Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 467

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 467
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 September 28, 2025, there were 347,705,507 shares of our common
stock outstanding and held of record by approximately 4,657 stockholders.

Dividend Policy

We have never declared or paid any dividends on
our shares of common stock. We intend to retain any earnings for use in our business and do not currently intend to pay cash dividends
on our shares of common stock. Dividends, if any, on our outstanding shares of common stock will be declared by and subject to the discretion
of our board of directors, and subject to the terms of our debt arrangements, as described above, and Delaware law.

Recent Sales of Unregistered Securities

None.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

You should read the following discussion and
analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes
included elsewhere in this Annual Report. This discussion and analysis contains forward looking statements and involves numerous risks
and uncertainties, including, but not limited to, those described in the “Risk Factors” section of this Annual Report. Actual
results may differ materially from those contained in any forward-looking statements. For a discussion on forward-looking statements,
see the information set forth in the introductory note to this Annual Report under the caption “Special Note Regarding Forward
Looking Statements,” which information is incorporated herein by reference.

Overview

We are a clinical-stage biopharmaceutical development
company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet needs. Our
lead drug candidates include IHL-42X for the treatment of OSA; PSX-001, our psilocybin treatment in combination with psychological therapy
in development to treat patients with GAD; and IHL-675A for rheumatoid arthritis. Each of these programs target conditions that currently
have limited, inadequate, or no approved pharmaceutical treatment options.

Recent Developments

ATM Program Increase

On July 24, 2025, we filed a prospectus supplement
to increase the capacity of our existing “at-the-market” offering program (the “ATM”) by up to an additional
$100 million. While this filing increases the available capacity under the ATM, we are under no obligation to issue any shares of our
commons stock pursuant to the program. The expanded facility is intended to enhance