Company: IXHL
Filing Date: 2025-05-20
Form Type: 424B5
Source: 0001213900-25-045640
Chunk: 0

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-20
Form: 424B5
Chunk 0
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Filed pursuant to Rule 424(b)(5)

Registration No. 333-283028

Prospectus Supplement

(to Prospectus Supplement dated April 7, 2025, to Prospectus dated November 22, 2024)

<div align='center'>Up to $2,514,214

Shares of Common Stock</div>

This prospectus supplement (this “Prospectus
Supplement”) amends and supplements the information in the prospectus, dated November 22, 2024 (the “Prospectus”), filed
with the Securities and Exchange Commission as a part of our registration statement on Form S-3 (File No. 333-283284) (the “Registration
Statement”), as previously supplemented by our prospectus supplement, dated April 7, 2025 (such prospectus supplement together with
the Prospectus, the “Prior Prospectus”), relating to the offer and sale of shares of our common stock pursuant to the terms
of that certain Sales Agreement, dated April 7, 2025, with A.G.P./Alliance Global Partners (“A.G.P.”) (the “Sales Agreement”).
This Prospectus Supplement should be read in conjunction with the Prior Prospectus, and is qualified by reference thereto, except to the
extent that the information herein amends or supersedes the information contained in the Prior Prospectus. This Prospectus Supplement
is not complete without, and may only be delivered or utilized in connection with, the Prior Prospectus and any future amendments or supplements
thereto.

As of May 19, 2025 the
aggregate market value of our outstanding Common Stock held by non-affiliates (the “public float”) calculated for
purposes of General Instruction I.B.6 of Form S-3, was approximately $57.8 million based on 72,763,798 shares of outstanding Common
Stock as of May 19, 2025, of which 3,824,545 shares were held by affiliates, and a price of $0.8391 per share, which was the price
at which our Common Stock was last sold on the Nasdaq Capital Market (“Nasdaq”) on April 8, 2025.

We have sold an aggregate of approximately $16,768,095 of shares of
Common Stock pursuant to General Instruction I.B.6 of Form S-3 during the prior 12-calendar month period that ends on and includes the
date of this prospectus supplement.

We