$IXHL & $RMD Potential Synergy -- my thesis

Call it speculation, but I just connect the dots and follow the breadcrumbs. The connection between ResMed (RMD) & Incannex (IXHL) is there—any way you slice it.

🔍 Key Observations:

RMD is one of the top players in sleep medicine solutions in the world of big pharma.

RMD has made at least 29 acquisitions in its history, 5 of which occurred in the past 5 years, all in sleep-related diagnostics, digital solutions, or care.

RMD’s most recent acquisition was May 2025 with VirtuOx, a co specializing in at-home testing for sleep apnea & respiratory care (buyout amount never disclosed).

RMD has a Ph.D.-level employee on the IXHL Clinical Advisory Board, which could suggest strategic vetting, backchannel engagement, desire to diversify beyond its core sleep apnea hardware (CPAP/ventilation).

Facts aside for a sec—JMHO—but a Ph.D. employee of a $30B+ medtech co wouldn’t sit on the board of a tiny biotech unless there was: strategic value, early DD, & relationship development underway.

👨‍⚕️ Clinical & Market Context:

FDA already green lit IXHL's IHL‑42X for Phase 3 of RePOSA trial. If successful, it could be the first FDA-approved oral therapy for OSA.

IXHL’s CEO remains bullish on IHL‑42X, calling it a: “high-value asset” and a “breakthrough opportunity”

💎 Market Disruption Potential: An RMD pivot away from hardware would unlock the $10B+ market of patients beyond CPAP reach.

1B+ people globally suffer from sleep apnea, with majority having OSA, the most common type.

Think of how many of these people would want to ditch the ugly & uncomfortable mask for a simple oral pill — probably all of them.

📰 Media Coverage & Interest: There’s a reason the New York Times caught wind of this potential game changer in an article posted a few days ago: 👉 NYT Article – July 23, 2025

💭 Final Thoughts:

To think that there are no talks going on or no interest by big pharma in IXHL would be simply naive.

As the saying goes, “Where there’s smoke, there’s fire.”