Incannex Cancels 347M Warrants Ahead Phase 2 Sleep Apnea Trial

Incannex Healthcare Inc. has successfully canceled all outstanding Series A Warrants, eliminating 347.2 million shares from potential future dilution. This was achieved by raising $12.2 million through the company's At-The-Market (ATM) facility to fund the cancellation of 172 million warrants, following earlier cancellations in May. This strategic move streamlines Incannex's capital structure and removes a significant dilution overhang ahead of key Phase 2 clinical milestones. The company is preparing for a major data readout from its Phase 2 RePOSA trial of IHL-42X, a potential first-in-class oral therapy for obstructive sleep apnea, expected in July 2025. CEO Joel Latham emphasized that this action reflects disciplined capital management and a commitment to long-term shareholder value. The IHL-42X treatment targets obstructive sleep apnea, a condition affecting millions worldwide with no current FDA-approved drug therapies.