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

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 25
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 invest in our securities,
you will experience immediate and substantial dilution to the extent of the difference between the amount per share paid in this offering
and the net tangible book value per share of our common stock immediately after the offering.

Our net tangible book value
per share is determined by subtracting our total liabilities from our total tangible assets, which is total assets less intangible assets,
and dividing this amount by the number of shares of common stock outstanding. The historical net tangible book value of our common stock
as of December 31, 2024 was approximately $1.0 million, or $0.0543 per share, based on 17,785,235 shares of our common stock outstanding
at December 31, 2024.

Our pro forma net
tangible book value as of December 31, 2024, was approximately $8.7 million, or approximately $0.3153 per share, on a pro forma
basis to give effect to (i) the issuance and sale of 9,687,045 shares of common stock pursuant to the Private Placement at an
offering price of $1.08 per share that closed on March 10, 2025, (ii) the issuance of 64,127 shares of common stock issued pursuant
to the partial conversion of a secured convertible debenture, which is no longer outstanding and (iii) the $3.8 million repayment in full of the debenture by and between the Company and Arena Special Opportunities (Offshore) Master
II LP.

After giving effect to the
issuance and sale in this offering of 32,240,144 shares of common stock at the offering price of $0.5201 per share (which was the last
reported sale price on April 4, 2025), after deducting the estimated sales agent fees and estimated offering expenses payable by us, our
pro forma as adjusted net tangible book value on December 31, 2024, would have been approximately $24.9 million or $0.4173 per share.
This represents an immediate increase in the net tangible book value of $0.1021 per share to new investors purchasing shares of common
stock in this offering, assuming 32,240,144 shares are sold at the assumed public offering price of $0.5201 per share. The above calculation
presume that the authorized shares of the Company has been increased pursuant to the Stockholder Approval. We may not issue more than
seven