Lucide Ledger

A filing-first public record from Lucide House.

Issue 010 | 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 40.6%

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
6.27USD/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

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001213900-26-015867 2026-02-13 10-Q Missing Source Data Vault | sec/cleaned/cik=0001873875/accession=0001213900-26-015867/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

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 11,590,184 588,094 52,900,346 43,077,801
Shares Outstanding Diluted n/a n/a n/a n/a
Weighted Avg Shares Diluted 1,148,476 538,811 512,823 n/a
Weighted Avg Shares Basic 1,148,476 538,811 512,823 n/a
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence 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 11,964,554 11,944,312 11,540,850 194,379,996 11,590,184 981,127 595,324 588,094 529,104 529,104
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 11,648,811 10,343,655 34,454,269 2,770,803 654,418 587,481 588,094 529,104 529,104
Weighted Avg Shares Basic 12,348,460 11,648,811 10,343,655 34,454,269 2,770,803 654,418 587,481 588,094 529,104 529,104
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence 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 11,964,554 dei:EntityCommonStockSharesOutstanding 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 6.27USD derived 2026-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 40.6% 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/sha256=a8dfa05230845458e34923e05b7eddbf3e3c8f46b283ee54bc4bbf4303195da4/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
2026-10-04T02:13:47+00:00
Rendered At
2026-10-04T14:25:21+00:00

Run Audit

Mary Run
47527d60587d401c89969c73d0370b43
Mary As Of
2026-09-12
Accession
0001213900-26-057227
CIK
0001873875
Mary Filing Date
2026-05-15
Filing Currency
USD
Internal Discount
40.6%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=47527d60587d401c89969c73d0370b43; mary_as_of=2026-09-12; mary_filing_date=2026-05-15; mary_accession=0001213900-26-057227; mary_cik=0001873875; gnni_supporting_filing_date=2026-05-15; internal_discount=0.405605; 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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