Company: IXHL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043682
Chunk: 16

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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10

Note 3 – Prepaid expenses and other current assets

    March 31,  2025 $  
    June 30, 2024 $ 

    (in thousands) 
  
    Prepayments1 
     180  
     329 
  
    GST recoverable 
     236  
     178 
  
    Total prepaid expenses and other current assets 
     416  
     507 

  1 Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services. 

Note 4 – Assets pledged as security for short-term debt

    March 31,  2025 $  
    June 30, 2024 $ 

    (in thousands) 
  
    Assets pledged as security for short-term debt 
     1,397  
     - 

The amount consists of R&D tax incentive receivables,
as detailed under Note 5, which have been pledged to FC Credit as part of the facility agreement detailed under Note 12.

Note 5 – R&D tax incentive receivable

    March 31,  2025 $  
    June 30, 2024 $ 

    (in thousands) 
  
    R&D tax incentive receivable 
     7,105  
     9,837 

Due to multiple years of tax incentives being granted
and successful lodgment of overseas findings on the Company’s lead assets, the Company changed its estimates for the R&D tax
incentive receivable, primarily based on historical experience of claims. These amounts exclude the portion of R&D tax incentive receivable
pledged as security for the facility agreement as detailed in Note 4.

 Note 6 – Property, Plant and Equipment, net

    March 31,  2025 $  
    June 30, 2024 $ 

    (in thousands) 
  
    Furniture, fittings and equipment 
     597  
     597 
  
    Assets under construction 
     -  
     - 
  
    Total property, plant and equipment, gross 
     597  
     597 
  
    Accumulated depreciation and amortization 
     (320) 
     (125)
  
    Total property, plant and equipment, net 
    $277  
    $472