Company: IXHL
Filing Date: 2025-04-16
Form Type: CORRESP
Source: 0001213900-25-032579
Chunk: 2

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-16
Form: CORRESP
Chunk 2
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 essential information about the material terms of the Series A Warrants. For example, 
 only, if accurate, please revise your disclosure to clarify the adjustment provision could result in the number of shares of common      
 stock underlying the warrants to increase as your stock price falls subject to the floor price, resulting in up to a tenfold increase    
 in the number of shares underlying the warrants from 11,574,090 shares to 115,740,900 shares. In addition, it appears the alternative    
 cashless exercise provision can be used in concert with the adjustment provision, compounding the potential dilution, resulting in an    
 additional three times the number of shares underlying the warrants, or 347,222,700 shares. Please clarify this point or otherwise       
 advise.                                                                                                                                  |

April 16, 2025

Page 3

:

The Company respectfully acknowledges the Staff’s comment and
has revised this disclosure on pages 1-3 of the S-1 in accordance with the Staff’s comment.

Risk Factors, page 6

| 5. | We note you are registering for resale 65,971,805 shares of common stock and your disclosure on page                                        
 2 that you could potentially issue 347,222,700 shares of common stock, assuming the full alternative cashless exercise of the Series A      
 Warrants at the floor price. Given the nature of the offering, including the size of the shares you are registering for resale relative     
 to your number of outstanding shares, please add risk factors discussing risks associated with the downward pricing pressure                
 from the resale of these securities and the significant potential dilution from the alternative cashless exercise of the Series A Warrants. 
 The risk factor should disclose the maximum number of shares that may be issuable upon exercise of the warrants.                            |

:

The Company respectfully acknowledges the Staff’s
comment and the Company has added such risk factors to page 7 of the S-1.

| 6. | We note that your common stock has been trading at less than $1.00 since March 6, 2025. Please include                                 
 a risk factor describing the material risk that your common shares could be delisted by Nasdaq if you are unable to maintain a minimum 
 price of $1.00 per share.                                                                                                              |

:

The Company respectfully acknowledges the Staff’s
comment and the Company has added such risk factors to page 6 of the S-1.

:

The Company respectfully acknowledges the Staff’s
comment and the Company has added such risk factors to