Dallas, Texas--(Newsfile Corp. - November 20, 2025) - Incannex Healthcare Inc. (NASDAQ: IXHL): Stonegate Capital Partners updates their coverage on Incannex Healthcare Inc. (NASDAQ: IXHL). In 4Q25, Incannex continued to build the clinical and patient-reported evidence base for IHL-42X in obstructive sleep apnoea (OSA), following full Phase 2 RePOSA data and exit-interview analyses. Both low- and high-dose IHL-42X achieved statistically significant reductions in Apnoea-Hypopnoea Index (AHI) versus placebo, with maximum AHI reductions of up to 83% in the high-dose arm and 79% in the low-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, citing better sleep quality, less fatigue, and improved daily functioning. IHL-42X was well tolerated across both dose cohorts, with no serious adverse events and mainly mild, transient treatment-emergent events, reinforcing its potential for broad use if approved.

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Key Takeaways:

• IHL-42X Phase 2 showed significant AHI reductions up to 83.0% and management is preparing FDA interactions for Phase 3 planning.
• PSX-001 delivered meaningful anxiety reduction in Phase 2 and the team is preparing the multi-jurisdiction PsiGAD2 study under an open IND.
• Quarter-end cash was $73.3M with net loss $6.4M and operating expenses $6.8M supporting at least twelve months of runway.

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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.

Source: Stonegate, Inc.

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