Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 424

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 424
---
uance of convertible note warrants at initial fair value 
     341  
     - 
  
    Issuance of convertible rights at initial fair value 
     282  
     - 
  
    Issuance of Series A warrants at initial fair value 
     2,843  
     - 
  
    Partial conversion of convertible note 
     100  
     - 
  
    Total 
     4,372  
     - 

The accompanying notes are an integral part of
these consolidated financial statements.

F-6

INCANNEX HEALTHCARE INC.

Notes To Audited Consolidated Financial Statements

June 30, 2025 and 2024

Note 1 – Company Overview 

Incannex Healthcare Inc. (“Incannex”)
is a corporation formed under the laws of the State of Delaware in July 2023. Incannex and its subsidiaries are referred to as “the
Company” unless the text otherwise requires.

The Company’s fiscal year end is June 30.
References to a particular “fiscal year” are to the Company’s fiscal year ended June 30 of that calendar year.

The consolidated financial statements of the Company
are presented in U.S. dollars and consist of Incannex and the following wholly-owned subsidiaries:

   Subsidiary   Jurisdiction  Incannex Healthcare Pty Ltd   Victoria, Australia  Incannex Pty Ltd   Victoria, Australia  Psychennex Pty Ltd   Victoria, Australia  APIRx Pharmaceutical USA, LLC   Delaware  APIRx Pharmaceuticals Holding BV   IJsselstein, Netherlands  Clarion Clinics Group Pty Ltd   Victoria, Australia  Clarion Model Clinic Pty Ltd   Victoria, Australia  Psychennex Licensing and Franchising Pty Ltd   Victoria, Australia 

Description of Business

The Company is a clinical-stage biopharmaceutical
development company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet
needs. The Company’s lead drug candidates include IHL-42X for the treatment of obstructive sleep apnea (“OSA”); PSX-001,
the Company’s psilocybin treatment in combination with psychological therapy in development to treat patients with generalized anxiety
disorder (“GAD”); and IHL-675A for rheumatoid arthritis. Each of these programs target conditions that currently have limited,
inadequate, or no approved pharmaceutical treatment options.

Note 2 - Basis of Presentation and Summary of Significant Accounting