Company: IXHL
Filing Date: 2025-04-16
Form Type: CORRESP
Source: 0001213900-25-032579
Chunk: 1

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-16
Form: CORRESP
Chunk 1
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:

The Company respectfully acknowledges the Staff’s
comment and has revised the Registration Statement to be on a Registration Statement on Form S-1.

| 2. | We note your references in your prospectus to an “alternative cashless exercise” feature                                                   
 in the Series A Warrants. The term “cashless exercise” is generally understood to allow a warrant holder to exercise a warrant             
 without paying cash for the exercise price and reducing the number of shares receivable by the holder by an amount equal in value to the   
 aggregate exercise price the holder would otherwise pay to exercise the warrant(s). In cashless exercises, it is expected that the warrant 
 holder receives fewer shares than they would if they opted to pay the exercise price in cash. Please clarify your disclosure throughout    
 by removing the references to “alternative cashless exercise” and exclusively use the term “zero exercise price”                           
 or another appropriate term that conveys that, in addition to the company receiving no cash upon the “alternative cashless exercise,”      
 the warrant holders would be entitled to receive more shares than they would under the cash exercise terms or the cashless exercise terms  
 of the warrants.                                                                                                                           |

April 16, 2025

Page 2

:

The Company respectfully acknowledges the Staff’s
comment and has revised these references using the term “zero exercise price” in the S-1 in accordance with the Staff’s
comment.

| 3. | We note your disclosure here that you are only registering 54,397,715 shares of common stock issuable                                    
 upon exercise of the Series A Warrants. However, your preliminary proxy filed on March 18, 2025 indicates, “[i]f the Warrant Stockholder 
 Approval is not obtained, the Series A Warrants will not be exercisable.” Please update your disclosure to state your Series A Warrants  
 are not currently exercisable or otherwise advise.                                                                                       |

:

The Company respectfully acknowledges the Staff’s
comment and has revised this disclosure on the cover page and pages 1, 5, 6, 12, and II-3 of the S-1 in accordance with the Staff’s
comment.

Prospectus Summary

2025 Private Placement, page 1

| 4. | We note that your Series A Warrants contain an adjustment provision which is subject to a floor                                          
 price as well as an alternative cashless exercise provision. Please review and revise the disclosure here to provide investors, in       
 plain English, a clear and concise presentation of