$IXHL is one of my biotech stocks to watch. Incannex is trading around $2.97, with a market cap of roughly $37 million, despite reporting positive Phase 2 results across two programs. Its lead asset, IHL-42X for obstructive sleep apnea, has FDA Fast Track designation, a granted US patent, and has begun participant screening for the DReAMzz Phase 2 study. The company also entered 2026 with more than $70 million in cash, received an additional A$6 million R&D refund, and expects further non-dilutive funding. That gives it considerably more financial flexibility than many micro-cap biotechs. Incannex Healthcare +1 The opportunity is significant, but this remains a speculative clinical-stage investment. Trial execution, future results, dilution and regulatory outcomes are the m