UK Markets close in 4 hrs 36 mins

Incannex Healthcare (IXHL): Initiation — Addressing unmet needs via unique approach

·3-min read

Edison Investment Research Limited
Incannex Healthcare (IXHL): Initiation — Addressing unmet needs via unique approach
30-Aug-2022 / 12:38 GMT/BST


London, UK, 30 August 2022


Incannex Healthcare (IXHL): Initiation — Addressing unmet needs via unique approach

Incannex Healthcare is an Australian biotech specializing in the development of treatments for chronic conditions through a unique approach. Specifically, the company is investigating the use of cannabinoids and psychedelics, leveraging its synergistic combination intellectual property. Most recently, it has achieved proof-of-concept in Australia for IHL-42X, its lead asset for the treatment of obstructive sleep apnea (OSA). The company intends to file an investigational new drug application with the FDA (in CY Q422) following positive Phase II results from its Australian clinical trial data. Incannex is also progressing development of its (Australian) Phase II clinical asset, psilocybin, in combination with psychotherapy in generalized anxiety disorder (GAD). We value Incannex at US$695.7m or US$11.42 per ADR.


We value Incannex at US$695.7m or US$11.42 per ADR, based on a risk-adjusted NPV for IHL-42X in OSA and psilocybin in GAD. As of the end of June, the company had a net cash position of A$37.5m (US$26.1m). Based on the CY Q222 burn rate of A$3.9m (US$2.7m) and adjusted for the anticipated increase in R&D spending, we estimate that the company has a cash runway into CY H223 (ie H124).

Click here to view the full report or here to sign up to receive research as it is published.


All reports published by Edison are available to download free of charge from its website

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Soo Romanoff +44 (0)20 3077 5700

Dr Adam McCarter +44 (0)20 3077 5700

Dr Harry Shrives +44 (0)20 3077 5700

Learn more at and connect with Edison on: 




Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

End of Announcement - EQS News Service

show this
show this