Company: NOTV
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004178
Chunk: 144

Company: Inotiv, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part II, Item 8
Chunk 144
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 periodic draws on our revolving credit facility and foreign exchange losses. 

Income Taxes

36

The Company’s effective tax rates for the three months ended December 31, 2024 and 2023 were 7.3% and 18.1%, respectively. For the three months ended December 31, 2024, the Company’s effective tax rate was primarily driven by a change in the valuation allowance. For the three months ended December 31, 2023, the Company’s effective tax rate was primarily driven by nondeductible expenses.

Consolidated Net Loss

As a result of the above described factors, we had a consolidated net loss of $27,630 for the three months ended December 31, 2024 as compared to a consolidated net loss of $15,828 during the three months ended December 31, 2023.

Liquidity and Capital Resources

Liquidity and Going Concern

The accompanying unaudited interim condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP") applicable to a going concern. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described below.

On December 18, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Lake Street Capital Markets, LLC, as underwriter (the “Underwriter”), relating to the public offering of 6,000,000 common shares at a purchase price per share to the public of $4.25 (the “Offering Price”). Pursuant to the Underwriting Agreement, the Company granted the Underwriter a 30-day option to purchase up to an additional 900,000 common shares at the Offering Price, less underwriting discounts and commissions, which option was exercised in full and closed on December 30, 2024. Net proceeds from the offering were $27,524 after deducting the underwriting discounts and commissions and other offering expenses paid by the Company. The Company has and intends to continue to use the net proceeds from the offering for working capital, capital expenditures and other general corporate purposes.

As of December 31, 2024, the Company had cash and cash equivalents of approximately $38,043 and access to a $15,000 revolver, which had no balance outstanding as of December 31,