Incannex Healthcare (IXHL) investor relations material

Executive summary

• Focused on clinical-stage biopharmaceutical development, advancing IHL-42X, PSX-001, and IHL-675A for chronic diseases with unmet needs.

• No material revenue generated; operations funded by equity, debt, and government incentives.

• Net loss for the six months ended December 31, 2025, was $12.9 million, with comprehensive loss of $13.0 million.

Financial highlights

• Cash and cash equivalents rose to $68.9 million as of December 31, 2025, up from $15.0 million at June 30, 2025.

• Current assets exceeded current liabilities by $73.1 million at December 31, 2025.

• Operating expenses for the six months ended December 31, 2025, were $13.8 million, up 22% year-over-year.

• R&D expenses decreased by $0.9 million year-over-year due to trial completions and resource reallocation.

• General and administrative expenses increased by $3.4 million year-over-year, mainly from stock-based compensation and consulting fees.

• Net cash used in operating activities was $13.8 million for the six months ended December 31, 2025.

Outlook and guidance

• Sufficient liquidity to fund operations for at least twelve months from the reporting date.

• Expectation of continued increases in R&D and administrative expenses as clinical programs advance.

• No material revenue expected until drug candidates are approved.