Incannex’s FY26 update shifts the IHL-42X story into active clinical execution following first-patient dosing in the DReAMzz Phase 2 dose-optimization study. The approximately 120-patient study is evaluating nine dronabinol/acetazolamide combinations across 14 U.S. clinical sites and is expected to complete in mid-2027, with results intended to inform dose selection and Phase 3 design. Incannex also enters this stage with $68.4M of unrestricted cash as of September 24 and no debt, providing at least 12 months of planned operating runway, while PSX-001 remains the principal secondary program and IHL-675A has been deprioritized following termination of its Australian rheumatoid-arthritis trial.