Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 438

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 438
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     329 
  
    GST recoverable 
     494  
     178 
  
    Total other assets 
     791  
     507 

1Prepayments consist of prepaid clinical trial insurances,
prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services.

Note 4 - R&D tax incentive receivable

    June 30, 2025  
    June 30, 2024 

    (in thousands) 
  
    R&D tax incentive receivable 
     4,132  
     9,837 

R&D tax incentive is recorded within the Consolidated
Statements of Operations and Comprehensive Loss and amounted to $1.8 million and $11.4 million for the fiscal years ended June 30, 2025
and 2024, respectively. In the fiscal year ended June 30, 2024, due to multiple years of tax incentives being granted and successful lodgement
of overseas findings on the Company’s lead assets, the Company changed its estimates for the R&D tax incentive receivable, primarily
based on historical experience of claims, which resulted in an increase in R&D tax incentive receivable in the fiscal year ended June
30, 2024.

Note 5 - Property, Plant and Equipment, net

    June 30, 2025  
    June 30, 2024 

    (in thousands) 
  
    Furniture, fittings and equipment 
     495  
     598 
  
    Assets under construction 
     -  
     - 
  
    Total property, plant and equipment, gross 
     495  
     598 
  
    Accumulated depreciation and amortization 
     (269) 
     (126)
  
    Total property, plant and equipment, net 
    $227  
    $472 

Depreciation expense is recorded within general
and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss and amounted to $143,000 and $103,000 million
for the fiscal years ended June 30, 2025 and 2024, respectively.

Note 6 - Trade and other payables, accrued expenses and other current
liabilities

    June 30, 2025  
    June 30, 2024 

    (in thousands) 
  
    Current liabilities