Incannex Announces Reverse Stock Split

Incannex’s common stock is expected to begin trading on a post-split adjusted basis on February 27, 2026

MELBOURNE, Australia and NEW YORK, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Incannex Healthcare Inc. (Nasdaq: IXHL) (“Incannex” or the “Company”), a clinical-stage pharmaceutical company developing innovative combination therapies for high-impact medical conditions, today announced that the board of directors of the Company approved a 1-for-30 reverse stock split (the “Reverse Split”) of the Company’s common stock. The Reverse Split was approved by the stockholders of the Company at a special meeting of the Company held on May 27, 2025. The Reverse Split will legally take effect at 4:01 p.m. Eastern Time, on February 26, 2026. The Company’s common stock will open for trading under a new CUSIP number 45333F 208 on The Nasdaq Capital Market (“Nasdaq”) on February 27, 2026, on a split-adjusted basis under the current ticker symbol “IXHL.” The Reverse Split is intended to increase the per share trading price of the Company’s common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.

The 1-for-30 Reverse Split will automatically convert each 30 current shares of the Company’s common stock into one share of common stock. No fractional shares will be issued in connection with the Reverse Split. Stockholders of record who otherwise would be entitled to receive fractional shares because they hold a number of shares not evenly divisible by the Reverse Split ratio will automatically be entitled to receive an additional fraction of a share of the Company’s common stock to round up to the next whole share. With respect to outstanding common stock held in “street name” through a bank, broker or other nominee, fractional shares will be rounded up at the participant level. Cash will not be paid for fractional shares.

The Reverse Split will reduce the number of shares of outstanding common stock from approximately 358,329,368 shares, the number of shares outstanding as of February 20, 2026, to approximately 11,944,313 shares. The total authorized number of shares will not be reduced. Proportional adjustments will also be made to the exercise prices of the Company’s outstanding equity awards, and to the number of shares issued and issuable under the Company’s stock incentive plan.

Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares through a bank, broker, or other nominee will have their positions automatically adjusted to reflect the Reverse Split, subject to brokers’ particular processes, and will not be required to take any action in connection with the Reverse Split. For those stockholders holding physical stock certificates, the Company’s transfer agent, Computershare Trust Company, N.A., will send instructions for exchanging those certificates for shares held electronically in book-entry form or for new certificates, in either case representing the post-split number of shares.

About Incannex Healthcare Inc. 

Incannex is leading the way in developing combination medicines that target the underlying biological pathways associated with chronic conditions, including obstructive sleep apnea, rheumatoid arthritis and generalized anxiety disorder. The Company is advancing three clinical-stage drug candidates based on evidence-based innovation, and supported by streamlined operations. Incannex's lead clinical program, IHL-42X, is an oral fixed-dose combination of dronabinol and acetazolamide designed to target underlying mechanisms and act synergistically in the treatment of obstructive sleep apnea. In a Phase 2 development program, IHL-675A is an oral fixed-dose combination of cannabidiol and hydroxychloroquine sulfate designed to act synergistically to alleviate inflammatory conditions, such as rheumatoid arthritis. Approved for Phase 2 clinical development, PSX-001 is an oral synthetic psilocybin treatment for the treatment of generalized anxiety disorder. Incannex's programs target disorders that have limited, inadequate, or no approved pharmaceutical treatment options. For additional information on Incannex, please visit our website at .

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