Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 480

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 480
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 so long as our voting and non-voting common stock held by non-affiliates is less than $250.0 million measured
on the last business day of our second fiscal quarter, or our annual revenue is less than $100.0 million during the most recently completed
fiscal year and our voting and non-voting common stock held by non-affiliates is less than $700.0 million measured on the last business
day of our second fiscal quarter.

Item 7A. Quantitative and Qualitative Disclosures About Market
Risk

We are a smaller reporting company as defined
by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

91

Item 8. Financial Statements and Supplementary
Data

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

    Page       Report of Independent Registered Public Accounting Firm (PCAOB ID: 02233) F-2  Consolidated Balance Sheets as of June 30, 2025 and 2024 F-3  Consolidated Statements of Operations and Comprehensive Loss for the Fiscal Years Ended June 30, 2025 and 2024 F-4  Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Fiscal Years Ended June 30, 2025 and 2024 F-5  Consolidated Statements of Cash Flows for the Fiscal Years Ended June 30, 2025 and 2024 F-6  Notes to Consolidated Financial Statements F-7 

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

Board of Directors and Shareholders

Incannex Healthcare Inc.

Opinion on the financial statements 

We have audited the accompanying consolidated
balance sheets of Incannex Healthcare Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of June 30, 2025,
the related consolidated statements of operations and comprehensive loss, changes in shareholders’ equity (deficit), and cash flows
for each of the two years in the period ended June 30, 2025, and the related notes (collectively referred to as the “consolidated
financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in
the period ended