Incannex Healthcare Inc.
IXHL Healthcare Drug Manufacturers Specialty & Generic
Incannex Healthcare Inc.’s revenue for fiscal 2025 (year ended June 2025) was $86,000.00, up 616.7% from fiscal 2024. In the quarter to June 2026, revenue fell 92.3%, EPS grew 99.0% and free cash flow grew 327.7%, each against the same quarter a year earlier.
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Incannex Healthcare Inc. (IXHL) Beneish M-score
Incannex Healthcare Inc.'s Beneish M-score for fiscal 2025 is −5.82; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −5.82 | (3,584.11) |
| FY2024 | 3578.30 | 3,588.47 |
| FY2023 | −10.17 | (8.94) |
| FY2022 | −1.23 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.06 | — | 0.05 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.58 | — | 0.23 | |
| Sales growth index | 7.17 | — | 6.39 | |
| Depreciation index | 0.34 | — | 0.04 | |
| SG&A index | 0.11 | — | −0.02 | |
| Total accruals to total assets | (1.68) | — | −7.87 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.82 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| IXHL Incannex Healthcare Inc. | −5.8× |
| ZYBT Zhengye Biotechnology Holding Limited compare | −3.7× |
| RMTI Rockwell Medical, Inc. compare | −2.8× |
| INCR InterCure Ltd. compare | −2.8× |
| TXMD TherapeuticsMD, Inc. compare | −2.5× |
| SCYX SCYNEXIS, Inc. compare | — |
| CPHI China Pharma Holdings, Inc. compare | — |
| SHPH Shuttle Pharmaceuticals Holdings, Inc. compare | — |
| TLPH Talphera, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI