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.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 |
|---|
| Total Current Assets | 74.68M | 19.96M | 16.2M | 34.61M | 38.01M | 9.32M | 4.22M | 384.69K | 541.89K | 842.44K | 114.21K | 6.3M | 461.12K | 2.04M | 932.35K | 1.14M | 1.71M | 165.29K | 1.27M | 4.98M | 92.94K |
| Cash & Short-Term Investments | 68.9M | 15.04M | 5.86M | 33.29M | 37.5M | 9.12M | 3.59M | 93.72K | 229.58K | 508.74K | 4.57K | 199.13K | 397.52K | 509.65K | 561.61K | 750.75K | 1.53M | 42.21K | 1.08M | 4.15M | 77.11K |
| Cash Only | 68.9M | 15.04M | 5.86M | 33.29M | 37.5M | 9.14M | 3.59M | 93.72K | 229.58K | 508.74K | 4.57K | 177.8K | 397.52K | 509.65K | 561.61K | 750.75K | 533.45K | 42.21K | 1.08M | 4.15M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.32K | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.3M | 4.63M | 10.02M | 287.48K | 318.81K | 169.33K | 409.74K | 84.28K | 10.47K | 8.12K | 5.72K | 8.19K | 22.31K | 1.51M | 350.98K | 331.35K | 172.94K | 68.76K | 139.25K | 77.17K | 15.56K |
| Days Sales Outstanding | 31.09K | 19.63K | 304.62K | - | 148.21 | 32.52 | 249.37 | 26.06 | 3.79 | 10.47 | 23.34 | - | - | 15.65K | 1.91K | - | 2.39K | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 181.6K | 153.37K | 223.83K | 227.41K | 58.22K | 0 | 40.28K | 13.59K | 17.09K | 24.07K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | 148.45 | 95.99 | 156.26 | 160.15 | 70.05 | - | 32.12 | 6.05 | 5.19 | 225.23 | - | - | - | - | - |
| Other Current Assets | 293K | 0 | 0 | 0 | 137.85K | -333 | 27.72K | 48.56K | 72.23K | 97.72K | 45.67K | 6.09M | 0 | 0 | 0 | 0 | 0 | 54.32K | 49.61K | 745.42K | 263 |
| Total Non-Current Assets | 328K | 485K | 845K | 1.18M | 0 | 0 | 0 | 135.36K | 169.61K | 161.35K | 230.73K | 0 | 7.31M | 17.14M | 23.15M | 18.96M | 14.34M | 14.65M | 9.31M | 1.84M | 1.59M |
| Property, Plant & Equipment | 271K | 485K | 845K | 1.18M | 0 | 0 | 0 | 85.78K | 98.18K | 44.2K | 24.73K | 0 | 3.08M | 9.55M | 9.64M | 9.15M | 14.34M | 14.65M | 9.31M | 1.84M | 1.59M |
| Fixed Asset Turnover | 0.14x | 0.18x | 0.01x | - | - | - | - | 13.76x | 10.29x | 6.40x | 3.62x | - | - | 0.00x | 0.01x | - | 0.00x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.58K | 71.43K | 117.15K | 205.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.17K | 0 | 1.52M | 1.5M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.21M | 7.59M | 11.99M | 8.31M | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 75.01M | 20.45M | 17.05M | 35.8M | 38.01M | 9.32M | 4.22M | 520.05K | 711.51K | 1M | 344.94K | 6.3M | 7.77M | 19.18M | 24.08M | 20.1M | 16.05M | 14.81M | 10.58M | 6.82M | 1.68M |
| Asset Turnover | 0.00x | 0.00x | 0.00x | - | 0.02x | 0.20x | 0.14x | 2.27x | 1.42x | 0.28x | 0.26x | - | - | 0.00x | 0.00x | - | 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 Liabilities | 1.55M | 6.98M | 5.62M | 3.84M | 2.02M | 756.12K | 1.06M | 938.95K | 1.1M | 774.35K | 1.05M | 5.82M | 257.69K | 2.02M | 2.31M | 2.38M | 1.25M | 189.89K | 979.1K | 119.58K | 343.08K |
| Accounts Payable | 1.23M | 6.07M | 527K | 2.63M | 1.31M | 232.98K | 585.06K | 377.68K | 497.55K | 537.62K | 141.92K | 199.43K | 109.32K | 254.44K | 178.65K | 1.21M | 346.92K | 127.09K | 738.85K | 59.38K | 0 |
| Days Payables Outstanding | 4.01K | 9.01K | 1.87K | - | 75.21K | 93.12 | 478.27 | 236.38 | 347.35 | 378.63 | 170.77 | 4.02K | 87.17 | 113.35 | 54.26 | 11.28K | - | - | - | - | - |
| Short-Term Debt | 0 | 184K | 0 | 0 | 0 | 0 | 0 | 65.27K | 201.03K | 0 | 698.88K | 1M | 0 | 1.46M | 960.4K | 0 | 895.16K | 38.25K | 42.02K | 26.72K | 300.04K |
| Deferred Revenue (Current) | 142K | 0 | 85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 48K | 726K | 333K | 395.84K | 296.94K | 140.41K | 111.5K | 392.89K | 198.73K | 0 | 204.5K | 4.62M | 128.48K | 309.23K | 1.11M | 1.16M | 0 | 24.55K | 198.24K | 33.48K | 43.04K |
| Current Ratio | 48.27x | 2.86x | 2.88x | 9.02x | 18.84x | 12.33x | 3.97x | 0.41x | 0.49x | 1.09x | 0.11x | 1.08x | 1.79x | 1.01x | 0.40x | 0.48x | 1.37x | 0.87x | 1.30x | 41.62x | 0.27x |
| Quick Ratio | 48.27x | 2.86x | 2.88x | 9.02x | 18.84x | 12.33x | 3.80x | 0.25x | 0.29x | 0.79x | 0.05x | 1.08x | 1.63x | 1.00x | 0.40x | 0.47x | 1.37x | 0.87x | 1.30x | 41.62x | 0.27x |
| Cash Conversion Cycle | 27.09K | - | - | - | - | - | -80.45 | -114.33 | -187.3 | -208 | -77.37 | - | - | 15.54K | 1.86K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 53K | 74K | 210K | 614.08K | 0 | 0 | 0 | 0 | 0 | 398.89K | 0 | 0 | 5.78M | 3.61M | 1.67M | 2.49M | 2.52M | 8.04M | 94.26K | 53.67K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 398.89K | 0 | 0 | 1.26M | 224.81K | 169.51K | 1M | 1M | 6.48M | 0 | 0 | 0 |
| Capital Lease Obligations | 489K | 74K | 210K | 614.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.7K | 64.24K | 53.67K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.51M | 3.39M | 1.5M | 1.49M | 1.52M | 1.53M | 30.02K | 0 | 0 |
| Total Liabilities | 1.6M | 7.06M | 5.83M | 4.45M | 2.02M | 754.62K | 1.06M | 938.95K | 1.1M | 1.17M | 1.05M | 5.82M | 6.03M | 5.63M | 3.98M | 4.87M | 3.77M | 8.23M | 1.07M | 173.25K | 343.08K |
| Total Debt | 163K | 258K | 373K | 784.16K | 0 | 0 | 0 | 65.27K | 201.03K | 398.89K | 698.88K | 1M | 1.26M | 1.68M | 1.13M | 1M | 1.9M | 6.55M | 106.26K | 80.39K | 300.04K |
| Net Debt | -68.74M | -14.78M | -5.49M | -32.51M | -37.63M | -9.12M | -3.59M | -28.45K | -28.55K | -109.85K | 694.3K | 826.17K | 864.47K | 1.17M | 568.31K | 250.12K | 1.36M | 6.51M | -974.62K | -4.07M | 300.04K |
| Debt / Equity | 0.00x | 0.02x | 0.03x | 0.03x | - | - | - | - | - | - | - | 2.10x | 0.73x | 0.12x | 0.06x | 0.07x | 0.15x | 1.00x | 0.01x | 0.01x | 0.22x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.81x | - | - | - | -30.68x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -215.16x | -78.51x | - | - | - | - | - | -32.74x | -248.27x | -420.60x | -8.84x | -21.06x | -75.85x | -67.76x | -16.99x | -47.71x | 21.71x | -80.71x | -89.20x | -164.10x | -10.46x |
| Total Equity | 73.41M | 13.39M | 11.22M | 31.34M | 36M | 8.57M | 3.15M | -418.9K | -385.29K | -169.45K | -700.36K | 478.47K | 1.74M | 13.55M | 20.1M | 15.23M | 12.29M | 6.58M | 9.51M | 6.64M | 1.34M |
| 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 Share | 6.30 | 11.66 | 2.08 | 6.11 | 3.63 | 1.05 | 0.55 | -0.11 | -0.20 | -0.16 | -1.34 | 1.19 | 5.12 | 3.35 | 7.47 | 77.66 | 84.29 | 119.32 | 212.09 | 269.73 | 83.66 |
| Total Shareholders' Equity | 73.41M | 13.39M | 11.22M | 31.34M | 36M | 8.59M | 3.14M | -418.9K | -385.29K | -169.45K | -700.36K | 478.47K | 1.74M | 13.55M | 20.1M | 15.23M | 12.29M | 6.58M | 9.51M | 6.64M | 1.34M |
| Common Stock | 36K | 20K | 2K | 3.01K | 86.55M | 45.83M | 34.05M | 27.05M | 24.54M | 21.82M | 108.65K | 35.06M | 34.16M | 33.7M | 28.79M | 21.2M | 15.45M | 12.4M | 11.39M | 7.9M | 2.2M |
| 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 Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.19M | -3.12M | -3.33M | -4.9M | 0 | 6.62M | 1.48M | 0 | 0 | 0 | 0 | 3.43M | 2.77M | 2.74M | 2.53M | 1.99M | 333.94K | 1.08M | 1.14M | 664.69K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
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.
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.
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.
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.
Quick answers to the most common questions about buying IXHL stock.
As of 2025, Incannex Healthcare Limited (IXHL) had total assets of $20.4M including $20.0M in current assets.
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.
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.
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.