Incannex Healthcare Inc.(IXHL)Stock Analysis
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Quality rankings require at least $50M annual revenue or $250M total assets to filter out micro-caps and shell companies. This company reported $1.9M in revenue.
Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.
IXHL Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Incannex Healthcare Inc. (IXHL), a Healthcare sector company. IXHL is not currently included in 13F Pro's AI-ranked quality universe — quality rankings require at least $50m annual revenue or $250m total assets to filter out micro-caps and shell companies. this company reported $1.9m in revenue. Based on the latest XBRL financial filings (Q3 2026), Incannex Healthcare Inc. reports net income of $-3.9M, free cash flow of $-2.5M. Top institutional holders of IXHL by reported 13-F value include Polar Asset Management Partners, Ghisallo Capital Management, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., based on the most recent SEC filings. IXHL trades on the Nasdaq exchange and files with the SEC under CIK 1873875. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate IXHL daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Incannex Healthcare Inc. directly from SEC EDGAR.
Net Income
Q3 2026
$-3.9M
Free Cash Flow
Q3 2026
$-2.5M
AI Insight: IXHL Financial Trends
Incannex remains pre-revenue with persistent operating losses, but Q1 2026 shows modest margin improvement and equity stabilization.
• Operating margin improved: operating losses narrowed from $10M in Q2 2024 to $4M in Q1 2026, a 60% reduction.
• Equity rebounded sharply from $1M (Q4 2024) to $75M (Q1 2026), driven by capital raises in Q3 2025.
• Operating cash flow volatile but recently improved: $-2M in Q1 2026 vs. $-9M in Q3 2025.
⚠ Company remains pre-revenue ($0M across all quarters) with no clear path to sales demonstrated.
⚠ Net loss volatility persists; $32M loss in Q2 2025 suggests one-time charge; baseline operating burn still $4–7M/quarter.
AI Insight: IXHL Ratio Trends
Incannex remains deeply unprofitable with negative returns across all metrics, though Q1 2026 shows sequential improvement in losses.
• ROE improved from -35.5% in Q4 2025 to -20.6% in Q1 2026; ROA and ROIC similarly narrowed losses, suggesting reduced quarterly burn.
• D/E collapsed from 3.90 in Q4 2024 to 0.19 in Q1 2025, indicating significant deleveraging or equity raise.
• TTM ROE, ROA, and ROIC all deeply negative (-64.3%, -60.3%, -33.7%), reflecting sustained operating losses over trailing 12 months.
⚠ Q1 2026 losses still substantial despite improvement; path to profitability and positive ROIC remains unclear.
⚠ Limited operational data (operating margin, NPM absent); profitability drivers and expense control cannot be assessed.
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Top Institutional Holders of IXHL
Polar Asset Management Partners Inc.
$1.9M625,000 shGhisallo Capital Management LLC
$488.6K162,855 shMIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.
$449.6K149,857 shMurchinson Ltd.
$312.3K104,113 shArete Wealth Advisors, LLC
$219.5K73,167 shLPL Financial LLC
$213.5K71,178 shUBS Group AG
$121.1K40,369 shAdvisorShares Investments LLC
$73.5K24,503 shCOMMONWEALTH EQUITY SERVICES, LLC
$36.3K12,112 shOSAIC HOLDINGS, INC.
$19.1K6,376 sh
| Fund | Value | Shares |
|---|---|---|
| Polar Asset Management Partners Inc. | $1.9M | 625,000 |
| Ghisallo Capital Management LLC | $488.6K | 162,855 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $449.6K | 149,857 |
| Murchinson Ltd. | $312.3K | 104,113 |
| Arete Wealth Advisors, LLC | $219.5K | 73,167 |
| LPL Financial LLC | $213.5K | 71,178 |
| UBS Group AG | $121.1K | 40,369 |
| AdvisorShares Investments LLC | $73.5K | 24,503 |
| COMMONWEALTH EQUITY SERVICES, LLC | $36.3K | 12,112 |
| OSAIC HOLDINGS, INC. | $19.1K | 6,376 |
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Popular Research
Is IXHL a good stock to buy?
13F Pro's AI-powered analysis of Incannex Healthcare Inc. (IXHL) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for IXHL are available on the IXHL stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own IXHL?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling IXHL. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Incannex Healthcare Inc.'s investment landscape.