Incannex Healthcare shares surge 45.52% after-hours following FDA Fast Track designation for IHL-42X in obstructive sleep apnea.

Incannex Healthcare Inc. surged 45.52% in after-hours trading following the announcement that the FDA granted Fast Track Designation for its drug candidate IHL-42X in the treatment of obstructive sleep apnea (OSA). This regulatory milestone, disclosed 19 days prior, accelerates the development and review process for the therapy, signaling potential for expedited approval and commercialization. The news aligns with the company’s focus on advancing its OSA pipeline, bolstering investor confidence in its clinical and commercial prospects. Earlier updates, including positive Phase 2 trial results for IHL-42X and a $20 million share repurchase program, further reinforced the stock’s appeal but were less immediately impactful than the recent FDA designation.