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Incannex Confirms Strong Cash Position; No Plans or Requirement to Fully Utilise ATM in Near Term
MELBOURNE, Australia, July 31, 2025 (GLOBE NEWSWIRE) -- Incannex Healthcare Inc. (Nasdaq: IXHL) (“Incannex” or the “Company”) announced, in response to recent questions it received from a number of its stockholders, that it does not presently intend to use the full capacity available under its at the market offering program (the “ATM”) in the near-term. As previously disclosed in the Company’s Form 8-K filed with the U.S. Securities and Exchange Commission on July 24, 2025, the Company is under
About this update from Incannex Healthcare Inc.
MELBOURNE, Australia, July 31, 2025 (GLOBE NEWSWIRE) -- Incannex Healthcare Inc. (Nasdaq: IXHL) (“Incannex” or the “Company”) announced, in response to recent questions it received from a number of its stockholders, that it does not presently intend to use the full capacity available under its at the market offering program (the “ATM”) in the near-term. As previously disclosed in the Company’s Form 8-K filed with the U.S. Securities and Exchange Commission on July 24, 2025, the Company is under no obligation to issue any shares of its common stock pursuant to the ATM and any utilisation of the ATM will be at the discretion of the Company, taking into account prevailing market conditions and strategic priorities. The Company’s general practice is to make use of the ATM in its discretion, but in limited amounts compared to the then-present daily trading volume. For example, on July 30, 2025, the Company sold approximately 9.2 million shares of its common stock pursuant to the ATM, which represented only 1.97% of the reported daily trading volume for the day. Prior to yesterday’s activity, the Company had not utilised the ATM facility since July 17. With a strong current cash balance of approximately US$50 million, Incannex is well positioned to advance its portfolio of drug candidates through the next stages of development. Joel Latham, CEO and President of Incannex, commented:"Our At-The-Market facility is a strategic tool that provides us with long-term flexibility to access capital efficiently, if and when the opportunity arises. At this time, we do not intend to utilise the full remaining capacity of the ATM in the near term. We are committed to balancing the need to fund our clinical and commercial objectives with the importance of minimising dilution for our shareholders." "We are in a strong financial position, which enables us to confidently progress our pipeline of innovative therapies. Most notably, we are extremely pleased with the recent Phase 2 results for IHL-42X, which significantly exceeded our expectations. We believe, the statistically significant improvements across key clinical endpoints—combined with a superior safety profile—clearly demonstrate the immense therapeutic and commercial potential of IHL-42X. This is a defining milestone for the Company and a major step forward as we prepare to advance the asset into Phase 3 ...
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