Incannex Healthcare Limited (IXHL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 19, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IXHL SEC filings page.
Incannex Healthcare Limited (IXHL) reported $86K in revenue for fiscal year 2025, up 616.7% from the prior fiscal year. This page shows its 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).
External funding supports a development-stage model where research spending and operating losses dominate reported activity.
FY2025’s net loss was 3.7x operating cash outflow, while free cash flow nearly matched operating cash flow because capital spending was minimal; this combination points to accounting items widening the loss without heavy reinvestment. Operating cash outflow improved from FY2024 to FY2025, but financing cash flow of$21.4M shows that funding, rather than internally generated cash, supplied the period’s cash support.
Reported revenue of
The company’s liquidity comparison equaled 14.4 months of its latest annual operating outflow, while a current ratio of 2.9x indicates near-term assets exceeded current obligations. Debt-to-equity of 0.5x suggests the balance sheet is not primarily debt-funded, although cumulative losses have reduced the equity base.
Financial Health Signals
Incannex Healthcare Limited does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Incannex Healthcare Limited scores -10.16, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($43.6M) relative to total liabilities ($7.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Incannex Healthcare Limited passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Incannex Healthcare Limited reported a net loss of $46.9M while operations used $12.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Incannex Healthcare Limited reported an operating loss of $23.8M against $303K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Incannex Healthcare Limited's EBITDA was -$4.0M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.5% from the same quarter a year earlier. Against the prior quarter it is up 42.6%.
Incannex Healthcare Limited reported -$3.9M in net income in Q3 2026. This represents an increase of 2.1% from the same quarter a year earlier. Against the prior quarter it is up 40.5%.
Not reported for Q3 2026.
Cash & Balance Sheet
Incannex Healthcare Limited recorded an outflow of $2.5M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents an increase of 22.1% from the same quarter a year earlier. Against the prior quarter it is up 46.8%.
Incannex Healthcare Limited held $74.5M in cash as of Q3 2026; long-term debt is not reported for that period.
Not reported for Q3 2026.
Margins & Returns
Incannex Healthcare Limited's ROE was -5.2% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 48.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.7 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
Incannex Healthcare Limited invested $321K in research and development in Q3 2026. This represents a decrease of 88.3% from the same quarter a year earlier. Against the prior quarter it is down 85.9%.
Incannex Healthcare Limited spent $1.1M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding.
Incannex Healthcare Limited invested $5K in capex in Q3 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 25.0%.
IXHL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | $12K | $74K | N/A |
| R&D Expenses | $321K-88.3% | $2.3M+61.2% | $1.1M-61.3% | N/A | $2.7M-16.5% | $1.4M-46.4% | $2.9M+11.0% | N/A |
| SG&A Expenses | $3.7M+64.3% | $4.7M+30.9% | $5.7M+65.3% | N/A | $2.3M-45.2% | $3.6M-32.6% | $3.4M+50.3% | N/A |
| Operating Income | -$4.0M+19.1% | -$7.0M-39.8% | -$6.8M-8.6% | N/A | -$5.0M+32.5% | -$5.0M+37.3% | -$6.3M-27.8% | N/A |
| EBITDA | -$4.0M+20.5% | -$6.9M-44.4% | -$6.7M-8.7% | N/A | -$5.0M+32.3% | -$4.8M+39.6% | -$6.2M-26.8% | N/A |
| Interest Expense | N/A | -$5K+82.1% | -$5K+82.1% | N/A | $132K | -$28K | -$28K | N/A |
| Net Income | -$3.9M+2.1% | -$6.5M-10.6% | -$6.4M-18.2% | N/A | -$4.0M+34.2% | -$5.9M-12.5% | -$5.4M-646.6% | N/A |
| EPS (Basic) | -$0.35+94.3% | -$0.02+93.9% | -$0.02+93.1% | -$0.51-30.8% | -$6.19-1528.9% | -$0.330.0% | -$0.29-262.5% | -$0.390.0% |
| EPS (Diluted) | -$0.35 | -$0.02 | -$0.02 | -$0.51 | -$6.19 | -$0.330.0% | -$0.29 | -$0.39 |
| Diluted Shares (Avg) | 12M | 349M | 310M | N/A | 654,418 | 18M+11.0% | 18M | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax.
IXHL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $80.3M+395.7% | $75.0M+575.4% | $78.7M+390.5% | $20.4M+19.9% | $16.2M-6.1% | $11.1M-50.3% | $16.0M | $17.0M-28.3% |
| Current Assets | $80.1M+412.5% | $74.7M+610.9% | $78.3M+414.8% | $20.0M+23.2% | $15.6M-4.2% | $10.5M-50.8% | $15.2M | $16.2M-29.5% |
| Cash & Equivalents | $74.5M+1009.4% | $68.9M+3184.1% | $73.3M+1920.4% | $15.0M+156.7% | $6.7M-27.9% | $2.1M-85.6% | $3.6M-77.7% | $5.9M-73.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.0M-42.6% | $1.6M-84.2% | $1.7M-81.9% | $7.1M+21.1% | $8.8M+182.6% | $10.1M+190.8% | $9.5M | $5.8M+97.1% |
| Current Liabilities | $1.9M-73.8% | $1.5M-73.5% | $1.6M-82.1% | $7.0M+24.3% | $7.4M+157.3% | $5.8M+83.3% | $9.2M | $5.6M+120.4% |
| Non-Current Liabilities | $3.1M+118.9% | $53K-98.8% | $64K-71.0% | $74K-64.8% | $1.4M+475.0% | $4.3M+1328.9% | $221K | $210K-48.5% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $2.4M | N/A | N/A |
| Total Equity | $75.2M+916.3% | $73.4M+7514.7% | $77.0M+1067.7% | $13.4M+19.4% | $7.4M-47.6% | $964K-94.9% | $6.6M-66.7% | $11.2M-46.1% |
| Retained Earnings | -$174.4M-38.4% | -$170.5M-39.8% | -$164.0M-41.2% | -$157.6M-42.4% | -$126.0M-20.9% | -$122.0M-24.2% | -$116.1M | -$110.7M-20.0% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
IXHL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.5M+22.3% | -$4.6M+17.9% | -$9.2M-308.2% | -$1.5M+59.3% | -$3.2M+27.4% | -$5.6M-167.6% | -$2.2M+60.9% | -$3.6M-41.1% |
| Depreciation & Amortization | $65K+1400.0% | $59K-70.5% | $66K+3.1% | $61K-1.6% | -$5K-129.4% | $200K+700.0% | $64K+433.3% | $62K-6.1% |
| Stock-Based Compensation | -$1.5M-252.9% | -$2.3M-423.9% | $2.6M+472.1% | N/A | -$416K-119.7% | -$435K-112.8% | $459K+128.4% | N/A |
| Capital Expenditures | $5K | $4K | $2K | $0-100.0% | $0-100.0% | N/A | N/A | $3K-98.2% |
| Free Cash Flow | -$2.5M+22.1% | -$4.6M | -$9.2M | -$1.5M+59.3% | -$3.2M+27.5% | N/A | N/A | -$3.6M-32.4% |
| Investing Cash Flow | -$18K | -$4K | -$42K | $0+100.0% | $0-100.0% | N/A | N/A | -$3K+98.2% |
| Financing Cash Flow | $4.7M-39.2% | $927K-77.4% | $67.2M+129286.5% | $9.6M | $7.7M | $4.1M | -$52K | N/A |
| Share Buybacks | $1.1M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
IXHL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | -41700.0% | -8451.3% | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -49116.7% | -7324.3% | N/A |
| Return on Equity | -5.2%+48.4pp | -8.9%+602.5pp | -8.3%+73.9pp | N/A | -53.6%-10.9pp | -611.4%-583.6pp | -82.2%-78.5pp | N/A |
| Return on Assets | -4.8%+19.7pp | -8.7%+44.4pp | -8.1%+25.6pp | N/A | -24.5%+10.5pp | -53.1%-29.6pp | -33.8% | N/A |
| Current Ratio | 41.56+39.4x | 48.27+46.5x | 47.51+45.9x | 2.860.0x | 2.12-3.6x | 1.80-4.9x | 1.65 | 2.88-6.1x |
| Debt-to-Equity | 0.07-1.1x | 0.02-2.5x | 0.02-1.4x | 0.530.0x | 1.19+1.0x | 2.47+2.3x | 1.43 | 0.52+0.4x |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | N/A |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Incannex Healthcare Limited IXHL | FY2025 | $86K | -$46.9M | N/A | $43.6M | — |
| SCYNEXIS, Inc. SCYX | FY2025 | $20.6M | -$8.6M | -41.8% | $44.4M | 50/100 |
| AYTU BioPharma, Inc. AYTU | FY2025 | $66.4M | -$13.6M | -20.4% | $22.8M | 43/100 |
| Cumberland Pharmaceuticals Inc CPIX | FY2025 | $44.5M | -$2.8M | -6.4% | $109.7M | 44/100 |
| Talphera, Inc. TLPH | FY2025 | $28K | -$14.3M | N/A | $60.2M | — |
| Rockwell Medical, Inc. (DE) RMTI | FY2025 | $69.3M | -$5.3M | -7.7% | $32.5M | 53/100 |
Where Incannex Healthcare Limited Ranks
Frequently Asked Questions
What is Incannex Healthcare Limited's annual revenue?
Incannex Healthcare Limited (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 Limited's revenue growing?
Incannex Healthcare Limited (IXHL) revenue grew by 616.7% year-over-year, from $12K to $86K in fiscal year 2025.
Is Incannex Healthcare Limited profitable?
No, Incannex Healthcare Limited (IXHL) reported a net income of -$46.9M in fiscal year 2025.
What is Incannex Healthcare Limited's EBITDA?
Incannex Healthcare Limited (IXHL) had EBITDA of -$23.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Incannex Healthcare Limited's return on equity (ROE)?
Incannex Healthcare Limited (IXHL) has a return on equity of -350.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Incannex Healthcare Limited's free cash flow?
Incannex Healthcare Limited (IXHL) recorded an outflow of $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 Limited's operating cash flow?
Incannex Healthcare Limited (IXHL) recorded an outflow of $12.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Incannex Healthcare Limited's total assets?
Incannex Healthcare Limited (IXHL) had $20.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Incannex Healthcare Limited's capital expenditures?
Incannex Healthcare Limited (IXHL) invested $8K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Incannex Healthcare Limited spend on research and development?
Incannex Healthcare Limited (IXHL) invested $10.7M in research and development during fiscal year 2025.
What is Incannex Healthcare Limited's current ratio?
Incannex Healthcare Limited (IXHL) had a current ratio of 2.86 as of fiscal year 2025, which is generally considered healthy.
What is Incannex Healthcare Limited's debt-to-equity ratio?
Incannex Healthcare Limited (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 Limited's return on assets (ROA)?
Incannex Healthcare Limited (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 Limited's P/E ratio?
Incannex Healthcare Limited (IXHL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $43.6M as of Sep 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Incannex Healthcare Limited's price-to-sales ratio?
Incannex Healthcare Limited (IXHL) trades at 506x sales, its market capitalization divided by revenue of $86K revenue, FY2025. The market capitalization is $43.6M as of Sep 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Incannex Healthcare Limited's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Incannex Healthcare Limited (IXHL) held $15.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $12.5M over that year. Dividing the one by the other, the reported balance equals about 14 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Incannex Healthcare Limited's Altman Z-Score?
Incannex Healthcare Limited (IXHL) has an Altman Z-Score of -10.16, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Incannex Healthcare Limited's Piotroski F-Score?
Incannex Healthcare Limited (IXHL) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Incannex Healthcare Limited's earnings high quality?
Incannex Healthcare Limited (IXHL) reported a net loss of $46.9M while operations used $12.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Limited cover its interest payments?
Incannex Healthcare Limited (IXHL) reported an operating loss of $23.8M against $303K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.