Company: IXHL
Filing Date: 2025-05-20
Form Type: 424B5
Source: 0001213900-25-045640
Chunk: 1

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-20
Form: 424B5
Chunk 1
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 are filing this prospectus supplement to amend the Prior Prospectuses
to update the amount of shares we are eligible to sell pursuant to such prospectus. We are increasing the amount of shares of Common Stock
we may offer and sell under the Sales Agreement to an aggregate offering price of up to $2,514,214 from time to time through A.G.P., which
does not include the shares of Common Stock having an aggregate gross sales price of approximately $16,768,095 that were sold pursuant
to the Prior Prospectuses to date. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public
primary offering with a value exceeding one-third of our public float in any 12-month calendar period so long as our public float remains
below $75.0 million. In the event that we may sell additional amounts under the Sales Agreement, we will file another prospectus supplement
prior to making such additional sales.

Our common stock is listed on Nasdaq under
the symbol “IXHL.” The last sale price of our common stock, as reported on Nasdaq on May 19, 2025, was $0.1999 per share.

Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page S-6 of the Prospectus Supplement dated April 7, 2025 and the risk factors incorporated by reference into this Prospectus Supplement and the Prior Prospectus, as they may be amended, updated or modified periodically in our reports filed with the Securities and Exchange Commission.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Prospectus Supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

<div align='center'>A.G.P.

The date of this Prospectus Supplement is May 20, 2025</div>