Incannex Healthcare (NASDAQ: IXHL)

Currency in USD

Last close As at 28/11/2023

USD1.08

0.16 (17.39%)

Market capitalisation

USD54m

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 intellectual property 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.

Latest Insights

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Incannex Healthcare — On the road to psychotherapy clinics

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Incannex Healthcare — On to Phase II for IHL-675A

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Incannex Healthcare — A clinically active quarter

incannex07

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Joel Latham

    CEO

  • Troy Valentine

    Chairman

Balance Sheet

Forecast net cash (A$m)

29.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 7.5 (29.7) (74.0)
Relative (2.7) (32.0) (77.0)
52 week high/low US$4.1/US$0.8

Financials

Incannex is developing treatments for chronic conditions using cannabinoids and psychedelics. In August 2023, the company announced that its IND application for IHL-42X had been completed, and the Phase II/III trial in obstructive sleep apnoea may proceed. Interim data from the ongoing Australian Phase II trial of psilocybin in combination with psychotherapy in generalized anxiety disorder have been positive; final data are expected in Q423. Final results for ILH-675A in the Phase I trial were announced in Q223, and the asset is now being assessed in Phase II for the treatment of rheumatoid arthritis; Incannex completed a pre-IND meeting with the FDA in July 2023. Incannex recently announced plans to redomicile to the US and list all shares on Nasdaq. Management anticipates the move will enable greater access to capital markets and enhance access to FDA resources.

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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Incannex Healthcare: Data opens path to treat anxiety

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Healthcare Week 2023

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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