Key points
- Raised $3.25m in December 2024 placement
- Commenced deliveries of CONNEQT Pulse units to US customers
- Reviewing ongoing R&D funding options, including 2025 R&D tax incentive
Full summary
Cardiex Ltd released its Appendix 4C quarterly cash flow report for the period ended 31 December 2024. The company reported net cash used in operating activities of $2.94m for the quarter and $6.09m for the 6-month period. Key highlights include the completion of a $3.25m capital raise in December 2024, with $2.79m received in the quarter and a further $0.14m post-quarter end. The funds will be used to support the company's operations, including the launch of the CONNEQT Pulse product, for which the first 3,000 units have been delivered to US customers. Cardiex also noted that it is reviewing its ongoing R&D funding options, with the forecasted 2025 R&D Tax Incentive refund expected to be in line with the 2024 refund of $1.46m. The company stated that it believes it has the ability to raise additional capital if required and can continue its operations and meet its business objectives.
Outlook
Cardiex is reviewing its ongoing R&D funding options, including the forecasted 2025 R&D Tax Incentive refund, which is expected to be in line with the 2024 refund of $1.46m. The company is also focused on the launch and sales of its CONNEQT Pulse product, which has demonstrated promising early growth and provides a new income stream.