Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 542

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 2
Chunk 542
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 an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON AUDIT PTY LTD

We have served as the Company’s auditor since 2023.

Perth, Australia

September 29, 2025

F-2

INCANNEX HEALTHCARE INC.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

(expressed in U.S. Dollars, unless otherwise stated)

    June 30, 2025  
    June 30, 2024 
  
    Assets 

    Current assets: 

    Cash and cash equivalents 
    $15,039  
    $5,858 
  
    Prepaid expenses and other assets 
     791  
     507 
  
    R&D tax incentive receivable 
     4,132  
     9,837 
  
    Total current assets 
     19,962  
     16,202 
  
    Property, plant and equipment, net 
     227  
     472 
  
    Operating lease right-of-use assets, net 
     258  
     373 
  
    Total assets 
    $20,447  
    $17,047 
  
    Liabilities and stockholders’ equity 

    Current liabilities: 

    Trade and other payables 
    $6,104  
    $612 
  
    Accrued expenses and other current liabilities 
     696  
     4,845 
  
    Operating lease liabilities, current 
     184  
     163 
  
    Total current liabilities 
     6,984  
     5,620 
  
    Operating lease liabilities, non-current 
     74  
     210 
  
    Total liabilities 
     7,058  
     5,830 
  
    Commitments and contingencies (Note 8)