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IXHL — Incannex Healthcare Inc.

IXHL (Incannex Healthcare Inc.) stock: $2.24, $28.1M market cap, $67.7M cash, -$39.6M EV, $31.3M fully diluted market cap. Next expected readout: Apr-27. Lead program: IHL-42X: 2.5 mg dronabinol (Obstructive Sleep Apnea (OSA)), Phase 2. Data from Fully Diluted's biotech stocks database.

What they do

We are a clinical-stage biopharmaceutical company developing oral fixed-dose combination therapies and psychedelic-assisted treatments for serious chronic conditions. Our principal development priority is IHL-42X for obstructive sleep apnea. We are also evaluating the next clinical development plan for PSX-001 in generalized anxiety disorder and the potential for further development of IHL-675A in inflammatory conditions.

Source: 10-K FY2026 via SEC EDGAR

Share price
$2.24
Market cap
$28.1M
Cash
$67.7M
Enterprise value
-$39.6M

Balance sheet

Cash$67.7M
Debt$0.0M
Net cash$67.7M
Enterprise value-$39.6M
Basic shares12.5M shares
Fully diluted shares14.0M shares
Fully diluted market cap$31.3M
Cash per share$5.40
Quarterly burn+$3.4M generated

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common
12.0M
Pre-funded warrants
0.0M
Options
0.0M
RSUs
0.0M
Warrants
2.0M
Converts
0.0M
Conv preferred
0.0M
ESPP reserve
—
FDSO
14.0M

Cap table as of 2026-06-30.

Price history

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Next catalyst

IHL-42X: 2.5 mg dronabinol · May 13 - Jun 24 in 6 mo · Phase 2 · Obstructive Sleep Apnea (OSA)

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