Incannex Healthcare Ltd Financials
This page shows Incannex Healthcare Ltd (ixhl) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Incannex Healthcare Ltd has an operating margin of -27661.6%, meaning the company retains $-27662 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -250341.7% the prior year.
Incannex Healthcare Ltd's revenue surged 616.7% year-over-year to $86K, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Incannex Healthcare Ltd carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.86, Incannex Healthcare Ltd holds $2.86 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 94/100.
While Incannex Healthcare Ltd generated -$12.5M in operating cash flow, capex of $8K consumed most of it, leaving -$12.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Incannex Healthcare Ltd passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Incannex Healthcare Ltd generates $0.27 in operating cash flow (-$12.5M OCF vs -$46.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Incannex Healthcare Ltd earns $-78.5 in operating income for every $1 of interest expense (-$23.8M vs $303K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Incannex Healthcare Ltd generated $86K in revenue in fiscal year 2025. This represents an increase of 616.7% from the prior year.
Incannex Healthcare Ltd's EBITDA was -$23.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.4% from the prior year.
Incannex Healthcare Ltd generated -$12.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22.3% from the prior year.
Incannex Healthcare Ltd reported -$46.9M in net income in fiscal year 2025. This represents a decrease of 154.0% from the prior year.
Incannex Healthcare Ltd earned $-1.35 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 17.4% from the prior year.
Incannex Healthcare Ltd held $15.0M in cash against $0 in long-term debt as of fiscal year 2025.
Incannex Healthcare Ltd had 194M shares outstanding in fiscal year 2025. This represents an increase of 1001.8% from the prior year.
Incannex Healthcare Ltd's operating margin was -27661.6% in fiscal year 2025, reflecting core business profitability. This is up 222680.0 percentage points from the prior year.
Incannex Healthcare Ltd's net profit margin was -54517.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 99307.6 percentage points from the prior year.
Incannex Healthcare Ltd invested $10.7M in research and development in fiscal year 2025. This represents a decrease of 16.6% from the prior year.
Incannex Healthcare Ltd invested $8K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 97.1% from the prior year.
ixhl Income Statement
| Metric | Q2'26 | Q2'26 | Q2'26 | Q2'25 | Q3'25 | Q2'25 | Q1'25 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12 | N/A | N/A | N/A | N/A | $12K-83.8% | $74K | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2K-99.9% | $2.3M+103.6% | $1.1M | N/A | $2.7M+93.4% | $1.4M-51.2% | $2.9M | N/A |
| SG&A Expenses | $5K-99.9% | $4.7M-16.9% | $5.7M | N/A | $2.3M-37.0% | $3.6M+5.0% | $3.4M | N/A |
| Operating Income | $7K+100.1% | -$7.0M-3.0% | -$6.8M | N/A | -$5.0M0.0% | -$5.0M+20.0% | -$6.3M | N/A |
| Interest Expense | $5+100.1% | -$5K0.0% | -$5K | N/A | $132K+571.4% | -$28K0.0% | -$28K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $7K+100.1% | -$6.5M-1.8% | -$6.4M | N/A | -$4.0M+32.7% | -$5.9M-8.7% | -$5.4M | N/A |
| EPS (Diluted) | $0.02+200.0% | $-0.020.0% | $-0.02 | N/A | $-0.20+39.4% | $-0.33-13.8% | $-0.29 | N/A |
ixhl Balance Sheet
| Metric | Q2'26 | Q2'26 | Q2'26 | Q2'25 | Q3'25 | Q2'25 | Q1'25 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $75K-99.9% | $75.0M-4.7% | $78.7M+285.0% | $20.4M+26.2% | $16.2M+45.8% | $11.1M-30.8% | $16.0M-5.9% | $17.0M |
| Current Assets | $75K-99.9% | $74.7M-4.6% | $78.3M+292.2% | $20.0M+27.7% | $15.6M+48.8% | $10.5M-30.9% | $15.2M-6.1% | $16.2M |
| Cash & Equivalents | $69K-99.9% | $68.9M-6.0% | $73.3M+387.3% | $15.0M+124.1% | $6.7M+219.9% | $2.1M-42.2% | $3.6M-38.1% | $5.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2K-99.9% | $1.6M-6.5% | $1.7M-75.7% | $7.1M-19.7% | $8.8M-13.3% | $10.1M+7.3% | $9.5M+62.1% | $5.8M |
| Current Liabilities | $2K-99.9% | $1.5M-6.1% | $1.6M-76.4% | $7.0M-5.2% | $7.4M+26.2% | $5.8M-36.7% | $9.2M+64.3% | $5.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $2.4M | N/A | N/A |
| Total Equity | $73K-99.9% | $73.4M-4.7% | $77.0M+475.2% | $13.4M+80.9% | $7.4M+667.9% | $964K-85.4% | $6.6M-41.2% | $11.2M |
| Retained Earnings | $170K+100.1% | -$170.5M-4.0% | -$164.0M-4.1% | -$157.6M-25.1% | -$126.0M-3.3% | -$122.0M-5.1% | -$116.1M-4.9% | -$110.7M |
ixhl Cash Flow Statement
| Metric | Q2'26 | Q2'26 | Q2'26 | Q2'25 | Q3'25 | Q2'25 | Q1'25 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $14K+100.3% | -$4.6M+49.6% | -$9.2M-518.3% | -$1.5M+53.1% | -$3.2M+43.9% | -$5.6M-150.6% | -$2.2M+38.4% | -$3.6M |
| Capital Expenditures | $6-99.9% | $4K+100.0% | $2K | $0 | $0 | N/A | N/A | $3K |
| Free Cash Flow | $14K+100.3% | -$4.6M+49.5% | -$9.2M-518.4% | -$1.5M+53.1% | -$3.2M | N/A | N/A | -$3.6M |
| Investing Cash Flow | $46+101.2% | -$4K+90.5% | -$42K | $0 | $0 | N/A | N/A | -$3K |
| Financing Cash Flow | $68K-92.7% | $927K-98.6% | $67.2M+599.6% | $9.6M+24.0% | $7.7M+88.8% | $4.1M+7988.5% | -$52K | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ixhl Financial Ratios
| Metric | Q2'26 | Q2'26 | Q2'26 | Q2'25 | Q3'25 | Q2'25 | Q1'25 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 58291.7% | N/A | N/A | N/A | N/A | -41700.0%-33248.6pp | -8451.3% | N/A |
| Net Margin | 54341.7% | N/A | N/A | N/A | N/A | -49116.7%-41792.3pp | -7324.3% | N/A |
| Return on Equity | 8.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 8.7%+17.4pp | -8.7%-0.6pp | -8.1% | N/A | -24.5%+28.6pp | -53.1%-19.3pp | -33.8% | N/A |
| Current Ratio | 48.270.0 | 48.27+0.8 | 47.51+44.7 | 2.86+0.7 | 2.12+0.3 | 1.80+0.2 | 1.65-1.2 | 2.88 |
| Debt-to-Equity | 0.020.0 | 0.020.0 | 0.02-0.5 | 0.53-0.7 | 1.19-1.3 | 2.47+1.0 | 1.43+0.9 | 0.52 |
| FCF Margin | 114825.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Incannex Healthcare Ltd's annual revenue?
Incannex Healthcare Ltd (ixhl) reported $86K in total revenue for fiscal year 2025. This represents a 616.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Incannex Healthcare Ltd's revenue growing?
Incannex Healthcare Ltd (ixhl) revenue grew by 616.7% year-over-year, from $12K to $86K in fiscal year 2025.
Is Incannex Healthcare Ltd profitable?
No, Incannex Healthcare Ltd (ixhl) reported a net income of -$46.9M in fiscal year 2025, with a net profit margin of -54517.4%.
What is Incannex Healthcare Ltd's earnings per share (EPS)?
Incannex Healthcare Ltd (ixhl) reported diluted earnings per share of $-1.35 for fiscal year 2025. This represents a -17.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Incannex Healthcare Ltd's EBITDA?
Incannex Healthcare Ltd (ixhl) had EBITDA of -$23.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Incannex Healthcare Ltd's operating margin?
Incannex Healthcare Ltd (ixhl) had an operating margin of -27661.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Incannex Healthcare Ltd's net profit margin?
Incannex Healthcare Ltd (ixhl) had a net profit margin of -54517.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Incannex Healthcare Ltd's free cash flow?
Incannex Healthcare Ltd (ixhl) generated -$12.5M in free cash flow during fiscal year 2025. This represents a 22.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Incannex Healthcare Ltd's operating cash flow?
Incannex Healthcare Ltd (ixhl) generated -$12.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Incannex Healthcare Ltd's total assets?
Incannex Healthcare Ltd (ixhl) had $20.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Incannex Healthcare Ltd's capital expenditures?
Incannex Healthcare Ltd (ixhl) invested $8K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Incannex Healthcare Ltd spend on research and development?
Incannex Healthcare Ltd (ixhl) invested $10.7M in research and development during fiscal year 2025.
How many shares does Incannex Healthcare Ltd have outstanding?
Incannex Healthcare Ltd (ixhl) had 194M shares outstanding as of fiscal year 2025.
What is Incannex Healthcare Ltd's current ratio?
Incannex Healthcare Ltd (ixhl) had a current ratio of 2.86 as of fiscal year 2025, which is generally considered healthy.
What is Incannex Healthcare Ltd's debt-to-equity ratio?
Incannex Healthcare Ltd (ixhl) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Incannex Healthcare Ltd's return on assets (ROA)?
Incannex Healthcare Ltd (ixhl) had a return on assets of -229.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Incannex Healthcare Ltd's cash runway?
Based on fiscal year 2025 data, Incannex Healthcare Ltd (ixhl) had $15.0M in cash against an annual operating cash burn of $12.5M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Incannex Healthcare Ltd's Piotroski F-Score?
Incannex Healthcare Ltd (ixhl) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Incannex Healthcare Ltd's earnings high quality?
Incannex Healthcare Ltd (ixhl) has an earnings quality ratio of 0.27x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Incannex Healthcare Ltd cover its interest payments?
Incannex Healthcare Ltd (ixhl) has an interest coverage ratio of -78.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Incannex Healthcare Ltd?
Incannex Healthcare Ltd (ixhl) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.