Mar 12, 2026 (MarketLine via COMTEX) --
Incannex Healthcare Inc. entered into a securities purchase agreement to issue and sell 2,000,000 shares and accompanying warrants in a registered direct offering expected to generate approximately $10.0 million in gross proceeds at closing.
Incannex Healthcare Inc. (Nasdaq: IHXL), ("Incannex" or the "Company") a clinical-stage biopharmaceutical company leading the way in developing combination medicines, today announced that it has entered into a securities purchase agreement with healthcare-dedicated institutional investors for the issuance and sale of 2,000,000 shares of its common stock (or common stock equivalents in lieu thereof) and accompanying common warrants to purchase up to an aggregate of 2,000,000 shares of its common stock at a combined purchase price of $5.00 per share and accompanying common warrants. The financing is expected to generate aggregate gross proceeds of approximately $10.0 million at closing. If the common warrants issued in the financing are exercised in full for cash, the Company would receive up to an additional $13.0 million in gross proceeds, for total potential gross proceeds of approximately $23.0 million. The offering is expected to close on or about March 13, 2026, subject to the satisfaction of customary closing conditions.
Based on current projections, Incannex believes the proceeds from the offering will be sufficient to complete the DReAMzz Phase 2 study for IHL-42X. The Company's current cash on hand, prior to closing this financing, is expected to remain available for Phase 3 development and is not expected to be used until Phase 3 begins, which is anticipated in the second half of 2027. Additionally, Incannex has terminated its at-the-market facility and does not intend to utilize ATM financing in the near term.
Each common warrant will be exercisable for one share of common stock at an exercise price of $6.50 per share, will be immediately exercisable, and will expire on 5:00 p.m. (New York City time) on March 13, 2031. The common stock equivalents have an exercise price of $0.0001, are immediately exercisable and expire when exercised in full. The gross cash proceeds from the offering, before deducting the placement agent's fees and other offering expenses payable by the Company, are expected to be approximately $10 million. The Company expects to use the net proceeds from the offering for working capital, which will include research and development expenses, clinical trial expenses and general corporate purposes.
Curvature Securities LLC is acting as the sole placement agent for the offering.
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