Incannex Healthcare Inc
IXHLBuild a strategy around IXHL
Incannex Healthcare Inc AI Insights
Informational only. Not investment advice.Snapshot
- Cash of 73.3M covers 3.8 years of burn at TTM rate (-19.4M FCF), providing runway through Phase 3 trials without near-term dilution.[Cash and Equivalents]
- Recent 69.5M equity raise increased shares to 310M - massive dilution but secured multi-year funding at pre-revenue stage.[Net Common Stock Issuance]
- R&D spend of 9.0M TTM is only 39% of operating expenses (23M) - unusually low for clinical-stage biotech, raises efficiency questions.[Research and Development TTM]
Watch Triggers
- Cash and Equivalents: Falls below 40M (2-year runway) — Would signal imminent dilutive financing need, compressing equity value
- Research and Development TTM: Increases >50% without revenue progress — Accelerating burn without milestones shortens runway and increases binary risk
- Total Revenue TTM: Any meaningful increase above 1M — First commercial revenue would validate pipeline and transform valuation framework
Bull Case
Trading at 1.57x book with 73.3M cash (95% of assets) means pipeline valued at ~48M EV - minimal downside if trials progress.
Zero debt (0.003 D/E) and 76.6M working capital eliminate financing risk for 3+ years, rare for clinical-stage biotech.
Bear Case
Pre-revenue (12K TTM) with -48M net loss means 100% dependent on clinical success - binary outcome with high failure probability.
310M shares outstanding after 69.5M raise - further dilution likely if trials extend or fail, destroying shareholder value.
Bull vs Bear Balance
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Forward Thesis
Binary outcome: either clinical success drives 5-10x upside or cash depletes with no product
- Pre-revenue with 12K TTM revenue (essentially zero)
- 73.3M cash vs 121M market cap = paying 48M for pipeline
- 3.8-year runway enables multiple clinical readouts
Valuation Context
Caveats
Public Strategies Rankings
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IXHL Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$89.37M | — | ||
$16.3M | — | ||
0.00 | — | ||
$12,000 | -86.0% | — | |
$-0.86 | — | ||
-191,625% | -164584.3% | — | |
-398,933% | -372011.2% | — | |
$-19.44M | — | ||
-1.1 | +236.5% | — | |
Beta 5Y (Monthly) | unknown | — |
IXHL Dividend History
IXHL Stock Splits
IXHL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/14/25 | 09/30/25 | 10-Q | |
09/29/25 | 06/30/25 | Unknown | |
05/15/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | 10-Q | |
11/14/24 | 09/30/24 | 10-Q | |
09/30/24 | 06/30/24 | 10-K | |
05/15/24 | 03/31/24 | 10-Q | |
02/14/24 | 12/31/23 | 10-Q | |
10/26/23 | 09/30/23 | 6-K | |
10/31/23 | 06/30/23 | 20-F | |
04/27/23 | 03/31/23 | 6-K | |
02/27/23 | 12/31/22 | 6-K | |
10/28/22 | 06/30/22 | 20-F | |
03/31/22 | 03/31/22 | Unknown | -- |
12/31/21 | 12/31/21 | 6-K | |
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