# Incannex Healthcare Inc. (IXHL)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $132M  
**Price:** $3.82 (-2.30%)

> Incannex Healthcare Inc. is a clinical-stage biopharmaceutical company focused on researching, developing, and advancing novel oral fixed-dose combination therapies for chronic conditions. Its lead candidate, IHL-42X, combines dronabinol and acetazolamide to target obstructive sleep apnea through synergistic action on intermittent hypoxia and hypercapnia. PSX-001, an oral synthetic psilocybin formulation administered with psychotherapy, addresses generalized anxiety disorder. Additionally, IHL-675A pairs synthetic cannabidiol with hydroxychloroquine sulfate to combat inflammation in rheumatoid arthritis, lung conditions like chronic obstructive pulmonary disease and asthma, and inflammatory bowel diseases including colitis and Crohn’s. Incannex Healthcare Inc. emphasizes reducing individual drug dosages in combinations to minimize side effects while enhancing efficacy. Founded in 2001 and headquartered in Sydney, Australia, the company operates in the specialty drug manufacturing sector, prioritizing psychedelic and cannabinoid-based innovations for unmet medical needs in respiratory, neurological, and inflammatory disorders.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $86,000 | — | -$24M | -$47M | — |
| 2024 | $12,000 | — | -$30M | -$18M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $20M | $7M | $13M | $15M | — |
| 2024 | $17M | $6M | $11M | $6M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$13M | $8,000 | -$13M |
| 2024 | -$16M | $277,000 | -$16M |
| 2023 | -$11M | $316,000 | -$11M |

Source: [CompaniesByCap](https://companiesbycap.com/company/IXHL)