Incannex Healthcare (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 Nov 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2026, filed Sep 25, 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 $0 in revenue for fiscal year 2026, down 100.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Development spending vastly exceeds reported sales, leaving this business dependent on financing rather than an established operating revenue base.
Revenue rose from$12K in FY2024 to$86K in FY2025, but operating cash flow remained deeply negative. That combination indicates the reported sales increase has not yet changed the business's cash-generation model.
In FY2025, research and development consumed
FY2025 financing cash flow supplied
Financial Health Signals
We do not publish a peer-relative financial health score for Incannex Healthcare Limited, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Incannex Healthcare Limited scores 0.08, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $176.9M against total assets of $73.0M. 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 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
Incannex Healthcare Limited reported a net loss of $19.3M while operations used $12.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Incannex Healthcare Limited reported a net loss of $2.5M in Q4 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Incannex Healthcare Limited earned -$0.15 per diluted share (EPS) in Q4 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q4 2026.
Not reported for Q4 2026.
Cash & Balance Sheet
Incannex Healthcare Limited held $67.7M in cash as of Q4 2026; no long-term debt figure is on record for that period.
Not reported for Q4 2026.
Not reported for Q4 2026.
Margins & Returns
Incannex Healthcare Limited's quarterly ROE was -3.7% in Q4 2026: one quarter's net income over shareholder equity, not annualized. This is up 232.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.
Not reported for Q4 2026.
Not reported for Q4 2026.
Not reported for Q4 2026.
Capital Allocation
Incannex Healthcare Limited invested $1.5M in research and development in Q4 2026. This represents a decrease of 59.8% from the same quarter a year earlier. Against the prior quarter it is up 363.9%.
Incannex Healthcare Limited spent $7.1M on share buybacks in Q4 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 522.1%.
Not reported for Q4 2026.
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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $12K | $74K |
| R&D Expenses | $1.5M-59.8% | $321K-88.3% | $2.3M+61.2% | $1.1M-61.3% | $3.7M-15.0% | $2.7M-16.5% | $1.4M-46.4% | $2.9M+11.0% |
| SG&A Expenses | $3.7M-3.3% | $3.7M+64.3% | $4.7M+30.9% | $5.7M+65.3% | $3.8M-29.2% | $2.3M-45.2% | $3.6M-32.6% | $3.4M+50.3% |
| Operating Income | -$5.2Mn/m | -$4.0Mn/m | -$7.0Mn/m | -$6.8Mn/m | -$7.5Mn/m | -$5.0Mn/m | -$5.0Mn/m | -$6.3Mn/m |
| EBITDA | N/A | -$4.0M | -$6.9Mn/m | -$6.7Mn/m | N/A | N/A | -$4.8Mn/m | -$6.2Mn/m |
| Interest Expense | N/A | N/A | -$5Kn/m | -$5Kn/m | N/A | $132K | -$28K | -$28K |
| Net Income | -$2.5Mn/m | -$3.9Mn/m | -$6.5Mn/m | -$6.4Mn/m | -$31.6Mn/m | -$4.0Mn/m | -$5.9Mn/m | -$5.4Mn/m |
| EPS (Basic) | -$0.15 | -$0.35 | -$0.02 | -$0.02 | N/A | -$6.19 | -$0.33n/m | -$0.29 |
| EPS (Diluted) | -$0.15 | -$0.35 | -$0.02 | -$0.02 | N/A | -$6.19 | -$0.33n/m | -$0.29 |
| Diluted Shares (Avg) | N/A | 12M | 349M | 310M | N/A | 654,418 | 18M+11.0% | 18M |
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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $73.0M+256.9% | $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 |
| Current Assets | $72.8M+264.8% | $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 |
| Cash & Equivalents | $67.7M+350.2% | $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% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $5.6M-20.6% | $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 |
| Current Liabilities | $1.5M-78.6% | $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 |
| Non-Current Liabilities | $4.1M+5459.5% | $3.1M+118.9% | $53K-98.8% | $64K-71.0% | $74K-64.8% | $1.4M+475.0% | $4.3M+1328.9% | $221K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $2.4M | N/A |
| Total Equity | $67.4M+403.2% | $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% |
| Retained Earnings | -$176.9Mn/m | -$174.4Mn/m | -$170.5Mn/m | -$164.0Mn/m | -$157.6Mn/m | -$126.0Mn/m | -$122.0Mn/m | -$116.1M |
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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.4Mn/m | -$2.5Mn/m | -$4.6Mn/m | -$9.2Mn/m | -$1.5Mn/m | -$3.2Mn/m | -$5.6Mn/m | -$2.2Mn/m |
| Depreciation & Amortization | $50K-18.0% | $65K | $59K-70.5% | $66K+3.1% | $61K-1.6% | N/A | $200K+700.0% | $64K+433.3% |
| Stock-Based Compensation | N/A | -$1.5Mn/m | -$2.3Mn/m | $2.6M+472.1% | N/A | -$416K-119.7% | -$435K-112.8% | $459K+128.4% |
| Capital Expenditures | N/A | $5Kn/m | $4K | $2K | $0-100.0% | $0 | N/A | N/A |
| Free Cash Flow | N/A | -$2.5Mn/m | -$4.6M | -$9.2M | -$1.5Mn/m | -$3.2M | N/A | N/A |
| Investing Cash Flow | -$30Kn/m | -$18Kn/m | -$4K | -$42K | $0n/m | $0-100.0% | N/A | N/A |
| Financing Cash Flow | -$6.9M-172.0% | $4.7M-39.2% | $927K-77.4% | $67.2Mn/m | $9.6M | $7.7M | $4.1M | -$52K |
| Share Buybacks | $7.1M | $1.1M | 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 | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | -41700.0% | -8451.4% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | -49116.7% | -7324.3% |
| Return on Equity | -3.7%+232.3pp | -5.2%+48.4pp | -8.9%+602.5pp | -8.3%+73.9pp | -236.0%-178.4pp | -53.6%-10.9pp | -611.4%-583.6pp | -82.2%-78.5pp |
| Return on Assets | -3.4%+151.2pp | -4.8%+19.7pp | -8.7%+44.4pp | -8.1%+25.6pp | -154.6%-116.7pp | -24.5%+10.5pp | -53.1%-29.6pp | -33.8% |
| Current Ratio | 48.81+46.0x | 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 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | 2.47 | N/A |
| Liabilities-to-Equity | 0.08-0.4x | 0.07-1.1x | 0.02-10.5x | 0.02-1.4x | 0.530.0x | 1.19+1.0x | 10.52+10.3x | 1.43 |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
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. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Incannex Healthcare Limited IXHL | FY2026 | $0 | -$19.3M | N/A | $31.2M | — |
| Rockwell Medical, Inc. (DE) RMTI | FY2025 | $69.3M | -$5.3M | -7.7% | $32.4M | 55/100 |
| SCYNEXIS, Inc. SCYX | FY2025 | $20.6M | -$8.6M | -41.8% | $38.2M | 61/100 |
| China Pharma Holdings, Inc. CPHI | FY2025 | $4.1M | -$3.2M | -76.9% | $25.3M | 46/100 |
| Shuttle Pharmaceuticals Holdings, Inc. SHPH | FY2025 | N/A | -$11.7M | N/A | $24.8M | — |
| AYTU BioPharma, Inc. AYTU | FY2026 | $57.6M | -$14.3M | -24.8% | $20.9M | 48/100 |
Where Incannex Healthcare Limited Ranks
Frequently Asked Questions
Incannex Healthcare Limited (IXHL) reported $0 in total revenue for fiscal year 2026. This represents a -100.0% 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.
Incannex Healthcare Limited (IXHL) revenue declined by 100.0% year-over-year, from $86K to $0 in fiscal year 2026.
No, Incannex Healthcare Limited (IXHL) reported a net loss of $19.3M in fiscal year 2026.
Incannex Healthcare Limited (IXHL) had EBITDA of -$22.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
Incannex Healthcare Limited (IXHL) has a return on equity of -28.6% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
Incannex Healthcare Limited (IXHL) recorded an outflow of $12.9M in free cash flow during fiscal year 2026. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Incannex Healthcare Limited (IXHL) recorded an outflow of $12.9M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
Incannex Healthcare Limited (IXHL) had $73.0M in total assets as of fiscal year 2026, including both current and long-term assets.
Incannex Healthcare Limited (IXHL) invested $10K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
Incannex Healthcare Limited (IXHL) invested $5.2M in research and development during fiscal year 2026.
Incannex Healthcare Limited (IXHL) had a current ratio of 48.81 as of fiscal year 2026, which is generally considered healthy.
Incannex Healthcare Limited (IXHL) had a liabilities-to-equity ratio of 0.08 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2026, because the filing data we hold for that year carries no long-term debt figure.
Incannex Healthcare Limited (IXHL) had a return on assets of -26.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Incannex Healthcare Limited (IXHL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $31.2M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Incannex Healthcare Limited (IXHL) has no price-to-sales ratio at the moment: revenue is not positive (FY2026). The market capitalization is $31.2M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2026, Incannex Healthcare Limited (IXHL) held $67.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $12.9M over that year. Dividing the one by the other, the reported balance equals about 63 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.
Incannex Healthcare Limited (IXHL) has an Altman Z-Score of 0.08, 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.
Incannex Healthcare Limited (IXHL) has a Piotroski F-Score of 4 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.
Incannex Healthcare Limited (IXHL) reported a net loss of $19.3M while operations used $12.9M 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.