Incannex Healthcare (NASDAQ: IXHL)

Currency in USD

Last close As at 25/01/2023


0.33 (10.31%)

Market capitalisation


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.

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.




Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Joel Latham


  • Troy Valentine


Balance Sheet

Forecast net cash (A$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 29.8 (14.9) N/A
Relative 24.2 (18.3) N/A
52 week high/low US$35.5/US$2.7


Following continued patient enrolment in Incannex’s ongoing Australian Phase II Psi-GAD1 study (ACTRN12621001358831), management has announced the commencement of an independent analysis of the interim data. The company expects the interim results from the study of psilocybin-assisted psychotherapy in generalised anxiety disorder (GAD) to be reported in March 2023. In our view, positive results would represent a significant catalyst for Incannex, considering the large GAD patient population (c 6.8 million US adults), lack of consistently effective first-line treatments and safety issues associated with long-term medication. We expect management to use the results of the Psi-GAD1 trial, assuming they are positive, to support potential Phase II FDA approved studies in FY23. We continue to value Incannex at US$736.6m or US$11.7 per ADR, including the issued shares from the A$13m private placement in December 2022.

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) (1.35) N/A N/A
2024E 0.1 N/A (33.4) (2.12) N/A N/A

More from our Healthcare team

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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