Issue 004 | U.S. Pilot | US

IXHL

Incannex Healthcare Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-15 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 46.4%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 80,095,000USD
Total Liabilities: 5,049,000USD
NCAV: 75,046,000USD
Cash: 74,450,000USD
NCAV per share: 5.48USD/share
Evidence: 4 annual | 10 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -16,241,000

Latest: -16,241,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001213900-26-057227

Supporting observation Current Ratio > 1.5 41.56

Latest: 41.562026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001213900-26-057227

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-Q Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-K Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-Q Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-K Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-Q Open filing
Period-end Shares Outstanding	13,683,12113,683,121	11,973,962359,218,871	11,590,184347,705,507	6,479,333194,379,996	592,84117,785,235	592,84117,785,235	588,09417,642,832	n/an/a	n/an/a	n/an/a
Weighted-average Basic Shares	12,348,46012,348,460	11,648,811349,464,317	10,343,655310,309,659	1,148,47634,454,269	654,41819,632,539	587,48117,624,422	588,09417,642,832	538,81116,164,338	529,10415,873,113	529,10415,873,113
Weighted-average Diluted Shares	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	512,82315,384,704	507,39715,221,900	496,72114,901,631
Basic EPS	-2-2	-0-0	-0-0	-1-1	-1-1	-1-1	-0-0	-1-1	-1-1	00
Diluted EPS	-2-2	-0-0	-0-0	-1-1	-1-1	-1-1	-0-0	-1-1	-1-1	-0-0
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	-4.8%	-4.1%	-6.1%
Net Share Count Change	14.3%	3.3%	78.9%	992.9%	0.0%	0.8%	Insufficient evidence	1.8%	0.0%	Insufficient evidence
Ownership Claim Change	-12.5%	-3.2%	-44.1%	-90.9%	0.0%	-0.8%	Insufficient evidence	-1.8%	0.0%	Insufficient evidence

Verified split events: reverse 30.0 on 2026-02-26

Known Unknowns

Only 10 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-06-30 10-K USD	2024-06-30 10-K USD	2023-06-30 20-F USD	2022-06-30 20-F USD
Revenue	86,000	12,000	n/a	n/a
Operating Income	-23,789,000	-30,041,000	-49,668,000	n/a
Net Income	-46,885,000	-18,459,000	-19,979,558	-14,903,909
Cash From Operations	-12,513,000	-15,845,000	-10,749,000	n/a
Capex	-8,000	-277,000	-316,000	n/a
Free Cash Flow	-12,521,000	-16,122,000	-11,065,000	n/a
Cash And Equivalents	15,039,000	5,858,000	33,363,228	37,500,931
Accounts Receivable	n/a	n/a	n/a	n/a
Inventory	n/a	n/a	n/a	n/a
Total Current Assets	19,962,000	16,202,000	22,997,000	n/a
Total Assets	20,447,000	17,047,000	88,590,700	37,879,608
Total Current Liabilities	6,984,000	5,620,000	2,550,000	n/a
Total Liabilities	7,058,000	5,830,000	4,461,833	2,010,533
Shareholders Equity	13,389,000	11,217,000	20,825,000	24,711,000
Shares Outstanding	194,379,996	15,873,113	1,587,010,366	1,292,334,028
Shares Outstanding Diluted	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	34,454,269	16,164,338	15,384,704	n/a
Weighted Avg Shares Basic	34,454,269	16,164,338	15,384,704	n/a
Net Share Count Change (Normalized)	992.9%	1.8%	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	-90.9%	-1.8%	Insufficient evidence	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 10 quarterly periods available from Data Vault for this company.

Metric	2026-03-31 10-Q USD	2025-12-31 10-Q USD	2025-09-30 10-Q USD	2025-06-30 10-K USD	2025-06-30 10-K USD	2025-03-31 10-Q USD	2024-12-31 10-Q USD	2024-09-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-Q USD
Revenue	n/a	n/a	n/a	0	0	0	12,000	74,000	n/a	n/a
Operating Income	-4,048,000	-6,995,000	-6,794,000	-7,528,000	-7,528,000	-5,003,000	-5,004,000	-6,254,000	-7,415,000	-7,983,000
Net Income	-3,883,000	-6,521,000	-6,407,000	-31,603,000	-31,603,000	-3,968,000	-5,894,000	-5,420,000	-6,031,000	-5,241,000
Cash From Operations	-2,456,000	-4,622,000	-9,163,000	-1,482,000	-1,482,000	-3,159,000	-5,679,000	-2,193,000	-4,351,000	n/a
Capex	-5,000	-4,000	-2,000	n/a	n/a	0	n/a	-221,000	6,000	n/a
Free Cash Flow	-2,461,000	-4,626,000	-9,165,000	n/a	n/a	-3,159,000	n/a	-2,414,000	-4,345,000	n/a
Cash And Equivalents	74,450,000	68,900,000	73,280,000	15,039,000	15,039,000	6,711,000	2,098,000	3,627,000	9,305,000	14,554,000
Total Current Assets	80,095,000	74,678,000	78,295,000	19,962,000	19,962,000	15,629,000	10,504,000	15,209,000	16,319,000	21,332,000
Total Liabilities	5,049,000	1,600,000	1,712,000	7,058,000	7,058,000	8,794,000	10,141,000	9,453,000	3,112,000	3,487,000
Shares Outstanding	13,683,121	359,218,871	347,705,507	194,379,996	194,379,996	17,785,235	17,785,235	17,642,832	12,926,349	12,926,349
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	12,348,460	349,464,317	310,309,659	34,454,269	83,124,091	19,632,539	17,624,422	17,642,832	15,873,113	15,873,113
Weighted Avg Shares Basic	12,348,460	349,464,317	310,309,659	34,454,269	83,124,091	19,632,539	17,624,422	17,642,832	15,873,113	15,873,113
Net Share Count Change (Normalized)	14.3%	3.3%	78.9%	992.9%	992.9%	0.0%	0.8%	Insufficient evidence	0.0%	Insufficient evidence
Ownership Claim Change (Normalized)	-12.5%	-3.2%	-44.1%	-90.9%	-90.9%	0.0%	-0.8%	Insufficient evidence	0.0%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	80,095,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json
Total Liabilities	5,049,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json
Cash	74,450,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json
Shares Outstanding	13,683,121	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json Data Vault \| sec/companyfacts/cik=0001873875/companyfacts.json
NCAV	75,046,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	5.48USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	46.4%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001873875
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001873875/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001873875/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 12
Imported At: 2026-08-15T12:52:17+00:00
Rendered At: 2026-08-16T03:29:54+00:00

Run Audit

Mary Run: 29510e1968ca4fb386d55ebe1e97a5de
Mary As Of: 2026-08-01
Accession: 0001213900-26-057227
CIK: 0001873875
Mary Filing Date: 2026-05-15
Filing Currency: USD
Internal Discount: 46.4%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=29510e1968ca4fb386d55ebe1e97a5de; mary_as_of=2026-08-01; mary_filing_date=2026-05-15; mary_accession=0001213900-26-057227; mary_cik=0001873875; gnni_supporting_filing_date=2026-05-15; internal_discount=0.46395; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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