Incannex - Public Comps and Valuation Multiples

Incannex Overview

About Incannex

Incannex Healthcare Inc is a clinical stage pharmaceutical company developing medical cannabis products for the treatment of Obstructive Sleep Apnea (OSA), Traumatic Brain Injury (TBI)/Concussion, Rheumatoid Arthritis, Inflammatory Bowel Disease, and Inflammatory Lung Conditions. The company has an Australian license to import, export, and distribute medicinal cannabis products and has launched a line of cannabinoid products. The Company operates and manages its business as one reportable and operating segment, which is the Research and Development of the use of psychedelic medicine and therapies.

Founded

2001

HQ

Employees

Website

incannex.com.au

Sectors

Drug Development & Therapeutics
BioTech
CannaTech
ViceTech

Financials

LTM Revenue $0.1M

LTM EBITDA -$37.8M

EV

$49.4M

Valuation Multiples

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Incannex Financials

As of November 2025, Incannex reported last 12-month revenue of $0.1M and EBITDA of -$37.8M.

In the same period, Incannex achieved -$37.8M in LTM net income.

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Incannex P&L

In the most recent fiscal year, Incannex reported revenue of $0.1M and EBITDA of -$46.3M.

Incannex expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$0.1M	XXX	$0.1M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	-$37.8M	XXX	-$46.3M	XXX	XXX	XXX
EBITDA Margin	-37796%	XXX	-53879%	XXX	XXX	XXX
EBIT	-$25.3M	XXX	-$22.0M	XXX	XXX	XXX
EBIT Margin	-25253%	XXX	-25620%	XXX	XXX	XXX
Net Profit	-$37.8M	XXX	-$46.9M	XXX	XXX	XXX
Net Margin	-37796%	XXX	-54517%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Incannex including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $0.1M. EBITDA for the last twelve months was -$37.8M. In the most recent fiscal year, Incannex achieved $0.1M in revenue and -$46.3M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$0.1M	Analyst estimates available to subscribers	$0.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$37.8M	Analyst estimates available to subscribers	-$46.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-37796.4% EBITDA margin	Analyst estimates available to subscribers	-53879.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$25.3M	Analyst estimates available to subscribers	-$22.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-25253.2% EBIT margin	Analyst estimates available to subscribers	-25619.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$37.8M	Analyst estimates available to subscribers	-$46.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-37796.4% net profit margin	Analyst estimates available to subscribers	-54517.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Incannex

This financial data table provides comprehensive performance metrics for Incannex, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Incannex generated $0.1M in revenue over the last twelve months.
The company achieved -$37.8M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$37.8M.

Fiscal Year Performance

In the most recent fiscal year, Incannex reported $0.1M in total revenue.
Fiscal year EBITDA was -$46.3M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was -53879.1%.
Net profit margin reached -54517.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Incannex. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Incannex Stock Performance

Incannex has current market cap of $122M, and EV of $49.4M.

Market Cap Evolution

Incannex Stock Data

As of December 3, 2025, Incannex's stock price is $0.

See Incannex trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$49.4M	$122M	XXX	XXX	XXX	XXX	$-0.80

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Incannex Valuation Multiples

Incannex's trades at 1008.0x EV/Revenue multiple, and -1.5x EV/EBITDA.

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Incannex Financial Valuation Multiples

As of December 3, 2025, Incannex has market cap of $122M and EV of $49.4M.

Equity research analysts estimate Incannex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Incannex has a P/E ratio of -3.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$122M	XXX	$122M	XXX	XXX	XXX
EV (current)	$49.4M	XXX	$49.4M	XXX	XXX	XXX
EV/Revenue	493.9x	XXX	1008.0x	XXX	XXX	XXX
EV/EBITDA	-1.3x	XXX	-1.5x	XXX	XXX	XXX
EV/EBIT	-2.0x	XXX	-2.4x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-3.2x	XXX	-3.7x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-3.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Incannex Margins & Growth Rates

Incannex's revenue per employee in the last FY averaged $7K, while opex per employee averaged $1.8M for the same period.

Incannex's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Incannex's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Incannex Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	-37796%	XXX	-66163%	XXX	XXX	XXX
EBITDA Growth	-85%	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$7K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.8M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	924%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	12497%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	25720%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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