Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
Chunk: 3

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 3
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     | S-11 |
| USE OF PROCEEDS                                      |     | S-12 |
| DILUTION                                             |     | S-13 |
| PLAN OF DISTRIBUTION                                 |     | S-14 |
| LEGAL MATTERS                                        |     | S-16 |
| EXPERTS                                              |     | S-16 |
| WHERE YOU CAN FIND MORE INFORMATION                  |     | S-16 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE    |     | S-17 |

<div align='center'>PROSPECTUS</div>

| ABOUT THIS PROSPECTUS                                | ii |
| PROSPECTUS SUMMARY                                   |  1 |
| RISK FACTORS                                         |  3 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |  4 |
| USE OF PROCEEDS                                      |  6 |
| DIVIDEND POLICY                                      |  7 |
| DESCRIPTION OF CAPITAL STOCK                         |  8 |
| DESCRIPTION OF DEBT SECURITIES                       | 13 |
| DESCRIPTION OF WARRANTS                              | 19 |
| DESCRIPTION OF UNITS                                 | 20 |
| GLOBAL SECURITIES                                    | 21 |
| PLAN OF DISTRIBUTION                                 | 24 |
| LEGAL MATTERS                                        | 26 |
| EXPERTS                                              | 26 |
| WHERE YOU CAN FIND MORE INFORMATION                  | 26 |
| INCORPORATION OF DOCUMENTS BY REFERENCE              | 27 |

<div align='center'>S-i

ABOUT
THIS PROSPECTUS SUPPLEMENT</div>

This prospectus supplement
and the accompanying prospectus relate to an offering of our common stock and form a part of a registration statement on Form S-3 that
we filed with the Securities and Exchange Commission (the “SEC”) utilizing a “shelf” registration process. Under
this shelf registration process, we may sell any combination of the securities described in the accompanying prospectus included in the
registration statement in one or more offerings up to a total aggregate offering price of $150,000,000. The $16,768,099 of common stock
that may be offered, issued and sold under this prospectus supplement is included in the $150,000,000 of securities that may be offered,
issued and sold by us pursuant to our registration statement.

Before buying any of the
common stock that we are offering, we urge you to carefully read this prospectus supplement and the accompanying prospectus, together
with the information incorporated