Lekhram Changoer
About Lekhram Changoer
Lekhram Changoer, age 59, is Chief Technology Officer (CTO) of Incannex Healthcare Inc. (IXHL), serving since July 2023; he previously served as CTO of Incannex Australia from June 2022 to November 2023 following IXHL’s acquisition of APIRx, which he co‑founded . His background spans cannabinoid-based active pharmaceutical ingredient development; prior roles include CTO and Director at APIRx (2019–2023) and co‑founder/CTO at AXIM (2014–2020); he holds MSc and BSc degrees from the University of Groningen and Rijkshogeschool Groningen (NL) . IXHL discloses that Changoer provides services under a “Service Agreement” (Incannex Healthcare Limited and Lekhram Changoer, dated August 5, 2022), and that executive officers are at‑will . Company‑level TSR/revenue/EBITDA performance metrics tied specifically to his compensation are not disclosed in IXHL’s proxy.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Incannex Australia | Chief Technology Officer | Jun 2022–Nov 2023 | Led technology strategy through redomiciliation and APIRx integration |
| APIRx Pharmaceutical USA, LLC | Chief Technology Officer; Director | Jan 2019–Jun 2023 | Co‑founded; specialized in cannabinoid-based APIs; technology and IP development |
| AXIM (pharmaceutical R&D company) | Co‑founder; Chief Technology Officer | Oct 2014–May 2020 | Built R&D capabilities and product pipeline in cannabinoid-related therapeutics |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| APIRx Pharmaceutical USA, LLC | Director | Jan 2019–Jun 2023 | Governance oversight and technology direction in cannabinoid APIs |
| AXIM | Co‑founder (external to IXHL) | Oct 2014–May 2020 | Entrepreneurial build-out of pharma R&D platform |
Fixed Compensation
- IXHL’s 2025 DEF 14A identifies a services agreement with Lekhram Changoer and states all executive officers (including Changoer) are at‑will, but does not disclose his base salary, target bonus %, or perquisites; named executive officer cash/equity figures are provided only for CEO, CFO, and CMO .
- A “Service Agreement between Incannex Healthcare Limited and Lekhram Changoer, dated August 5, 2022” is listed among exhibits; detailed terms are incorporated by reference and not summarized in the 2025 10‑K body .
Performance Compensation
- The proxy outlines corporate‑wide bonus design (regulatory, clinical, development, operational and financing objectives) and 2023 Equity Incentive Plan administration, but does not specify any individual performance metrics, weights, targets, or payouts for Changoer .
- The 2023 Plan allows the Compensation Committee broad discretion on award grants and terms; no individual RSU/PSU/option grants or vesting schedules are disclosed for Changoer in FY2025 .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 639,549 shares held by Prash BV, a company controlled by Lekhram Changoer |
| Shares outstanding (reference date) | 347,705,507 (as of Oct 10, 2025) |
| Ownership as % of shares outstanding | ~0.18% (639,549 ÷ 347,705,507), computed from |
| Vested vs. unvested shares | Not disclosed for Changoer in FY2025 proxy tables |
| Options/RSUs (exercisable/unexercisable) | Not disclosed for Changoer in FY2025 proxy tables |
| Pledging/Hedging | Company policy prohibits pledging (margin loans), hedging (collars/straddles), short sales, and public options trading by all employees/executives; trades require pre‑clearance and observe blackout windows |
| Ownership guidelines | Not disclosed |
Employment Terms
- Status and Agreement: Executive officers are at‑will; IXHL has a services agreement with Lekhram Changoer (dated Aug 5, 2022) .
- Change‑of‑Control (equity awards under 2023 Plan): Committee may cancel for cash, replace awards, terminate options without acceleration, accelerate vesting, or otherwise adjust; treatment may vary across participants/types; performance‑based awards may be settled based on achievement or continue with adjusted goals at Committee’s discretion .
- Clawback: All awards subject to any Company clawback policy and/or award agreement provisions; non‑transferable pre‑vesting except limited circumstances .
- Pension/Deferred Comp/401(k): IXHL discloses no qualified/non‑qualified defined benefit plans, no nonqualified deferred compensation plans, and does not sponsor a 401(k) .
- Insider Trading: Prohibits hedging/pledging; requires pre‑clearance and adherence to blackout periods .
- Non‑compete/Non‑solicit/Severance/Auto‑renewal: Not disclosed for Changoer in 2025 proxy/10‑K; the service agreement is referenced but terms are not summarized .
Investment Implications
- Alignment: Changoer’s indirect holding of 639,549 shares via Prash BV provides some equity alignment, though sub‑1% ownership limits direct voting influence; prohibition on pledging/hedging reduces misalignment risk and near‑term selling pressure outside permitted windows .
- Transparency/Retention Risk: As a non‑NEO, his cash compensation, performance targets, and vesting schedules are not disclosed—opaque incentive structures elevate uncertainty on retention and pay‑for‑performance alignment; confirmation of service agreement without summarized terms adds to documentation gaps .
- Change‑of‑Control/Clawback: Discretionary treatment of awards by the Committee under the 2023 Plan and presence of clawback provisions are positives for governance; however, without visibility into his award mix or vesting terms, investors cannot fully assess potential accelerated vesting or parachute economics in a transaction .
- Execution Profile: His long tenure in cannabinoid API development and multiple co‑founder/CTO roles suggest deep technical leadership; linking that to specific IXHL program milestones is not disclosed in executive compensation narratives, limiting direct attribution of value creation for incentive benchmarking .