Incannex Healthcare is positioning its oral fixed-dose combination therapy for obstructive sleep apnea (IHL-42X) as a potential alternative to CPAP, citing results from the Phase II RePOSA trial and a follow-on dose-optimization study now underway. The company said RePOSA showed statistically meaningful reductions in breathing disruption frequency versus placebo, with larger individual reductions reported across dose groups. IHL-42X combines acetazolamide and dronabinol and has received FDA Fast Track designation. Incannex said the DReAMzz dose-optimization study began dosing in August 2026 across 14 U.S. sites, with data expected in the first half of 2027. The strategic framing is compliance: the company argues an oral regimen could reduce the high discontinuation rates seen with CPAP in practice. For investors and partners, the key near-term milestone is Phase II follow-through toward confirmatory testing. More broadly, the program reflects continued clinical interest in pharmacologic management of sleep-disordered breathing—an area where device-first treatment has dominated, leaving room for oral therapeutics if efficacy and tolerability can be maintained at scale.