Incannex Healthcare - An encouraging start to the new financial year
Incannex Healthcare’s Q123 cash flow report highlighted two key developments in the company’s drug pipeline, including positive preliminary safety data from the Phase 1 clinical trial of IHL-675A (an anti-inflammatory drug) and a constructive pre-investigational new drug (IND) meeting with the FDA for IHL-216A, an inhaled drug product for the treatment of traumatic brain injury (TBI). With the APIRx acquisition adding 22 drug development projects (both pre-clinical and clinical) to its portfolio, the company now boasts a broad pipeline, with discussions ongoing with the Monash University to strengthen its pipeline further. With a cash balance of A$33.4m (US$21.4m) at end-Q123, Incannex is well placed to fund its operations into FY24 and its recent inclusion in Standard and Poor’s ASX 300 Index should further enhance visibility. Our valuation remains unchanged at US$714.7m or US$11.74 per ADR.
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