Incannex Healthcare Inc. · NASDAQ:IXHL
Incannex Healthcare — Investor Presentation (March 2026)
36 slides from Incannex Healthcare's investor presentation, Mar 12, 2026
Slide 1: Innovating New Pathways to Relief
Innovating New Pathways to Relief NASDAQ:IXHL INVESTOR PRESENTATION February 2026
Slide 2: Legal Disclaimers
2 Corporate Presentation Legal Disclaimers This presentation of Incannex Healthcare Inc . (" Incannex ") contains "forward - looking statements" within the meaning of the "safe harbor" provisions of the U . S . Private Securities Litigation Reform Act of 1995 . Forward - looking statements are state
Slide 3: 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 • Obstructive Sleep Apnea (OSA) • Generalized Anxiety Disorder (GAD) A • Rheumatoid A
Slide 4: Incannex Product Opportunity
4 Incannex Product Opportunity Disease Prevalence Addressable Segment Total Sales (USD) Markets IHL - 42X: First once - daily oral addressing underlying disease 936 million (Global) ~30 million (U.S.) 3 70% of non - obese and 30% of obese OSA patients 2 $4.5 billion (Global) $1.5 billion (U.S.) 1 Ob
Slide 5: Driving a Diversified Pipeline to Generate Value
Obstructive Sleep Apnea IHL - 42X • 120 - patient, Phase 2 randomized, double - blind safety and efficacy study • Phase 2 patient dosing completed, Positive Data Reported Aug 25’ RePOSA Phase 2 • 125 subjects, pharmacokinetics (PK) study (AUS) • P ositive topline results reported in January 2025 PK
Slide 6: IHL-42X Obstructive Sleep Apnea Program Overview
IHL - 42X Obstructive Sleep Apnea Program Overview NASDAQ:IXHL 6
Slide 7: Addressing Patient Need in the Dynamic and Growing OSA Market
Increase in prevalence driven by: • More frequent diagnoses and individual risk assessments o Rise in public recognition and awareness o Impact of wearables and AI • Lifestyle factors like obesity and aging population 7 Addressing Patient Need in the Dynamic and Growing OSA Market ~1 billion adults
Slide 8: IHL-42X: Blockbuster Potential in the Treatment of Moderate-to-Severe OSA
8 IHL - 42X: Blockbuster Potential in the Treatment of Moderate - to - Severe OSA First oral therapeutic to target key underlying disease pathways Well - known profile and activity of component drugs 50% discontinue first - line treatment (PAP) within the first - year Potential for improved OSA pati
Slide 9: IHL-42X Targets Two Different Physiological Processes Underlying OSA
Acetazolamide Dronabinol Prevents breakdown of carbonic acid by inhibiting carbonic anhydrase; higher levels of carbonic acid prompt the body to take a breath at lower CO 2 levels Activates muscles in upper airway. Dampens afferent vagal feedback; stabilizes respiratory patterns and dilates upper ai
Slide 10: Phase 2 RePOSA Study Topline Data
Phase 2 RePOSA Study NASDAQ:IXHL 10 Topline data | Reported August 2025
Slide 11: RePOSA Study Sites and Population
11 NASDAQ:IXHL RePOSA Study Sites and Population 121 Subjects Recruited at 16 Sites, All Based in the US • Subject demo were representative of the OSA population in the US Key Inclusion Criteria • Patients had to be non - compliant, intolerant or naïve to positive airway pressure (PAP) • AHI ≥15 • A
Slide 12: PSG & PRO Study Endpoints
12 NASDAQ:IXHL PSG & PRO Study Endpoints 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 greater than 30% reduction in AHI,
Slide 13: IHL-42X Phase 2 Data Summary
IHL - 42X Phase 2 Data Summary 13 NASDAQ:IXHL • IHL - 42X demonstrates first - in - class potential as a disease - modifying therapy in OSA, addressing both clinical endpoints and patient - reported outcomes • Supports advancement into late - stage clinical development with a clear path toward a lar
Slide 14: DReAMzz Clinical Trial Protocol Overview
DReAMzz Clinical Trial Protocol Overview
Slide 15: Trial Overview
15 Trial Overview Phase II Obstructive Sleep Apnea (OSA) USA only 14 sites 3.5 – 5 months recruitment
Slide 16: Methodology / Study Design
Primary: • To assess the change in efficacy at the end of each dosing period compared with baseline Secondary: • To assess the change in efficacy and functional status over time • To evaluate the safety and tolerability of IHL - 42X Methodology / Study Design • Consists of three separate four - way
Slide 17: Trial Schematic
Trial Schematic Crossover A Screening Randomisation Crossover B EOS/EOT Up to 42 days Up to 14 days Up to 7 days Up to 133 days
Slide 18: Crossover A – low dose acetazolamide
Crossover A – low dose acetazolamide (125mg) • IHL - 42X: 2.5 mg dronabinol + 125 mg acetazolamide • IHL - 42X: 5 mg dronabinol + 125 mg acetazolamide • IHL - 42X: 7.5 mg dronabinol + 125 mg acetazolamide • Placebo: Negative control 18 IMP administered
Slide 19: Crossover B – medium dose acetazolamide
Crossover B – medium dose acetazolamide (250mg) • IHL - 42X: 2.5 mg dronabinol + 250 mg acetazolamide • IHL - 42X: 5 mg dronabinol + 250 mg acetazolamide • IHL - 42X: 7.5 mg dronabinol + 250 mg acetazolamide • Placebo: Negative control 19 IMP administered
Slide 20: Crossover C – high dose acetazolamide
Crossover C – high dose acetazolamide (375mg) • IHL - 42X: 2.5 mg dronabinol + 375 mg acetazolamide • IHL - 42X: 5 mg dronabinol + 375 mg acetazolamide • IHL - 42X: 7.5 mg dronabinol + 375 mg acetazolamide • Placebo: Negative control 20 IMP administered
Slide 21: Primary and Key Secondary Endpoints
Primary endpoint: • Change in AHI at the end of each treatment period compared to baseline (each treatment period is 28 days) Key Secondary endpoints: • Percent change in AHI at the end of each treatment period compared to baseline (each treatment period is 28 days) • Change in FOSQ - 10 at the end
Slide 22: Observations and Changes Implemented
Observations and Changes Implemented 1. Intra - patient variability – PSGs 2. Failure to capture baseline demographic data 3. PRO fatigue 4. Form 222s 5. Failure to confirm if IMP was taken prior to PSGs 6. State specific controlled drug regulations 22 Observation/issue identified 1. Now require 2 x
Slide 23: PSX-001 Generalized Anxiety Disorder Program Overview
PSX - 001 Generalized Anxiety Disorder Program Overview 23
Slide 24: An Underserved and Growing GAD Patient Population
24 280 million adults globally experience GAD annually 6.8 million affected in the U.S. • Prevalence driven by: o Increased isolation and aging population o Better diagnosis and societal awareness o Lifestyle: excessive screen time, lack of sleep, sedentary behavior o Patients continue to experience
Slide 25: PSX-001 Study Sites and Population
25 NASDAQ:IXHL PSX - 001 Study Sites and Population 73 Subjects Recruited at Monash University’s Alfred Psychiatry Research Centre (Australia) • Subject demo: Adults with moderate to severe Generalized Anxiety Disorder (GAD) Key Inclusion Criteria • Diagnosis of Generalized Anxiety Disorder (DSM - 5
Slide 26: PSX-001: A New Oral Therapeutic for GAD
26 PSX - 001: A New Oral Therapeutic for Generalized Anxiety Disorder ( GAD) First oral synthetic psilocybin therapeutic for adults with GAD • 44% of patients showed a clinically meaningful improvement, or at least a 50% reduction in anxiety scores from baseline, compared to placebo • PSX - 001 was
Slide 27: PSX-001 Phase 2 Data Summary
PSX - 001 Phase 2 Data Summary 27 NASDAQ:IXHL • Statistically significant, durable anxiety relief with meaningful remission rates • Broad patient benefits and strong safety profile support advancement to late - stage trials Robust Efficacy • – 12.8 HAM - A reduction vs – 3.6 placebo (p<0.0001) • 44.
Slide 28: PSX-001 Strategic Next Steps
28 NASDAQ:IXHL PSX - 001 Strategic Next Steps • 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 the population
Slide 29: IHL-675A Rheumatoid Arthritis Program Overview
IHL - 675A Rheumatoid Arthritis Program Overview NASDAQ:IXHL
Slide 30: The Ongoing Need for a Safer and Effective Treatment Option for RA Patients
Increase in prevalence driven by: • Aging population • Improved diagnosis and patient awareness • Obesity and sedentary lifestyle 30 The Ongoing Need for a Safer and Effective Treatment Option for RA Patients ~19 million adults globally have RA 1.5 million in U.S. affected RA is one of the most comm
Slide 31: Targeting RA Inflammation and Pain
• RA flares are episodes of disease exacerbation with increased joint pain, swelling, and stiffness often debilitating o Intensity, duration, and frequency vary; can be unpredictable • Biologics and JAK inhibitors are costly and can be difficult to access o Patients must meet specific criteria to ob
Slide 32: IHL-675A: A Proprietary Oral Anti-Inflammatory Therapeutic
Hydroxychloroquine Cannabidiol Well - established Disease - Modifying Anti - Rheumatic Drug (DMARD). Evidence suggests it regulates immune system hyperactivity by interfering with antigen presentation by immune cells and decreasing TLR signaling . Downregulates pro - inflammatory cytokines, inhibiti
Slide 33: Investment Summary
Late - stage pipeline of oral fixed - dose treatments and therapeutic regimens for large market chronic conditions NASDAQ:IXHL 33 INVESTMENT SUMMARY ~$70M capital position (as of December, 2025) • Obstructive Sleep Apnea (OSA) Positive Phase 2 Data Reported August 2025 • Generalized Anxiety Disorder
Slide 34: Board of Directors
• 38+ years in global regulatory affairs • VP, U.S. Regulatory Affairs, Novo Nordisk (since 2012) • Former VP, Worldwide Regulatory Strategy, Pfizer (1992 – 2021) • Director at Incannex since 2023; previously served on Incannex Australia board 34 Board of Directors Robert Clark Board Member • Co - f
Slide 35: Executive Management
35 Executive Management • Leads technology strategy and innovation at Incannex • Co - founder of APIRx Pharmaceuticals and AXIM Biotechnologies • Former CTO of Incannex Australia and AXIM • 10+ years developing cannabinoid - based APIs and ophthalmologic therapeutics Lekhram Changoer Chief Technolog
Slide 36: Contacts
NASDAQ :IXHL INVESTORS MEDIA media@incannex.com.au investors@incannex.com CONTACTS
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