Is INM or IXHL more undervalued in 2026?

CirclFi compares InMed Pharmaceuticals Inc. (INM) and Incannex Healthcare Inc. (IXHL) using 13 institutional-grade valuation models. INM has a Quality of Company score of 5.0/10 while IXHL scores 5.3/10.

Which is a better buy — INM or IXHL?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do INM and IXHL valuations compare?

INM at $1.68 and IXHL at $3.55 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

INM vs IXHL Valuation Comparison 2026 — Intrinsic Value Analysis

INM

Drug Manufacturers - Specialty & Generic

InMed Pharmaceuticals Inc.

Quality

5.0

out of 10

Value Trap

SAFE

Price

$1.68

Last close

Models

11/13

Active

IXHL

Drug Manufacturers - Specialty & Generic

Incannex Healthcare Inc.

Quality

5.3

out of 10

Value Trap

SAFE

Price

$3.55

Last close

Models

9/13

Active

Model-by-Model Comparison

Model	Type	INM Fair Value	INM Upside	IXHL Fair Value	IXHL Upside
Bayesian DCF	Intrinsic	$1.22	-27.4%	$4.34	+22.2%
Earnings Power Value	Intrinsic	$3.95	+452.9%	—	—
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$4.92	+193.1%	$6.70	+88.8%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%

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INM vs IXHL — Which Stock Is More Undervalued?

IXHL scores higher with a 5.3/10 quality rating vs INM's 5.0/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing InMed Pharmaceuticals Inc. (INM) and Incannex Healthcare Inc. (IXHL) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

INM currently trades at $1.68 with a QOC of 5.0/10, while IXHL trades at $3.55 with a QOC of 5.3/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).