Clinical stage oncology company Prescient Therapeutics Ltd (ASX:PTX, OTC:PSTTF) has received its R&D Tax Incentive rebate for the 2023 financial year amounting to A$2,368,122.60.
The R&D Tax Incentive is an Australian Government program under which companies receive cash refunds of up to 43.5% of eligible expenditure on research and development.
This A$2.4 million rebate comes in addition to the A$18.7 million cash reserves that Prescient reported in the September 2023 quarterly report.
The rebate was accounted for in the company’s 2023 annual report as a receivable and will be reflected in the upcoming December quarterly report.
READ: Report reveals economic boost from R&D tax incentive for Australian biotech industry