Incannex Healthcare Cancels All Outstanding Series A Warrants Following Strategic ATM Execution

Core Insights - Incannex Healthcare Inc. has successfully canceled all remaining Series A Warrants, eliminating potential dilution ahead of key Phase 2 clinical milestones [1][2][3] - The cancellation involved a total of 347.2 million shares, with a financial commitment of $12.2 million for the final tranche [2][3] - The company is preparing for the upcoming topline data readout from its Phase 2 RePOSA trial of IHL-42X for obstructive sleep apnea, expected in July 2025 [3][6] Company Overview - Incannex is a clinical-stage biopharmaceutical company focused on developing combination drug therapies for high-impact indications, including obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder [8] - The lead product candidate, IHL-42X, is an oral fixed-dose combination of dronabinol and acetazolamide, designed to target the underlying mechanisms of obstructive sleep apnea [5][8] - IHL-42X is currently in a Phase 2/3 clinical trial, with over 560 patients expected to be enrolled globally [5][6] Product Details - IHL-42X targets two physiological pathways associated with obstructive sleep apnea: intermittent hypoxia and hypercapnia [6][7] - Previous trials indicated that IHL-42X reduced the Apnea-Hypopnea Index by an average of 51% at the lowest dosage [6] - The product aims to address a significant gap in care for the estimated 1 billion people affected by obstructive sleep apnea globally, particularly those who are not classified as obese [7]