Company: IXHL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043682
Chunk: 26

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 80.0%
  
    Risk free rate of return 
     3.82% 
     3.93%
  
    Expected annual dividend yield 
     Nil  
     Nil 

The changes in the fair value of the Series
A Warrant liability were a decrease of $781k for the nine months ended March 31, 2025.

Note 13 – Debt

The table below presents details of the Company’s
debt as of the following periods:

    March 31,  2025 $  
    June 30,  2024 $ 

    (in thousands) 
  
    Short-term debt 

    FC Credit – 14.5% Facility agreement due 2025 
     1,397  
     - 

18

Note 13 – Debt (continued)

FC Credit – 14.5% Facility agreement
due 2025

On October 9, 2024, the Company entered into
a Facility Agreement with FC Credit Pty Ltd, pursuant to which, on October 10, 2024, the Company received approximately A$6.9 million
as the initial drawdown amount.

This facility provides Incannex with immediate
access to funds based on R&D expenses incurred during the 2023 and 2024 financial years, aligning with the end of the Australian financial
year. The Research and Development Tax Incentive (“RDTI”) program is a key program under the Australian government's innovation
framework, designed to encourage companies to undertake R&D activities that benefit Australia. It offers a tax rebate, currently at
48.5%, for eligible R&D expenses, allowing companies to recoup almost half of their R&D spending.

Note 14 – Income Tax 

For the nine months ended March 31, 2025, and March
31, 2024, respectively, the Company did not recognize a provision or benefit for income taxes as it incurred net losses. In addition,
the net deferred tax assets generated from net operating losses were fully offset by a valuation allowance as the Company believes it
is not more likely than not that the benefit will be realized.

Note 15 – Loss per share 

Basic and diluted net loss per share attributable
to stockholders was calculated as follows (in thousands, except share and per share amounts):

    For the nine months ended March 31, 

    2025
$  
    2024
$