- Incannex stated that its financial position is strong, with about $75 million in cash and no debt on its books.
- The company stated that as of Dec. 31, 2025, it had approximately $18.5 million available for repurchases under the share repurchase program.
- Incannex is currently undertaking trials of IHX-42X and PSX-001 for the treatment of Obstructive Sleep Apnea and Generalized Anxiety Disorder, respectively.
Incannex Healthcare Inc. (IXHL) on Friday announced that it has reactivated its share repurchase program, saying that it has been active over the past two trading days.
The company cited a “significant disconnect” between its market capitalization and the underlying financial strength, as well as the progress it has achieved across its clinical programs.
Incannex stated that it intends to continue utilizing the share repurchase program “opportunistically.”
Incannex Healthcare shares gained more than 6% in Friday’s opening trade before paring some of the gains. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory at the time of writing.
Incannex Touts Financial Strength
The company stated that its financial position is strong, with about $75 million in cash and no debt on its books.
“We are in a strong financial position to execute on our clinical development strategy while maintaining the flexibility to allocate capital in a disciplined and strategic manner,” said Incannex CEO Joel Latham.
Incannex is currently undertaking trials of IHX-42X and PSX-001, its treatments for Obstructive Sleep Apnea (OSA) and Generalized Anxiety Disorder (GAD), respectively.
The company stated that as of Dec. 31, 2025, it had approximately $18.5 million available for repurchases under the share repurchase program.
Incannex’s Obstructive Sleep Apnea Trial
Incannex stated that Phase 2 clinical trials showed that IHX-42X’s lowest dose is the most effective for addressing OSA, reducing the Apnea-Hypopnea Index (AHI) by 51% compared with baseline. Incannex stated that one in four participants reported an 80% reduction in AHI.
AHI is a key metric for gauging the severity of OSA, measuring how many apneas (complete breathing pauses) and hypopneas (partial airway blockages) occur per hour of sleep.
The company said a global Phase 2/3 trial is currently underway to assess the efficacy and safety of IHL-42X.
Incannex’s Generalized Anxiety Disorder Trial
The company noted that in the Phase 2 clinical trial of PSX-001 for the treatment of Generalized Anxiety Disorder (GAD), 44% of the participants who received the treatment reported a clinically meaningful or at least a 50% reduction in their anxiety scores.
IXHL stock is down 68% year-to-date and 84% over the past 12 months. AdvisorShares Psychedelics ETF (PSIL) is up 35% over the past 12 months.
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