Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
Chunk: 26

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 26
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 shares of Common Stock pursuant to the Sales Agreement prior to the date of the Stockholder Approval.

The following table illustrates the immediate dilution to
the new investors:

| Public offering price per share                                                                                       
 Historical net tangible book value per share on December 31, 2024                                                     
 Pro forma net tangible book value per share on December 31, 2024                                                      |     |     | 0.0543 
 0.3153 |     | $0.5201 |
|:----------------------------------------------------------------------------------------------------------------------|:----|:----|-------:|:----|--------:|
| Increase in pro forma net tangible book value per share attributable to this offering                                 |     |     | 0.1021 |     |         |
| Pro forma as adjusted net tangible book value per share as of December 31, 2024, after giving effect to this offering |     |     |        |     |  0.4173 |
| Dilution per share to new investors in this offering                                                                  |     |     |        |     | $0.1028 |

The foregoing discussion
and table do not take into account further dilution to new investors that could occur upon the exercise of outstanding options or warrants.
In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have
sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity
or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

The number of shares of
common stock to be outstanding immediately after this offering, is based on 27,472,280 shares of our common stock outstanding as of
April 4, 2025 and excludes the following securities:

| ● | 1,978,338 shares of Common Stock issuable upon the exercise of outstanding warrants that were issued to stockholders in connection with the re-domiciliation having a weighted average exercise price of $20.04 per share; |

| ● | 3,464,344 shares of Common Stock                                                                                            
 reserved for issuance under the Company’s 2023 Equity Incentive Plan, including 670,468 shares of Common Stock reserved for 
 issuance under restricted stock units granted under the Company’s 2023 Equity Incentive Plan;                               |

| ● | 585,000 shares of Common Stock reserved for issuance upon the exercise of the warrant issued to Arena Business Solutions Global SPC 
 II