Dallas, Texas--(Newsfile Corp. - August 19, 2025) - Incannex Healthcare Inc. (NASDAQ: IXHL): Stonegate Capital Partners updates their coverage on Incannex Healthcare Inc. (NASDAQ: IXHL). Recently, IXHL has made significant progress on its IHL-42X asset after very positive topline results from the Phase 2 study have returned, with more granular data trickling in. Both the low and high dose groups achieved a statistically significant reduction in percentage change in Apnoea-Hypopnoea Index (AHI) from baseline compared to placebo. With AHI being the primary indicator of success, we are excited by the phenomenal topline results with maximum AHI reductions of up to 83% for the high-dose group and up to 79% for the low-dose group. In addition to this effectiveness, IHL-42X was tolerated well across both cohorts, having no serious adverse events reported during the treatment period. Lastly, the patient reported outcomes were equally impressive as 57.6% of participants reported a perceived improvement in their OSA, and 89.5% of those reporting improvement described the change as meaningful to their lives. This positions IXHL favorably as it begins the next steps of bringing IHL-42X to market.

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Key Takeaways:

• The RePOSA, Phase 2 trial showed statistically significant reductions in Apnoea-Hypopnoea Index (up to 83% in the high-dose group), alongside broad improvements in patient-reported outcomes and no serious adverse events, highlighting both efficacy and safety.

• IXHL eliminated ~347M potentially dilutive Series A Warrants through ~$24.7M in ATM proceeds, materially improving financial flexibility and positioning the company to advance IHL-42X toward commercialization.

• Beyond IHL-42X, IXHL is progressing PSX-001 (psilocybin for GAD, with IND clearance in the U.S. and U.K.) and IHL-675A (Phase 2 in rheumatoid arthritis, data expected 2H25), providing multiple clinical and regulatory catalysts.

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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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