Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
Chunk: 13

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 13
---
 Nasdaq Global Market System                                 | Our common stock is listed on The Nasdaq Global Market under the symbol “IXHL.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

The number of shares of our common stock to be outstanding immediately after this offering is based on 27,546,753 shares of our common stock outstanding as of April 4, 2025, and excludes, as of that date, the following:

| ● | 1,978,338 shares of Common Stock issuable upon the exercise of outstanding warrants that were issued to stockholders in connection with the re-domiciliation having a weighted 
 average exercise price of $20.04 per share;                                                                                                                                    |

| ● | 3,464,344 shares of Common Stock                                                                                                                                                                                          
 reserved for issuance under the Company’s 2023 Equity Incentive Plan, including 670,468 shares of Common Stock reserved for issuance under restricted stock units granted under the Company’s 2023 Equity Incentive Plan; |

| ● | 585,000 shares of Common Stock reserved for issuance upon the exercise of the warrant issued to Arena Business Solutions Global SPC 
 II, Ltd at an exercise price of $0.0001 per share;                                                                                  |

| ● | 453,749 shares of Common Stock reserved for issuance upon the exercise of the warrant issued to Arena Special Opportunities (Offshore) 
 Master II LP at an exercise price of $0.0001;                                                                                          |

| ● | 1,887,045 shares of Common Stock issuable upon the exercise of outstanding pre-funded warrants, with an exercise price of $0.0001; 
 and                                                                                                                                |

| ● | 54,397,715 shares of Common Stock currently reserved for issuance upon the exercise of outstanding Series A warrants, with an initial      
 exercise price of $2.16, and up to an additional 292,824,985 shares of Common Stock underlying the Series A Warrants that will be reserved 
 upon and assuming receipt of the Stockholder Approval.                                                                                     |

<div align='center'>S-5

RISK
FACTORS</div>

Investing in our securities
involves a high degree of risk. You should carefully review the risks and uncertainties described below and under the section titled “Risk
Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form
8-K we file after the date of this prospectus supplement, and all other information and documents contained or incorporated