Incannex Healthcare
Develops combination medicines and a psilocybin-assisted therapy candidate for chronic diseases.
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Profile
Clinical-stage developer of IHL-42X for obstructive sleep apnea, IHL-675A for rheumatoid arthritis and PSX-001 for generalized anxiety disorder. The portfolio combines oral fixed-dose medicines with a psilocybin-assisted therapy program.
Develops clinical-stage candidates for obstructive sleep apnea, rheumatoid arthritis and generalized anxiety disorder. IHL-42X and IHL-675A are oral fixed-dose combinations, while PSX-001 is an oral synthetic psilocybin candidate used with psychological therapy.
IHL-42X is the lead program, pairing dronabinol with acetazolamide for obstructive sleep apnea. IHL-675A combines cannabidiol and hydroxychloroquine sulfate for inflammatory conditions including rheumatoid arthritis.
Work remains development-stage rather than a commercial product portfolio. The current Delaware parent succeeded the Australian predecessor through a redomiciliation. Manufacturing and process development depend on third parties because the company has no manufacturing capabilities.
Company facts
Key statistics
Year to date −68.8% · Average volume (30d) 90.3K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 15, 2026Q3 FY26 | −$0.60 | −$0.35 | +41.7% | $200.0K | — | — | −4.29% |
| Feb 13, 2026Q2 FY26 | −$0.60 | −$0.60 | 0.0% | $200.0K | — | — | −2.73% |
| Nov 14, 2025 | −$11.70 | −$0.60 | +94.9% | $200.0K | — | — | −3.69% |
| Sep 29, 2025Q4 FY25 | $0.00 | −$0.57 | — | $200.0K | $200.0K | 0.0% | −10.53% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $0 | $66.6K | $0 | $0 | |
| Gross profit | — | $0 | $0 | — | $0 | $0 | |
| Operating income | — | −$5.0M | −$5.0M | −$18.8M | −$7.0M | −$4.0M | |
| Net income | −$8.0M | −$4.0M | −$4.0M | −$35.6M | −$6.5M | −$3.9M | |
| Diluted EPS | −$0.87 | −$0.64 | −$0.60 | −$0.69 | −$0.60 | −$0.35 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | -28,200.4% | — | — |
Fiscal years (4-quarter sums)FY19 $1.6M · FY21 $1.6M · FY22 $1.2M · FY23 $0 · FY24 $6.0K
Balance sheet, Mar 31, 2026Cash & short-term investments $74.5M · Total debt $114.0K · Total assets $80.3M · Shareholders' equity $75.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 11.96M · Float 9.87M · 82.5% free float
A split settled inside the quarter being compared, so quarter-on-quarter change is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Polar Asset Management Partners Inc. | 900.0K | 7.00% | 13G | Aug 14, 2026 |
| Ghisallo Capital Management LLC | 162.9K | 1.36% | 13F | May 15, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 149.9K | 1.25% | 13F | May 15, 2026 |
| Murchinson Ltd. | 104.1K | 0.87% | 13F | May 15, 2026 |
| Arete Wealth Advisors, LLC | 73.2K | 0.61% | 13F | May 20, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Apnimed
Late-stage oral OSA therapy with an NDA under FDA review
- ResMed
PAP devices and sleep-diagnosis systems for OSA
- Inspire Medical Systems
Implantable neurostimulation therapy for moderate-to-severe OSA
- Definium Therapeutics
Phase 3 oral LSD formulation for generalized anxiety disorder
- Helus Pharma
Phase 2 deuterated-DMT program for generalized anxiety disorder
- AbbVie
Established RA franchise spanning oral Rinvoq and injected Humira
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Incannex Healthcare | $3.66 | +0.27% | $43.6M | — | — | 653.8 | +1,566.7% |
| Apnimed | $30.30 | +1.92% | $1.18B | — | — | — | — |
| ResMed | $240.33 | +0.01% | $34.86B | 23.1 | 19.8 | 6.2 | +8.6% |
| Inspire Medical Systems | $61.44 | −0.11% | $1.78B | 13.3 | 47.3 | 2.0 | −7.6% |
| Definium Therapeutics | $41.00 | +0.05% | $5.44B | — | — | — | — |
| Helus Pharma | $12.35 | +1.56% | $755.0M | — | — | — | — |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Median | 23.1 | 19.8 | 6.2 | +8.6% |