Incannex Healthcare Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement.
On October 9, 2024, Incannex Healthcare Pty Ltd (“Incannex”), a wholly owned subsidiary of Incannex Helathcare Inc. entered into a Facility Agreement with FC Credit Pty Ltd, pursuant to which, on October 10, 2024, Incannex received approximately A$6.9 million as the initial drawdown amount.
This facility provides Incannex with immediate access to funds based on research and development (“R&D”) expenses incurred during the 2023 and 2024 financial years, aligning with the end of the Australian financial year. The Research and Development Tax Incentive (“RDTI”) program is a key program under the Australian government's innovation framework, designed to encourage companies to undertake R&D activities that benefit Australia. It offers a tax rebate, currently at 48.5%, for eligible R&D expenses, allowing companies to recoup almost half of their R&D spending.
The program plays a crucial role in non-dilutive funding for the group, as the expected A$9,373,623 in refunds from the 2023 and 2024 financial years will not result in the issuance of additional shares or equity dilution for existing shareholders. Thus, the RDTI is particularly valuable for maintaining shareholder value while continuing significant R&D investment.
Further details of the agreement are outlined in Exhibit 10.1 filed with this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Form of Facility Agreement between Incannex Healthcare Pty Ltd, Incannex Pty Ltd, Psychennex Pty Ltd, and FC Credit Pty Ltd, dated October 9, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Incannex Healthcare Inc. | ||
| Date: October 15, 2024 | /s/ Joel Latham | |
| Name: | Joel Latham | |
| Title: | Chief Executive Officer and President | |
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