Incannex Healthcare (IXHL)
Market Price (3/30/2026): $3.21 | Market Cap: $37.4 MilSector: Health Care | Industry: Pharmaceuticals
Incannex Healthcare (IXHL)
Market Price (3/30/2026): $3.21Market Cap: $37.4 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -182% | Weak multi-year price returns2Y Excs Rtn is -118%, 3Y Excs Rtn is -160% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -25 Mil |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -132% | ||
| High stock price volatilityVol 12M is 755% | ||
| Key risksIXHL key risks include [1] failure to secure regulatory approval for its drug candidates, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -182% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -118%, 3Y Excs Rtn is -160% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -25 Mil |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -132% |
| High stock price volatilityVol 12M is 755% |
| Key risksIXHL key risks include [1] failure to secure regulatory approval for its drug candidates, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Incannex Healthcare (IXHL) stock has lost about 70% since 11/30/2025 because of the following key factors:
1. Reverse Stock Split Signals Underlying Weakness and Negative Sentiment.
Incannex Healthcare announced a reverse stock split on February 25, 2026. This corporate action is typically undertaken by companies experiencing significant stock price depreciation to boost the per-share price and comply with exchange listing requirements. While a reverse split does not inherently change market capitalization, it is often perceived negatively by investors, signaling underlying financial struggles and can lead to further selling pressure in the post-split period, failing to reverse the downward trend.
2. Highly Dilutive Direct Offering Led to Significant Price Drop.
On March 12, 2026, Incannex Healthcare priced a registered direct offering to raise approximately $10.0 million by issuing 2,000,000 common shares and accompanying warrants at a combined purchase price of $5.00 per share. This offering, expected to close around March 13, 2026, directly resulted in a substantial 48.41% decline in the stock price on March 12, 2026, due to the dilution of existing shareholders and negative market reaction.
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1. Reverse Stock Split Signals Underlying Weakness and Negative Sentiment.
Incannex Healthcare announced a reverse stock split on February 25, 2026. This corporate action is typically undertaken by companies experiencing significant stock price depreciation to boost the per-share price and comply with exchange listing requirements. While a reverse split does not inherently change market capitalization, it is often perceived negatively by investors, signaling underlying financial struggles and can lead to further selling pressure in the post-split period, failing to reverse the downward trend.
2. Highly Dilutive Direct Offering Led to Significant Price Drop.
On March 12, 2026, Incannex Healthcare priced a registered direct offering to raise approximately $10.0 million by issuing 2,000,000 common shares and accompanying warrants at a combined purchase price of $5.00 per share. This offering, expected to close around March 13, 2026, directly resulted in a substantial 48.41% decline in the stock price on March 12, 2026, due to the dilution of existing shareholders and negative market reaction.
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Stock Movement Drivers
Fundamental Drivers
The -70.0% change in IXHL stock from 11/30/2025 to 3/29/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.81 | 3.24 | -70.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | |
| P/S Multiple | 9,314.5 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 10 | 12 | -11.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IXHL | -70.0% | |
| Market (SPY) | -5.3% | 23.7% |
| Sector (XLV) | -8.7% | 20.5% |
Fundamental Drivers
The -83.6% change in IXHL stock from 8/31/2025 to 3/29/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.77 | 3.24 | -83.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | |
| P/S Multiple | 132.0 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 12 | -94.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IXHL | -83.6% | |
| Market (SPY) | 0.6% | 18.5% |
| Sector (XLV) | 5.2% | 12.8% |
Fundamental Drivers
The -91.5% change in IXHL stock from 2/28/2025 to 3/29/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.10 | 3.24 | -91.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | |
| P/S Multiple | 228.4 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 12 | -95.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IXHL | -91.5% | |
| Market (SPY) | 9.8% | 1.0% |
| Sector (XLV) | -2.1% | -12.4% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IXHL | ||
| Market (SPY) | 69.4% | 0.3% |
| Sector (XLV) | 18.4% | -10.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IXHL Return | - | - | -42% | -54% | -83% | -68% | -99% |
| Peers Return | 9% | 7% | -15% | -4% | 5% | -16% | -17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| IXHL Win Rate | - | - | 0% | 42% | 33% | 0% | |
| Peers Win Rate | 42% | 45% | 42% | 43% | 45% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| IXHL Max Drawdown | - | - | -54% | -67% | -96% | -74% | |
| Peers Max Drawdown | -17% | -18% | -43% | -23% | -43% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JAZZ, INSP, LLY, TLRY, CRON.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
IXHL has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to JAZZ, INSP, LLY, TLRY, CRON
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About Incannex Healthcare (IXHL)
Incannex Healthcare Inc., a clinical stage pharmaceutical development company, engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies. It develops products for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, pain, and other indications. The company offers APIRx-1801, an ultrapure tetrahydrocannabinol; APIRx-1802, an ultrapure CBD; and APIRx-1803, an ultrapure cannabigerol. It also develops IHL-42X, which has completed Phase IIb clinical trial for obstructive sleep apnea; Psi-GAD that is in Phase IIa clinical trial for generalized anxiety disorder; MedChew Dronabinol, which has completed Phase Ia clinical trial for nausea and vomiting in chemotherapy; CanChew Plus that has completed Phase IIa clinical trial for irritable bowel syndrome; APIRx-1601, which has completed Phase IIa clinical trial for vitiligo; APIRx-1602 skin that has completed Phase IIa clinical trial for psoriasis; and APIRx-1603, which has completed Phase IIa clinical trial for atopic dermatitis. In addition, its product portfolio includes IHL-675A for inflammatory lung disease, IHL-675A for rheumatoid arthritis, IHL-675A for inflammatory bowel disease, and IHL-216A for traumatic brain injury and concussion, which have completed pre-clinical trials; and MedChew 1401 for pain and spasticity in multiple sclerosis, MedChew GB for post-herpatic neuralgia, MedChew-1502 for Parkinson's disease, MedChew-1503 for dementia, MedChew RL for restless legs syndrome, APIRx 1505 Flotex for chrohn's disease, CanChew RX and SuppoCan (Suppository) for inflammatory bowel disease, CheWell for addiction of cannabis, CanQuit for tobacco smoking cessation, CanQuit O for opioid addiction, APIRx-1701 for glaucoma, suppoCan gastro for IBD, and APIRx-1702 for dry eye syndrome that are in pre-clinical trials. Incannex Healthcare Inc. was incorporated in 2001 and is based in Sydney, Australia.
AI Analysis | Feedback
1. Think of it as a clinical-stage **GW Pharmaceuticals** (which pioneered cannabinoid-based drugs) that is also developing psychedelic medicines for a broad range of conditions.
2. It's like **Compass Pathways** (a leader in psychedelic drug development) but with an expanded focus that includes a wide array of cannabinoid-based pharmaceuticals.
AI Analysis | Feedback
- APIRx-1801: An ultrapure form of tetrahydrocannabinol (THC) for pharmaceutical applications.
- APIRx-1802: An ultrapure form of cannabidiol (CBD) for pharmaceutical applications.
- APIRx-1803: An ultrapure form of cannabigerol (CBG) for pharmaceutical applications.
- IHL-42X: A therapeutic product for obstructive sleep apnea, having completed Phase IIb clinical trials.
- Psi-GAD: A psychedelic-assisted therapy for generalized anxiety disorder, currently in Phase IIa clinical trials.
- MedChew Dronabinol: A chewable medication for treating nausea and vomiting in chemotherapy, completed Phase Ia clinical trials.
- CanChew Plus: A therapeutic for irritable bowel syndrome, having completed Phase IIa clinical trials.
- APIRx-1601: A therapeutic for vitiligo, having completed Phase IIa clinical trials.
- APIRx-1602 skin: A therapeutic for psoriasis, having completed Phase IIa clinical trials.
- APIRx-1603: A therapeutic for atopic dermatitis, having completed Phase IIa clinical trials.
- IHL-675A: A therapeutic candidate for inflammatory lung disease, rheumatoid arthritis, and inflammatory bowel disease, having completed pre-clinical trials.
- IHL-216A: A therapeutic candidate for traumatic brain injury and concussion, having completed pre-clinical trials.
AI Analysis | Feedback
Based on the provided company description, Incannex Healthcare Inc. (IXHL) is a clinical stage pharmaceutical development company focused on research and development, with products in various stages of preclinical and clinical trials. The company's primary activities involve advancing its drug candidates through these development phases.
As a clinical stage company, its products are not yet commercially available for sale to individuals or other companies on a large scale. Therefore, Incannex Healthcare does not currently have identifiable major customers in the traditional commercial sense.
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Incannex Healthcare Inc. (IXHL) Management Team:Joel Latham
President and Chief Executive Officer
Joel Latham has served as the President, Chief Executive Officer, and Director of Incannex Healthcare Inc. since July 2023. He brings over 20 years of senior management experience in both public and private sectors, with nearly a decade spent with Incannex. Prior to leading Incannex Healthcare Inc., he was the CEO and Managing Director of Incannex Australia, where he was instrumental in the company's growth and its successful transition to Nasdaq. Mr. Latham also held senior leadership roles in corporate strategy and global market development at multinational corporations such as Mars Foods, Tabcorp, and Philip Morris International. He was an investor in the company before joining as an employee.
Joseph Swan
Chief Financial Officer and Secretary
Joseph Swan was promoted to Chief Financial Officer and Secretary of Incannex Healthcare Inc. on February 29, 2024, and has also served as the company's Treasurer since July 2023. Mr. Swan's tenure with Incannex Healthcare began as Head of Finance for Incannex Australia from November 2021 until the company re-domiciled to Delaware. Before joining Incannex, he gained extensive experience in financial oversight and auditing, working as an analyst at Deloitte Australia, and at HLB Mann Judd and INPEX Australia. He is a chartered accountant and holds a commerce and accounting degree from the University of Western Australia.
Dr. Luigi M. (Lou) Barbato, M.D.
Chief Medical Officer
Dr. Lou Barbato serves as the Chief Medical Officer of Incannex Healthcare.
Dr. Mark Bleackley, Ph.D.
Chief Scientific Officer
Dr. Mark Bleackley is the Chief Scientific Officer at Incannex Healthcare.
Lekhram Changoer
Chief Technology Officer
Lekhram Changoer holds the position of Chief Technology Officer at Incannex Healthcare.
AI Analysis | Feedback
Key Risks to Incannex Healthcare (IXHL)
Incannex Healthcare Inc. (IXHL), a clinical-stage pharmaceutical development company focused on medicinal cannabinoid and psychedelic products, faces several significant risks inherent to its business model and the evolving nature of its target markets.
- Clinical Trial Success and Regulatory Approval: As a clinical-stage company with numerous drug candidates in various phases of development, Incannex Healthcare's success is fundamentally dependent on the positive outcomes of its clinical trials and subsequent regulatory approvals. Analysts view the company as a "binary bet," implying that the drugs will either "work spectacularly" or "fail spectacularly". There is no guarantee that Incannex will ever have marketable products, and failure can occur at any stage of clinical development, which would significantly impact the business. The process of obtaining regulatory approval from bodies like the FDA is complex, costly, and lengthy, adding a layer of uncertainty, particularly in the emerging fields of cannabinoid and psychedelic therapies.
- Financial Sustainability and Shareholder Dilution: Incannex Healthcare has a history of significant recurring operating losses and negative cash flows from operating activities. The company operates with a high cash burn rate due to extensive research and development expenses, often with little to no revenue generation. This necessitates frequent capital raises, which have historically led to significant shareholder dilution. For example, a recent $10 million direct offering contributed to a 48% stock price decline, viewed by some as "the latest chapter in a long ongoing story of a company that was bleeding cash". The company also undertook a 1-for-30 reverse stock split to maintain its Nasdaq listing, often considered a "big red flag" for investors, highlighting the pressure to sustain its market presence.
- Market Volatility and Competition: The stock exhibits high volatility, indicated by a beta of 4.64. The healthcare sector, especially the niche of cannabinoid and psychedelic therapies, is highly competitive and subject to rapid changes in scientific understanding, regulatory frameworks, and public perception. While Incannex aims for rigorous clinical validation and a unique pipeline, it faces competition from other developers of novel treatments and established therapies. The market for its specific drug candidates may not grow at anticipated rates, or existing treatments, such as positive airway pressure (PAP) devices for obstructive sleep apnea, could remain dominant despite patient compliance challenges.
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The increasing widespread legalization and accessibility of non-pharmaceutical cannabinoid products poses a clear emerging threat to Incannex Healthcare. As cannabis and various cannabinoid-containing products become more readily available and affordable through retail channels and medical dispensaries, they could significantly dilute the market demand for Incannex's more expensive, prescription-based pharmaceutical cannabinoid products. Patients, particularly for non-life-threatening conditions, may opt for these accessible alternatives if they perceive sufficient therapeutic benefit, thereby challenging Incannex's ability to achieve anticipated market penetration and pricing power upon product launch.
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Incannex Healthcare Inc. (IXHL) is a clinical-stage pharmaceutical company developing medicinal cannabinoid and psychedelic pharmaceutical products for a range of conditions. The addressable markets for their main product indications are globally significant:- Obstructive Sleep Apnoea (OSA): The global obstructive sleep apnea (treatment) market was valued at US$748.11 million in 2024 and is expected to reach approximately USD 2,868.50 million by 2033.
- Traumatic Brain Injury (TBI) and Concussion: The global traumatic brain injury (TBI) treatment market was valued at USD 3.67 billion in 2024 and is expected to reach USD 6.13 billion by 2032.
- Generalized Anxiety Disorder (GAD): The global generalized anxiety disorder (GAD) treatment market is valued at USD 2.14 billion in 2025 and is expected to reach USD 5.06 billion by 2035.
- Inflammatory Lung Disease (ARDS, COPD, Asthma, Bronchitis): The global lung disease therapeutics market size is expected to be valued at USD 96.82 billion in 2025 and is anticipated to reach around USD 173.48 billion by 2035.
- Rheumatoid Arthritis: The global rheumatoid arthritis drugs market size was valued at USD 63.22 billion in 2024 and is expected to hit around USD 75.53 billion by 2034.
- Inflammatory Bowel Disease (IBD): The global inflammatory bowel disease (IBD) treatment market was valued at USD 26.6 billion in 2024 and is expected to reach USD 47.3 billion by 2034.
- Nausea and Vomiting in Chemotherapy: The global chemotherapy-induced nausea and vomiting (CINV) treatment market was valued at approximately USD 6,412.0 million in 2023 and is projected to reach USD 12,688.0 million by 2034.
- Vitiligo: The global vitiligo treatment market size was valued at USD 1.84 billion in 2025 and is projected to reach USD 2.54 billion by 2034.
- Psoriasis: The global psoriasis treatment market size was valued at USD 29.15 billion in 2025 and is projected to reach USD 72.99 billion by 2034.
- Atopic Dermatitis: The global atopic dermatitis drugs market size is calculated at USD 15.92 billion in 2025 and is predicted to increase to approximately USD 33.42 billion by 2035.
- Parkinson's Disease: The global Parkinson's disease drugs market size was valued at USD 7.75 billion in 2025 and is projected to grow to USD 15.77 billion by the end of 2034.
- Dementia: The global dementia treatment market size accounted for USD 19.98 billion in 2025 and is predicted to increase to approximately USD 40.64 billion by 2034.
- Restless Legs Syndrome (RLS): The global restless leg syndrome (RLS) market is expected to grow from USD 2.16 billion in 2025 to USD 4.01 billion by 2030.
- Pain and Spasticity in Multiple Sclerosis: The global multiple sclerosis (MS) therapeutic market size was estimated at USD 27.39 billion in 2024 and is projected to reach USD 38.62 billion by 2030. Separately, the global spasticity treatment market is projected to grow from USD 15.3 billion in 2025 to USD 33.4 billion by 2035.
- Glaucoma: The global glaucoma treatment market size was valued at USD 6.6 billion in 2024 and is expected to grow to USD 10.5 billion by 2034.
- Dry Eye Syndrome: The global dry eye syndrome treatment market size was valued at USD 8.00 billion in 2025 and is projected to grow to USD 15.09 billion by 2034.
AI Analysis | Feedback
Incannex Healthcare Inc. (IXHL) is a clinical-stage pharmaceutical development company focused on medicinal cannabinoid and psychedelic pharmaceutical products. Over the next 2-3 years, the company's expected revenue growth will be primarily driven by the progression and potential commercialization of its lead drug candidates and the formation of strategic partnerships.
- Successful Commercialization of IHL-42X for Obstructive Sleep Apnea (OSA): Incannex Healthcare's most advanced product, IHL-42X, an oral treatment for obstructive sleep apnea, has demonstrated statistically significant positive outcomes in its completed Phase 2 trials and has received FDA Fast Track Designation. The company is pursuing an enhanced clinical development strategy for IHL-42X, including a Phase 2 crossover dose-optimization study followed by a streamlined Phase 3 program, with Phase 3 planning underway to be conducted exclusively in the U.S.. Given that OSA affects over 30 million people in the United States with limited effective oral treatment options, the successful completion of clinical trials, regulatory approval, and subsequent market launch of IHL-42X represents the most significant expected driver of future revenue growth. The company is already engaged in promising commercial discussions regarding IHL-42X.
- Progression and Potential Commercialization of PSX-001 (Psi-GAD) for Generalized Anxiety Disorder (GAD): Incannex Healthcare's PSX-001 program for Generalized Anxiety Disorder (GAD) has also yielded statistically significant positive data from its Phase 2 trials. While IHL-42X is further along in development, the continued advancement of PSX-001 through later-stage clinical and regulatory processes, leading to its eventual commercialization, is anticipated to contribute to future revenue growth within the specified timeframe.
- Strategic Partnerships and Licensing Agreements: As a clinical-stage company with minimal current revenue, Incannex Healthcare's future revenue will also be driven by its ability to secure strategic partnerships and licensing agreements for its drug candidates. Such collaborations could provide essential funding through upfront payments, milestone payments upon achieving specific development or regulatory goals, and future royalties on sales. These partnerships would be crucial for supporting the costly late-stage development, manufacturing, and commercialization efforts, particularly for IHL-42X and PSX-001, and are a key aspect of their commercialization strategy.
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Share Repurchases
- Incannex Healthcare authorized a share repurchase program for up to $20 million of its outstanding common stock on August 22, 2025.
- This $20 million share repurchase program was reiterated in January 2026 as one of the key corporate actions from 2025.
Share Issuance
- In March 2026, Incannex Healthcare priced a registered direct offering to raise approximately $10.0 million through the issuance of 2,000,000 common shares and accompanying warrants at a combined purchase price of $5.00 per share, with the potential for an additional $13.0 million if all warrants are exercised.
- In May 2025, the company completed a $16.7 million capital raise via its at-the-market (ATM) facility, using $12.5 million of these proceeds to cancel up to 50.4% of previously issued Series A Warrants to reduce future dilution.
- Incannex Healthcare completed a $12.5 million private placement in March 2025 by selling 11,574,090 shares at $1.08 per share, which also included Series A warrants.
Inbound Investments
- In September 2024, Incannex Healthcare entered into an agreement to issue up to $10 million in secured convertible notes to Arena Investors, LP and its affiliates.
- Also in September 2024, the company secured a $50 million equity line of credit (ELOC) with Arena Business Solutions, an Arena affiliate, though it did not anticipate drawing upon this facility at closing.
Capital Expenditures
- Proceeds from the March 2026 offering (approximately $10.0 million initially) are primarily intended to fund the completion of the DReAMzz Phase 2 study for IHL-42X.
- The $12.5 million raised from a private placement in March 2025 was intended to fund ongoing clinical trials for IHL-42X (an obstructive sleep apnea treatment), repay outstanding convertible debentures, and cover working capital and general corporate purposes.
- Research and Development (R&D) expenses were $2.74 million USD for the three months ended March 31, 2025, compared to $3.28 million USD for the same period in 2024, reflecting investments in its pharmaceutical development programs.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can Incannex Healthcare Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.23 |
| Mkt Cap | 1.2 |
| Rev LTM | 875 |
| Op Inc LTM | 16 |
| FCF LTM | 39 |
| FCF 3Y Avg | 57 |
| CFO LTM | 71 |
| CFO 3Y Avg | 91 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.2% |
| Rev Chg 3Y Avg | 19.1% |
| Rev Chg Q | 11.2% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 1.2% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 17.6% |
| CFO/Rev 3Y Avg | 11.0% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 0.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.2 |
| P/S | 2.6 |
| P/EBIT | -0.5 |
| P/E | -0.6 |
| P/CFO | 10.3 |
| Total Yield | -2.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.0% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -18.1% |
| 3M Rtn | -26.3% |
| 6M Rtn | -20.0% |
| 12M Rtn | 1.5% |
| 3Y Rtn | -24.4% |
| 1M Excs Rtn | -9.7% |
| 3M Excs Rtn | -19.9% |
| 6M Excs Rtn | -16.7% |
| 12M Excs Rtn | -9.8% |
| 3Y Excs Rtn | -85.4% |
Price Behavior
Price Behavior
| Market Price | $3.24 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 11/30/2023 | |
| Distance from 52W High | -93.4% | |
| 50 Days | 200 Days | |
| DMA Price | $6.63 | $11.50 |
| DMA Trend | down | down |
| Distance from DMA | -51.1% | -71.8% |
| 3M | 1YR | |
| Volatility | 164.4% | 759.0% |
| Downside Capture | 2.67 | 0.91 |
| Upside Capture | -227.94 | -89.23 |
| Correlation (SPY) | 24.8% | 0.8% |
IXHL Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.02 | 1.32 | 1.40 | 1.12 | 0.06 | 3.18 |
| Up Beta | 6.13 | 3.17 | 0.47 | 2.69 | -4.09 | 0.76 |
| Down Beta | 5.89 | 3.70 | 2.14 | 1.10 | 2.46 | 2.05 |
| Up Capture | -675% | -371% | -171% | -107% | -44% | -7% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 6 | 12 | 20 | 41 | 91 | 229 |
| Down Capture | 336% | 305% | 321% | 219% | 101% | 78% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 15 | 29 | 41 | 82 | 156 | 317 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IXHL | |
|---|---|---|---|---|
| IXHL | -85.1% | 754.5% | 0.80 | - |
| Sector ETF (XLV) | 0.3% | 17.6% | -0.13 | -12.9% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 0.7% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -6.0% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | -1.2% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | -6.1% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 0.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IXHL | |
|---|---|---|---|---|
| IXHL | -57.7% | 505.7% | 0.39 | - |
| Sector ETF (XLV) | 6.0% | 14.5% | 0.23 | -10.4% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 0.3% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | -5.8% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | -0.3% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | -3.7% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 2.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IXHL | |
|---|---|---|---|---|
| IXHL | -35.0% | 505.7% | 0.39 | - |
| Sector ETF (XLV) | 9.7% | 16.5% | 0.48 | -10.4% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 0.3% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | -5.8% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | -0.3% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | -3.7% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 2.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/13/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 09/29/2025 | 10-K |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 09/30/2024 | 10-K |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 10/26/2023 | 6-K |
| 06/30/2023 | 10/31/2023 | 20-F |
| 03/31/2023 | 04/27/2023 | 6-K |
| 12/31/2022 | 02/27/2023 | 6-K |
| 06/30/2022 | 10/28/2022 | 20-F |
| 12/31/2021 | 03/21/2022 | 6-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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