Incannex Healthcare Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Incannex Healthcare Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	0.6	1.9			0.01	0.09	0
Cost of revenue	0.45	0.91	0.01
Gross profit	0.15	0.99
Research and development	2.11	4.75	5.37	6.31	12.9	10.7	5.21
General and administrative	0.46	0.1	0.28	8.01	17.2	13.1	17.8
Operating expenses				49.7	30.1	23.9	23
Operating income				-49.7	-30	-23.8	-23
Interest expense						0.3	0
Interest income				0.24	0.21	0.06	0.02
Other non-operating income				0.86	11.6	-23.1	3.73
Pre-tax income	-3.93	-11.4	-14.9	-48.8	-18.4	-46.9	-19.3
Income tax					0.03	0	0
Income from continuing operations	-3.93	-11.4	-14.9	-20
Net income	-4.7	-11.4	-14.9	-48.8	-18.5	-46.9	-19.3
EBITDA				-49.6	-29.9	-23.5	-22.8
EPS, basic	-53.28	-89.58	-96.53	-100.39	-34.77	-40.82	-1.66
EPS, diluted	-44.02	-89.58	-96.53	-100.39	-34.77	-40.82	-1.66
Shares, basic (weighted)				0.51	0.53	1.15	11.7
Shares, diluted (weighted)				0.51	0.53	1.15	11.7

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	3.6	9.12	25.8	22.1	5.86	15	67.7
Receivables	0.41	0.17	0.29	0.29
Other current assets				0.88	0.51	0.79	0.54
Total current assets	4.24	9.33	37.9	23	16.2	20	72.8
Property, plant and equipment				0.29	0.47	0.23	0
Lease right-of-use assets				0.49	0.37	0.26	0.1
Intangible assets				52.7
Total assets	4.24	9.33	37.9	23.8	17	20.4	73
Accounts payable	0.96	0.76	2.01	1.75	0.53	6.07	1.13
Accrued liabilities				0.43	4.51	0.66	0.24
Deferred revenue					0.09	0.03	0.03
Total current liabilities	1.07	0.76	2.01	2.55	5.62	6.98	1.49
Lease liabilities				0.41	0.21	0.07	0.03
Total liabilities	1.07	0.76	2.01	2.96	5.83	7.06	5.61
Paid-in capital				116	125	174	248
Retained earnings	-32.5	-43.9	-58.8	-92.2	-111	-158	-177
Other comprehensive income				-3.26	-3.33	-3.12	-3.58
Shareholders' equity			24.7	20.8	11.2	13.4	67.4
Total equity	3.16	8.57	35.9	84.1	11.2	13.4	67.4
Total liabilities and equity	4.24	9.33	37.9	23.8	17	20.4	73
Shares outstanding				0.52	0.58	6.48	12.5

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-4.7	-11.4	-14.9	-48.8	-18.5	-46.9	-19.3
Depreciation and amortization				0.09	0.1	0.25	0.24
Stock-based compensation	0.57	0.6	1.46	2.15	8.93	2.61	7.56
Change in payables					3.02	1.39	-2.07
Cash from operations	-3.91	-6.91	-12.8	-10.7	-15.8	-12.5	-12.9
Capital expenditures				-0.32	-0.28	-0.01	-0.01
Cash from investing	0.01	0.03		-0.32	-0.28	-0.01	-0.09
Stock issued	7.47	12.4	41.2	8.18		48.3	78.7
Share buybacks						0	-9.4
Cash from financing	7.4	12.4	41.2	8.18		21.4	65.9
Exchange rate effect				-0.82	-0.14	0.31	-0.27
Net change in cash	3.51	5.52	28.4	-2.89	-16.1	8.88	52.9
Free cash flow				-11.1	-16.1	-12.5	-12.9
Interest paid	0	0	0.01	0.33

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $2.01 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-47.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-41.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-100.0%	Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	403.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	47.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	256.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	45.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	50.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	915.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	184.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	48.8x	Current assets / current liabilities.
Quick ratio	45.4x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	45.4x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	7.7%	Total liabilities / total assets.
Working capital	$71.3M	Current assets - current liabilities.
Tangible book value	$67.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.00x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$1.66	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.00	Revenue / diluted weighted shares.
FCF per share	-$1.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.10	Cash from operations / diluted weighted shares.
Book value per share	$5.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.37	Tangible book value / shares outstanding.
Cash per share	$5.40	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$24.0M	Share price x shares outstanding.
Enterprise value	-$43.7M	Market cap + total debt - cash - short-term investments.
P/B	0.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.36x	Market cap / tangible book value, when positive.
FCF yield	-53.5%	Free cash flow / market cap.
Earnings yield	-80.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	39.1%	(Dividends paid + share buybacks) / market cap.

What was Incannex Healthcare Inc.'s revenue in fiscal 2026?

Incannex Healthcare Inc. reported revenue of $0.0 for fiscal 2026, 100% lower than the year before.

Was Incannex Healthcare Inc. profitable in fiscal 2026?

No. It reported a net loss of $19.3M.

How much free cash flow did Incannex Healthcare Inc. generate in fiscal 2026?

Cash from operations of $12.9M minus capital expenditures of $10.0K left free cash flow of -$12.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Incannex Healthcare Inc.