Company: IXHL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043682
Chunk: 6

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 6
---
    Repayment of convertible debt 
     (3,833) 
     - 
  
    Debt issuance costs 
     (113) 
     - 
  
    Net cash provided by financing activities 
     11,794  
     - 

    Effect of exchange rate changes on cash and cash equivalents 
     98  
     (338)
  
    Net increase/(decrease) in cash and cash equivalents 
     755  
     (12,447)
  
    Cash and cash equivalents at beginning of period 
     5,858  
     22,120 
  
    Cash and cash equivalents at end of period 
    $6,711  
    $9,335 

    Non-cash investing and financing activities 

    Issuance of ELOC warrants at initial fair value 
     806  

    Issuance of convertible note warrants at initial fair value 
     341  

    Issuance of conversion rights at initial fair value 
     282  

    Issuance of Series A warrants at initial fair value 
     2,843  
     - 
  
    Partial conversion of convertible note 
     100  
     - 
  
    Total 
     4,372  
     - 

The accompanying notes are an integral part of
these condensed consolidated financial statements.

4

INCANNEX HEALTHCARE INC.

Notes To Unaudited Condensed Consolidated Financial
Statements
(in thousands, except share and per share amounts)

(expressed
in U.S. Dollars, unless otherwise stated)

Note 1 – Re-domiciliation and Business

Incannex Healthcare Inc.
(the “Company”) is a corporation formed under the laws of Delaware in July 2023. In November 2023, Incannex Healthcare Inc.
acquired all the outstanding ordinary shares of Incannex Healthcare Limited, an Australian corporation (“Incannex Australia”),
pursuant to a scheme of arrangement under Australian law (the “Re-domiciliation”). As a result of the Re-domiciliation, Incannex
Australia became a wholly-owned subsidiary of Incannex Healthcare Inc., which is the new ultimate parent company.

Until the Re-domiciliation,
Incannex Australia’s ordinary shares were listed on the Australian Securities Exchange (“ASX”) and American Depositary
Shares (“ADSs”), each representing 25 ordinary shares of Incannex Australia, traded on Nasdaq.