Incannex Healthcare Inc. (IXHL) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 1605.61% of current shares
Recent Dilution: 1178.32% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
12M
Potential Supply
200M
Additional shares possible
Splits
None
Past 2 years

Summary

IXHL currently has 12.3M outstanding shares. with significant dilution risk as 198M authorized shares could dilute existing holders by 1605.6%. The company has significantly diluted shareholders by 1178.32% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 12.3M shares outstanding

12M 200M
Mar 12, 2026

8-K filing: Incannex Healthcare Inc. entered into a Securities Purchase Agreement to issue and sell 1,997,285 shares of common stock, pre-funded warrants to purchase up to 2,715 shares of common stock, and common stock warrants to purchase up to 2,000,000 shares of common stock in a registered direct offering. ($10.0M proceeds)

350M 200M
Nov 14, 2025

10-Q filing | 346.2M shares outstanding

350M 200M
Sep 29, 2025

10-K filing | 347.7M shares outstanding

350M 200M
May 28, 2025

8-K filing: Incannex Enters Agreement to Cancel Remaining Series A Warrants, Eliminating Up to 347.2 Million Shares from Potential Dilution.

29M 200M
May 15, 2025

10-Q filing | 29.4M shares outstanding

29M 200M
Apr 16, 2025

S-1/A filing: This prospectus relates to the offer and sale by the selling stockholders of up to an aggregate of 75,902,171 shares of common stock of Incannex Healthcare Inc.

28M 200M
Mar 24, 2025

S-3 filing: Incannex Healthcare Inc. is offering 65,971,805 shares of common stock for resale by selling stockholders.

18M 190M
Mar 10, 2025

8-K filing: Incannex Healthcare Inc. closed a private placement on March 10, 2025, selling 9,687,045 shares of common stock at $1.08 per share, along with pre-funded warrants and Series A common stock warrants, raising approximately $11.3 million in net proceeds to fund clinical trials, research and development, and repay convertible debentures. ($12.5M proceeds)

18M 120M
Feb 14, 2025

10-Q filing | 17.6M shares outstanding

18M 120M
Nov 26, 2024

S-1/A filing: This prospectus relates to the offer and sale by the selling stockholders of up to 61,389,758 shares of common stock of Incannex Healthcare Inc.

18M 120M
Nov 14, 2024

10-Q filing | 17.6M shares outstanding

18M 81M
Nov 06, 2024

S-3 filing: This is an S-3 filing for a shelf offering of common stock by selling stockholders, an equity line of up to $50.0 million, and $3.0 million from a First Tranche Debenture.

16M 81M
Nov 06, 2024

S-3 filing: The company is filing an S-3 to offer and sell up to $150 million in the aggregate of common stock, preferred stock, and debt securities.

13M 81M
Sep 30, 2024

10-K filing | 16.2M shares outstanding

16M 0
Sep 10, 2024

RW filing: Incannex Healthcare Inc. is seeking withdrawal of the Registration Statement because it is no longer pursuing a public offering of its shares of common stock, pre-funded warrants and common warrants at this time.

18M 0
Sep 10, 2024

8-K filing: Incannex Healthcare Inc. entered into an equity line of credit agreement with Arena Business Solutions Global SPC II, Ltd for up to $50 million of the Company's shares of common stock and a Securities Purchase Agreement with Arena Investors, LP for up to $10 million in secured Convertible Notes.

18M 0
Jul 17, 2024

S-1/A filing: The company is filing an S-1/A to offer 4,000,000 shares of common stock together with common warrants to purchase up to 4,000,000 shares of common stock and pre-funded warrants.

18M 12M
Jul 03, 2024

S-1 filing: The filing is for an offering of common stock together with common warrants, and pre-funded warrants to purchase common stock.

18M 0
May 15, 2024

10-Q filing | 15.9M shares outstanding

16M 0
Feb 14, 2024

10-Q filing | 15.9M shares outstanding

16M 0
Nov 29, 2023

POS AM filing: This is a post-effective amendment to terminate the effectiveness of a registration statement due to the completion of a redomiciliation.

1.6B 0
Oct 31, 2023

20-F filing | 1587.0M shares outstanding

1.6B 0
Mar 02, 2023

F-3 filing: The filing is an F-3 type, indicating a shelf offering of American Depositary Shares (ADSs) representing Ordinary Shares and warrants. The specific terms, amounts, and prices will be detailed in future prospectus supplements.

1.3B 0
Oct 28, 2022

20-F filing | 1292.3M shares outstanding

1.3B 0
Aug 17, 2021

F-1 filing: This is an F-1 filing for American depositary shares and underwriter warrants.

1.1B 0
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