Stonegate Updates Coverage on Incannex Healthcare Inc. (IXHL) 2Q 2025

Dallas, Texas–(Newsfile Corp. – February 18, 2025) – Incannex Healthcare Inc. (NASDAQ: IXHL): Stonegate Capital Partners updates their coverage on Incannex Healthcare Inc. (NASDAQ: IXHL). During the second quarter of fiscal year 2025, Incannex Healthcare Inc. reported R&D costs of $1.4M, a decrease from $2.6M in the same period of the previous year. This reduction was primarily due to the completion of the IHL-42X safety and pharmacokinetics clinical trial and the reallocation of resources from the Phase 2 IHL-675A Australia study to a larger U.S. Phase 2 study. The Company recovered 68.3% of these costs with an R&D tax incentive of $0.956 million. The net loss for the quarter was $5.9M, compared to $5.2M in the same period of the previous year.

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Key Takeaways:

• Incannex secured a strategic financing agreement with Arena Investors, which includes a $50M ELOC with Arena Business Solutions.
• IHL-42X had positive top-line results from a pharmacokinetics(PK) and safety study. The study demonstrated the bioavailability of IHL-42X, confirming the delivery of both drug components.
• When we use a probability adjusted DCF model, it returns an estimated share valuation range of $5.08 to $5.96 with a midpoint of $5.50.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Source: Stonegate, Inc.

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