IXHL placement was for a pittance $25 million USD. Take a look...

IXHL placement was for a pittance $25 million USD.
Take a look at usual NASDAQ IPO activity where companies raise 100's of millions. There are 2 this week for $200m https://www.nasdaq.com/market-activity/ipos

You just need to look at the blank cheque Special purpose acquisition company SPAC raises to see there is no shortage of investors.

This is where having a Board that has skin in the game is crucial as their interests are aligned with shareholders, why raise in non favourable conditions when the $20million in the bank has already been tabulated to cover next few 1-2 years of trial programs.