Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 262

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 262
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, amounts paid to
us may become repayable to the ATO, including the amount of tax incentives in respect to our fiscal year ended June 30, 2024, which is
included as current receivables in our consolidated financial statements. Any rule changes made to reduce the amount we are able to claim
currently or in the future and any retrospective changes that reduce the incentives that we have claimed in past tax years could harm
our business, financial condition and results of operations.

We expect that we will
need substantial additional funding to continue the development of our drug candidates. If we are unable to raise capital when needed
or to do so on terms that are favorable to us, we could again be forced to delay, reduce or eliminate our development programs or commercialization
efforts or reduce or scale back our operations.

To date, we have not generated any revenue from
product sales to customers and none of our drug candidates have been approved for commercialization by any regulatory body. We do not
expect to receive any material revenue from any drug candidates that we develop, including IHL-42X, PSX-001, and IHL-675A, unless and
until we obtain regulatory approval for these candidates. Our future net losses will depend, in large part, on our success in developing
our drug candidates. Correspondingly, the amount of our future net losses will depend, in part, on the rate of our future expenditures.

42

We
anticipate that our expenses will increase substantially for the foreseeable future if, and as, we:

●continue
                                            our research and preclinical and clinical development of our drug candidates;

●expand
                                            the scope of our current proposed clinical studies for our drug candidates;

●initiate
                                            additional preclinical, clinical or other studies for our drug candidates;

●change
                                            or add manufacturers or suppliers;

●seek
                                            regulatory and marketing approvals for our drug candidates that successfully complete clinical
                                            studies;

●seek
                                            to identify and validate additional drug candidates;

●acquire
                                            or in-license other drug candidates and technologies;

●maintain,
                                            protect and expand our intellectual property portfolio;

●attract
                                            and retain skilled personnel;

●create
                                            additional infrastructure to support our operations as a publicly quoted company and our
                                            product development and planned future commercialization efforts; and

●experience
                                            any delays or encounter issues with any of the above.

We
will need to obtain additional funding in connection with the further development of our drug candidates