Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 6

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 8
Chunk 6
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. (“Incannex”)
is a corporation formed under the laws of the State of Delaware in July 2023. Incannex and its subsidiaries are referred to as “the
Company” unless the text otherwise requires.

The Company’s fiscal year end is June 30.
References to a particular “fiscal year” are to the Company’s fiscal year ended June 30 of that calendar year.

The consolidated financial statements of the Company
are presented in U.S. dollars and consist of Incannex and the following wholly-owned subsidiaries:

   Subsidiary   Jurisdiction  Incannex Healthcare Pty Ltd   Victoria, Australia  Incannex Pty Ltd   Victoria, Australia  Psychennex Pty Ltd   Victoria, Australia  APIRx Pharmaceutical USA, LLC   Delaware  APIRx Pharmaceuticals Holding BV   IJsselstein, Netherlands  Clarion Clinics Group Pty Ltd   Victoria, Australia  Clarion Model Clinic Pty Ltd   Victoria, Australia  Psychennex Licensing and Franchising Pty Ltd   Victoria, Australia 

Description of Business

The Company is a clinical-stage biopharmaceutical
development company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet
needs. The Company’s lead drug candidates include IHL-42X for the treatment of obstructive sleep apnea (“OSA”); PSX-001,
the Company’s psilocybin treatment in combination with psychological therapy in development to treat patients with generalized anxiety
disorder (“GAD”); and IHL-675A for rheumatoid arthritis. Each of these programs target conditions that currently have limited,
inadequate, or no approved pharmaceutical treatment options.

Note 2 - Basis of Presentation and Summary of Significant Accounting
Policies

Basis of Presentation

The Company’s consolidated financial statements
included in this report have been prepared in accordance with accounting principles generally accepted in the United States (“US
GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Reference is frequently made herein to the Financial
Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative
US GAAP recognized by the FASB to be applied to non-governmental entities.

Going concern basis

The financial report has been prepared on the going
concern basis, which assumes continuity of normal business activities and the realization of assets and the settlement of liabilities
in the ordinary course of business.

The Company has incurred total comprehensive losses