Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 569

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 2
Chunk 569
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 at the applicable tax rate of 30% 
     (14,066) 
     (5,525)
  
    Non-deductible expenses 
     4,511  
     6,545 
  
    Non-assessable income 
     (1,527) 
     (3,431)
  
    Deferred tax assets not recognized 
     1,143  
     927 
  
    Income tax benefit 
     -  
     (30)
  
    Unrecognized Deferred Tax Asset 

    Deferred tax asset not recognized in the financial statements: 

    Unused tax losses 
     10,648  
     6,887 
  
    Net unrecognized tax benefit at 25% 
     11,790  
     7,813 

ASC 740 requires that the tax benefit of net operating
losses, temporary differences and credit carry forwards be recorded as an asset to the extent that management assesses that realization
is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate
sufficient taxable income within the carry forward period. Because of the Company’s recent history of operating losses, management
believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be
realized and, accordingly, has provided a valuation allowance. As of June 30, 2025 and 2024, the Company established a valuation allowance
against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

F-21

Note 15 - Loss per share

All stock and earnings per share amounts presented
below reflect the impact of the redomiciliation as if it had taken effect on July 1, 2022.

Basic and diluted net loss per share attributable
to stockholders was calculated as follows:

    June 30, 2025  
    June 30, 2024 

    Basic and diluted loss per share (dollars per share) 
     1.35  
     1.15 
  
    The loss and weighted average number of shares of common stock used in the calculation of basic loss per share is as follows: 

    Total comprehensive loss for the year (in thousands) 
     (46,677) 
     (18,536)
  
    - Weighted average number of shares of common stock (number) 
     34,454,