Incannex Healthcare Ltd ADR
NASDAQ: IXHL · HEALTHCARE · DRUG MANUFACTURERS - SPECIALTY & GENERIC
Updated 2026-06-05
Incannex Healthcare Ltd ADR (IXHL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $26371.00 | — | $67053.00 | $35251.00 | — | — | $89436.00 | $283015.00 | $1.01M | $1.18M | $599722.00 | $1.90M | $785151.00 | $1.01M | $12000.00 | $86000.00 |
| Revenue growth (YoY) | — | — | — | — | — | -100.0% | — | -47.4% | -100.0% | — | — | +216.4% | +256.8% | +16.9% | -49.2% | +216.4% | -58.6% | +29.1% | -98.8% | +616.7% |
| Cost of revenue | $20704.00 | — | — | — | $391015.00 | $39003.00 | $1.20M | $819302.00 | $457771.00 | $18093.00 | $303331.00 | $518275.00 | $522833.00 | $583188.00 | $446502.00 | $911968.00 | $6335.00 | $88080.00 | $103000.00 | $246000.00 |
| Gross profit | $-20704.00 | — | — | — | $26371.00 | $-39003.00 | $67053.00 | $35251.00 | $-457771.00 | $-18093.00 | $-213893.00 | $-235260.00 | $486993.00 | $597260.00 | $153219.00 | $985628.00 | $778790.00 | $-88080.00 | $12000.00 | $-160000.00 |
| Gross margin | — | — | — | — | 100.0% | — | 100.0% | 100.0% | — | — | -239.2% | -83.1% | 48.2% | 50.6% | 25.5% | 51.9% | 99.2% | -8.7% | 100.0% | -186.0% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | $516807.00 | $1.46M | $4.65M | $5.37M | $9.50M | $19.28M | $10.75M |
| SG&A | — | $1.02M | $910755.00 | $701405.00 | $450314.00 | $2.77M | $2.28M | $2.02M | $862734.00 | $546738.00 | $514057.00 | $2.20M | $2.47M | $1.90M | $1.77M | $3.44M | $7.43M | $10.05M | $23.98M | $12.74M |
| Operating income | $-199111.00 | $-1.07M | $-1.34M | $-2.98M | $-1.90M | $-4.67M | $-3.37M | $-10.80M | $-6.68M | $-2.52M | $-577219.00 | $-21.03M | $-3.21M | $-2.79M | $-4.11M | $-8.24M | $-10.16M | $-20.53M | $-30.04M | $-23.79M |
| Operating margin | — | — | — | — | -7196.4% | — | -5028.2% | -30643.5% | — | — | -645.4% | -7429.9% | -317.9% | -236.6% | -685.5% | -434.2% | -1294.6% | -2024.6% | -250341.7% | -27661.6% |
| EBITDA | $-220783.00 | $-1.04M | $-1.04M | $-3.83M | $2.72M | $-4.49M | $-3.21M | $-12.71M | $-13.19M | $-2.53M | $-704753.00 | $-20.99M | $-3.14M | $-2.75M | $-4.06M | $-8.16M | $-16.54M | $-20.39M | $-27.70M | $-23.54M |
| EBITDA margin | — | — | — | — | 10330.0% | — | -4781.3% | -36063.2% | — | — | -788.0% | -7415.7% | -310.6% | -232.7% | -676.7% | -430.2% | -2107.0% | -2011.5% | -230852.8% | -27375.6% |
| EBIT | $-221245.00 | $-1.06M | $-1.09M | $-3.89M | $2.67M | $-4.53M | $-3.25M | $-12.74M | $-13.23M | $-2.54M | $-720369.00 | $-21.02M | $-3.19M | $-2.79M | $-4.11M | $-8.24M | $-27.93M | $-20.53M | $-27.86M | $-23.79M |
| Interest expense | $21111.00 | $6434.00 | $12176.00 | $48175.00 | $123087.00 | $94929.00 | $191129.00 | $188023.00 | $174429.00 | $120843.00 | $81501.00 | $49972.00 | $12852.00 | $85207.00 | $89.00 | $2679.00 | $218.00 | $3013.00 | — | $303000.00 |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-242455.00 | $-982542.00 | $-1.10M | $-3.91M | $2.55M | $-4.62M | $-3.19M | $-13.36M | $-11.96M | $-2.56M | $-719931.00 | $-20.76M | $-2.94M | $-2.72M | $-4.66M | $-8.16M | $-14.90M | $-73.47M | $-18.46M | $-46.88M |
| Net income growth (YoY) | — | -305.2% | -11.8% | -256.1% | +165.2% | -281.4% | +31.0% | -318.8% | +10.5% | +78.6% | +71.9% | -2784.0% | +85.8% | +7.4% | -71.0% | -75.2% | -82.6% | -393.0% | +74.9% | -154.0% |
| Profit margin | — | — | — | — | 9667.3% | — | -4757.4% | -37900.7% | — | — | -805.0% | -7336.2% | -291.2% | -230.7% | -776.6% | -430.1% | -1898.0% | -7246.0% | -153825.0% | -54517.4% |
Frequently asked questions
How profitable is IXHL?
In its most recent fiscal year, IXHL ran a gross margin of -186.05%, an operating margin of -27,661.63%, and a net margin of -54,517.44%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does IXHL generate?
IXHL produced $-12.52M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is IXHL's balance sheet healthy?
IXHL holds $15.04M in cash and equivalents against — in long-term debt, on $13.39M of shareholder equity. That debt is best read against the cash flow the business throws off each year.