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IXHL on Nasdaq

Incannex Healthcare Inc.

In its 2026 annual report the company says: “We are a clinical-stage biopharmaceutical company developing oral fixed-dose combination therapies and psychedelic-assisted treatments for serious chronic conditions. Our principal development priority is IHL-42X for obstructive sleep apnea. We are also evaluating the next clinical development plan for PSX-001 in generalized anxiety disorder and the potential for further development of IHL-675A in inflammatory conditions.”4 Its shares trade on Nasdaq under the symbol IXHL.1

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Last updated Oct 21, 2026.

Overview

$0Revenue, fiscal 20262
-$19.3MNet income, fiscal 20262

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  • TickerIXHL on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersDE1
  • Incorporated inDE3
  • Business address8 Century Circuit, Ste. 105, Norwest Nsw3
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company3
  • Legal formCorporation

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We are a clinical-stage biopharmaceutical company developing oral fixed-dose combination therapies and psychedelic-assisted treatments for serious chronic conditions. Our principal development priority is IHL-42X for obstructive sleep apnea. We are also evaluating the next clinical development plan for PSX-001 in generalized anxiety disorder and the potential for further development of IHL-675A in inflammatory conditions. Our aim is to offer patients additional treatment options where existing care does not adequately meet their needs.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

-100.0%Revenue growth, 20262
-28.6%Return on equity2
-$12.9MFree cash flow2

Financial statements

Revenue5672$0 in 2026
0$500.0K$1.0M$1.5M$2.0M2020: $604.9K$604.9K20202021: $1.9M$1.9M2021+214%2024: $12.0K$12.0K2024−99%2025: $86.0K$86.0K2025+617%2026: $0$02026
Operating income782-$23.0M in 2026−54% since 2023
-$60.0M-$40.0M-$20.0M02023: -$49.7M-$49.7M20232024: -$30.0M-$30.0M2024−40%2025: -$23.8M-$23.8M2025−21%2026: -$23.0M-$23.0M2026−3%
Net income56782-$19.3M in 2026+311% since 2020
-$60.0M-$40.0M-$20.0M02020: -$4.7M-$4.7M20202021: -$11.4M-$11.4M2021+142%2022: -$14.9M-$14.9M2022+31%2023: -$48.8M-$48.8M2023+228%2024: -$18.5M-$18.5M2024−62%2025: -$46.9M-$46.9M2025+154%2026: -$19.3M-$19.3M2026−59%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2026-06-302025-06-30
Revenue from customers$0$86.0K
Research and development-$5.2M-$10.7M
General and administrative-$17.8M-$13.1M
Total operating expenses-$23.0M-$23.9M
Loss from operations-$23.0M-$23.8M
R&D tax incentive$4.7M$1.8M
Foreign exchange gains/(losses)-$13.0K-$289.0K
Interest expense$0-$303.0K
Interest income$21.0K$62.0K
Change in fair value of convertible rights$0$299.0K
Change in fair value of warrant liabilities-$620.0K-$21.9M
Warrant issuance costs-$284.0K-$129.0K
Loss on extinguishment$0-$1.5M
ELOC commitment fee$0-$1.1M
Share of earnings (loss) of joint venture-$37.0K$0
Total other income/(expenses), net$3.7M-$23.1M
Loss before income tax expense-$19.3M-$46.9M
Income tax expense$0$0
Net loss-$19.3M-$46.9M
Currency translation adjustment, net of tax-$452.0K$208.0K
Total comprehensive loss-$19.8M-$46.7M
Net loss per share: Basic (in USD per share)-$1.66-$40.82
Net loss per share: diluted (in USD per share)-$1.66-$40.82
Weighted average number of shares outstanding, basic (in shares)11.7M shares1.1M shares
Weighted average number of shares outstanding, diluted (in shares)11.7M shares1.1M shares

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Corporate structure

Incannex Healthcare Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Incannex Healthcare Inc.

  • Incannex Healthcare Inc. DE

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Incannex Healthcare Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Furniture and fixtures$648.0K2 Jun 30, 2026$495.0K2 Jun 30, 2025+30.9%
Property and equipment, before depreciation$648.0K2 Jun 30, 2026$495.0K2 Jun 30, 2025+30.9%
Accumulated depreciation$643.0K2 Jun 30, 2026$268.0K2 Jun 30, 2025+139.9%
Property and equipment, net$4.0K2 Jun 30, 2026$227.0K2 Jun 30, 2025−98.2%
Operating-lease assets (leased space)$97.0K2 Jun 30, 2026$258.0K2 Jun 30, 2025−62.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$67.7M2 Jun 30, 2026$15.0M2 Jun 30, 2025+350.2%

Properties, in its own words

Our corporate headquarters are located in Melbourne, Victoria, where we lease commercial office space under a lease that expires in March 2028, with an option to extend the lease for one additional five-year period.

We believe substantially all of our property and equipment is in good condition and that we have sufficient capacity to meet its current operational needs.

Item 2 of the 10-K filed Sep 25, 2026.4

Leadership

Who has led Incannex Healthcare Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joel Latham2023–now

President

  1. Joel Latham2023–now

Chief financial officer

  1. Madhukar Bhalla2023
2025
Board members and other officers (6)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerJOSEPH SWAN named Mar 17, 202518
  • DirectorROBERT M. CLARK named Mar 17, 202518

Former names

  • Incannex Healthcare LtdAug 17, 2021 to Nov 29, 20233

Timeline

  1. Sep 9, 20268-K Regulation FD disclosure19
  2. Aug 25, 20268-K Regulation FD disclosure20
  3. Aug 11, 20268-K Regulation FD disclosure21
  4. Jul 23, 20268-K Regulation FD disclosure22
  5. Jun 25, 20268-K Regulation FD disclosure23
  6. Jun 10, 20268-K Regulation FD disclosure24
  7. Jun 9, 20268-K Regulation FD disclosure25
  8. May 14, 20268-K Regulation FD disclosure26
  9. May 12, 20268-K Regulation FD disclosure27
  10. Apr 22, 20268-K Regulation FD disclosure28
  11. Mar 27, 20268-K Regulation FD disclosure29
  12. Mar 25, 20268-K Regulation FD disclosure30
  13. Dec 6, 2023New chief executive Joel Latham becomes CEO11

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.60) a share, on Nov 14, 2025.31

Drug trials and FDA: coming up

  1. Apr 2027Phase 2 trial readout expected Phase 2 trial of IHL-42X: 2.5 mg dronabinol + 125 mg acetazolamide, IHL-42X: 5 mg dronabinol + 125 mg acetazolamide and others in Obstructive Sleep Apnea (OSA): primary completion expected Apr 2027 (ClinicalTrials.gov NCT07635563).32

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

261 filings to the SEC since October 2021: 5 annual reports, 8 quarterly reports, 81 major events, 23 insider forms, 5 large holders, 1 private raises, 138 other. The latest 20:

  1. Sep 25, 202610-K EDGAR
  2. Sep 9, 20268-K CURRENT REPORT EDGAR
  3. Aug 25, 20268-K CURRENT REPORT EDGAR
  4. Aug 14, 2026SCHEDULE 13G EDGAR
  5. Aug 11, 20268-K CURRENT REPORT EDGAR
  6. Jul 23, 20268-K CURRENT REPORT EDGAR
  7. Jun 25, 20268-K CURRENT REPORT EDGAR
  8. Jun 10, 20268-K CURRENT REPORT EDGAR
  9. Jun 9, 20268-K CURRENT REPORT EDGAR
  10. May 15, 202610-Q QUARTERLY REPORT EDGAR
  11. May 14, 20268-K CURRENT REPORT EDGAR
  12. May 12, 20268-K CURRENT REPORT EDGAR
  13. Apr 22, 20268-K CURRENT REPORT EDGAR
  14. Mar 27, 20268-K CURRENT REPORT EDGAR
  15. Mar 25, 20268-K CURRENT REPORT EDGAR
  16. Mar 18, 20268-K CURRENT REPORT EDGAR
  17. Mar 17, 20268-K CURRENT REPORT EDGAR
  18. Mar 12, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  19. Mar 12, 20268-K CURRENT REPORT EDGAR
  20. Mar 12, 20268-K CURRENT REPORT EDGAR

The 261 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joel Latham36$656.5K$1.1M36
2025Luigi M. BarbatoM.D.62$264.1K$497.2K36
2025Joseph Swan34$150.7K$201.2K36
2024Chief Executive Officer$596.0K$6.2M36
2024Chief Financial Officer$107.9K$264.0K36

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$12.5M 2025–2025
Money received by yearMoney received by year, 2025–2025: $12.5M in all. Private raises (Form D) $12.5M.$0$5M$10M$15M2025 · Private raises (Form D): $12.5M2025
Figures by year
YearPrivate raises (Form D)Total
2025$12.5M$12.5M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Mar 10, 2025Raised $12.5 million in a private offering of equity18 Form D: 7 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
LPL Financial LLC148,178$557.1K0.0%+77,000
Millennium Management LLC95,252$358.1K0.0%New
Jane Street Group, LLC78,195$294.0K0.0%New
AdvisorShares Investments LLC60,868$228.9K0.0%+36,365
Susquehanna International Group, Llp28,771$108.2K0.0%New
Commonwealth Equity Services, LLC14,029$52.8K0.0%+1,917
Citadel Advisors LLC10,349$38.9K0.0%New
Osaic Holdings, Inc.6,376$24.0K0.0%No change
UBS Group AG3,610$13.6K0.0%−36,759
Morgan Stanley3,558$13.4K0.0%+1,493
Citigroup Inc2,814$10.6K0.0%New
Quent Capital, LLC1,928$7.2K0.0%No change
Barclays PLC750$2.8K0.0%No change
Caitong International Asset Management Co., Ltd4$150.0%New
Larson Financial Group LLC1$40.0%−58

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Incannex Healthcare Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARIncannex Healthcare Inc.1
  • CIK0001873875
  • Employer ID (EIN)93-24032104
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsJune 301
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address8 Century Circuit, Ste. 105, Norwest Nsw, Nsw, Australia1
  • Phone61 409 840 7861
  • Shares outstanding12,544,627 shares as of Sep 24, 20264
  • Public float$123.5M as of Dec 31, 20254
  • AuditorGRANT THORNTON AUDIT PTY LTD, Perth, Australia PCAOB ID 2233; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 17, 20211
  • Filings263 in all: 8-K (81), 6-K (70), 4 (12), 3 (9), 10-Q (8), CORRESP (7), UPLOAD (7), EFFECT (6)1
    All 42 form types

    424B5 (5), DEFA14A (4), F-1/A (4), 10-K (3), DEF 14A (3), S-1/A (3), S-3 (3), S-8 (3), SCHEDULE 13G (3), 20-F (2), 20FR12B/A (2), 424B3 (2), ARS (2), PRE 14A (2), RW (2), SCHEDULE 13G/A (2), 15-12G (1), 20FR12B (1), 25-NSE (1), 25-NSE/A (1), 3/A (1), 5 (1), 8-A12B (1), CERT (1), D (1), F-1 (1), F-3 (1), F-6 (1), F-6/A (1), POS AM (1), PRER14A (1), S-1 (1), S-3MEF (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Sep 25, 2026
    Quarterly report (10-Q) May 15, 2026
    Proxy statement (DEF 14A) Oct 27, 2025
    Latest 8-K (8-K) Sep 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par value per shareIXHLNasdaq

From the cover page of the 10-K filed Sep 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Incannex Healthcare Inc. names in Item 1A of its 10-K filed Sep 25, 2026: 70 risks under these headings, as written.4

  • Risks Related to Our Financial Condition and Capital Requirements
  • Risks Related to the Development and Regulatory Approval of Our Drug Candidates
  • Risks Related to Commercialization of Our Drug Candidates
  • Risks Related to Our Business Operations
  • Risks Related to Intellectual Property
  • General Risks and Risks Related to Investing in Our Securities
  • We have a history of operating losses and may not achieve or maintain profitability in the future. Our ability to achieve profitability depends on the successful development of our drug candidates.
  • We rely on R&D tax incentives to provide resources to conduct our business operations. If the amount of R&D tax incentives decreases, our results of operations and cash resources may be materially affected.
  • We expect that we will need substantial additional funding to continue the development of our drug candidates. If we are unable to raise capital when needed or to do so on terms that are favorable to us, we could again be forced to delay, reduce or eliminate our development programs or commercialization efforts or reduce or scale back our operations.
  • We have identified a material weakness in our internal controls over financial reporting. If we fail to maintain an effective system of internal control over financial reporting or fail to remediate this material weakness, we may not be able to accurately report our financial results or prevent fraud, which could have a material adverse effect on our stock price.
  • If we are unable to maintain compliance with the requirements of the Nasdaq Stock Market (“Nasdaq”), this could result in the delisting of our common stock. A delisting of our common stock from Nasdaq could adversely affect our ability to raise additional capital through the public or private sale of equity securities, the ability of investors to dispose shares of our common stock or obtain accurate quotations as to the market value of our common stock and the price and value of our common stock.
  • If we do not obtain the necessary regulatory approvals, we will be unable to commercialize our drug candidates.
The other 63 risks
  • Clinical drug development involves a lengthy and expensive process with uncertain outcomes. The results of earlier preclinical studies or trials may not be predictive of the results of later clinical trials. Clinical trials are difficult to design and implement, and any of our clinical trials could produce unsuccessful results or fail at any stage in the process.
  • We have in the past and may in the future find it difficult to enroll patients in our clinical trials and patients could discontinue their participation in our clinical trials, which could delay or prevent our current and any future clinical trials of our drug candidates and make those trials more expensive to undertake.
  • The ongoing and future clinical trials of our drug candidates may not show sufficient safety and efficacy to obtain requisite regulatory approvals for commercial sale.
  • Our drug candidates may cause undesirable side effects that could delay or prevent their marketing approval, limit their commercial potential, or result in significant negative consequences following marketing approval, if marketing approval is obtained.
  • Topline, interim or preliminary data from our trials may not be representative of final results.
  • Because we rely on third-party manufacturing and supply partners, our supply of R&D, preclinical and clinical development materials may become limited or interrupted or may not be of satisfactory quantity or quality. If we are able to commercialize any of our drug candidates, our third-party manufacturers may be unable to scale or fail to comply with their supply obligations to us.
  • We rely on third parties to conduct our preclinical and clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our drug candidates, and our business could be substantially harmed.
  • A potential breakthrough therapy designation by the FDA for our drug candidates may not lead to a faster development or regulatory review or approval process, and it does not increase the likelihood that our drug candidates will receive marketing approval.
  • We obtained Fast Track Designation for IHL-42X for the treatment of obstructive sleep apnea, and we may seek Fast Track designation for one or more of our other drug candidates in the future. Even if we apply for Fast Track designation for our other drug candidates in the future, we might not receive such designation, and even if we do, such designation may not actually lead to a faster development or regulatory review or approval process.
  • We expect to utilize the FDA’s Section 505(b)(2) pathway for certain of our drug candidates and if that pathway is not available, the development of our drug candidates will likely take significantly longer, cost significantly more and entail significantly greater complexity and risk than currently anticipated, and, in any case, may not be successful.
  • We may use our financial and human resources to pursue a particular research program or drug candidate and fail to capitalize on programs or drug candidates that may be more profitable or for which there is a greater likelihood of success.
  • We have conducted, and intend to conduct, clinical trials for certain of our drug candidates at sites outside of the United States, and the U.S. regulatory agencies may not accept data from trials conducted in such locations.
  • Disruptions at the FDA and other government agencies caused by funding shortages or staffing reductions could prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • Even if we receive marketing approval of a drug candidate, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our products, if approved.
  • Future potential sales of our drug candidates may suffer if they are not accepted in the marketplace by physicians, patients and the medical community.
  • We face competition from entities that may develop drug candidates for our target disease indications and from entities currently providing treatment to our target disease indications.
  • Our drug candidates for which we obtain approval may face competition sooner than anticipated.
  • Even if we are able to commercialize any of our drug candidates, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, which would harm our business.
  • We could become exposed to product liability claims that could adversely affect our business.
  • Product shipment delays could have a material adverse effect on our business, results of operations and financial condition.
  • Our drug candidates will be subject to controlled substance laws and regulations. Failure to receive necessary approvals may delay the launch of our drug candidates and failure to comply with these laws and regulations may adversely affect the results of our business operations.
  • Our relationships with customers and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, substantial civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • Changes in U.S. healthcare law and implementing regulations, as well as changes in healthcare policy, may impact our business in ways that we cannot currently predict and may harm our business and results of operations.
  • Our drug candidates contain cannabinoid and psychedelic substances, the use of which may generate public controversy. Adverse publicity or public perception regarding our current or future drug candidates may negatively influence the success of these therapies.
  • The production and sale of our drug candidates may be considered illegal or may otherwise be restricted due to the use of controlled substances, which may have consequences for the legality of investments from international jurisdictions.
  • Our R&D efforts will be jeopardized if we are unable to retain key personnel and cultivate key academic and scientific collaborations.
  • Inflation may adversely affect us by materially increasing our costs.
  • Changes in interpretation or application of account principles generally accepted in the United States (“US GAAP”) may adversely affect our operating results.
  • If our information technology systems or data, or those of third parties upon which we rely, are or were compromised, we could experience adverse consequences, including regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, and other loss of revenue or profits.
  • Our business activities may be subject to the Foreign Corrupt Practices Act (“FCPA”) and similar anti-bribery and anti-corruption laws of other countries in which we operate.
  • Our employees, independent contractors, consultants, vendors and future commercial partners, if any, may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • Inadequate funding for the FDA, the SEC and other government agencies could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner, or otherwise prevent those agencies from performing normal business functions on which the operation of ours’s business may rely, which could negatively impact our business.
  • We incur, and will continue to incur, costs and expect significantly increased costs as a result of operating as a public company, and our management is now required to devote substantial time to new compliance initiatives.
  • We are exposed to fluctuations in exchange rates which may adversely affect our operating results.
  • There is a scarcity of experienced professionals in our industry. If we are not able to retain and recruit personnel with the requisite technical skills, we may be unable to successfully execute our business strategy.
  • We or the third parties upon whom we depend may be adversely affected by geopolitical events, accidents, conflicts, medical epidemics or pandemics, extreme weather or other natural disasters.
  • Our existing and any future joint ventures may limit our flexibility with jointly owned investments and we may not realize the benefits we expect from these arrangements. We are currently party to a joint venture, and we may in the future sell or contribute additional assets or acquire, develop or recapitalize assets to or in this joint venture or other joint ventures that we may enter.
  • Our success depends on our ability to protect our intellectual property and our proprietary technology, and we may not be able to protect our intellectual property rights throughout the world.
  • Intellectual property rights of third parties could adversely affect our ability to commercialize our drug candidates, such that we could be required to litigate with or obtain licenses from third parties in order to develop or market our drug candidates.
  • Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • We could be required to incur significant expenses to obtain our intellectual property rights, and we cannot ensure that we will obtain meaningful patent protection for our drug candidates.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We may become involved in lawsuits to protect and defend our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.
  • Issued patents covering our drug candidates, compositions or uses could be found invalid or unenforceable if challenged in a patent office or court.
  • The patent protection and patent prosecution for some of our drug candidates may in the future be dependent on third parties.
  • Confidentiality and invention assignment agreements with our employees, advisors and consultants may not adequately prevent disclosure of trade secrets and protect other proprietary information.
  • We may be subject to claims that our employees, consultants or independent contractors wrongfully used or disclosed alleged confidential information of third parties or that our employees wrongfully used or disclosed alleged trade secrets of their former employers.
  • Intellectual property rights do not address all potential threats to our competitive advantage.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our drug candidates and any future drug candidates.
  • We may not have sufficient patent term or regulatory exclusivity protections for our drug candidates to effectively protect our competitive position.
  • If we are unable to obtain and maintain patent protection for any drug candidates, our competitors could develop and commercialize products or technology similar or identical to ours, and our ability to successfully commercialize any drug candidates we may develop, and our technology may be adversely affected.
  • Price controls may be imposed in non-U.S. markets, which may negatively affect our future profitability.
  • The price of our common stock has been and may continue to be highly volatile, which may make it difficult for stockholders to sell our common stock when desired or at attractive prices.
  • U.S. investors may have difficulty enforcing civil liabilities against our directors or members of senior management.
  • Certain provisions of our amended and restated certificate of incorporation may discourage, delay or prevent a change in control of our company and, therefore, depress the trading price of our securities.
  • Our common stock could be further diluted as the result of the issuance of additional shares of common stock, warrants, options or other convertible securities. Future sales of shares of our common stock in the public market, or the perception that such sales could occur, have caused and could in the future cause our stock price to fall.
  • We do not anticipate paying any cash dividends on our capital stock in the foreseeable future; capital appreciation, if any, will be your sole source of gain as a holder of our common stock.
  • If securities or industry analysts do not publish, or cease publishing, research or reports, or publish unfavorable research or reports, about us, our business or our market, or if they change their recommendations regarding our stock adversely, our stock price and trading volume could decline.
  • Having availed ourselves of scaled disclosure available to smaller reporting companies, we cannot be certain if such reduced disclosure will make our common stock less attractive to investors.
  • For as long as we are an “emerging growth company” we have taken advantage, and intend to continue to take advantage, of reduced disclosure and governance requirements applicable to emerging growth companies, which could result in our common stock being less attractive to investors and could make it more difficult for us to raise capital as and when we need it.
  • We may become involved in securities litigation that could materially divert management’s attention and harm our business, and insurance coverage may not be sufficient to cover all costs and damages.
  • We are and may continue to be subject to short selling strategies.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.

Legal proceedings

From time to time, we may become involved in litigation or other legal proceedings arising in the ordinary course of our business. We are not currently a party to any material litigation or legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

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