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IXHL

Incannex Healthcare Limited

IXHL

Incannex Healthcare Limited • NASDAQ
$0.36 ▲ 0.87% (+0.00)
Market Cap $125.24 M
52w High $2.25
52w Low $0.08
Dividend Yield 0%
P/E -0.33
Volume 4.40M
Outstanding Shares 347.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $0 $15.772M ▲ $-35.572M ▼ 0% $-1.03 ▼ $-39.051M ▼
Q3-2025 $0 ▼ $8.355M ▲ $-6.627M ▲ 0% ▲ $-0.2 ▲ $-6.406M ▲
Q2-2025 $19.384K ▼ $8.103M ▼ $-9.521M ▼ -49.118K% ▼ $-0.33 ▼ $-9.041M ▼
Q1-2025 $108.987K ▲ $9.32M ▼ $-7.983M ▲ -7.324K% ▲ $-0.29 ▲ $-7.922M ▲
Q4-2024 $17.965K $14.606M $-9.673M -53.842K% $-0.38 $-9.578M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $15.039M ▲ $20.447M ▲ $7.058M ▼ $13.389M ▲
Q2-2025 $2.098M ▼ $11.106M ▼ $10.141M ▲ $965K ▼
Q4-2024 $5.858M ▼ $17.047M ▼ $5.83M ▲ $11.217M ▼
Q2-2024 $14.554M ▼ $22.359M ▼ $3.487M ▲ $18.872M ▼
Q4-2023 $22.12M $23.783M $2.958M $20.825M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-35.572M ▼ $-4.641M ▲ $62K ▲ $17.346M ▲ $12.941M ▲ $-1.033M ▲
Q2-2025 $-5.894M ▲ $-5.679M ▼ $-8K ▼ $4.102M ▲ $-1.529M ▲ $-7.88M ▼
Q4-2024 $-6.461M ▼ $-3.642M ▼ $-3K ▲ $0 $-3.447M ▼ $-3.645M ▼
Q2-2024 $-5.241M ▼ $-2.103M ▲ $-59K ▲ $0 ▲ $-1.723M ▲ $-2.162M ▲
Q4-2023 $-4.174M $-2.582M $-171K $-32K $-2.76M $-2.753M

Five-Year Company Overview

Income Statement

Income Statement Incannex is still a pure research-stage company, so it has no product revenue yet. The income statement is dominated by research and development and corporate overhead, which together produce ongoing operating losses each year. Those losses have stayed relatively modest in absolute size but are meaningful relative to the company’s very small scale. Reported earnings per share look quite volatile, partly because of changes in share count and the reverse split, not because the underlying business suddenly improved or deteriorated. Overall, this is a typical profile for an early-stage biotech: spending steadily on trials and development with no commercial income to offset costs yet.

Balance Sheet

Balance Sheet The balance sheet is simple and very lean. Assets are small and largely made up of cash and equivalents, with little in the way of physical assets or inventory. On the positive side, the company carries no debt, so it is not burdened by interest payments or looming loan maturities. Equity is positive but limited, reflecting a modest capital base for the amount of clinical work planned. This combination points to financial flexibility in terms of low leverage, but also a clear dependence on future capital raises to support ongoing operations and trials.

Cash Flow

Cash Flow Cash flows show a steady pattern of cash being used by the business rather than generated. Operating cash flow has been consistently negative, which fits with a company funding clinical trials, staff, and overhead without any revenue stream. Capital spending is minimal, so free cash flow closely tracks operating outflows. That means almost every dollar spent must come from existing cash reserves or new financing. The key risk is how long the current cash can support the pipeline before additional funding becomes necessary, especially as programs move into more expensive later-stage trials.

Competitive Edge

Competitive Edge Incannex’s competitive position is built around a focused niche rather than scale. It targets diseases with few or no approved drug treatments, such as obstructive sleep apnea and certain anxiety conditions, which can reduce direct competition if its drugs reach market. The strategy of combining synthetic cannabinoids or psychedelics with known drugs, and using a regulatory path that builds on existing data, could shorten development times and strengthen its intellectual property. Early positive trial results in sleep apnea and anxiety add some scientific credibility and potential first-mover advantage in these areas. However, the company is small, the fields it operates in are drawing increasing interest from larger players, and it will likely need strong partners to compete in commercialization, pricing, and distribution if any drug is approved.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Incannex’s story. Its pipeline centers on combination therapies that blend cannabinoids or psychedelics with established drugs to try to improve effectiveness and safety. Lead programs span sleep apnea, rheumatoid arthritis and other inflammatory diseases, and generalized anxiety disorder, with encouraging early-stage data reported in a few of these areas. Using the FDA’s 505(b)(2) pathway and building patents around specific combinations and uses may help protect its ideas and speed development. At the same time, all key assets are still in clinical stages, so scientific, regulatory, and commercial outcomes remain highly uncertain, and ongoing R&D spending will be essential.

Summary

Incannex is a high-risk, high-uncertainty clinical-stage biotech with no current revenue and a narrow but innovative pipeline. Financially, it runs modest but persistent losses, funded by a small cash base and no debt, making future access to capital a central issue. Its main strengths lie in a focused strategy on unmet medical needs, a differentiated combination-therapy approach, and use of a regulatory path designed to leverage prior data. The main risks relate to clinical trial outcomes, regulatory approvals, the cost and complexity of late-stage development, and potential shareholder dilution from future fund-raising. Overall, the company is best viewed as an early-stage, innovation-driven platform whose eventual value will depend heavily on the success and timing of its key drug candidates and its ability to secure sustainable funding and partnerships.

NEWS

November 20, 2025 · 9:34 AM UTC

Stonegate Updates Coverage on Incannex Healthcare Inc. (IXHL) 1Q 2026

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October 30, 2025 · 8:00 AM UTC

Incannex Provides Shareholder Update Highlighting Clinical Progress, Capital Discipline, and EOY 2025 Strategic Focus

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October 22, 2025 · 8:00 AM UTC

Incannex Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Requirement

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