Invex Therapeutics Ltd's Preliminary Final Report for the year ending 30 June 2024

Invex Therapeutics Ltd (ASX: $IXC) has released its preliminary final report for the year ending 30 June 2024. The report highlights the early closure of the Idiopathatic Intracranial Hypertension (IIH) registration-directed Phase III clinical trial for Presendin™, a sustained-release Exenatide formulation, leading to a net loss after tax of $1.64 million. The company restructured its operations and returned $14.0 million to shareholders. Additionally, progress was made in building intellectual property across new therapeutic areas with raised intracranial pressure, including traumatic brain injury (TBI) and hydrocephalus. The report also details the changes in the Board composition and the remuneration policies for Directors and Key Management Personnel.

Executive Commentary on Restructuring and Progress

The closure of the IIH EVOLVE Phase III clinical trial necessitated a strategic restructuring to align with the market assessment. We remain committed to advancing our intellectual property in therapeutic areas related to raised intracranial pressure, such as TBI and hydrocephalus. The return of $14.0 million to shareholders reflects our dedication to responsible financial management amidst the trial's impact. The changes in the Board composition and remuneration policies demonstrate our focus on governance and transparency.

Financial Performance and Outlook

Invex Therapeutics Ltd faced challenges with the early closure of the IIH clinical trial, resulting in a net loss after tax of $1.64 million. However, the company's strategic response included operational restructuring and the return of $14.0 million to shareholders. Progress in developing intellectual property for new therapeutic areas signals resilience and adaptability. The company's commitment to governance and compliance is evident in the detailed disclosure of Board changes, remuneration policies, and adherence to regulatory requirements. Looking ahead, Invex Therapeutics aims to leverage its intellectual property advancements to navigate challenges and pursue opportunities in the evolving healthcare landscape.