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IXHLIncannex Healthcare Limited
$3.42$40M
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HomeStocksIXHLBalance Sheet

Incannex Healthcare Limited (IXHL) Balance Sheet

20Y historyFree accessUpdated daily

Despite a current cash position of $68.9 million, the firm's historical reliance on equity-linked financing and the previous write-down of $52.4 million in goodwill suggest a volatile capital structure.

IXHL Balance Sheet

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly
MetricTTMJun'25Jun'24Jun'23Jun'22Jun'21Jun'20Jun'19Jun'18Jun'17Jun'16Jun'15Jun'14Jun'13Jun'12Jun'11Jun'10Jun'09Jun'08Jun'07Jun'06
Total Current Assets74.68M19.96M16.2M34.61M38.01M9.32M4.22M384.69K541.89K842.44K114.21K6.3M461.12K2.04M932.35K1.14M1.71M165.29K1.27M4.98M92.94K
Cash & Short-Term Investments68.9M15.04M5.86M33.29M37.5M9.12M3.59M93.72K229.58K508.74K4.57K199.13K397.52K509.65K561.61K750.75K1.53M42.21K1.08M4.15M77.11K
Cash Only68.9M15.04M5.86M33.29M37.5M9.14M3.59M93.72K229.58K508.74K4.57K177.8K397.52K509.65K561.61K750.75K533.45K42.21K1.08M4.15M0
Short-Term Investments0000000000021.32K00001M0000
Accounts Receivable5.3M4.63M10.02M287.48K318.81K169.33K409.74K84.28K10.47K8.12K5.72K8.19K22.31K1.51M350.98K331.35K172.94K68.76K139.25K77.17K15.56K
Days Sales Outstanding31.09K19.63K304.62K-148.2132.52249.3726.063.7910.4723.34--15.65K1.91K-2.39K----
Inventory000000181.6K153.37K223.83K227.41K58.22K040.28K13.59K17.09K24.07K00000
Days Inventory Outstanding------148.4595.99156.26160.1570.05-32.126.055.19225.23-----
Other Current Assets293K000137.85K-33327.72K48.56K72.23K97.72K45.67K6.09M0000054.32K49.61K745.42K263
Total Non-Current Assets328K485K845K1.18M000135.36K169.61K161.35K230.73K07.31M17.14M23.15M18.96M14.34M14.65M9.31M1.84M1.59M
Property, Plant & Equipment271K485K845K1.18M00085.78K98.18K44.2K24.73K03.08M9.55M9.64M9.15M14.34M14.65M9.31M1.84M1.59M
Fixed Asset Turnover0.14x0.18x0.01x----13.76x10.29x6.40x3.62x--0.00x0.01x-0.00x----
Goodwill000000000000000000000
Intangible Assets000000049.58K71.43K117.15K205.99K0000000000
Long-Term Investments57K0000000000021.17K01.52M1.5M00000
Other Non-Current Assets0000000000004.21M7.59M11.99M8.31M00000
Total Assets75.01M20.45M17.05M35.8M38.01M9.32M4.22M520.05K711.51K1M344.94K6.3M7.77M19.18M24.08M20.1M16.05M14.81M10.58M6.82M1.68M
Asset Turnover0.00x0.00x0.00x-0.02x0.20x0.14x2.27x1.42x0.28x0.26x--0.00x0.00x-0.00x----
Asset Growth %492.6%19.94%-52.38%-5.83%307.72%121.02%711.14%-26.91%-29.12%191.01%-94.52%-18.99%-59.47%-20.36%19.82%25.2%8.39%39.98%55.22%304.72%-
Total Current Liabilities1.55M6.98M5.62M3.84M2.02M756.12K1.06M938.95K1.1M774.35K1.05M5.82M257.69K2.02M2.31M2.38M1.25M189.89K979.1K119.58K343.08K
Accounts Payable1.23M6.07M527K2.63M1.31M232.98K585.06K377.68K497.55K537.62K141.92K199.43K109.32K254.44K178.65K1.21M346.92K127.09K738.85K59.38K0
Days Payables Outstanding4.01K9.01K1.87K-75.21K93.12478.27236.38347.35378.63170.774.02K87.17113.3554.2611.28K-----
Short-Term Debt0184K0000065.27K201.03K0698.88K1M01.46M960.4K0895.16K38.25K42.02K26.72K300.04K
Deferred Revenue (Current)142K085K000000000000000000
Other Current Liabilities48K726K333K395.84K296.94K140.41K111.5K392.89K198.73K0204.5K4.62M128.48K309.23K1.11M1.16M024.55K198.24K33.48K43.04K
Current Ratio48.27x2.86x2.88x9.02x18.84x12.33x3.97x0.41x0.49x1.09x0.11x1.08x1.79x1.01x0.40x0.48x1.37x0.87x1.30x41.62x0.27x
Quick Ratio48.27x2.86x2.88x9.02x18.84x12.33x3.80x0.25x0.29x0.79x0.05x1.08x1.63x1.00x0.40x0.47x1.37x0.87x1.30x41.62x0.27x
Cash Conversion Cycle27.09K------80.45-114.33-187.3-208-77.37--15.54K1.86K------
Total Non-Current Liabilities53K74K210K614.08K00000398.89K005.78M3.61M1.67M2.49M2.52M8.04M94.26K53.67K0
Long-Term Debt000000000398.89K001.26M224.81K169.51K1M1M6.48M000
Capital Lease Obligations489K74K210K614.08K000000000000026.7K64.24K53.67K0
Deferred Tax Liabilities000000000000000000000
Other Non-Current Liabilities0000000000004.51M3.39M1.5M1.49M1.52M1.53M30.02K00
Total Liabilities1.6M7.06M5.83M4.45M2.02M754.62K1.06M938.95K1.1M1.17M1.05M5.82M6.03M5.63M3.98M4.87M3.77M8.23M1.07M173.25K343.08K
Total Debt163K258K373K784.16K00065.27K201.03K398.89K698.88K1M1.26M1.68M1.13M1M1.9M6.55M106.26K80.39K300.04K
Net Debt-68.74M-14.78M-5.49M-32.51M-37.63M-9.12M-3.59M-28.45K-28.55K-109.85K694.3K826.17K864.47K1.17M568.31K250.12K1.36M6.51M-974.62K-4.07M300.04K
Debt / Equity0.00x0.02x0.03x0.03x-------2.10x0.73x0.12x0.06x0.07x0.15x1.00x0.01x0.01x0.22x
Debt / EBITDA-0.00x--------------------
Net Debt / EBITDA1.81x----30.68x----------------
Interest Coverage-215.16x-78.51x------32.74x-248.27x-420.60x-8.84x-21.06x-75.85x-67.76x-16.99x-47.71x21.71x-80.71x-89.20x-164.10x-10.46x
Total Equity73.41M13.39M11.22M31.34M36M8.57M3.15M-418.9K-385.29K-169.45K-700.36K478.47K1.74M13.55M20.1M15.23M12.29M6.58M9.51M6.64M1.34M
Equity Growth %7367.1%19.36%-64.21%-12.92%320.08%171.93%852.25%-8.72%-127.38%75.81%-246.37%-72.5%-87.16%-32.6%31.96%23.94%86.81%-30.81%43.11%395.31%-
Book Value per Share6.3011.662.086.113.631.050.55-0.11-0.20-0.16-1.341.195.123.357.4777.6684.29119.32212.09269.7383.66
Total Shareholders' Equity73.41M13.39M11.22M31.34M36M8.59M3.14M-418.9K-385.29K-169.45K-700.36K478.47K1.74M13.55M20.1M15.23M12.29M6.58M9.51M6.64M1.34M
Common Stock36K20K2K3.01K86.55M45.83M34.05M27.05M24.54M21.82M108.65K35.06M34.16M33.7M28.79M21.2M15.45M12.4M11.39M7.9M2.2M
Retained Earnings-170.48M-157.56M-110.67M-138.79M-59M-43.95M-32.38M-27.94M-25.15M-22.15M-809.01K-38.01M-35.19M-22.89M-11.22M-7.96M-3.49M-6.9M-3.02M-1.92M-863.41K
Treasury Stock000000000000000000000
Accumulated OCI-3.19M-3.12M-3.33M-4.9M06.62M1.48M00003.43M2.77M2.74M2.53M1.99M333.94K1.08M1.14M664.69K0
Minority Interest000000000000000000000

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetVulnerable
Cash FlowBurning
Top Statement Risk

Imminent capital dilution risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Capital Erosion Drives Balance Sheet

As reported in financial statements, Incannex Healthcare's total assets have fluctuated significantly, peaking at $94.7 million in 2023Q2 before contracting to $75.0 million by 2026Q2, reflecting a business model that relies heavily on periodic capital injections to sustain its ongoing clinical research and development activities.

The volatility in asset levels suggests that the company's financial health is tethered to its ability to access equity markets rather than internal value creation. Investors should monitor the persistent accumulation of retained losses, which reached -$170.5 million, as this indicates a long-term trend of capital consumption that may continue until a commercial milestone is achieved.

Cash Runway Remains Primary Concern

Based on the most recent quarterly data, Incannex maintains a cash balance of $68.9 million, yet the historical trend of rapid cash depletion suggests that this liquidity buffer is highly sensitive to the high-burn nature of the firm's multi-modal drug development pipeline and associated clinical trial costs.

While the current ratio of 48.27 appears superficially strong, it is largely a function of the company's current cash-heavy position following recent financing activities. The lack of recurring revenue means this liquidity is a finite resource, and the company's ability to maintain this buffer without further dilutive equity issuance warrants further investigation.

Shareholder Equity Subject to Dilution

According to reported figures, equity has been subject to significant volatility, with the company's reliance on share-based compensation and capital raises creating a pattern where shareholder value is frequently diluted to fund the ongoing operational deficits inherent in the firm's pre-commercial pharmaceutical development strategy.

The accumulation of -$170.5 million in retained earnings underscores the structural challenge of funding high-risk clinical trials through equity. This trend suggests that existing shareholders may face continued dilution as the company seeks to bridge the gap between its current R&D phase and potential future commercialization.

Goodwill Impairment and Asset Quality

As indicated by historical balance sheet data, the company previously carried $52.4 million in goodwill in 2023Q2, which was subsequently written down to zero, highlighting the inherent risks in valuing intangible assets within a speculative drug development business model that lacks established commercial revenue streams.

The total removal of goodwill from the balance sheet suggests a significant reassessment of the company's acquisition-based strategy. Investors should remain cautious regarding the quality of remaining assets, as the current asset base is primarily composed of cash, leaving little tangible value should the clinical pipeline fail to yield marketable intellectual property.

IXHL — Frequently Asked Questions

Quick answers to the most common questions about buying IXHL stock.

What are the total assets of Incannex Healthcare Limited (IXHL)?

As of 2025, Incannex Healthcare Limited (IXHL) had total assets of $20.4M including $20.0M in current assets.

How much debt does Incannex Healthcare Limited (IXHL) have?

Incannex Healthcare Limited (IXHL) carries total debt of $0.3M, offset by $15.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of Incannex Healthcare Limited?

Incannex Healthcare Limited (IXHL) has total shareholders' equity (book value) of $13.4M ($11.66 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is Incannex Healthcare Limited's current ratio and liquidity?

Incannex Healthcare Limited (IXHL) reported a current ratio of 2.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.