Incannex Healthcare

NASDAQ: IXHL

Market Cap$247m

Last Close $4.05

Listed in Australia, Incannex Healthcare is developing medicinal cannabis pharmaceutical products and psychedelic medicine therapies. These therapies are being designed to target indications with unmet need, including obstructive sleep apnoea, generalised anxiety disorder, trauma and inflammatory conditions.

More Incannex Healthcare content >

Investment summary

Incannex Healthcare announced the initiation of a bioavailability/bioequivalence (BA/BE) study assessing the company’s lead clinical asset IHL-42X. Results from the BA/BE study are a prerequisite to pursue the FDA’s 505(b)(2) new drug application regulatory pathway, which forms a critical part of management’s expedited clinical development strategy for its assets, so we see the commencement as positive preparatory activity. Additionally, management intends to open an investigational new drug (IND) application with the FDA in Q1 CY23 to initiate Phase II/III studies of IHL-42X. Incannex’s clinical strategy is to progress development through later-stage FDA studies, so we view this confirmation from management as encouraging for IHL-42X’s overall development. We continue to value Incannex at US$714.7m or US$11.74 per ADR.

Y/E Jun
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2021A 2.0 N/A (8.2) (0.83) N/A N/A
2022A 0.8 N/A (14.9) (1.25) N/A N/A
2023E 0.1 N/A (20.6) (1.38) N/A N/A
2024E 0.1 N/A (33.4) (2.24) N/A N/A
Industry outlook

Management’s strategy to pursue synergistic combination patent filings of its assets has the potential to create extensive protection within the cannabinoid treatment market. The IP position for the combinations will be further supported by method of use and formulation patents. Combination patents could therefore be a significant source of value for the company should approval be granted.

Last updated on 30/11/2022
Content on Incannex Healthcare
Incannex Healthcare – IHL-42X gearing up for FDA studies
Healthcare | research Flash note | 18 November 2022
3d render. Pharmaceutical manufacture background with glass bottles with clear liquid on automatic conveyor line. COVID-19 mRNA vaccine production platform.
Incannex Healthcare – An encouraging start to the new financial year
Healthcare | research Flash note | 31 October 2022
3d render. Pharmaceutical manufacture background with glass bottles with clear liquid on automatic conveyor line. COVID-19 mRNA vaccine production platform.
View more
Register to receive research on Incannex Healthcare as it is published
Share price graph
Balance sheet
Forecast net debt (A$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.3 (4.0) N/A
Relative* (2.9) (7.0) N/A
52-week high/low US$35.5/US$3.4
*% relative to local index
Key management
Troy Valentine Chairman
Joel Latham CEO