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&rsquo 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&rsquo s current assets fell from $11.0 million to $6.6 million over the same period. 

 

&ldquo 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,&rdquo says iX Biopharma.  

 

Meanwhile, the group&rsquo 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.