Company: IXHL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043682
Chunk: 68

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 68
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, we experienced
net cash used in operating activities of $11.0 million, a decrease of $1.2 million compared to the nine months ended March 31, 2024. As
of March 31, 2025, we had cash and cash equivalents of $6.7 million, an increase of $0.8 million compared to our cash and cash equivalents
as of June 30, 2024 of $5.9 million. As of March 31, 2025, our current assets exceed our current liabilities by $8.2 million, a $2.4 million
decrease compared to the difference between our current assets and current liabilities as of June 30, 2024 of $10.6 million.  

Going Concern

Refer to Note 2 – Basis of Presentation and Summary
of Significant Accounting Policies – Going Concern Basis

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.

27

Cash Flows 

Comparison of cash flows for the for the nine months ended March
31, 2025 and nine months ended March 31, 2024

The following table summarizes our
cash flows for the periods presented (in thousands):

    For the  Nine Months  Ended March 31, 2025  
    For the  Nine Months  Ended March 31, 2024 
  
    Net cash used in operating activities 
    $(11,031) 
    $(12,203)
  
    Net cash used in investing activities 
     (8) 
     (274)
  
    Net cash provided by financing activities 
     11,794  
     - 
  
    Net (decrease)/increase in cash 
    $755  
    $(12,477)

Net cash flows from operating activities

Cash used in operating activities decreased by
$1.2 million for the nine months ended March 31, 2025, compared to the nine months ended March 31, 2024. The decrease due to …

Net cash flows from investing activities

Cash used in investing activities decreased by
$0.3 million for the nine months ended March 31, 2025 compared to the nine months ended March 31, 2024. The decrease was due to reduced
spending on property, plant and equipment.

Cash