InhaleRx Ltd (ASX: IRX), an Australian drug development company focused on inhaled medicines, has released its quarterly activities, cash flow report, and operations update for the quarter ended 30 June 2025. The company is developing two drugs: IRX-211 for breakthrough cancer pain (BTcP) and IRX-616a for panic disorder (PD). InhaleRx aims to secure FDA approval for both indications, positioning its clinical trials as among the first involving inhaled cannabinoid medications for pain and anxiety.
Key operational highlights include the HREC approval for the IRX-211 stage 2 clinical trial, the commencement of trial drug manufacturing for IRX-211, and the execution of a Letter of Intent with CMAX in Adelaide for IRX-616a clinical operations. The company also completed the first drawdown under its $38.5 million funding agreement with Clendon Biotech Capital, allocating $248,000 to trial drug manufacturing expenses. Additionally, InhaleRx received $402,000 under the Australian Government’s Research & Development Incentive (RDTI) for the 2024 financial year, plus an additional $93,000 for an RDTI amendment for 2023.
The company reported a net cash inflow from operating activities of $170,000, benefiting from RDTI cash rebates. InhaleRx continues to focus on cost efficiency while advancing its clinical development programs. Activities related to both IRX-211 and IRX-616a are progressing as planned. The primary focus for the June quarter was preparing for the Phase 2 IRX-211 trial, engaging additional clinical trial sites, manufacturing IRX-211 trial drugs, and planning clinical operations for the IRX-616a Phase 1 trial.
In terms of capital management, InhaleRx continues to evaluate opportunities for raising further capital, with the Clendon funding facility covering most of its clinical development program expenditure over the next 2-3 years. A $248,000 drawdown from the Clendon facility was used to cover trial drug manufacturing for the IRX-211 Phase 2 trial. Payments to directors during the quarter totalled $20,000, with an additional $10,000 paid as salaries to key personnel.
