IXHL Stock — Incannex Healthcare Inc.: Cash, EV, Pipeline

Share price

$3.64

Market cap

$43.6M

Cash

$74.5M

Enterprise value

-$30.9M

Balance sheet

Cash	$74.5M
Debt	$0.0M
Net cash	$74.5M
Enterprise value	-$30.9M
Basic shares	13.7M shares
Fully diluted shares	15.0M shares
Fully diluted market cap	$54.6M
Cash per share	$5.43

Cash figures as of 2026-03-31. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
May 13 - Jun 24	IHL-42X: 2.5 mg dronabinol	Phase 2	Obstructive Sleep Apnea (OSA)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

IHL-42X

Phase 2 · Active Modality: small molecule combination (oral fixed-dose: dronabinol + acetazolamide)

Target carbonic anhydrase/cannabinoid receptors

Indications

Obstructive sleep apnea (OSA) (Phase 2)

Status note Completed Phase 2 RePOSA program; FDA Fast Track designation; DReAMzz Phase 2 dose-optimization study underway ahead of a planned Phase 3 registration program; 505(b)(2) pathway planned.

PSX-001

Phase 2 · Active Modality: small molecule (oral psilocybin, dosed with psychological support)

Target serotonin receptors

Indications

Generalized anxiety disorder (GAD) (Phase 2)

Status note Completed PsiGAD1 proof-of-concept trial; FDA IND cleared for PsiGAD2 Phase 2b dose-comparison study in the U.S. and U.K. Company also holds a 50% JV (Mind Medicine Australia) operating a psychedelic-assisted therapies services clinic.

IHL-675A

Preclinical · Active Modality: small molecule combination (oral fixed-dose: synthetic CBD + hydroxychloroquine sulfate)

Indications

Rheumatoid arthritis (Preclinical)

Status note Australian Phase 2 RA trial terminated due to patient recruitment challenges; company is designing an IND-opening study for RA (505(b)(2) pathway proposed).

Per-asset detail extracted from the 10-Q filed 2026-05-15. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	IHL-42X: 2.5 mg dronabinol
Lead indication	Obstructive Sleep Apnea (OSA)
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07635563	Phase 2	Recruiting	Sponsor	Incannex Healthcare Ltd	—	Obstructive Sleep Apnea (OSA)	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Incannex Healthcare Ltd on ClinicalTrials.gov

No specialist-fund holders in 13F data for this company.

IXHL — Incannex Healthcare Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials