Incannex Healthcare - Pipeline advancement to support growth plan
Incannex Healthcare’s Q223 cash flow report provided the period’s key operational highlights. Notable activities include the start of a bioavailability and bioequivalence (BA/BE) study for its lead clinical asset, IHL-42X, ahead of the anticipated investigational new drug (IND) submission in Q1 CY23, a positive pre-IND meeting with the FDA on IHL-216A (for concussion and traumatic brain injury, TBI) and the completion of patient dosing in the Phase I trial of IHL-675A (for rheumatoid arthritis, inflammatory bowel disease and lung inflammation). In addition to progressing its internal pipeline, Incannex has focused on expanding IHL-42X’s patent portfolio, a critical part of its developmental strategy, in our view. With a cash balance of A$41.4m (US$29.4m) at end-Q223, supported by a A$13m private placement, management has guided that at the current quarterly burn rate (A$4.3m), the company is funded into Q1 CY25.
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