Incannex Healthcare Inc. said its board has approved a share repurchase program of up to $20 million, giving management discretion to buy back stock in the open market, through privately negotiated deals or other structures permitted under Rule 10b5-1 and Rule 10b-18. Chief Executive Officer Joel Latham called the move “a decisive step to unlock value,” adding that the current market price does not reflect progress in the company’s late-stage pipeline, which targets conditions such as obstructive sleep apnea and rheumatoid arthritis. Investors welcomed the announcement: Incannex shares jumped as much as 40% in pre-market trading on 22 Aug., outpacing broader biotechnology benchmarks.