Ann: IHL commences IHL-675 (ARDS) animal study, page-60

Family fund investor since NRL days and heavy personal investor for past 6 months. I am impressed with management and believe current value is 10c to 12c on oil sales alone.

I am frustrated the market hasn't found us yet.

Information I passed on to David from Bioshares.

ANNOUNCEMENTS

• James Grahame has joined the TBI program – this appointment ties in well with previous announcement of Liam Picken to advisory board. Tick to NRL & AFL.
• Appointment of Chief Scientific Officer – Dr Mark Bleackley – Hired Mark Bleackley for experience in clinical trial design.
• 1000 Patients for Incannex CBD-100 Oils – Month on month revenue increase. Procurement plans in place to improve margin. Strong relationship with Cannvalate. ((since announced "significant revenue growth" - market has not valued this in))
• CBD pressurised metered dose inhalers – First of a kind into Aus. Update due.
• Development of IHL-675A investigating for potential treatment of sepsis associated ARDS, leading cause of mortality from COVID-19 and other infections – trails to commence in Taiwan. ((have since commenced - results 4-6 weeks away))
• Positive response to FDA approval pathway for both Sleep Apnoea and TBI.

BUSINESSUPDATE

• Obstructive Sleep Apnoea (‘OSA’) - Specific formulation development of IHL-42X with a qualified pharmaceutical chemist was announced at the start of the year. Trial protocol is complete and first patients sourced. Commencement planned for Q2.
• IHL-216A for the treatment of Traumatic Brain Injury and Concussion (‘TBI’) - focus on MMA baseline neurocognitive tests to be completed near future.

COVIDIMPACT

• Matchday sales would be down, adjustments to business structure to reduce costs was already implemented leading into COVID. Business now low cost, limited resources spent on it and sales a bonus. ((since announced business will cease trading))

MC& OPTIONS

• MC seems low compared to peers. Seems cheap.
• Options expire in September – these will be in the money and will add 10m funds to the bank.

EXPANSION

• 2 clinical trials, in-halers, ARDS & month on month sales increase in oils.

SHAREREGISTER

• Tightly held register of directors & management.