Company: IXHL
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001213900-25-092837
Chunk: 861

Company: Incannex Healthcare Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7
Chunk 861
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    Unvested and Outstanding as of June 30, 2024 
     651,939  
     3.91 
  
    Granted 
     40,739,093  
     0.23 
  
    Vested 
     (623,984) 
     3.97 
  
    Forfeited 
     -  
     - 
  
    Unvested and Outstanding as of June 30, 2025 
     40,767,047  
     0.23 

Stock Options

A summary of the changes in the Company’s
stock options activity for the fiscal year ended June 30, 2025, are as follows:

     Numbers of Shares   Weighted Average Exercise Price ($)   Weighted Average Remaining Contractual Term (Years)   Aggregate Intrinsic Value 
(in thousands) ($)   Unvested and Outstanding as of June 30, 2024   235,008    26.76    1.93           -   Granted   -    -    -    -   Vested   -    -    -    -   Forfeited   (7,500)   3.28    -    -   Outstanding as of June 30, 2025   227,508    27.22    1.46    -   Unvested as of June 30, 2025   -    -    -    -  

The aggregate intrinsic value of stock options
is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s shares of common
stock for those stock options that had exercise prices lower than the fair value of the Company’s shares of common stock.

F-18

Note 13 – Fair value of Financial Instruments

Cash and cash equivalents, accounts receivable
(including R&D tax incentive receivable), prepaid expenses and other current assets, accounts payable, accrued expenses and current
liabilities are reflected on the consolidated balance sheets at amounts that approximate fair value because of the short-term nature of
these financial assets and liabilities.

ELOC Purchase Agreement

The Company evaluated the ELOC Purchase Agreement
to determine whether it should be accounted for considering the guidance