MeritValue

Incannex Healthcare Inc.

IXHLdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Incannex Healthcare Inc. earns about -188% on equity, but has diluted owners by 1067% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.9M1——$12,0002$86,0002
Net income−$11.4M3−$14.9M3−$48.8M4−$18.5M5−$46.9M5
Operating cash flow−$6.91M6−$12.8M6−$10.7M7−$15.8M8−$12.5M8
Capital expenditure——$316,0009$277,00010$8,00010
Free cash flow (derived)——−$11.1M7−$16.1M8−$12.5M8
Total debt—————
Cash & equivalents$9.12M11$25.8M12$22.1M13$5.86M14$15M14
Diluted shares3.0M1.29B15.4M16.2M34.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$3.89
your share of equity
Profit it earned you last year
−$13.61
Free cash flow it threw off
−$3.63
Debt you’d be carrying
—

10 shares is a claim on $3.89 of net worth that earned you −$13.61 and generated −$3.63 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-188% avg · 5y
FY21 -133%FY22 -60%FY23 -234%FY24 -165%FY25 -350%

It earned an average -188% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1067% shares · 5y

Share count is up 1067% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-06-30 · accession 0001213900-23-081650 (Revenue)
  2. 10-K · period ending 2024-06-30 · accession 0001213900-25-092837 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2021-06-30 · accession 0001213900-23-081650 (ProfitLoss)
  4. 10-K · period ending 2023-06-30 · accession 0001213900-24-082937 (NetIncomeLoss)
  5. 10-K · period ending 2024-06-30 · accession 0001213900-25-092837 (NetIncomeLoss)
  6. 20-F · period ending 2021-06-30 · accession 0001213900-23-081650 (CashFlowsFromUsedInOperatingActivities)
  7. 10-K · period ending 2023-06-30 · accession 0001213900-24-082937 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001213900-25-092837 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001213900-24-082937 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-06-30 · accession 0001213900-25-092837 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2021-06-30 · accession 0001213900-23-081650 (CashAndCashEquivalents)
  12. 10-K · period ending 2022-06-30 · accession 0001213900-24-082937 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2023-06-30 · accession 0001213900-24-082937 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-06-30 · accession 0001213900-25-092837 (CashAndCashEquivalentsAtCarryingValue)