Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 510

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 510
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 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) 
     34,454,269  
     16,164,338 

The Company notes that the diluted loss per share
is the same as basic loss per share.

Note 16 -Related Party Transactions

There were no amounts payable to any related parties
as of June 30, 2025 and 2024.

Note 17 - Subsequent Events

ATM Program Increase

On July 24, 2025, the Company filed a prospectus
supplement to increase the capacity of its ATM by up to an additional $100 million. While this filing increases the available capacity
under the ATM, the Company is under no obligation to issue any share of its common stock pursuant to the program. The expanded facility
is intended to enhance the Company’s financial flexibility, providing an efficient mechanism to access capital if, and when, deemed
appropriate. Any utilisation of the ATM will be at the discretion of the Company, taking into account prevailing market conditions and
strategic priorities.

As previously disclosed,
the ATM is conducted pursuant to the Amended and Restated Sales Agreement, by and among the Company and the Sales Agents. Accordingly,
pursuant to the prospectus supplement, the amount of shares of the Company’s common stock that the Company may issue under the Amended
and Restated Sales Agreement has been increased by up to an aggregate of $100 million of shares of the Company’s common stock. There