Ann: Incannex Undertakes A$13 Million Institutional Placement, page-47

The strategic value is the x factor here, and only time will tell.
While the price of the raise isn't ideal, nothing is ideal about this market, and that's what people tend to forget. It is like the elephant in the room: everyone should see it, but a lot of folks seem to like to forget it is there.

Take AGH for instance. They are heading towards profitability, likely sometime towards the end of 2023. They've been increasing revenue and reducing costs steadily. Their SP is at an all time low - they've lost about 90% of their value since all time highs, and they just tried to do a raise for a measly 1.5M AUD. It doesn't seem to be going well.

IHL is instead approached, and nets 13M AUD from parties now motivated to see them succeed, and apparently with the expertise to help them do so. I think taking this placement offer was the right move, especially considering real uncertainties regarding future market instability and potential downside. The IHL42x pivotal trials lining up for 2023 and FDA NDA review shortly thereafter, could almost alone wipe out the 33M currently in the company's coffers. If 2023 delivers further downside for the market, IHL could have been facing a capital raise with considerably worse terms just 8 months from now. It is certainly more prudent to take the offer now, than to roll the dice on what 2023 might bring: in their shoes, I would have leaned towards the same decision.

Remember, to them, and to those of us who are investing rather than trading, what matters is that clinical trials can continue unimpeded despite a seriously adverse environment. Compared to that imperative, the short term share price isn't of great concern. And it won't be to us either if next year's clinical efforts yield positive results and IHL42X moves on to the FDA NDA review phase. My advice is to keep your eyes on the essentials that will get us to IHL42X asset sale/licensing, or commercialisation. That's how you'll understand the BOD's decisions: that is their fiduciary duty: not what the SP does over the course of a few weeks, and not whether bonus options were a good deal or not.