Ann: Incannex Undertakes A$13 Million Institutional Placement, page-59

Two issues with your take.

First 'fully funded' as used by you, is a relative term and not reflective of any long term reality for Incannex. The 33M they had at last reporting represented roughly 15% of what their pipelines would probably require BEFORE the APIRx acquisition, which of course greatly expanded their pipeline array.

Second, you ask why not wait until 2023 trial results to see some SP appreciation. The answer is pretty simple:

a) positive trial results are not guaranteed, and they would be execrable management to gamble the future of the entire company on a single set of trial results. They have the biggest cannabinoid IP portfolio in the world. It is all good and well to be bullish and have tunnel-vision around ILH-42x, but not to the degree that the entire company is thrown on the pile.

b) plenty of forecasts are mentioning further downside for 2023, with a slow recovery in 2024, particularly for US and economies attached to it. According to that scenario, current SP may indeed seem quite favourable in the mid term future.