Incannex Healthcare Inc. (NASDAQ:IXHL) saw its stock jump 10% on Friday after positive Phase 2 trial results for its obstructive sleep apnea (OSA) treatment, IHL-42X, were announced.

The clinical-stage pharmaceutical firm revealed encouraging efficacy data from its RePOSA Phase 2 study, highlighting that 57.6% of patients reported noticeable improvements in their OSA symptoms during exit interviews. Of those who benefited, 89.5% described the changes as significantly impacting their daily lives.

The trial showed statistically meaningful gains across several key metrics. Patients treated with IHL-42X experienced notable drops in the Apnoea-Hypopnoea Index (AHI) compared to placebo, with 41.2% of participants on the high dose seeing more than a 30% reduction in AHI. Some even recorded reductions as high as 83%.

“Our recent Phase 2 results for IHL-42X exceeded expectations. In some patients, we observed reductions in AHI of up to 83%, which is an extraordinary outcome and a powerful signal of the drug’s potential,” stated Joel Latham, President and CEO of Incannex.

The drug also maintained a strong safety profile, with no serious adverse events reported during treatment. Most side effects were mild to moderate in severity.

Patients noted better sleep quality, less daytime drowsiness, fewer cognitive issues, and improved ability to perform daily tasks. Unlike many sleep therapies, IHL-42X did not suppress REM sleep, a critical phase for memory and brain health.

Well-funded, the company plans to continue progressing its clinical programs and is exploring strategic opportunities to maximize shareholder value.

Incannex Healthcare stock price

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