Company: IXHL
Filing Date: 2025-05-28
Form Type: 424B5
Source: 0001213900-25-047991
Chunk: 1

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-28
Form: 424B5
Chunk 1
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 Sales Agreement by an aggregate offering price of up to
$50,000,000 from time to time through the Sales Agents, which is in addition to the shares of Common Stock having an aggregate gross sales
price of approximately $19,260,925 that were sold pursuant to the Prior Prospectuses to date.

As of May 27, 2025, the aggregate
market value of our outstanding Common Stock held by non-affiliates (the “public float”) calculated for purposes of General
Instruction I.B.6 of Form S-3, was approximately $75.4 million based on 93,695,370 shares of outstanding Common Stock as of May 27, 2025,
of which 3,824,545 shares were held by affiliates, and a price of $0.8391 per share, which was the price at which our Common Stock was
last sold on the Nasdaq Capital Market (“Nasdaq”) on April 8, 2025.

As a result, our public float
has increased above $75.0 million and we are no longer subject to the limitations contained in General Instruction I.B.6. of Form S-3
as of the date of this Prospectus Supplement. If we become subject to the offering limits in General Instruction I.B.6 of Form S-3 in
the future, we will file another Prospectus Supplement.

Our common stock is listed
on Nasdaq under the symbol “IXHL”. The last sales price of our common stock, as reported on Nasdaq on May 23, 2025, was $0.2177
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 Prospectuses, 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.

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<div align='center'>The date of this Prospectus Supplement is May 28, 2025</div>