Ann: Incannex Undertakes A$13 Million Institutional Placement, page-221

"With all these milestones coming up in the next year and half, and IHL being funded for this time, the outcome of some of these milestones would have led to jump in price , where they could have raised money a lot higher, with less dilution"

Responsible management doesn't count on capital being available in an economic environment with increasingly dark skies.

And unless they are forced, responsible management doesn't bet the entire farm on one or two milestone outcomes, no matter how confident they are in those outcomes.

Lastly, responsible management understands that positive outcomes do not always translate into SP appreciation. Manipulation and macro events are both forces that can cause SP to drop for a while even after positive results. That's when instos really have you over a barrel, and companies get forced into truly extortionate deals if management was foolish enough to leave essential funding to be contingent on that milestone.