Deep Value: cash covers more than 100% of the stock price

This company holds roughly $74M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Incannex Healthcare Limited

IXHL

Biotechnology · Healthcare

Exchange

NASDAQ

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Winston Score History

The full picture

Incannex Healthcare is a small Australian biotech company that develops new medicines using cannabinoids and psychedelic compounds. Its main focus is on creating treatments for conditions like sleep apnea, anxiety, and inflammatory lung disease. The company is in the clinical trial stage, meaning none of its drugs have been approved for sale yet.

Incannex earns almost no revenue today because it is still running experiments to test whether its drugs are safe and effective. It is based in Australia but has been conducting trials in the United States as well, and it listed shares on the Nasdaq to access American investors. The company's biggest risk is that clinical trials are expensive, take years, and most experimental drugs fail before reaching patients — with a deeply negative gross margin and heavy operating losses, Incannex depends on raising outside capital to keep its research going.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

+41.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

17.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$74M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

N/A

Data not available

Profit after running costs

Operating Margin

N/A

Data not available

Return on the money invested

ROCE

-5.4%

Weak — -5.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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