Incannex Healthcare Limited
IXHLHealthcare|Biotechnology|AU
$2.24
-0.03 (-1.32%)
DCF Value
$3.98
Tangible Book / Share
$5.47
Cash / Share
$5.50
Financials
Financial Snapshot
Market Cap
$26.8M
Enterprise Value
-$40.8M
Revenue (TTM)
$175.6K
Net Income (TTM)
-$56.4M
Cash & Investments
$67.7M
Net Cash
$67.6M
Free Cash Flow (TTM)
-$12.5M
Operating CF (TTM)
-$12.5M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$67.7M
Quarterly Burn
$3.1M
Monthly Burn
$1.0M
Est. Runway
~21.7 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $508.7K | $229.6K | $93.7K | $3.6M | $9.1M | $37.5M | $33.3M | $5.9M | $15.0M | $67.7M | $67.7M | |
| Operating Cash Flow | -$2.7M | -$3.0M | -$2.2M | -$3.9M | -$6.9M | -$12.9M | -$16.2M | -$15.8M | -$12.5M | -$12.9M | -$12.5M | |
| Free Cash Flow | -$2.7M | -$3.0M | -$2.2M | -$3.9M | -$6.9M | -$12.9M | -$16.7M | -$16.1M | -$12.5M | -$12.9M | -$12.5M | |
| Capital Expenditure | -$50.3K | -$50.1K | -$24.5K | $0.00 | $4.15 | $5.23 | -$475.6K | -$277.0K | -$8.0K | -$10.0K | -$10.0K | |
| Financing Cash Flow | $183.2K | $2.8M | $2.1M | $7.4M | $12.3M | $41.2M | $12.3M | $0.00 | $21.4M | $65.9M | $85.4M |
R&D Spending
R&D (TTM)
$17.7M
R&D Intensity
10067.1%
R&D Growth vs Prior
+239.3%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $283.0K | $1.0M | $1.2M | $599.7K | $1.9M | $785.2K | $0.00 | $12.0K | $86.0K | $0.00 | $175.6K | |
| R&D Expense | $0.00 | $0.00 | $0.00 | $0.00 | $4.8M | $5.4M | $9.5M | $19.3M | $10.7M | $5.2M | $17.7M | |
| R&D % of Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 250.3% | 684.1% | — | 160676.3% | 12496.5% | — | 10067.1% | |
| SG&A | $2.7M | $3.6M | $2.6M | $2.2M | $7.7M | $10.2M | $11.9M | $25.6M | $13.1M | $17.8M | $26.7M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $283.0K | $1.0M | $1.2M | $599.7K | $1.9M | $785.2K | $0.00 | $12.0K | $86.0K | $0.00 | $175.6K | |
| Cost of Revenue | $518.3K | $522.8K | $583.2K | $446.5K | $913.3K | $6.3K | $0.00 | $103.0K | $246.0K | $240.0K | $179.8K | |
| Gross Profit | -$235.3K | $487.0K | $597.3K | $153.2K | $987.0K | $778.8K | $0.00 | $12.0K | -$160.0K | -$240.0K | -$19.4K | |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $4.8M | $5.4M | $9.5M | $19.3M | $10.7M | $5.2M | $17.7M | |
| SG&A | $2.7M | $3.6M | $2.6M | $2.2M | $7.7M | $10.2M | $11.9M | $25.6M | $13.1M | $17.8M | $26.7M | |
| Operating Income | -$21.0M | -$3.2M | -$2.8M | -$4.1M | -$11.4M | -$11.4M | -$20.5M | -$30.0M | -$23.8M | -$23.0M | -$44.2M | |
| Interest Expense | $50.0K | $12.9K | $85.2K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $303.0K | $0.00 | $132.0K | |
| Pretax Income | -$21.1M | -$3.2M | -$2.9M | -$3.9M | -$11.4M | -$14.9M | -$73.5M | -$18.4M | -$48.6M | -$24.0M | -$76.6M | |
| Net Income | -$20.8M | -$2.9M | -$2.7M | -$4.7M | -$11.4M | -$14.9M | -$73.5M | -$18.5M | -$46.9M | -$19.3M | -$56.4M | |
| EPS (Diluted) | -19.59 | -1.56 | -0.74 | -0.69 | -1.40 | -1.50 | -14.31 | -3.42 | -40.80 | -1.66 | -2.68 | |
| EBITDA | -$21.0M | -$3.1M | -$2.7M | -$4.1M | -$1.2M | -$5.2M | -$20.4M | -$27.8M | -$23.5M | -$22.8M | -$68.6M | |
| Shares Out. (M) | 1.06 | 1.90 | 3.73 | 5.70 | 8.15 | 9.93 | 5.13 | 5.39 | 1.15 | 11.66 | 12.32 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $508.7K | $229.6K | $93.7K | $3.6M | $9.1M | $37.5M | $33.3M | $5.9M | $15.0M | $67.7M | $67.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $842.4K | $541.9K | $384.7K | $4.2M | $9.3M | $38.0M | $34.6M | $16.2M | $20.0M | $72.8M | $72.8M | |
| Total Assets | $1.0M | $711.5K | $520.0K | $4.2M | $9.3M | $38.0M | $35.8M | $17.0M | $20.4M | $73.0M | $73.0M | |
| Total Current Liabilities | $774.3K | $1.1M | $939.0K | $1.1M | $756.1K | $2.0M | $3.8M | $5.6M | $7.0M | $1.5M | $1.5M | |
| Long-Term Debt | $398.9K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $34.0K | $34.0K | |
| Total Liabilities | $1.2M | $1.1M | $939.0K | $1.1M | $754.6K | $2.0M | $4.5M | $5.8M | $7.1M | $5.6M | $5.6M | |
| Stockholders' Equity | -$169.5K | -$385.3K | -$418.9K | $3.1M | $8.6M | $36.0M | $31.3M | $11.2M | $13.4M | $67.4M | $67.4M | |
| Retained Earnings | -$22.2M | -$25.2M | -$27.9M | -$32.4M | -$44.0M | -$59.0M | -$138.8M | -$110.7M | -$157.6M | -$176.9M | -$176.9M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7M | -$3.0M | -$2.2M | -$3.9M | -$6.9M | -$12.9M | -$16.2M | -$15.8M | -$12.5M | -$12.9M | -$12.5M | |
| Capital Expenditure | -$50.3K | -$50.1K | -$24.5K | $0.00 | $4.15 | $5.23 | -$475.6K | -$277.0K | -$8.0K | -$10.0K | -$10.0K | |
| Free Cash Flow | -$2.7M | -$3.0M | -$2.2M | -$3.9M | -$6.9M | -$12.9M | -$16.7M | -$16.1M | -$12.5M | -$12.9M | -$12.5M | |
| Investing Cash Flow | $3.0M | -$50.1K | -$24.5K | $12.9K | $29.3K | $0.00 | -$475.6K | -$277.0K | -$8.0K | -$94.0K | -$10.0K | |
| Financing Cash Flow | $183.2K | $2.8M | $2.1M | $7.4M | $12.3M | $41.2M | $12.3M | $0.00 | $21.4M | $65.9M | $85.4M | |
| Issuance of Stock | $0.00 | $3.0M | $2.2M | $7.2M | $12.3M | $43.4M | $12.3M | $0.00 | $47.5M | $0.00 | $14.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$8.2M | |
| Net Debt Issuance | $172.6K | -$201.0K | -$135.6K | -$64.7K | $0.00 | $0.00 | -$54.5K | $0.00 | -$1.3M | $0.00 | -$8.0M | |
| Stock Based Comp. | $146.9K | $69.2K | $48.0K | $563.1K | $599.7K | $1.5M | $3.2M | $8.9M | $2.6M | $7.6M | $8.0M | |
| Net Change in Cash | $504.3K | -$283.4K | -$177.5K | $3.5M | $5.8M | $28.4M | -$5.6M | -$16.3M | $9.2M | $52.7M | $69.1M |
Dilution Tracker
Shares outstanding grew 43.0% over 5 years — significant dilution
Shares Outstanding
12M
5-Year Share Growth
+43.0%
Stock Issuance (TTM)
$14.6M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.06 | 1.90 | 3.73 | 5.70 | 8.15 | 9.93 | 5.13 | 5.39 | 1.15 | 11.66 | 12.32 | |
| Change vs Prior % | — | 78.6% | 96.3% | 52.9% | 43.0% | 21.8% | -48.3% | 5.1% | -78.7% | 915.1% | 5.7% | |
| Stock Issuance | $0.00 | $3.0M | $2.2M | $7.2M | $12.3M | $43.4M | $12.3M | $0.00 | $47.5M | $0.00 | $14.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$8.2M | |
| Stock Based Comp. | $146.9K | $69.2K | $48.0K | $563.1K | $599.7K | $1.5M | $3.2M | $8.9M | $2.6M | $7.6M | $8.0M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -83.1% | 48.2% | 50.6% | 25.5% | 51.9% | 99.2% | — | 100.0% | -186.0% | — | -11.0% | |
| Operating Margin % | -7429.9% | -317.9% | -236.6% | -685.5% | -601.3% | -1445.7% | — | -250341.7% | -27661.6% | — | -25161.2% | |
| Net Margin % | -7336.2% | -291.2% | -230.7% | -776.6% | -599.3% | -1898.0% | — | -153825.0% | -54517.4% | — | -32128.0% | |
| EBITDA Margin % | -7415.2% | -310.5% | -232.7% | -679.7% | -65.3% | -661.4% | — | -231279.5% | -27375.6% | — | -39068.3% | |
| FCF Margin % | -970.0% | -302.0% | -185.9% | -648.8% | -363.4% | -1637.0% | — | -134350.0% | -14559.3% | — | -7111.8% | |
| ROE % | 12252.9% | 763.3% | 650.0% | -148.5% | -132.6% | -41.4% | -234.4% | -164.6% | -350.2% | -28.6% | -18.3% | |
| ROA % | -2068.4% | -413.3% | -523.6% | -110.4% | -122.2% | -39.2% | -205.2% | -108.3% | -229.3% | -26.4% | -17.6% | |
| ROIC % | -9031.8% | 1599.4% | 748.1% | -130.3% | -133.4% | -31.5% | -63.9% | -259.2% | -168.0% | -25.9% | -22.6% | |
| R&D / Revenue % | 0.0% | 0.0% | 0.0% | 0.0% | 250.3% | 684.1% | — | 160676.3% | 12496.5% | — | 10067.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 208.7% | 256.8% | 16.9% | -49.2% | 216.9% | -58.7% | -100.0% | 0.0% | 616.7% | -100.0% | |
| Gross Profit | -10.0% | 307.0% | 22.6% | -74.3% | 544.2% | -21.1% | -100.0% | 0.0% | -1433.3% | -50.0% | |
| Operating Income | -3095.5% | 84.7% | 13.0% | -47.2% | -178.0% | 0.7% | -80.8% | -46.4% | 20.8% | 3.2% | |
| Net Income | -2784.0% | 85.8% | 7.4% | -71.0% | -144.5% | -30.8% | -393.0% | 74.9% | -154.0% | 58.8% | |
| EPS (Diluted) | -1289.4% | 92.0% | 52.6% | 6.8% | -102.9% | -7.1% | -854.0% | 76.1% | -1093.0% | 95.9% | |
| Operating Cash Flow | -318.5% | -11.3% | 26.3% | -76.0% | -76.5% | -87.1% | -25.9% | 2.1% | 21.0% | -2.8% | |
| Free Cash Flow | -320.3% | -11.1% | 28.1% | -77.4% | -77.5% | -86.1% | -29.6% | 3.2% | 22.3% | -2.8% | |
| R&D Expense | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 12.9% | 76.8% | 103.1% | -44.3% | -51.5% | |
| SG&A Expense | 434.7% | 32.5% | -28.3% | -16.8% | 254.4% | 32.3% | 17.2% | 114.3% | -48.6% | 35.7% | |
| Total Assets | 191.0% | -29.1% | -26.9% | 711.1% | 121.0% | 307.7% | -5.8% | -52.4% | 19.9% | 256.9% | |
| Book Value / Share | 88.1% | -27.3% | 44.6% | 592.8% | 89.9% | 244.9% | 68.5% | -65.9% | 460.0% | -50.4% | |
| Debt | -42.9% | -49.6% | -67.5% | -100.0% | 0.0% | 0.0% | 0.0% | -52.4% | -30.8% | -62.8% | |
| Diluted Shares | 103.4% | 78.6% | 96.3% | 52.9% | 43.0% | 21.8% | -48.3% | 5.1% | -78.7% | 915.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High86.40 / 8714.49 / 39736.50
P/B0.41
10Y Low / Med / High0.55 / 54.21 / 4699.13
EV/EBITDA1.79
EV/Revenue0.00
10Y Low / Med / High4535.97 / 8714.10 / 39279.42
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$3.98
Tangible Book / Share
$5.47
Net Current Assets / Share
$5.62
Graham Net-Net
$5.04
Cash / Share
$5.50
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -118.37 | -1545.46 | -3463.34 | -3748.39 | -1700.02 | -447.27 | -23.16 | -25.88 | -0.16 | -2.27 | -2.00 | |
| P/S Ratio | 8714.49 | 4536.00 | 8095.31 | 24583.37 | 10207.74 | 8481.86 | 0.00 | 39736.50 | 86.40 | 0.00 | 0.00 | |
| P/B Ratio | -14554.83 | -11888.53 | -22812.25 | 4699.13 | 2259.24 | 185.01 | 54.21 | 42.51 | 0.55 | 0.65 | 0.41 | |
| EV/EBITDA | -117.52 | -1460.74 | -3478.97 | -3615.93 | -15617.60 | -1275.24 | -81.73 | -16.98 | 0.31 | 1.04 | 1.79 | |
| EV/Revenue | 8714.10 | 4535.97 | 8095.29 | 24577.39 | 10202.93 | 8434.11 | 0.00 | 39279.42 | -85.47 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
0.92
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $40.0M | $0.00 | $0.00 |
| Net Income | -$24.4M | -$26.1M | -$23.3M |
| EPS | $-2.09 | $-2.23 | $-2.00 |
| # Analysts (EPS) | 1 | 1 | 1 |