Incannex enters agreement to cancel remaining Series A warrants

Incannex (IXHL) Healthcare has entered into a binding agreement to cancel the remaining 172M Series A Warrants issued under a previous financing arrangement contingent upon Incannex paying the Series A Warrant holders a cancellation payment of up to $12.2M. When combined with the earlier tranche canceled earlier this month, this agreement will result in the elimination of up to 347.2M shares from potential future dilution, pending final execution. This strategic step follows the company’s earlier warrant cancellation transaction announced on May 20, which removed the first 175.2M dilution-linked shares. With this second agreement now in place, Incannex has taken firm action to fully eliminate the overhang posed by its Series A Warrants. The agreement comes at a pivotal time for Incannex, as the company approaches the release of topline data from its Phase 2 RePOSA trial of IHL-42X for obstructive sleep apnea, expected in July 2025. IHL-42X is being developed as a potential first-in-class oral pharmaceutical treatment for a condition affecting millions globally, with no current FDA-approved drug therapy available.