Top Midday Gainers: Incannex Healthcare Announces Share Buyback and Positive Trial Results

Incannex Healthcare has authorized a $20 million buyback plan and reported positive topline results from its RePOSA Phase 2 trial of IHL-42X for obstructive sleep apnea. The company also expanded its IHL-42X clinical advisory board and formed a joint venture with Mind Medicine Australia to expand access to psychedelic-assisted therapy.

Incannex Healthcare Inc. (NASDAQ: IXHL) has authorized a $20 million share buyback program, as announced on July 2, 2025 [1]. The company also reported positive topline results from its RePOSA Phase 2 trial of IHL-42X for the treatment of obstructive sleep apnea (OSA). The trial demonstrated significant improvements in patient-reported outcomes, with 57.6% of respondents reporting an improvement in their OSA, of which 89.5% described it as a meaningful change to their lives [2].

In addition to the positive trial results, Incannex Healthcare expanded its IHL-42X clinical advisory board by appointing four industry and academic leaders [3]. The company also formed a joint venture with Mind Medicine Australia to expand access to psychedelic-assisted therapy [4]. These developments come as Incannex Healthcare continues to advance its pipeline of treatments for chronic conditions, including OSA, generalized anxiety disorder, and rheumatoid arthritis.

The share buyback program, which was authorized by the company's board of directors, will allow Incannex Healthcare to repurchase up to $20 million worth of its shares. This move is expected to reduce the number of outstanding shares, potentially increasing the value of remaining shares for shareholders.

Incannex Healthcare's positive trial results for IHL-42X add to the growing body of evidence supporting the drug's potential to improve sleep quality, cognitive function, and daily life for patients with OSA. The company's strategic partnerships and clinical advancements position it as a leader in the development of innovative treatments for chronic conditions.

References:
[1] https://www.marketscreener.com/news/incannex-healthcare-inc-announces-an-equity-buyback-for-20-million-worth-of-its-shares-ce7c50dbd98ef32d
[2] https://finance.yahoo.com/news/incannex-healthcare-inc-ixhl-receives-055626068.html
[3] https://www.marketscreener.com/news/top-midday-gainers-ce7c50dbd88aff2d
[4] https://www.marketscreener.com/news/incannex-healthcare-inc-announces-an-equity-buyback-for-20-million-worth-of-its-shares-ce7c50dbd98ef32d