Incannex Healthcare (NASDAQ: IXHL)

Currency in USD

Last close As at 30/03/2023


0.05 (2.56%)

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 (18.2) (24.0) (78.1)
Relative (19.4) (27.4) (74.8)
52 week high/low US$9.3/US$1.9


Incannex has reported positive interim safety data from its ongoing Phase II PsiGAD study. A review by an independent Data Safety Monitoring Board (DSMB) identified no safety concerns from the first 37 patients enrolled (expected to recruit 72 in total) in the trial and has recommended no changes to the study design. Additionally, based on the interim analysis of 29 patients who have completed the study protocol, the company projects a more than 85% probability that the psilocybin treatment arm will provide a statistically significant benefit over the placebo treatment arm of the study. While we advise caution in the interpretation of modelling projections to predict trial outcomes, these early observations of safety and potential efficacy, in our view, support the continuation of Incannex’s psilocybin-assisted psychotherapy program for generalized anxiety disorder (GAD). We see trial completion (expected by Q423) as a key upcoming catalyst.

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