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Incannex Healthcare Limited Sponsored ADR
(NASDAQ:IXHL)
Incannex Healthcare Limited Sponsored ADR (IXHL) vs. SPDR S&P 500 ETF (SPY)
Incannex Healthcare Limited Sponsored ADR Business Overview & Revenue Model
Incannex Healthcare Limited Sponsored ADR Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Sep 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 66.62K | 86.00K | ― | 0.00 | 0.00 | 1.43M |
| Gross Profit | 66.62K | 86.00K | ― | 0.00 | -4.36K | 740.54K |
| EBITDA | -45.51M | -48.09M | -27.70M | -13.55M | -10.16M | -8.57M |
| Net Income | -42.09M | -46.88M | -27.63M | -48.81M | -10.25M | -8.54M |
Balance Sheet | ||||||
| Total Assets | 75.01M | 20.45M | 17.05M | 23.78M | 26.15M | 7.00M |
| Cash, Cash Equivalents and Short-Term Investments | 68.90M | 15.04M | 5.86M | 22.12M | 25.80M | 6.84M |
| Total Debt | 163.00K | 258.00K | 373.00K | 521.00K | 0.00 | 0.00 |
| Total Liabilities | 1.60M | 7.06M | 5.83M | 2.96M | 1.39M | 566.17K |
| Stockholders Equity | 73.41M | 13.39M | 11.22M | 20.82M | 24.76M | 6.44M |
Cash Flow | ||||||
| Free Cash Flow | -10.24M | -12.52M | -16.12M | -11.06M | -8.84M | -5.18M |
| Operating Cash Flow | -10.23M | -12.51M | -15.85M | -10.75M | -8.84M | -5.18M |
| Investing Cash Flow | 58.00K | -8.00K | -277.00K | -316.00K | 0.00 | 22.00K |
| Financing Cash Flow | 18.27M | 21.40M | 0.00 | 8.18M | 28.33M | 9.30M |
Incannex Healthcare Limited Sponsored ADR Technical Analysis
Incannex Healthcare Limited Sponsored ADR Risk Analysis
Incannex Healthcare Limited Sponsored ADR Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | $878.47M | -2.61 | -25.09% | ― | ― | -1.89% | |
57 Neutral | $231.13M | -19.19 | -39.94% | ― | 2.82% | 60.26% | |
52 Neutral | $43.08M | -20.99 | -10.54% | ― | 12.21% | 69.91% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $88.43M | -1.97 | -26.99% | ― | 9.21% | 58.12% | |
50 Neutral | $37.03M | ― | -199.09% | ― | -86.05% | 24.17% |
Incannex Healthcare Limited Sponsored ADR Corporate Events
On March 18, 2026, Incannex Healthcare reported that it now holds approximately $75 million in cash and no debt following a financing led by healthcare-focused institutional investors, leaving the company with a negative enterprise value relative to its roughly $46 million market capitalization. Management argues this valuation gap overlooks both the company’s strengthened balance sheet and the progress of its clinical pipeline, including lead program IHL-42X for obstructive sleep apnea and PSX-001 for generalized anxiety disorder.
The new capital is earmarked to fund the DReAMzz Phase 2 crossover dose-optimization study of IHL-42X, allowing Incannex to refine dosing before an optimized Phase 3 while preserving most existing cash for later-stage development and retaining capacity under a share buyback program. Over the past year the company has reported successful Phase 2 results for IHL-42X, advanced into the DReAMzz study under FDA Fast Track designation, built clinical advisory boards, and progressed PSX-001 as a second key asset, moves that collectively position Incannex for potential value creation from what management views as a significantly undervalued asset base.
The most recent analyst rating on (IXHL) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
Incannex Healthcare Inc., a clinical-stage biopharmaceutical company, is developing oral fixed-dose combination therapies for chronic conditions such as obstructive sleep apnea, rheumatoid arthritis and generalized anxiety disorder, led by its IHL-42X, IHL-675A and PSX-001 programs. The company targets diseases with limited approved pharmaceutical options, leveraging evidence-based innovation and a streamlined development model to advance three clinical-stage candidates.
On March 16 and 17, 2026, Incannex announced it had regained compliance with Nasdaq’s minimum bid price requirement after its stock closed at or above $1.00 for eleven consecutive business days from February 27 through March 13, 2026, resolving a prior bid price deficiency and securing its continued listing on the Nasdaq Capital Market. Management said the removal of this technical overhang, combined with approximately $75 million in cash and no debt, strengthens the company’s position to progress its pipeline, particularly IHL-42X for obstructive sleep apnea and PSX-001 for generalized anxiety disorder, with implications for both patients and shareholders as key clinical milestones advance.
The most recent analyst rating on (IXHL) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
Incannex Healthcare Inc. has mutually agreed with its sales agents Curvature Securities and A.G.P./Alliance Global Partners to terminate, effective March 11, 2026, its at-the-market Sales Agreement under which it had raised approximately $108.4 million in gross proceeds, a move that ends a flexible equity financing mechanism the company could end at will without penalty. On March 12, 2026, the company updated its corporate investor presentation and issued a press release on an enhanced Phase 2 dose-optimisation study, signaling continued emphasis on communicating its clinical progress and advancing its late-stage pipeline despite the cessation of the stock sale program.
The termination of the Sales Agreement on March 11, 2026, closes a chapter of at-the-market equity issuance that provided $108.4 million in gross proceeds. The March 12, 2026 updates to its investor materials and announcement of an enhanced Phase 2 dose-optimisation study underscore that management remains focused on clinical development milestones and investor engagement as key drivers of future value creation.
The most recent analyst rating on (IXHL) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
On March 12, 2026, Incannex Healthcare Inc. agreed to raise approximately $10 million through a registered direct offering of 2,000,000 shares of common stock or equivalents and accompanying common warrants priced at $5.00 per share-and-warrant unit to healthcare-focused institutional investors. The transaction, expected to close around March 13, 2026, includes warrants exercisable at $6.50 per share through March 2031 and is being arranged by Curvature Securities LLC as sole placement agent under existing shelf registration statements.
Incannex said the new capital, together with its existing cash, should be sufficient to complete the DReAMzz Phase 2 study of its lead sleep apnea candidate IHL-42X while preserving current cash for a planned Phase 3 program slated for the second half of 2027. The company also disclosed that it has terminated its at-the-market facility and does not plan to use ATM financing in the near term, signaling a shift toward more structured equity raises and providing greater funding visibility for ongoing research, clinical trials and general corporate purposes.
The most recent analyst rating on (IXHL) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
On February 24, 2026, Incannex Healthcare filed a certificate of amendment in Delaware to implement a 1-for-30 reverse stock split of its common stock, effective at 4:01 p.m. Eastern Time on February 26, 2026, with post-split trading on the Nasdaq Capital Market to commence on February 27, 2026 under the existing ticker IXHL and a new CUSIP. The board-approved split, previously authorized by shareholders in May 2025, will shrink the share count from about 358.3 million to roughly 11.9 million without changing authorized capital, and is aimed at boosting the stock’s per-share trading price to help the company regain compliance with Nasdaq’s minimum bid price requirement, while rounding up any fractional positions to whole shares for investors.
The 1-for-30 consolidation will automatically adjust outstanding equity awards, option exercise prices and plan share pools on a proportional basis, leaving the economic interest of investors unchanged aside from the higher nominal share price. Operationally, the move signals management’s focus on preserving the Nasdaq listing, a key platform for liquidity and future capital raising, with most shareholders seeing their positions adjusted electronically and only holders of physical certificates required to follow transfer-agent instructions for exchanging into post-split stock.
The most recent analyst rating on (IXHL) stock is a Hold with a $0.27 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
On January 29, 2026, Incannex Healthcare Inc. announced the appointment of three prominent clinicians and researchers—Drs. Murray B. Stein, Andrew Cutler and Amir Kalali—to its recently formed Clinical Advisory Board to support the development of PSX-001, its synthetic psilocybin program for generalized anxiety disorder. The expanded board will provide independent guidance on clinical trial design, endpoint selection, regulatory strategy and overall development planning, a move the company positions as critical to managing the increasing complexity of PSX-001’s next clinical and regulatory phases, enhancing scientific rigor, reducing development risk and reinforcing the strategic and shareholder value foundations of this key pipeline asset.
The most recent analyst rating on (IXHL) stock is a Hold with a $0.33 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
On January 22, 2026, Incannex Healthcare announced it has formed a Clinical Advisory Board to guide the ongoing development of PSX-001, its synthetic psilocybin program for generalized anxiety disorder, as it moves into its next clinical and regulatory phase. The board brings together leading experts in psychiatry, neurobiology and psychopharmacology, including C. Neill Epperson, Charles B. Nemeroff and Alan F. Schatzberg, and is expected to strengthen trial design, endpoint selection, regulatory strategy and overall execution for PSX-001, underscoring the company’s push to enhance scientific rigor, manage development risk and support long-term value creation as it advances a key asset in a therapeutic area with significant unmet need.
The most recent analyst rating on (IXHL) stock is a Hold with a $0.38 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
Incannex Healthcare Inc. held its 2025 Annual Meeting of Stockholders on January 15, 2026, via a virtual live audio webcast, with a quorum representing approximately 34.38% of the company’s 347.7 million eligible common shares present or represented by proxy. At the meeting, shareholders elected Dr. George Anastassov and Robert Clark as directors to serve until the 2028 Annual Meeting, and ratified the appointment of Grant Thornton Audit Pty Ltd as the company’s independent registered public accounting firm for the fiscal year ending June 30, 2026, decisions that confirm continuity in board leadership and external audit oversight for the coming period.
The most recent analyst rating on (IXHL) stock is a Hold with a $0.38 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
On January 15, 2026, Incannex Healthcare Inc. announced it had won the Research and Development Award in the Respiratory Disorders category of the 2025 Clinical Trials Arena Excellence Awards, recognizing its work on IHL-42X, an oral fixed-dose combination therapy in development for adults with moderate-to-severe obstructive sleep apnea. The award highlights industry-wide recognition of Incannex’s science-driven approach and late-stage development strategy for IHL-42X, which is supported by a robust Phase 2 program showing favorable safety and tolerability and aims to provide a non-invasive pharmacologic alternative for patients who cannot tolerate or adhere to device-based therapies, reinforcing the company’s broader positioning as an innovator in combination therapies for chronic, underserved diseases.
The most recent analyst rating on (IXHL) stock is a Hold with a $0.37 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.
On January 14, 2026, Incannex Healthcare reported that 2025 was a “defining” year, marked by positive Phase 2 clinical readouts in two central nervous system programs and significant strengthening of its balance sheet. The company achieved statistically significant efficacy and patient-reported benefits for its obstructive sleep apnea candidate IHL-42X in the RePOSA Phase 2 trial and secured FDA Fast Track designation for the therapy, underscoring both the unmet need in OSA and the perceived potential of its oral combination approach. Incannex also delivered positive Phase 2 results for its psilocybin-assisted therapy PSX-001 in generalized anxiety disorder, showing clinically meaningful improvement on the primary HAM-A endpoint and supportive safety and tolerability data, and it established an Obstructive Sleep Apnea Clinical Advisory Board to guide later-stage development. Financially, the company ended 2025 with more than $70 million in cash, raised $12.5 million via private placement, eliminated all outstanding Series A warrants, and authorized a $20 million share repurchase program, giving it an operating runway well into 2027 and easing near-term financing pressure as it advances its pipeline in 2026.
The most recent analyst rating on (IXHL) stock is a Hold with a $0.38 price target. To see the full list of analyst forecasts on Incannex Healthcare Limited Sponsored ADR stock, see the IXHL Stock Forecast page.