Incannex Healthcare (ASX:IHL) announced financial results for the full-year ended 30 June 2022.
During the financial year, the principal activity of the Company was research and development associated with medicinal cannabinoid and psychedelic pharmaceutical products and therapies.
The Group's loss for the year to 30 June 2022 after income tax was $14,903,909 (2021: loss of $8,163,590).
At 30 June 2022, the Group had total funds, comprising cash at bank and on hand of $37,500,931 the majority of which is held in Australia dollars. Total current assets at year-end stand at $37,879,608.
No dividends have been paid or declared since the start of the financial year and the director do not recommend the payment of a dividend in respect of the financial year.
On 17 August 2022, the company appointed Robert Bruce Clark to the board as a non-executive Director.
On 5 August 2022, the Company completed the acquisition on APIRx Pharmaceuticals. The acquisition was completed by an all-scrip transaction by issuing 218,169,497 IHL ordinary shares to the stakeholders of APIRx.
Following the announcement the company?s share price rose 2.985%.