Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 513

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 513
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 procedures, particularly relating
to the correct application of complex accounting measures.

Remediation Efforts

The measures that we are undertaking to remediate
the material weakness in internal control over financial reporting have and will include: (a) hiring qualified internal control personnel
or consultants to manage the implementation of internal control policies, procedures and improvement of the internal audit function, as
applicable; (b) developing and implementing written policies and procedures for accounting and financial reporting that meet the standards
applied to public companies listed in the United States; and (c) conducting internal control training to management, key operations personnel
and the accounting department, so that management and relevant personnel understand the requirements and elements of internal control
over financial reporting mandated by the US securities laws.

We believe we have made progress in accordance
with our remediation plan even though the material weaknesses will not be considered remediated until we have completed implementing the
necessary additional applicable controls and operate with them for a sufficient period of time to allow management and our auditors to
conclude that these controls are operating effectively.

We cannot determine when
our remediation plan will be fully completed, and we cannot provide any assurance that these remediation efforts will be successful or
that our internal control over financial reporting will be effective as a result of these efforts.

Attestation Report of the Registered
Public Accounting Firm

This Annual Report does
not include an attestation report of our independent registered public accounting firm due to our status as an emerging growth company
under the JOBS Act.

Changes in Internal Control over Financial Reporting

Other than the remediation of the material weakness
discussed above, there were no changes in our internal controls over financial reporting (as such term is defined in Rules 13a-15(d) and
15d-15(d) under the Exchange Act) that occurred during three months ended June 30, 2025 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

During the three months ended June 30, 2025, none
of our directors or officers adopted or terminated “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,”
as each term is defined in Item 408 of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections

Not applicable.

93

PART III

Item 10. Directors, Executive Officers and Corporate