Incannex Healthcare (NASDAQ: IXHL)

Currency in USD

Last close As at 09/06/2023


−0.02 (−1.02%)

Market capitalisation


Incannex Healthcare is an Australian dual-listed biotech company focused on developing medicinal cannabis pharmaceutical products and psychedelic medicine therapies. These therapies are being designed to target indications with unmet need, including obstructive sleep apnea, generalized 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 0.4 (23.6) (71.0)
Relative (3.2) (29.0) (72.2)
52 week high/low US$6.5/US$1.8


Incannex Healthcare specializes in the development of treatments for chronic conditions using cannabinoids and psychedelics, leveraging its synergistic combination IP. Recently, it achieved proof-of-concept in Australia for IHL-42X, its lead asset for the treatment of obstructive sleep apnea. Incannex intends to file an investigational new drug application with the FDA in CY23. Interim safety data reported in Q123 from the ongoing (Australian) Phase II trial of psilocybin in combination with psychotherapy in generalized anxiety disorder were positive and an independent safety review recommended no changes to the study design; final data are expected in Q423. Final results for ILH-675A in the Phase I trial were announced in Q223; the asset is now being assessed in Phase II for the treatment of rheumatoid arthritis.

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 (20.7) (1.43) N/A N/A
2024E 0.1 N/A (33.4) (2.10) N/A N/A

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