Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
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Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
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Filed Pursuant to Rule 424(b)(5)
Registration No. 333- 283028

Prospectus Supplement
(To Prospectus dated November 22, 2024)

<div align='center'>Up to $ 16,768,099 of Shares of Common Stock</div>

We have entered into a Sales
Agreement (the “Sales Agreement”), with A.G.P./Alliance Global Partners (“A.G.P.” or “Sales Agent”)
relating to the sale of shares of our common stock, par value $0.0001 per share, offered by this prospectus supplement and the accompanying
prospectus. In accordance with the terms of such Sales Agreement, under this prospectus supplement and the accompanying prospectus, we
may offer and sell shares of our common stock having an aggregate offering price of up to $16,768,099 from time to time through or to
A.G.P. acting as our agent or principal. Pursuant to the terms of those certain securities purchase agreements (the “March 2025
Securities Purchase Agreements”), dated March 7, 2025, by and between us and certain institutional investors (the “Purchasers”),
we may not offer or sell shares of common stock under the Sales Agreement at a price less than $1.08 per share of Common Stock prior to the thirtieth day after the Release Date (as defined below). Additionally, we may not issue more than
seven shares of Common Stock pursuant to the Sales Agreement prior to the date of the Stockholder Approval (as defined below).

Our common stock is listed
on The Nasdaq Global Market under the symbol “IXHL.” On April 4, 2025, the last reported sale price of our common stock on
The Nasdaq Global Market was $0.5201 per share.

Sales of our common stock,
if any, under this prospectus supplement and the accompanying prospectus may be made in transactions that are deemed to be “at the
market offerings” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
including, without limitation, sales made directly on or through The Nasdaq Global Market, the trading market for our common stock, or
any other existing trading market in the United States for our common stock, sales made to or through a market maker other than on an
exchange or otherwise, directly to A.G.P. as principal