Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 587

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 3
Chunk 587
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 is incorporated herein by reference.

Overview

We are a clinical-stage biopharmaceutical development
company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet needs. Our
lead drug candidates include IHL-42X for the treatment of OSA; PSX-001, our psilocybin treatment in combination with psychological therapy
in development to treat patients with GAD; and IHL-675A for rheumatoid arthritis. Each of these programs target conditions that currently
have limited, inadequate, or no approved pharmaceutical treatment options.

Recent Developments

ATM Program Increase

On July 24, 2025, we filed a prospectus supplement
to increase the capacity of our existing “at-the-market” offering program (the “ATM”) by up to an additional
$100 million. While this filing increases the available capacity under the ATM, we are under no obligation to issue any shares of our
commons stock pursuant to the program. The expanded facility is intended to enhance our financial flexibility, providing an efficient
mechanism to access capital if, and when, deemed appropriate. Any utilization of the ATM will be at our discretion, taking into account
prevailing market conditions and strategic priorities.

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As previously disclosed,
the ATM is conducted pursuant to the Amended and Restated Sales Agreement, dated May 28, 2025 (the “Amended and Restated Sales Agreement”)
by and among us, A.G.P./Alliance Global Partners (“A.G.P.”) and Curvature Securities, LLC (“Curvature,” and together
with A.G.P, the “Sales Agents”). Accordingly, pursuant to the prospectus supplement, the amount of shares of our common stock
that we may issue under the Amended and Restated Sales Agreement has been increased by up to an aggregate of $100 million of shares of
our common stock. There can be no assurance that the Sales Agents will be able to complete future placements pursuant to the Amended and
Restated Sales Agreement, even if instructed to do so. The number of shares of our common stock that we may ultimately sell under the
Amended and Restated Sales Agreement will fluctuate based on a number of factors, including the market price of our common stock during
the sales period, the limits it may set in any instruction to sell Shares, and the demand for our common stock during an applicable sales
period.

Results of Operations

Comparison of Fiscal Years Ended June 30, 2025 to June