Company: IXHL
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-013783
Chunk: 9

Company: Incannex Healthcare Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 (“IFRS”).
Following the Re-domiciliation, the Company transitioned to U.S. GAAP and applied U.S. GAAP retrospectively for all prior periods presented.

Reference is frequently made herein to the Financial
Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative
U.S. 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 December 31, 2024, and its results of operations for the three and six months ended
December 31, 2024, and 2023, and cash flows for the three and six months ended December 31, 2024, and 2023. The Company has condensed
or omitted certain information and note disclosures normally included in financial statements prepared in accordance with GAAP pursuant
to the applicable required disclosures and regulations of the SEC. As such, these unaudited condensed consolidated financial statements
should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s
Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”)
on September 30, 2024 (the “2024 Annual Report”).

Going Concern Basis

The Company
believes there is substantial doubt about its ability to obtain additional capital when and as needed to continue as a going concern as
previously disclosed in the 2024 Annual Report. The Company has not yet established an ongoing
source of revenue sufficient to cover its operating and capital expenditure requirements and to cover any potential payments that may
become due and payable pursuant to any debentures to provide sufficient certainty that the Company will continue as a going concern.
Historically, the Company has financed its operations to date primarily through partnerships, funds
received from public offerings of Common Stock, a debt financing facility, as well as funding from governmental bodies. The Company plan
to address this condition through the sale of Common Stock in public offerings and/or private placements, debt financings, or through
other capital sources, including collaborations with other companies or other strategic transactions, but there is no assurance these
plans will be completed successfully or at all. Purs