Procore signs multi-year strategic collaboration agreement with AWS
NEW YORK/MELBOURNE - Incannex Healthcare Inc. (NASDAQ:IXHL), a biotech company with a market capitalization of $20.6 million, announced Wednesday it has achieved database lock for its RePOSA Phase 2 clinical trial of IHL-42X, a drug candidate for obstructive sleep apnea (OSA), marking the completion of clinical data collection. According to InvestingPro analysis, the company maintains a healthy balance sheet with more cash than debt, though it’s currently experiencing rapid cash burn.
The biopharmaceutical company expects to deliver top-line results in July 2025 for the trial, which is evaluating the oral fixed-dose combination therapy in patients with moderate to severe OSA who cannot or will not use continuous positive airway pressure (CPAP) devices. While the stock has seen a 7.7% gain over the past week, InvestingPro data shows significant volatility in its trading pattern, with the stock currently trading near its Fair Value estimate.
"Achieving database lock on schedule demonstrates our strong clinical capabilities and commitment to advancing a much-needed therapy for obstructive sleep apnea," said Joel Latham, President and CEO of Incannex, according to the company’s press release.
IHL-42X combines dronabinol and acetazolamide to target two physiological pathways associated with OSA. In a previous Australian Phase 2 clinical trial, the company reported the lowest dose reduced the Apnea-Hypopnea Index by an average of 51 percent relative to baseline.
The current RePOSA trial is part of a broader Phase 2/3 clinical program expected to enroll more than 560 patients worldwide.
OSA affects approximately 1 billion people globally, including about 30 million in the United States, according to the company. Despite its prevalence, the condition remains significantly underdiagnosed and undertreated, with no approved oral pharmacological treatments currently available. With a current ratio of 2.12, Incannex maintains strong liquidity to fund its clinical development. InvestingPro subscribers can access 14 additional key insights about the company’s financial health and market position.
Unlike weight loss therapies, IHL-42X targets the underlying mechanisms of OSA and may benefit a wider range of patients, including the 67% of individuals with the condition who are not classified as obese, the company stated.
In other recent news, Incannex Healthcare Inc. has made several strategic moves and announcements. The company has initiated a Phase 3 clinical trial for its lead asset, IHL-42X, aimed at treating obstructive sleep apnea, with authorization from the U.S. Food and Drug Administration. This trial follows promising results from a Phase 2 study and will be conducted at multiple sites across the United States. In a related development, Incannex has canceled 172 million Series A Warrants to reduce potential future share dilution, a decision that aligns with its strategy to strengthen its capital structure. Furthermore, Incannex has amended its Sales Agreement with A.G.P/Alliance Global Partners to increase its share offering capacity, allowing for the sale of additional common stock. The company also announced a joint venture with Mind Medicine Australia to establish a psychedelic-assisted therapies clinic in Melbourne, aimed at expanding treatment access for mental health conditions. Additionally, Incannex has filed for a transfer of its stock listing to The Nasdaq Capital Market to meet continued listing requirements. These recent developments reflect Incannex’s ongoing efforts to advance its clinical programs and manage its financial operations effectively.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.