Dallas, Texas--(Newsfile Corp. - December 2, 2024) - Incannex Healthcare Inc. (NASDAQ: IXHL): Stonegate Capital Partners updates their coverage on Incannex Healthcare Inc.  (NASDAQ: IXHL). During 1Q 2025 the Company reported research and development costs of $2.9M, an increase of $0.3M from 1Q24. We expect R&D costs to continue to climb as the Company focuses on getting its drug candidates across the finish line. IXHL recovered 28.0% of these costs with an R&D tax incentive of $0.8M. We expect that this will normalize around 43.5% for the foreseeable future.

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Key Takeaways:

• Incannex's novel drug to treat Obstructive Sleep Apnea has completed dosing for the Phase 2/3 FDA trial.
• IXHL has received IND clearance from the FDA for its PSX-001 drug, designed to treat Generalized Anxiety Disorder.
• When we use a probability adjusted DCF model, it returns an estimated per share valuation range of $5.07 to $5.93.

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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.

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