Incannex Healthcare shares surge 11.63% premarket after securing FDA Fast Track for IHL-42X in OSA and reporting positive Phase 2 trial results.

Incannex Healthcare surged 11.63% in premarket trading following the release of its January 14, 2026, announcement detailing "transformational 2025 progress" and a well-funded 2026 outlook. Key drivers included FDA Fast Track designation for IHL-42X in obstructive sleep apnea (OSA), two positive Phase 2 trial readouts (IHL-42X and PSX-001), and a $20 million share repurchase program. The company also highlighted a cash balance exceeding $70 million, eliminating Series A warrants, and advancing IHL-42X toward Phase 3 development. These updates reinforced confidence in its clinical pipeline, regulatory momentum, and capital discipline, directly aligning with the stock’s sharp premarket increase.