Stonegate Updates Coverage on Incannex Healthcare Inc. (IXHL) 2Q 2026

Rhea-AI Summary

Incannex Healthcare (NASDAQ: IXHL) updated coverage on Feb 18, 2026, highlighting Phase 2 RePOSA results for IHL-42X in obstructive sleep apnea (OSA) and corporate liquidity.

Both low and high doses achieved statistically significant AHI reductions versus placebo, with up to 83% maximum AHI reduction in the high-dose arm. Exit interviews found 57.6% of participants reported meaningful improvement. The company reported $68.9M cash and cash equivalents and noted fast track designation for IHL-42X.

Positive

• Fast track designation for IHL-42X
• Phase 2 IHL-42X: up to 83% AHI reduction (high dose)
• 57.6% of participants reported meaningful OSA improvement
• Reported $68.9M in cash and cash equivalents

Negative

• None.

Key Figures

Max AHI reduction: up to 83% Patients reporting improvement: 57.6% Cash & equivalents: $68.9M +1 more

4 metrics

Max AHI reduction up to 83% High-dose IHL-42X vs placebo in Phase 2 RePOSA

Patients reporting improvement 57.6% Participants perceiving OSA improvement in exit interviews

Cash & equivalents $68.9M Reported cash & cash equivalents highlighted in key takeaways

Phase 2 results Phase 2 Positive Phase 2 results for PSX-001

Market Reality Check

Price: $0.2600 Vol: Volume 2,387,785 is at 0....

low vol

$0.2600 Last Close

Volume Volume 2,387,785 is at 0.39x the 20-day average of 6,140,795, indicating subdued trading ahead of this update. low

Technical Shares at $0.26 are trading below the 200-day MA of $0.39 and about 85.71% under the 52-week high.

Peers on Argus

Sector peers show mixed momentum, with RMTI up about 1.9% and BFRI down about 3....

1 Up 1 Down

Sector peers show mixed momentum, with RMTI up about 1.9% and BFRI down about 3.1%, suggesting this headline is more stock-specific than sector-driven.

Historical Context

5 past events · Latest: Jan 29 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 29	Advisory board expansion	Positive	-0.6%	Added three experts to Clinical Advisory Board to support PSX-001 strategy.
Jan 22	Advisory board formed	Positive	+0.5%	Formed Clinical Advisory Board to guide PSX-001 generalized anxiety program.
Jan 15	Clinical award win	Positive	-1.7%	Won Research and Development Award for IHL-42X obstructive sleep apnea program.
Jan 14	Year progress update	Positive	+2.1%	Outlined 2025 clinical wins, Fast Track, cash over $70M, and 2026 priorities.
Dec 03	Fast Track granted	Positive	+12.7%	FDA granted Fast Track for IHL-42X based on Phase 2 RePOSA data and safety.

Pattern Detected

Recent positive clinical and corporate updates have produced mixed price reactions, with both gains and declines following favorable news.

Recent Company History

Over the past few months, Incannex highlighted multiple positive milestones, including Fast Track designation for IHL-42X, strong Phase 2 data with AHI reductions up to 83%, and awards for its obstructive sleep apnea program. The company also emphasized a strengthened cash position and a well-funded 2026 outlook, plus formation and expansion of a Clinical Advisory Board for PSX-001. Today’s update continues this theme by reinforcing IHL-42X clinical strength and program advancement while the stock has often shown both aligned and divergent moves after good news.

Market Pulse Summary

This announcement reinforces Incannex’s clinical story, highlighting IHL-42X Phase 2 data with Apnea...

Analysis

This announcement reinforces Incannex’s clinical story, highlighting IHL-42X Phase 2 data with Apnea‑Hypopnoea Index reductions up to 83% and 57.6% of participants reporting meaningful improvement in obstructive sleep apnea symptoms. It also notes $68.9M in cash and positive Phase 2 results for PSX-001. Recent history shows multiple favorable milestones and recognitions, but the company remains in a clinical-stage, loss-making phase, so future updates on late-stage trial design, regulatory feedback, and cash usage remain key watchpoints.

Key Terms

apnea-hypopnoea index, obstructive sleep apnea, osa, fast track, +1 more

5 terms

apnea-hypopnoea index medical

"Both low and high-dose IHL-42X achieved statistically significant reductions in Apnea-Hypopnoea Index (AHI)..."

A numerical score that counts the average number of pauses or very shallow breaths a person has per hour of sleep; higher numbers mean more severe sleep-disordered breathing. Think of it like a speedometer for night-time breathing — doctors and regulators use it to judge how well a treatment works, so changes in this score can affect clinical approval, insurance coverage and the commercial prospects of sleep-related devices or drugs.

obstructive sleep apnea medical

"IHL-42X in obstructive sleep apnea (OSA), following full Phase 2 RePOSA data..."

Obstructive sleep apnea is a common medical condition where the throat repeatedly narrows or closes during sleep, causing short pauses in breathing, drops in blood oxygen and fragmented rest. It matters to investors because it creates ongoing demand for medical devices, diagnostics, treatments and sleep-monitoring services, and it can affect population health, workforce productivity and healthcare spending—like a recurring leak in a system that requires continual repair and monitoring.

osa medical

"IHL-42X in obstructive sleep apnea (OSA), following full Phase 2 RePOSA data..."

Obstructive sleep apnea (OSA) is a common sleep disorder where the upper airway repeatedly narrows or collapses during sleep, causing brief breathing stoppages that fragment rest and raise daytime tiredness and health risks. For investors, OSA creates sustained demand for diagnostic tests, therapy devices, drugs and monitoring services, so changes in clinical data, approvals, or reimbursement can materially affect revenue prospects for companies in the sleep-health sector.

fast track regulatory

"Key Takeaways: IHL-42X receives fast track approval..."

A fast track designation is a regulatory label that speeds up the review and communication between a drug developer and regulators for treatments addressing serious illnesses or unmet medical needs. For investors, it matters because it can shorten development time and reduce regulatory delays—like getting a VIP lane at the airport—raising the chance of earlier market access and potential revenue, though it does not guarantee approval.

phase 2 medical

"Positive Phase 2 results for PSX-001..."

Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.

AI-generated analysis. Not financial advice.

Dallas, Texas--(Newsfile Corp. - February 18, 2026) - Incannex Healthcare Inc. (NASDAQ: IXHL): Stonegate Capital Partners updates their coverage on Incannex Healthcare Inc. (NASDAQ: IXHL). Incannex continued to build the clinical and patient-reported evidence base for IHL-42X in obstructive sleep apnea (OSA), following full Phase 2 RePOSA data and exit-interview analyses. Both low and high-dose IHL-42X achieved statistically significant reductions in Apnea-Hypopnoea Index (AHI) versus placebo, with maximum AHI reductions of up to 83% in the high-dose arm. Exit interviews showed 57.6% of participants reported perceived improvement in their OSA, and most of those described the change as meaningful to daily life. IHL-42X was well tolerated across both dose cohorts, reinforcing its potential for broad use.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• IHL-42X receives fast track approval
• $68.9M in reported cash & cash equivalents
• Positive Phase 2 results for PSX-001

Click image above to view full announcement.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284430

FAQ

What did Incannex (IXHL) announce about IHL-42X Phase 2 RePOSA results on Feb 18, 2026?

Both low and high doses of IHL-42X showed statistically significant AHI reductions versus placebo. According to Incannex, the high-dose arm achieved maximum AHI reductions of up to 83%, with exit interviews noting meaningful symptom improvements for many participants.

Does Incannex (IXHL) have regulatory support for IHL-42X after the Feb 18, 2026 update?

IHL-42X received fast track designation, signaling regulatory support to expedite development. According to Incannex, fast track may allow more frequent FDA interactions and potential priority review pathways during development.

How much cash did Incannex (IXHL) report on Feb 18, 2026 and why does it matter?

Incannex reported $68.9 million in cash and cash equivalents. According to Incannex, this liquidity supports continued clinical work and operations while the company advances IHL-42X development and related programs.

What did patient exit interviews report for IHL-42X in the Feb 18, 2026 update from Incannex (IXHL)?

Exit interviews found 57.6% of participants reported perceived improvement in their OSA. According to Incannex, most of those participants described the improvement as meaningful to daily life and functioning.

Were there safety or tolerability findings for IHL-42X in Incannex (IXHL) Phase 2 results?

IHL-42X was reported to be well tolerated across both dose cohorts in Phase 2. According to Incannex, tolerability data reinforce the drug's potential for broader clinical use pending further study.