Company: IXHL
Filing Date: 2025-03-24
Form Type: S-3
Source: 0001013762-25-001587
Chunk: 2

Company: Incannex Healthcare Inc.
Filing Date: 2025-03-24
Form: S-3
Chunk 2
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 is not permitted.

<div align='center'>Subject to completion, dated March 24, 2025</div>

PROSPECTUS

<div align='center'>Incannex Healthcare Inc.

65,971,805 Shares of Common Stock</div>

This prospectus relates to
the offer and sale by the selling stockholders named in this prospectus, and any pledgee, donee, transferee or other successor in interest,
of up to an aggregate of 65,971,805 shares (the “Shares”) of common stock, par value $0.0001 per share, of Incannex Healthcare
Inc (the “Common Stock”).

We are registering for resale
(i) 9,687,045 shares of Common Stock held by the selling stockholders, (ii) 1,887,045 shares of Common Stock issuable upon the exercise
of pre-funded warrants (the “Pre-Funded Warrants”) to purchase shares of Common Stock held by certain selling stockholders,
and (iii) 54,397,715 shares of Common Stock issuable upon the exercise of Series A common stock warrants (the “Series A Warrants”
and together with the Pre-Funded Warrants, the “Warrants”) to purchase shares of Common Stock held by the selling stockholders.

Our registration of the Shares
covered by this prospectus does not mean that the selling stockholders will offer or sell any of the Shares. The selling stockholders
may sell any, all or none of the Shares offered by this prospectus and we do not know when or in what amount the selling stockholders
may sell their Shares hereunder following the effective date of this registration statement. The selling stockholders named in this prospectus,
and any pledgee, donee, transferee or other successor-in-interest, may offer the shares from time to time through public or private transactions
at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. For further information
regarding the possible methods by which our Common Stock may be distributed, see “Plan of Distribution” beginning on page
13 in this prospectus. Each of the selling stockholders is an “underwriter” within the meaning of Section 2(a)(11) of the
Securities Act of 1933, as amended (the “Securities Act”).

Our Common Stock is traded
on The Nasdaq Global Market under the symbol “IXHL.” On March 21, 2025, the closing sale price