Incannex Confirms Strong Cash Position; No Plans or Requirement to Fully Utilise ATM in Near Term

Core Viewpoint - Incannex Healthcare Inc. has announced it does not intend to utilize the full capacity of its at-the-market offering program in the near term, maintaining a strong cash position of approximately US$50 million to advance its drug candidates [1][2] Financial Position - The company sold approximately 9.2 million shares under the ATM on July 30, 2025, which was only 1.97% of the daily trading volume [1] - Incannex has a current cash balance of around US$50 million, positioning it well for the next stages of drug development [1][2] Strategic Intent - The ATM facility is viewed as a strategic tool for long-term capital access, with the company committed to minimizing shareholder dilution while funding clinical and commercial objectives [2] - The company does not plan to utilize the full remaining capacity of the ATM in the near term, indicating a cautious approach to capital raising [2] Clinical Development - Incannex's lead clinical program, IHL-42X, has shown statistically significant improvements in Phase 2 trials, exceeding expectations and demonstrating strong therapeutic potential [2][3] - The company is advancing three clinical-stage product candidates targeting chronic conditions with limited treatment options, including obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder [3]