Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
Chunk: 27

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 27
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, Ltd at an exercise price of $0.0001 per share;                                                                                  |

| ● | 453,749 shares of Common Stock reserved for issuance upon the exercise of the warrant issued to Arena Special Opportunities (Offshore) 
 Master II LP at an exercise price of $0.0001;                                                                                          |

| ● | 1,887,045 shares of Common Stock issuable upon the exercise of outstanding pre-funded warrants, with an exercise price of $0.0001; 
 and                                                                                                                                |

| ● | 54,397,715 shares of Common Stock currently reserved for issuance upon the exercise of outstanding Series A warrants, with an initial     
 exercise price of $2.16, and an additional 292,824,985 shares of Common Stock underlying the Series A Warrants that will be reserved upon 
 and assuming receipt of the Stockholder Approval.                                                                                         |

<div align='center'>S-13

PLAN
OF DISTRIBUTION</div>

We have entered into the
Sales Agreement with A.G.P. under which we may issue and sell shares of our common stock from time to time up to $16,768,099 to or through
A.G.P., acting as our sales agent or principal. The sales of our common stock, if any, under this prospectus supplement will be made at
market prices by any method deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act,
including sales made directly on Nasdaq, on any other existing trading market for our common shares or to or through a market maker. If
we and A.G.P. agree on any method of distribution other than sales of our common stock on or through the Nasdaq Global Market or another
existing trading market in the United States at market prices, we will file a further prospectus supplement providing all information
about such offering as required by Rule 424(b) under the Securities Act.

Each time that we wish to
issue and sell our common stock under the Sales Agreement, we will provide A.G.P. with a placement notice describing the amount of shares
to be sold, the time period during which sales are requested to be made, any limitation on the amount of common stock that may be sold
in any single day, any minimum price below which sales may not be made or any minimum price requested for sales in a given time period
and any other instructions relevant to such requested sales. Upon receipt of a placement notice, A.G.P., acting as our