Incannex Healthcare Inc IXHL shares surged 876% to 83 cents on Wednesday after the company announced the completion of patient dosing in the Phase 2 portion of its Phase 2/3 RePOSA trial for IHL-42X, an investigational oral treatment for obstructive sleep apnea (OSA).

What To Know: The milestone marks a key step as the company prepares for an end-of-Phase 2 FDA meeting and anticipates top-line results in July.

IHL-42X targets underlying mechanisms of OSA, intermittent hypoxia and hypercapnia, and could offer a pharmacological alternative to CPAP devices.

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Prior trials showed a 51% reduction in Apnea-Hypopnea Index at the lowest dose and significant improvements in oxygen desaturation burden, a key predictor of cardiovascular risk.

Phase 3 of the trial will enroll 440 U.S. patients, reflecting strong local interest. Incannex is also exploring commercial partnerships for IHL-42X.

CEO Joel Latham said the third quarter of 2025 will be pivotal, with regulatory and clinical milestones positioning IHL-42X as a first-in-class oral OSA therapy for a broad patient population.

How To Buy IXHL Stock

By now you're likely curious about how to participate in the market for Incannex Healthcare — be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

In the case of Incannex Healthcare, which is trading at 83 cents as of publication on Wednesday, $100 would buy you 120.48 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading — either way it allows you to profit off of the share price decline.

According to data from Benzinga Pro, IXHL has a 52-week high of $3.55 and a 52-week low of eight cents.

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