Incannex Healthcare reports strong 2025 progress and outlines 2026 plans

Incannex Healthcare Inc. (Nasdaq: IXHL), a clinical-stage biopharmaceutical company based in Melbourne, Australia, and New York, has reported a transformational 2025 and outlined a well-funded outlook for 2026.

The company enters the new year with over $70 million (€60.2 million) in cash, two positive Phase 2 clinical programs, and FDA Fast Track designation for its lead obstructive sleep apnea candidate, IHL-42X.

“The year 2025 was a defining one for Incannex,” stated Joel Latham, Chief Executive Officer. “With clinical validation, regulatory momentum and financial flexibility now in place, we are in a very exciting position as we advance our programs toward later-stage development and continue building long-term value for patients and shareholders.”

The two Phase 2 trials in 2025 demonstrated strong efficacy across distinct central nervous system programs. IHL-42X achieved statistically significant reductions in the apnea-hypopnea index of up to 83%, alongside meaningful improvements in patient-reported outcomes.

PSX-001, a psilocybin-assisted therapy for generalized anxiety disorder, also delivered statistically significant improvements on primary endpoints with favourable secondary outcomes and tolerability.

Incannex strengthened its operational structure, expanding the Obstructive Sleep Apnea Clinical Advisory Board and streamlining its capital structure. The company completed a $12.5 million (€10.8 million) private placement, eliminated legacy Series A warrants, and authorised a $20 million (€17.2 million) share repurchase programme.

Looking ahead to 2026, Incannex plans to advance IHL-42X toward later-stage development, progress PSX-001 through regulatory planning, and continue disciplined capital allocation to support long-term shareholder value without near-term financing pressure.

Explore the full story on Incannex Healthcare’s 2025 achievements and 2026 strategy.

Photo credits to Incannex Healthcare’s official website