Incannex Healthcare

Latest Insights

Healthcare |
Update

01.06.23

Incannex Healthcare — Spotlight on Incannex’s progress in psychedelics

Healthcare |
Flash note

18.05.23

Incannex Healthcare — On the road to psychotherapy clinics

Healthcare |
Flash note

03.05.23

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

Healthcare |
Flash note

02.05.23

Incannex Healthcare — A clinically active quarter

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Sector

Healthcare

Balance Sheet

Forecast net cash (A$m)

29.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(3.0)	(36.3)	(76.2)
Relative	(12.3)	(38.0)	(79.3)
52 week high/low	US$4.0/US$0.8

Financials

Incannex, an Australian-based biotech, has several active studies investigating cannabinoid combinations for a range of conditions, but is also focused on assessing psilocybin for the treatment of generalized anxiety disorder (GAD). In the psychedelics space, Incannex’s ongoing Phase II trial (Psi-GAD) received an encouraging interim review in March 2023, and we see the completion of the study in Q4 CY23 as a significant catalyst. Incannex has also recently announced developments in its psychedelic clinics business through its subsidiary Clarion Clinics Group. In this note, we provide an overview of psychedelics as therapeutics, the GAD market, and Incannex’s position in the emerging field of psychedelic-based therapies. Our valuation for Incannex stands at US$750.7m or US$11.83 per ADR (vs US$745.8m or US$11.75 per ADR previously).