Company: IXHL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110299
Chunk: 24

Company: Incannex Healthcare Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 obligations
and sustain operations for at least one year from the issuance date of the financial statements included in this Quarterly Report.

For the three months ended September 30, 2025, we experienced net cash
used in operating activities of $9.2 million, an increase of $7.0 million compared to the three months ended September 30, 2024. As of
September 30, 2025, we had cash and cash equivalents of $73.3 million, an increase of $58.3 million compared to our cash and cash equivalents
as of June 30, 2025 of $15.0 million. As of September 30, 2025, our current assets exceed our current liabilities by $76.6 million, a
$63.7 million increase compared to the difference between our current assets and current liabilities as of June 30, 2025 of $13.0 million.

On October 22, 2025, the Company repurchased 1,480,000 shares of its common stock at a price of $0.41 per share, for a total cost of $600,000.
This repurchase reduced the number of outstanding shares to 346,225,507 from 347,705,507. The Company will continue to assess market conditions
and may deploy the buyback program at its discretion as appropriate.

Going Concern

Refer to Note 2 – Basis of Presentation
and Summary of Significant Accounting Policies – Going Concern Basis

Off-Balance Sheet Arrangements 

We did not have, during the periods presented,
and we do not currently have, any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

20

Cash Flows 

Comparison of cash flows for the three months ended September 30, 2025
and three months ended September 30, 2024

The following table summarizes our
cash flows for the periods presented (in thousands):

    For the  Three Months  Ended September 30, 2025  
    For the  Three Months  Ended September 30, 2024 
  
    Net cash used in operating activities 
    $(9,163) 
    $(2,245)
  
    Net cash used in investing activities 
     (42) 
     - 
  
    Net cash provided by financing activities 
     67,177  
     - 
  
    Net (decrease)/increase in cash 
    $57,