Incannex Healthcare Forms Joint Venture with Mind Medicine Australia to Expand Access to Psychedelic-Assisted Therapy

Incannex Healthcare (Nasdaq: IXHL) said it has started participant screening at first approved sites for its DReAMzz Phase 2 dose confirmation study of IHL-42X in obstructive sleep apnea. The FDA granted IHL-42X Fast Track. Prior Phase 2 results reported up to 83% AHI reduction and improved patient-reported outcomes.

Biotech stocks rose Monday as investors reacted to clinical and regulatory updates. Tango Therapeutics (TNGX) jumped 52.97% after initial Phase 1/2 pancreatic cancer data showed 90% 6-month PFS; Alvotech (ALVO) gained 19.77% as the FDA accepted its Entyvio interchangeable biosimilar AVT16; Zevra (ZVRA) rose 13.95% on an Orange Book listing for MIPLYFFA.

D.E. Shaw holds a $1B+ stake in Sysco, according to sources. Sysco plans to add tech-experienced directors to its board to accelerate AI adoption, aiming for $100M in savings by 2027. Despite strong annual forecasts, Sysco's stock has risen less than 4% in a year due to cost pressures. D.E. Shaw supports Sysco's AI transformation and potential acquisition of Jetro Restaurant Depot.

Marathon Petroleum settled a tax dispute with the City of Carson, agreeing to pay $370 million. The settlement includes an upfront payment of $120 million and annual payments of $16.7 million over 15 years. Marathon will drop its lawsuit, and the city will remove a tax measure from the ballot. According to the city, the deal resolves disputed taxes and future obligations.

Taylor Montgomery, Taco Bell's global chief brand officer, will become president of Jack in the Box Inc. (JACK) on Sept. 14, with plans to become CEO within a year. Montgomery led Taco Bell's growth strategy, overseeing $18B in sales across 9,000 restaurants. He will work with interim CEO Mark King, who previously led Taco Bell and Xponential Fitness Inc.

CrowdStrike (CRWD) shares fell 4.2% after its CTO, Elia Zaitsev, announced his departure to launch an AI-focused venture fund. The stock later recovered slightly to $194.01, down 3.8%. CrowdStrike is set to report Q2 2027 earnings on August 26, with no successor named for Zaitsev. The company's stock has seen significant volatility, including a 5.9% drop due to AI competition concerns.