeds from the exercise of options, tax grants from R&D activities and interest income.
We incurred total comprehensive losses of $19.8 million and $46.7 million for the fiscal years ended June 30, 2026 and June 30, 2025, respectively. The decrease in net loss was primarily attributable to a $26.9 million in financing-related losses recognized during the fiscal year ended June 30, 2025, including changes in the fair value of warrants and convertible debt, as well as loss on extinguishment of debt which were not incurred to the same extent during the fiscal year ended June 30, 2026.
As of June 30, 2026, we had cash and cash equivalents of $67.7 million. We believe our current cash balances, together with anticipated cash flows and available financing arrangements, provide sufficient resources to meet our obligations and sustain operations for at least one year from the issuance date of the financial statements in this Annual Report.
For the fiscal year ended June 30, 2026, we experienced net cash outflows from operating activities of $12.9 million, an increase of $0.4 million compared to the fiscal year ended June 30, 2025. As of June 30, 2026, we had cash and cash equivalents of $67.7 million, an increase of $52.7 million compared to our cash and cash equivalents as of June 30, 2025 of $15.0 million. As of June 30, 2026, our current assets exceed our current liabilities by $71.3 million, a $58.4 million increase compared to the difference between our current assets and current liabilities as of June 30, 2025 of $13.0 million.
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Going Concern
As of the date of this Annual Report, we believe there is no longer substantial doubt about our ability to continue as a going concern. Although we have not yet established an ongoing source of revenue sufficient to cover all operating and capital expenditure requirements, including any potential payments pursuant to debentures, recent improvements in our financial position provide reasonable assurance that we will continue as a going concern for at least twelve months from the date of the financial statements. We expect to continue to require substantial capital to fund our operations beyond this period.
Historically, we have financed our operations to date primarily through partnerships, funds received from public offerings of common stock, a debt financing facility, as well as funding from governmental bodies. We continue to plan for additional capital through the sale of common stock in public offerings and/or private placements, debt financings, or through other capital sources collaborations with other companies or other strategic transactions. While there can be no assurance that these plans will be completed successfully or at all, our current financial position and resources mitigate prior concerns related to going concern uncertainties.
As of September 24, 2026, our unrestricted cash and cash equivalents were $68.4 million. Based on our unrestricted cash and cash equivalents as of September 24, 2026, we anticipate that we will be able to fund our planned operating expenses and capital expenditure requirements for at least twelve months from the date of the financial statements included in this Annual Report. We have based these estimates on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect. Inflation has not had a material impact on our operations or financial condition during the periods presented; however, sustained inflationary pressures could increase the cost of clinical trials, third-party manufacturing and general administration, which could cause us to use our cash resources faster than currently anticipated.
Off-Balance Sheet Arrangements
We did not have, during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.
Cash Flows
Comparison of Cash Flows for the Fiscal Year ended June 30, 2026, with June 30, 2025
The following table summarizes our cash flows for the periods presented:
Year Ended June 30,
2026 2025
Net cash used in operating activities $ (12,867) $ (12,513)
Net cash used in investing activities $ (94) $ (8)
Net cash provided by financing activities 65,903 $ 21,396
Net increase/(decrease) in cash 52,942 $ 8,875
Net cash flows from operating activities
Net cash used in operating activities increased by $0.4 million in the fiscal year ended June 30, 2026 compared to the fiscal year ended June 30, 2025. The increase was primarily driven by a decrease in trade and other payables of $3.5 million (from an increase of $1.4 million in 2025 to a decrease of $2.1 million in 2026) and a decrease in cash generated from movements in the R&D tax incentive receivable of $5.8 million (from an inflow of $5.6 million in 2025 to an outflow of $0.2 million in 2026), partially offset by an increase in share-based compensation expense of $4.9 million (from $2.6 million to $7.6 million).
Net cash flows from investing activities
Net cash used in investing activities increased by $0.1 million in the fiscal year ended June 30, 2026 compared to fiscal year ended June 30, 2025. The increase was driven by spending on investment of joint venture.
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Cash flows from financing activities
Cash provided by financing activities increased by $44.5 million in the fiscal year ended June 30, 2026, compared to the fiscal year ended June 30, 2025. The increase was primarily driven by an increase in share issuance proceeds of $30.3 million (from $48.3 million in 2025 to $78.7 million in 2026), partially offset by share repurchases of $9.4 million, share issuance costs of $3.1 million and warrant issuance costs of $0.3 million incurred during 2026. The share repurchase program expired in August 2026.
Critical Accounting Estimates
Our financial statements are prepared in accordance with generally accepted accounting principles in the United States. The preparation of our financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, costs and expenses, and the disclosure of contingent assets and liabilities in our financial statements. We base our estimates on historical experience, known trends and events, and various other factors we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions.
While our significant accounting policies are described in more detail in Note 2 to our financial statements included elsewhere in this Annual Report, we believe the following accounting policies are those most critical to the judgments and estimates used in the preparation of our financial statements.
Acquisitions
We evaluate acquisitions under the accounting framework in ASC 805, Business Combinations, to determine whether the transaction is a business combination or an asset acquisition. In determining whether an acquisition should be accounted for as a business combination or an asset acquisition, we first perform a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the acquired set is not deemed to be a business and is instead accounted for as an asset acquisition. If this is not the case, we further evaluate whether the acquired set includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, we conclude that the acquired set is a business.
We measure and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes pre-acquisition direct costs recorded in accrued professional and consulting fees. Goodwill is not recognized in asset acquisitions.
Financing Arrangements
We routinely enter into financing transactions that may include equity-linked instruments, warrants, conversion features and other complex contractual terms. The accounting for these arrangements requires significant judgment in evaluating the terms of the agreements and determining the appropriate classification and measurement of the related financial instruments. Changes in the interpretation of contractual terms or underlying assumptions may materially affect the amounts recognized in the financial statements.
Fair Value of Financial Instruments
Certain financial instruments, including warrant liabilities are recorded at fair value. Determining the fair value of these instruments requires significant judgment and the use of estimates, including expected volatility, risk-free interest rates, expected term, probability-weighted financing outcomes and other market-based assumptions. Changes in these assumption could have a material impact on the estimated fair value of these instruments and the corresponding gains or losses recognized in the consolidated statement of operations and comprehensive losses.
Stock-Based Compensation
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We account for stock-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including share options. The fair value method requires us to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model. We use either the trinomial pricing or Black-Scholes option-pricing model ("BSOPM") to estimate the fair value of options granted. Stock-based compensation awards are expensed using the graded vesting method over the requisite service period, which is generally the vesting period, for each separately vesting tranche. We have elected a policy of estimating forfeitures at grant date. Option valuation models, including the trinomial pricing and BSOPM, require the input of several assumptions. These inputs are subjective and generally require significant analysis and judgment to develop.
R&D Costs
R&D costs are expensed as incurred. R&D costs consist of salaries, benefits and other personnel related costs including equity-based compensation expense, laboratory supplies, preclinical studies, clinical trials and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain R&D activities on our behalf and allocated facility and other related costs.
Nonrefundable advance payments for goods or services that will be used or rendered for future R&D activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.
We record accrued liabilities for estimated costs of R&D activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. We record the estimated costs of R&D activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in trade and other payables on the consolidated balance sheets and within R&D expenses on the consolidated statements of operations and comprehensive loss.
We accrue for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. We make significant judgments and estimates in determining the accrued liabilities balance at the end of each reporting period. As actual costs become known, we adjust our accrued liabilities. We have not experienced any material differences between accrued costs and actual costs incurred.
Benefit from R&D Tax Incentive
Benefit from R&D tax credit consists of the R&D tax credit received in Australia, which is recorded within other income (expense), net. The Company recognizes grants once both of the following conditions are met: (i) the Company is able to comply with the relevant conditions of the grant and (ii) the grant will be received.
Emerging Growth Company Status and Smaller Reporting Company Status
We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act ("JOBS Act"). The JOBS Act permits an emerging growth company such as us to take advantage of an extended transition period to comply with new or revised accounting standards. We have elected to avail ourselves of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we can adopt the new or revised standard at the time private companies adopt the new or revised standard and may do so until such time that we either (i) irrevocably elect to opt out of such extended transition period or (ii) no longer qualify as an emerging growth company. We may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.
We will continue to remain an emerging growth company until the earliest of the following:
•the last day of the fiscal year following the fifth anniversary of the date of the completion of the first sale of common equity securities pursuant to an effective registration statement under the Securities Act;
•the last day of the fiscal year in which our total annual gross revenue is equal to or more than $1.235 billion;
•the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years;
•or the date on which we are deemed to be a large accelerated filer under the rules of the SEC.
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We are also a smaller reporting company as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long as our voting and non-voting common stock held by non-affiliates is less than $250.0 million measured on the last business day of our second fiscal quarter, or our annual revenue is less than $100.0 million during the most recently completed fiscal year and our voting and non-voting common stock held by non-affiliates is less than $700.0 million measured on the last business day of our second fiscal quarter.
Incannex Healthcare Inc. published this content on September 25, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 25, 2026 at 12:41 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]