Incannex Healthcare Inc. · NASDAQ:IXHL
Incannex Healthcare — Investor Presentation (February 2026)
27 slides from Incannex Healthcare's investor presentation, February 2026
Slide 1: Innovating New Pathways to Relief
Innovating New Pathways to Relief INVESTOR PRESENTATION NASDAQ:IXHL
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements in this press release include statements about, among other things: Incann
Slide 3: Company Overview
COMPANY OVERVIEW Incannex is a leading science-led combination medicines company focused on rapidly developing innovative oral fixed-dose treatments and therapeutic regimens for people living with challenging chronic conditions Late-Stage Pipeline with Positive Data in Large Markets 3 Clinical Progr
Slide 4: Addressing Unmet Needs in Major Therapeutic Areas
Addressing Unmet Needs in Major Therapeutic Areas Addressable Disease Incannex Product Markets Total Sales (USD) Segment Prevalence Opportunity $4.5 billion 70% of non-obese 936 million (Global) IHL-42X: First (Global) and 30% of obese ~30 million (U.S.)3 once-daily oral Obstructive Sleep Apnea $1.5
Slide 5: Driving a Diversified Pipeline to Generate Value
Driving a Diversified Pipeline to Generate Value IHL-42X Obstructive Sleep Apnea • 120-patient, Phase 2 randomized, double-blind safety and efficacy study RePOSA Phase 2 • Phase 2 patient dosing completed, Positive Data Reported Aug 25’ • 125 subjects, pharmacokinetics (PK) study (AUS) PK Study Comp
Slide 6: IHL-42X Obstructive Sleep Apnea
IHL-42X Obstructive Sleep Apnea Program Overview NASDAQ:IXHL 6
Slide 7: Addressing Patient Need in the Dynamic and Growing OSA Market
Addressing Patient Need in the Dynamic and Growing OSA Market ~50% of Patients on PAP “Gold Standard” Treatment Non-Compliant After 12 Months1 Only 20% of Adults in the U.S. Currently Diagnosed2 OSA Epidemiology (2024)3 63% ~1 billion non-obese adults globally ~30 million have OSA in the U.S. 37% ob
Slide 8: IHL-42X: Blockbuster Potential in the Treatment of Moderate-to-Severe OSA
IHL-42X: Blockbuster Potential in the Treatment of Moderate-to-Severe OSA First oral therapeutic to target key 50% discontinue first-line underlying disease pathways treatment (PAP) within the first-year Well-known profile and activity of Potential for improved OSA patient component drugs compliance
Slide 9: IHL-42X Targets Two Different Physiological Processes Underlying OSA
IHL-42X Targets Two Different Physiological Processes Underlying OSA Oral Fixed-dose Combination of Acetazolamide and Dronabinol Rapidly Advancing Through a Large Phase 2/3 Clinical Study Dronabinol Dronabinol Acetazolamide Acetazolamide Activates muscles in upper airway. Prevents breakdown of carbo
Slide 10: IHL-42X Phase 2 RePOSA Study
Topline data | Reported August 2025 IHL-42X Phase 2 RePOSA Study NASDAQ:IXHL 10
Slide 11: RePOSA Study Sites and Population
RePOSA Study Sites and Population IHL-42X Phase 2 RePOSA | Topline Results 121 Subjects Recruited at 16 Sites, All Based in the US • Subject demographics were representative of the OSA population in the US Key Inclusion Criteria • Patients had to be non-compliant, intolerant or naïve to positive air
Slide 12: PSG & PRO Study Endpoints
PSG & PRO Study Endpoints IHL-42X Phase 2 RePOSA | Topline Results PSG STUDY Apnea Hypopnea Index (AHI) • Greater percent reductions relative to baseline AHI observed for low and high dose IHL-42X than placebo (p<0.05) • 33.3% of patients in low-dose group and 41.2% in high-dose group achieved great
Slide 13: IHL-42X Phase 2 Data Summary
IHL-42X Phase 2 Data Summary Robust Efficacy • Up to 83% reduction in Apnea–Hypopnea Index (AHI) in treated patients Key Takeaways • Significant improvements in Oxygen Desaturation Index (ODI), fatigue, daytime alertness, and sleep quality • IHL-42X demonstrates first-in- • Preservation of REM sleep
Slide 14: PSX-001 Generalized Anxiety Disorder
PSX-001 Generalized Anxiety Disorder Program Overview 14
Slide 15: An Underserved and Growing GAD Patient Population
An Underserved and Growing Generalized Anxiety Disorder (GAD) Patient Population $1.8B Global Market in 2023; $4.26B by 2033 • ~50% of patients unresponsive to first-line SSRI treatment1 280 million adults globally • Chronic, unlikely to remit without treatment experience GAD 6.8 million annually af
Slide 16: PSX-001 Study Sites and Population
PSX-001 Study Sites and Population PSX-001 Phase 2 Topline Results 73 Subjects Recruited at Monash University’s Alfred Psychiatry Research Centre (Australia) • Subject demographics: Adults with moderate to severe Generalized Anxiety Disorder (GAD) Key Inclusion Criteria • Diagnosis of Generalized An
Slide 17: PSX-001: A New Oral Therapeutic for GAD
PSX-001: A New Oral Therapeutic for Generalized Anxiety Disorder (GAD) -20 First oral synthetic psilocybin therapeutic for adults with GAD Change in HAM-A from Baseline -16 -12 • 44% of patients showed a clinically meaningful improvement, or at least a -8 50% reduction in anxiety scores from baselin
Slide 18: PSX-001 Phase 2 Data Summary
PSX-001 Phase 2 Data Summary Robust Efficacy • –12.8 HAM-A reduction vs –3.6 placebo (p<0.0001) • 44.1% achieved ≥50% anxiety reduction (4× placebo) Key Takeaways • 27% remission rate (HAM-A ≤7, 5× placebo) • Statistically significant, durable • Effects sustained through 11 weeks anxiety relief with
Slide 19: PSX-001 Strategic Next Steps
PSX-001 Strategic Next Steps PSX-001 Phase 2 Topline Results • Preparing multi-jurisdiction Phase 2/3 trial under FDA IND • Formulation optimization and IP strategy underway • Pursuing partnerships to accelerate development and commercialization • Addressing a large unmet need: GAD affects ~6% of th
Slide 20: IHL-675A Rheumatoid Arthritis
IHL-675A Rheumatoid Arthritis Program Overview NASDAQ:IXHL
Slide 21: The Ongoing Need for a Safer and Effective Treatment Option for RA Patients
The Ongoing Need for a Safer and Effective Treatment Option for RA Patients 40% of patients discontinue ~19 million first-line bDMARD treatment adults globally have RA due to intolerance and/or 1.5 million in U.S. affected insufficient response (<20%) RA is one of the most common systemic Increase i
Slide 22: Targeting RA Inflammation and Pain
Targeting RA Inflammation and Pain Chronic inflammatory disorder • RA flares are episodes of disease exacerbation affecting joints, but also other with increased joint pain, swelling, and stiffness tissue types often debilitating o Intensity, duration, and frequency vary; can be unpredictable Immune
Slide 23: IHL-675A: A Proprietary Oral Anti-Inflammatory Therapeutic
IHL-675A: A Proprietary Oral Anti-Inflammatory Therapeutic Designed to Treat Inflammation and Pain Associated with Rheumatoid Arthritis Oral fixed-dose combination of synthetic cannabidiol and hydroxychloroquine sulfate in Phase 2 for RA • IHL-675A demonstrated to be well-tolerated and bioavailable
Slide 24: Investment Summary
INVESTMENT SUMMARY Late-stage pipeline of oral fixed-dose treatments and therapeutic regimens for large market chronic conditions 3 Clinical Programs in Phase 2/3 & Phase 2 Development • Obstructive Sleep Apnea (OSA) Positive Phase 2 Data Reported August 2025 • Generalized Anxiety Disorder (GAD) Pos
Slide 25: Board of Directors
Board of Directors Joel Latham Troy Valentine Peter Widdows George Anastassov, M.D. Robert Clark President & CEO Chairman Board Member Board Member Board Member • CEO, President, and • Incannex Chairman of the • Former Regional CEO, • Co-founder of APIRx • 38+ years in global Director since 2023; Bo
Slide 26: Executive Management
Executive Management Joel Latham Lou Barbato, M.D. Mark Bleackley, Ph.D Lekhram Changoer President & CEO Chief Medical Officer Chief Scientific Officer Chief Technology Officer • CEO, President, and • 25+ yrs in global drug • 20+ yrs in R&D across • Leads technology strategy Director since 2023; dev
Slide 27: Contacts
CONTACTS INVESTORS investors@incannex.com MEDIA media@incannex.com.au NASDAQ:ICLX
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