iX Biopharma has posted a wider loss attributable to shareholders of the company of $10.8 million for FY2024 ended June 30, 12% greater than the $9.6 million loss it chalked up in the previous financial year.
iX Biopharma posted 1% higher revenue of $6.0 million for FY2024, while cost of sales grew 37% y-o-y to $4.9 million.
Loss per share for FY2024 grew to 1.41 cents, compared to 1.26 cents in FY2023.
The group’s cash and cash equivalents decreased from $6.5 million as at June 30, 2023 to $1.8 million as at June 30. The group’s current assets fell from $11.0 million to $6.6 million over the same period.
“The decrease during the period was mainly due to net decrease in cash of $4.75 million, excess of receipt over accrual of R&D rebates by $0.13 million and offset by additional inventory holding of $0.42 million,” says iX Biopharma.
Meanwhile, the group’s non-current assets decreased from $13.95 million to $8.04 million over the same period, mainly from a $3.87 million decrease in financial asset from partial disposal and fair value change, a $1.38 million impairment of deferred tax asset and a $0.50 million decrease in right of use assets from depreciation.
Total borrowings increased from $4.34 million on June 30, 2023 to $5.20 million on June 30, mainly from the issuance of $2 million in 9% convertible bonds and $0.15 million in new bank borrowings, offset by principal repayments of $1.02 million.
No dividend has been declared or recommended for the current reporting period.
The Catalist-listed company is involved in the development, manufacture and commercialisation of innovative therapies for the treatment of acute and breakthrough pain, and other health conditions.
Shares in iX Biopharma closed flat at 2.6 cents on Aug 23.
