Incannex Healthcare Inc. (Nasdaq: IXHL) provided an update on September 9, 2026, detailing the commencement of patient dosing in a Phase 2 study, the grant of a U.S. patent, and its current financial position.
The company reported that dosing has commenced in the DReAMzz Phase 2 dose-optimization study of its drug candidate IHL-42X for obstructive sleep apnea. The study is being conducted across 13 clinical trial sites in the United States, all of which have received Institutional Review Board approval. The protocol was developed with input from Incannex’s Obstructive Sleep Apnea Clinical Advisory Board and reviewed by the U.S. Food and Drug Administration.
Regarding intellectual property, the United States Patent and Trademark Office granted Incannex a patent titled “Compositions and Methods of Treatment for Obstructive Sleep Apnea” on June 25, 2026. The patent covers the IHL-42X composition and associated methods of treatment, with a baseline expiry date of July 9, 2040. The company is evaluating eligibility for a patent term extension.
In terms of financials, as of August 31, 2026, Incannex held approximately $70 million in cash and cash equivalents with no debt. During 2026, the company received more than A$11.2 million in non-dilutive capital through the Australian Research and Development Tax Incentive program. This included an A$6.0 million refund for fiscal year 2025 announced in June and an additional A$5.1 million refund announced in August.
The company also highlighted the progress of its other lead program, PSX-001, an oral synthetic psilocybin therapeutic for generalized anxiety disorder. Incannex reported positive topline results from a 73-subject Phase 2 study in August 2025 and has an open U.S. Investigational New Drug application for a subsequent Phase 2b study.
