Company: IXHL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043682
Chunk: 7

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 Following completion of the
Re-domiciliation, Incannex Australia’s ordinary shares were delisted from the ASX and Incannex Healthcare Inc. assumed Incannex
Australia’s listing on Nasdaq.

Pursuant to the Re-domiciliation,
holders of Incannex Australia’s ordinary shares received one share of common stock in Incannex Healthcare Inc. for every 100 ordinary
shares held in Incannex Australia and holders of ADSs in Incannex Australia received one share of common stock of Incannex Healthcare
Inc. for every 4 ADSs held in Incannex Australia.

The issued and outstanding
shares of the Company’s common stock as shown in this report have been adjusted in the consolidated financial statements to reflect
the 100:1 exchange ratio as if it had occurred on July 1, 2022.

Incannex Healthcare Inc.
and its subsidiaries are referred to as “the Company” unless the text otherwise requires.

The Company’s fiscal
year end is June 30. References to a particular “fiscal year” are to the Company’s fiscal year ended June 30 of that
calendar year.

The unaudited condensed
consolidated financial statements of the Company are presented in United States dollars and consist of Incannex Healthcare Inc. and the
following wholly-owned subsidiaries:

  Subsidiary   Jurisdiction  Incannex Healthcare Limited   Victoria, Australia  Incannex Pty Ltd   Victoria, Australia  Psychennex Pty Ltd   Victoria, Australia  APIRx Pharmaceutical USA, LLC   Delaware, United States of America  APIRx Pharmaceuticals Holding BV   IJsselstein, Netherlands  Clarion Clinics Group Pty Ltd   Victoria, Australia  Clarion Model Clinic Pty Ltd   Victoria, Australia  Psychennex Licensing and Franchising Pty Ltd   Victoria, Australia 

Note 2 – Basis of Presentation and Summary of Significant
Accounting Policies

Basis of Presentation

On November 28, 2023,
the Company implemented the transaction to redomicile from Australia to United States and became the parent of Incannex Australia and
the wholly owned subsidiaries listed in Note 1. The historical financial statements of Incannex Australia became the historical financial
statements of the combined company upon consummation of the Re-domiciliation. As a result, the financial statements included in this report
reflect (i) the historical operating results of Incannex Australia and subsidiaries prior to the Re-domiciliation; (ii) the combined results