Together with the previously announced A$6,039,162.43 refund, Incannex has now received more than A$11.2 million in non-dilutive capital during 2026. The receipt further enhances Incannex’s already strong cash position and debt-free balance sheet, providing additional financial flexibility to advance its clinical pipeline while continuing to pursue shareholder-focused capital allocation initiatives.

Highlights

  • Received the final A$5.1 million R&D Tax Incentive refund following approval of overseas findings, further strengthening the Company’s balance sheet with non-dilutive capital. Incannex expects to receive additional R&D Tax Incentive funding in 2027 in respect of eligible ongoing research and development activities.
  • The refund recognizes the significant eligible Australian research and development activities undertaken by the Company in developing therapeutic regimens designed to address challenging chronic conditions during the financial year ended 30 June 2025.
  • Total FY25 R&D Tax Incentive proceeds now exceed A$11.2 million
  • Entire amount received as non-dilutive capital, with no shareholder dilution
  • Further strengthens the Company’s already robust balance sheet and financial flexibility
  • Supports continued advancement of key clinical assets, including IHL-42X and PSX-001
  • Reinforces disciplined capital management and shareholder-focused capital allocation strategy



     

The Australian Government’s Research and Development Tax Incentive Program is designed to encourage innovation by providing eligible companies with cash refunds for qualifying research and development activities.

Following approval of the Company’s overseas findings, Incannex amended its FY25 income tax return, resulting in the additional refund announced today. This outcome reflects the Company’s successful execution of its strategy to maximize eligible R&D incentives while continuing to invest in the advancement of its clinical pipeline.

Importantly, these proceeds are entirely non-dilutive, enabling Incannex to recover a substantial portion of eligible research and development expenditure without issuing additional equity or taking on debt. At a time when many biotechnology companies continue to rely on dilutive capital raises to fund operations, the Company believes this outcome further differentiates the strength of its financial position and disciplined approach to capital management.