Company: IXHL
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110299
Chunk: 36

Company: Incannex Healthcare Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 36
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INCANNEX HEALTHCARE INC.

Notes To Unaudited Condensed Consolidated Financial
Statements
(in thousands, except share and per share amounts)

(expressed
in U.S. Dollars, unless otherwise stated)

Note 1 – Business

Incannex Healthcare
Inc. (the “Company”) is a corporation formed under the laws of Delaware in July 2023. Incannex Healthcare Inc. 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 unaudited condensed
consolidated financial statements of the Company are presented in United States dollars and consist of Incannex Healthcare Inc. and the
following wholly-owned subsidiaries:

  Subsidiary   Jurisdiction  Incannex Healthcare Limited   Victoria, Australia  Incannex Pty Ltd   Victoria, Australia  Psychennex Pty Ltd   Victoria, Australia  APIRx Pharmaceutical USA, LLC   Delaware, United States of America  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 

5

Note 2 – Basis of Presentation and Summary of Significant
Accounting Policies

Basis of Presentation

The Company’s unaudited condensed consolidated
financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally
accepted in the United States (“US GAAP”) and pursuant to the rules and regulations of the SEC.

Reference is frequently made herein to the Financial
Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative
US GAAP recognized by the FASB to be applied to non-governmental entities.

Unaudited Interim Financial Information

In the opinion of the Company, the accompanying
unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary
for a fair statement of its financial position as of September 30, 2025, and its results of operations for the three months ended September
30, 2025, and 2024, and cash flows for the three months ended September 30, 2025, and 2024. The Company has