Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
Chunk: 2

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 2
---
 prospectus supplement.

As of the date hereof, the
aggregate market value of our common stock held by non-affiliates pursuant to General Instruction I.B.6 of Form S-3 is $50,304,298, which
was calculated based on 22,865,590 shares of our common stock outstanding held by non-affiliates as of March 10, 2025 and a price of $2.20
per share, the closing price of our common stock on February 6, 2025, which is the highest closing sale price of our common stock on The
Nasdaq Global Market within the prior 60 days of this prospectus supplement. As of the date of this prospectus supplement, we have not
sold any securities pursuant to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to, and including, the date
of this prospectus supplement. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in public primary
offerings on Form S-3 with a value exceeding more than one-third of our public float (as defined by General Instruction I.B.6) in any
12 calendar month period so long as our public float remains below $75 million.

Investing in our common stock involves a high degree of risk. Before making an investment decision, please read the information under the heading “Risk Factors” beginning on page S-6 of this prospectus supplement, page 3 of the accompanying prospectus and in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement and the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>A.G.P.

The date of this prospectus supplement is April
7, 2025.

TABLE OF CONTENTS

PROSPECTUS SUPPLEMENT</div>

|                                                      |     | Page |
| ABOUT THIS PROSPECTUS SUPPLEMENT                     |     | S-ii |
| PROSPECTUS SUPPLEMENT SUMMARY                        |     | S-1  |
| THE COMPANY                                          |     | S-1  |
| THE OFFERING                                         |     | S-5  |
| RISK FACTORS                                         |     | S-6  |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |