The company has effectively ceased commercial operations, reporting a nominal TTM revenue of only $86,000 while sustaining quarterly R&D expenditures as high as $9.3 million.
Incannex Healthcare Limited (IXHL) annual income statement — 20-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 66.62K | 86K | 12K | 0 | 785.15K | 1.9M | 599.72K | 1.18M | 1.01M | 283.01K | 89.44K | 0 | 0 | 35.25K | 67.05K | 0 | 26.37K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 1003.83% | 616.67% | - | -100% | -58.68% | 216.86% | -49.2% | 16.9% | 256.81% | 216.44% | - | - | -100% | -47.43% | - | -100% | - | - | - | - | - |
| Cost of Goods Sold | 179.82K | 246K | 103K | 0 | 6.33K | 913.26K | 446.5K | 583.19K | 522.83K | 518.27K | 303.33K | 18.09K | 457.77K | 819.3K | 1.2M | 39K | 0 | 0 | 0 | 0 | 20.7K |
| COGS % of Revenue | - | 286.05% | 858.33% | - | 0.81% | 48.06% | 74.45% | 49.4% | 51.77% | 183.13% | 339.16% | - | - | 2324.2% | 1792.19% | - | - | - | - | - | - |
| Gross Profit | -128.37K | -160K | 12K | 0 | 778.79K | 987.02K | 153.22K | 597.26K | 486.99K | -235.26K | -213.89K | -18.09K | -457.77K | 35.25K | 67.05K | -39K | 26.37K | 0 | 0 | 0 | -20.7K |
| Gross Margin % | -192.7% | -186.05% | 100% | - | 99.19% | 51.94% | 25.55% | 50.6% | 48.23% | -83.13% | -239.16% | - | - | 100% | 100% | - | 100% | - | - | - | - |
| Gross Profit Growth % | - | -1433.33% | - | -100% | -21.1% | 544.19% | -74.35% | 22.64% | 307% | -9.99% | -1082.19% | 96.05% | -1398.6% | -47.43% | 271.92% | -247.9% | - | - | - | 100% | - |
| Operating Expenses | 39.82M | 23.63M | 30.05M | 20.53M | 10.16M | 12.41M | 4.26M | 3.39M | 3.7M | 20.79M | 506.47K | 640.17K | 415.05K | 10.84M | 3.44M | 5M | 1.92M | 2.98M | 1.34M | 1.07M | 178.62K |
| OpEx % of Revenue | - | 27475.58% | 250441.67% | - | 1294% | 653.28% | 711.05% | 287.18% | 366.14% | 7346.81% | 566.3% | - | - | 30743.48% | 5128.19% | - | 7296.36% | - | - | - | - |
| Selling, General & Admin | 23.9M | 13.13M | 25.56M | 11.93M | 10.18M | 7.7M | 2.17M | 2.61M | 3.64M | 2.75M | 514.06K | 546.74K | 862.73K | 2.02M | 2.28M | 2.77M | 450.31K | 701.4K | 910.75K | 1.02M | 145.85K |
| SG&A % of Revenue | - | 15265.12% | 212974.95% | - | 1296.4% | 404.97% | 362.11% | 221.16% | 360.74% | 971.29% | 574.78% | - | - | 5720.92% | 3401.45% | - | 1707.61% | - | - | - | - |
| Research & Development | 16.15M | 10.75M | 19.28M | 9.5M | 5.37M | 4.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 12496.51% | 160676.25% | - | 684.1% | 250.29% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -233K | -246K | -14.79M | -895.54K | -5.39M | -37.55K | 2.09M | 779.34K | 54.5K | 18.04M | -7.58K | 93.43K | -447.69K | 8.82M | 1.16M | 2.23M | 1.47M | 2.28M | 425.76K | 53.21K | 32.77K |
| Operating Income | -39.98M | -23.79M | -30.04M | -20.53M | -10.16M | -11.43M | -4.11M | -2.79M | -3.21M | -21.03M | -577.22K | -2.52M | -6.68M | -10.8M | -3.37M | -4.67M | -1.9M | -2.98M | -1.34M | -1.07M | -199.11K |
| Operating Margin % | -60009.65% | -27661.63% | -250341.67% | - | -1294.56% | -601.34% | -685.5% | -236.59% | -317.91% | -7429.94% | -645.4% | - | - | -30643.48% | -5028.19% | - | -7196.36% | - | - | - | - |
| Operating Income Growth % | - | 20.81% | -46.35% | -101.95% | 11.05% | -177.96% | -47.2% | 13.01% | 84.73% | -3542.96% | 77.08% | 62.32% | 38.12% | -220.39% | 27.87% | -146.31% | 36.35% | -123.07% | -24.66% | -438.47% | - |
| EBITDA | -39.77M | -23.54M | -29.89M | -20.39M | 1.23M | -3.79M | -4.06M | -2.75M | -3.16M | -21M | -561.6K | -2.5M | -6.64M | -10.77M | -3.33M | -4.63M | -1.85M | -2.92M | -1.29M | -1.06M | -198.65K |
| EBITDA Margin % | -59693.08% | -27375.58% | -249056.66% | - | 156.22% | -199.41% | -676.7% | -233.03% | -312.52% | -7419% | -627.94% | - | - | -30563.25% | -4965.93% | - | -7000.41% | - | - | - | - |
| EBITDA Growth % | -11.13% | 21.23% | -46.55% | -1762.66% | 132.37% | 6.63% | -47.53% | 12.83% | 84.97% | -3638.74% | 77.55% | 62.34% | 38.33% | -223.56% | 28.12% | -150.92% | 36.88% | -126.75% | -21.54% | -434.23% | - |
| D&A (Non-Cash Add-back) | 210.89K | 246K | 154.2K | 132.45K | 11.39M | 7.64M | 52.73K | 41.95K | 54.5K | 30.96K | 15.62K | 16.65K | 39.51K | 28.28K | 41.75K | 42.31K | 51.67K | 56.69K | 46.66K | 10.91K | 462 |
| EBIT | -65.96M | -23.79M | -27.86M | -20.53M | -16.54M | -11.43M | -4.11M | -2.79M | -3.19M | -21.02M | -720.37K | -2.54M | -13.23M | -12.74M | -3.25M | -4.53M | 2.67M | -3.89M | -1.09M | -1.06M | -220.78K |
| Net Interest Income | -205K | -241K | 308.4K | 362.73K | 6.27K | 2.68K | 4.5K | -83.57K | -6.01K | -40.51K | -70.05K | -116.99K | -156.62K | -69.94K | -67.36K | 6K | -85.76K | -38.69K | 238.2K | 49.64K | -19.51K |
| Interest Income | 59K | 62K | 308.4K | 362.73K | 6.27K | 2.68K | 4.5K | 1.63K | 6.84K | 9.46K | 11.45K | 3.85K | 17.81K | 118.08K | 123.77K | 100.93K | 37.32K | 9.49K | 250.38K | 56.08K | 1.6K |
| Interest Expense | 264K | 303K | 0 | 0 | 0 | 0 | 0 | 85.21K | 12.85K | 49.97K | 81.5K | 120.84K | 174.43K | 188.02K | 191.13K | 94.93K | 123.09K | 48.17K | 12.18K | 6.43K | 21.11K |
| Other Income/Expense | -25.79M | -24.85M | 178K | -52.94M | -88.3K | 38.3K | 215.31K | -81.77K | 6.73K | -40.51K | -83.41K | -146.5K | -6.72M | -2.13M | -67.36K | 50.6K | 4.45M | -955.04K | 238.2K | 9.9K | -43.04K |
| Pretax Income | -72.6M | -48.64M | -18.43M | -73.47M | -10.25M | -11.39M | -3.9M | -2.87M | -3.2M | -21.07M | -660.63K | -2.67M | -13.4M | -12.93M | -3.44M | -4.62M | 2.55M | -3.94M | -1.1M | -1.06M | -242.46K |
| Pretax Margin % | -108984.33% | -56559.3% | -153575% | - | -1305.8% | -599.33% | -649.59% | -243.51% | -317.25% | -7444.25% | -738.66% | - | - | -36676.8% | -5128.65% | - | 9667.34% | - | - | - | - |
| Income Tax | 0 | -1.76M | 30K | 0 | 0 | 0 | 0 | -151.58K | -262.65K | -305.76K | -92.11K | -106.59K | -1.44M | -1.04M | -273.49K | 0 | 0 | -24.84K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 3.61% | -0.16% | 0% | 0% | 0% | 0% | 5.27% | 8.2% | 1.45% | 13.94% | 4% | 10.75% | 8.07% | 7.95% | 0% | 0% | 0.63% | 0% | 0% | 0% |
| Net Income | -58.84M | -46.88M | -18.46M | -73.47M | -14.9M | -11.39M | -4.66M | -2.72M | -2.94M | -20.76M | -719.93K | -2.56M | -11.96M | -13.36M | -3.19M | -4.62M | 2.55M | -3.91M | -1.1M | -982.54K | -242.46K |
| Net Margin % | -88330.13% | -54517.44% | -153825% | - | -1898.02% | -599.33% | -776.62% | -230.67% | -291.24% | -7336.22% | -804.97% | - | - | -37900.73% | -4757.45% | - | 9667.34% | - | - | - | - |
| Net Income Growth % | 73.68% | -154% | 74.87% | -392.98% | -30.85% | -144.52% | -71.05% | 7.41% | 85.84% | -2783.97% | 71.86% | 78.61% | 10.46% | -318.82% | 31.01% | -281.37% | 165.17% | -256.14% | -11.78% | -305.25% | - |
| Net Income (Continuing) | -52.4M | -46.88M | -18.46M | -73.47M | -10.25M | -11.39M | -3.9M | -2.72M | -2.94M | -20.76M | -719.93K | -2.56M | -11.96M | -11.89M | -3.17M | -4.62M | 2.55M | -3.91M | -1.1M | -1.06M | -242.46K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -761.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.78 | -40.80 | -3.42 | -14.31 | -1.51 | -1.40 | -0.69 | -0.74 | -1.56 | -19.59 | -1.41 | -6.86 | -34.43 | -0.10 | -0.04 | -20.47 | 18.13 | -64.57 | -22.84 | -39.97 | -15.14 |
| EPS Growth % | 84.22% | -1092.98% | 76.1% | -847.68% | -7.86% | -102.9% | 6.76% | 52.56% | 92.04% | -1289.36% | 79.45% | 80.08% | -35068.54% | -149.74% | 99.81% | -212.91% | 128.08% | -182.71% | 42.86% | -164% | - |
| EPS (Basic) | - | -40.80 | -3.42 | -14.31 | -1.51 | -1.40 | -0.69 | -0.74 | -1.56 | -19.59 | -1.41 | -6.86 | -34.43 | -0.10 | -14.74 | -30.01 | 32.00 | -64.57 | -22.84 | -41.74 | -15.14 |
| Diluted Shares Outstanding | 12.32M | 1.15M | 5.39M | 5.13M | 9.93M | 8.15M | 5.7M | 3.73M | 1.9M | 1.06M | 522.93K | 403.6K | 339.93K | 4.05M | 2.69M | 196.13K | 145.8K | 55.13K | 44.83K | 24.63K | 16.04K |
| Basic Shares Outstanding | 12.32M | 1.15M | 5.39M | 5.13M | 9.93M | 8.15M | 5.7M | 3.73M | 1.9M | 1.06M | 522.94K | 403.6K | 339.93K | 4.05M | 216.63K | 135K | 82.3K | 55.13K | 44.83K | 23.53K | 16.04K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IXHL stock.
For fiscal year 2025, Incannex Healthcare Limited (IXHL) reported total revenue of $0.1M.
Incannex Healthcare Limited (IXHL) reported a net loss of $46.9M for the fiscal year ending 2025.
Incannex Healthcare Limited (IXHL) reported an operating income of $-23.8M, resulting in an operating profit margin of -27661.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Incannex Healthcare Limited (IXHL) generated $-0.2M in gross profit for the year, representing a gross profit margin of -186.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent capital dilution risk
Metrics are mathematically derived from official filings.
Revenue Base Remains Negligible
As reported in recent financial filings, Incannex Healthcare has effectively transitioned away from commercial operations, with TTM revenue totaling a nominal $86,000, confirming the firm currently functions as a pre-commercial R&D entity rather than a revenue-generating pharmaceutical business.
The lack of consistent top-line growth suggests that the company has abandoned its legacy product lines to focus exclusively on clinical development. Investors should interpret this as a total pivot toward binary clinical outcomes, where revenue generation is secondary to the successful completion of Phase II and III trials.
Clinical R&D Dominates Cost Structure
Based on the provided income statement data, research and development expenditures have become the primary driver of the company's cost base, with quarterly R&D outlays reaching as high as $9.3 million in recent periods.
The company's expense discipline is currently subordinated to the aggressive pursuit of clinical milestones in sleep apnea and traumatic brain injury. This high fixed-cost structure necessitates constant capital market access, as there is no underlying operational margin to offset these significant development costs.
Dilution Risks Obscure Earnings Quality
According to historical income statements, the company consistently reports deep net losses, with share-based compensation reaching $3.2 million in 2026Q2, highlighting a reliance on equity-linked incentives that significantly dilute existing shareholders.
The quality of reported earnings is severely impacted by non-cash charges and the ongoing issuance of options to support operations. Analysts should monitor the relationship between share-based compensation and the company's limited cash runway, as this suggests a structural dependence on equity financing to sustain the current burn rate.
Sustainability of Current Burn Rate
As indicated by the reported $15.04 million cash balance and quarterly operating losses often exceeding $7 million, the company faces a precarious financial position that warrants further investigation into its ability to fund upcoming clinical trials without further dilutive capital raises.
Short-sellers would likely focus on the widening gap between the company's cash reserves and the escalating costs of global Phase III trials. The absence of a commercial partnership or non-dilutive funding source suggests that the current business model may be unsustainable under existing market conditions.