Company: IXHL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043682
Chunk: 32

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 debenture to register
for resale the shares of common stock issued upon conversion of the applicable debenture and the shares issuable upon exercise of any
warrants issued in the applicable closing, within 20 calendar days after the closing date of the first tranche (the “Filing Deadline”)
and to have such registration statement declared effective within 60 days after the Filing Deadline (or in the event of full review by
the SEC, within 90 calendar days after the Filing Deadline). On November 6, 2024, we filed with the SEC the Resale Registration Statement,
registering for resale up to 61,389,758 shares of common stock, including up to 10,101,009 shares of common stock issuable upon conversion
of the First Tranche Debenture and up to 453,749 shares of common stock issuable upon the exercise of the First Tranche Warrant.

Facility Agreement

On October 9, 2024, we entered into a Facility
Agreement (the “Facility Agreement”) with FC Credit Pty Ltd (“FC Credit”), pursuant to which FC Credit will provide
a term loan facility for up to $4.7 million (the “Loan Facility”). On October 10, 2024, we received approximately $4.6 million
as the initial drawdown amount, after deducting certain fees payable by us under the Facility Agreement. The Loan Facility has a term
of 12 months from the date of the initial drawdown (the “Final Repayment Date”). Interest under the Loan Facility will accrue
at the rate of 14.5% per annum and is payable on the last date of each calendar month and on the Final Repayment Date.

This facility provides us with immediate access
to funds based on research and development expenses incurred during the 2023 and 2024 financial years, aligning with the end of the Australian
financial year. The Research and Development Tax Incentive (“RDTI”) program is a key program under the Australian government's
innovation framework, designed to encourage companies to undertake research and development activities that benefit Australia. It offers
a tax rebate, currently at 48.5%, for eligible research and development expenses, allowing companies to recoup almost half of their research
and development spending.

22

Results of Operations

Comparison of the Three and
Nine Months Ended March 31, 2025 and 2024

The following tables summarize our results of
operations