Incannex Healthcare Limited

IXHL

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$3.17

+0.02 (+0.63%)

Market Cap

$37.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−85.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 8.2M (2021) → 1.1M (2025)

Incannex Healthcare is a small Australian biotech company that develops new medicines using cannabinoids and psychedelic compounds. Its main focus is on creating treatments for conditions like sleep apnea, anxiety, and inflammatory lung disease. The company is in the clinical trial stage, meaning none of its drugs have been approved for sale yet.

Incannex earns almost no revenue today because it is still running experiments to test whether its drugs are safe and effective. It is based in Australia but has been conducting trials in the United States as well, and it listed shares on the Nasdaq to access American investors. The company's biggest risk is that clinical trials are expensive, take years, and most experimental drugs fail before reaching patients — with a deeply negative gross margin and heavy operating losses, Incannex depends on raising outside capital to keep its research going.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+270.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+47.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$11M/ year

↓ Declining (-44% vs prior year)

>1,000% of revenue

694.3x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

17.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~3 years

$15M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$15M cash & investments at current burn rate

Revenue accelerating

Incannex Healthcare Limited grew revenue 271% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

-18810.8%

Losing money on operations — -18810.8%

ROCE

-93.6%

Weak — -93.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

-34.1%

Shrinking sales (-34.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-24847.1%

Burning cash (-24847.1%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial