It is fascinating - there is a very specifically shaped hole in...

It is fascinating - there is a very specifically shaped hole in your psyche that systematically lets the macro factors slip through and away into oblivion.
The timing of the ADR listing was very unfortunate: that roadshow was just a few weeks before the invasion of Ukraine. Inflation was already starting to bite but after the invasion, it bit hard, worldwide. Everything changed. Not just for Incannex and your bottom line, as much as I understand that's what matters to you: for the world. Small cap biotech companies have not yet recovered. IXHL being a complete newcomer to the American market at the time, stood much less of a chance compared to local fixtures... hence the current mismatch in valuations. And then there was the very unfortunate meme-style pump that occurred upon listing. None of these things have anything to do with the fundamentals of the business...

I know none of this is going to stick: it is going to fall right through that same old hole. You'll probably have disposed of these facts before you even finish reading the post. That's fine. It's just fascinating to watch.