Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 333

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 333
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uance of additional shares of common stock, warrants, options or other convertible securities. Future sales of shares of our common
stock in the public market, or the perception that such sales could occur, have caused and could in the future cause our stock price
to fall.

In the past, we have issued common stock and convertible securities
in order to raise capital, including pursuant to our “at the market” offering program. We have also issued common stock, restricted
stock units and options as compensation for services and incentive compensation for our employees, directors and certain vendors. We have
shares of common stock reserved for issuance upon the exercise of certain of these securities and may increase the shares reserved for
these purposes in the future. Our issuance of additional common stock, convertible securities, options or warrants, including through
our “at the market” offering program, could affect the rights of our stockholders, could reduce the market price of our common
stock or could obligate us to issue additional shares of common stock to certain of our stockholders.

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Further, sales of a substantial number of shares
of our common stock in the public market, or the perception that these sales could occur could cause the market price of our common stock
to decline. A substantial majority of the outstanding shares of our common stock are freely tradable without restriction or further registration
under the Securities Act. We cannot predict the effect that future sales of common stock or other equity-related securities would have
on the market price of our common stock.

We do not anticipate paying any cash dividends on our capital
stock in the foreseeable future; capital appreciation, if any, will be your sole source of gain as a holder of our common stock.

We have never declared or paid cash dividends
on shares of our common stock. As noted above, our board of directors authorized a share repurchase program pursuant to which we may
repurchase up to $20 million of our common stock. The manner, timing and amount of any share repurchases may fluctuate and will be determined
by us based on a variety of factors, including the market price of our common stock, our priorities for the use of cash to support our
business operations and plans, general business and market conditions, tax laws, and alternative investment opportunities. The share
repurchase program authorization does not obligate us to acquire any specific number or dollar value of shares. If we do not use the
repurchase program or declare any dividends, capital appreciation, if any, of our common stock will be the