Incannex reports ~$75M cash, no debt; advances IHL-42X sleep apnea program

Incannex Healthcare Inc.

Cash position ~$75M, no debt; market cap ~$46M, resulting in negative enterprise value.
Financing led by healthcare-focused institutional investors funds DReAMzz dose-optimization study for IHL-42X.
Company expects to start dosing DReAMzz study within months; Phase 2 results showed significant OSA improvements.
PSX-001 for generalized anxiety disorder progressing with open IND and clinical advisory board.
Board-approved share buyback program remains available for shareholder value delivery.

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