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Incannex Healthcare Inc., (Nasdaq : IXHL), saw its annual loss shrink as it ramped up research efforts to develop its oral cannabinoids.

The company reported a net loss for the fiscal year that ended June 30 of $18.5 million, compared to a loss of $48.8 millions the previous year. The company’s revenue from customers was only $12,000, compared to zero the previous year. Incannex, however, reported $11.4 million of income from R&D tax incentive, a significant rise from $683,000 the previous year.

Research and Development expenses increased from $6.3 to $12.9 millions, while general and Administrative costs rose from $8 to $17.2million.

Incannex’s cash balance dropped to $5.9m at year-end from $22.1m in 2023. The company last month Inked A deal with Arena Investors could provide funding of up to $59 Million.

Joel Latham, CEO of Incannex, called the year “transformative” citing the move to the U.S. as well as the clinical progress. Incannex will complete its move from Australia to the U.S. in late 2023, and list on the Nasdaq. The company stated that it would improve its access to capital and investors.

“With our recent financing and clinical trials underway, we are excited about sharing updates later this year,” Latham stated in a Statement.

Incannex saw positive results in a Phase 2 study of PSX001, a treatment based on psilocybin for generalized anxiety disorder. It also began dosing in a Phase 2/3 study of IHL 42X for obstructive sleeping apnea. Receive a 10% discount FDA clearance is required to begin a U.S. PSX-001 is being tested in Phase 2.

Incannex opened Clarion Clinics, a psychedelic assisted psychotherapy clinic in Australia. It was hailed as one of the first in the country. According to the earnings report, the firm sees this venture as a model for future treatment facilities.

Incannex expects to report top-line data for its Phase 2 portion IHL-42X study for obstructive Sleep Apnea during the first half of 2025. According to its financial report, the company also expects results from a pharmacokinetics and safety study that is currently being conducted in Australia to be released later in 2024.