Business Description

Company Overview Incannex Healthcare Inc. (“Incannex”) is a corporation formed under the laws of the State of Delaware in July 2023. Incannex and its subsidiaries are referred to as “the Company” unless the text otherwise requires. The Company’s fiscal year end is June 30. References to a particular “fiscal year” are to the Company’s fiscal year ended June 30 of that calendar year. The consolidated financial statements of the Company are presented in U.S. dollars and consist of Incannex and the following wholly-owned subsidiaries: Subsidiary Jurisdiction Incannex Healthcare Pty Ltd Victoria, Australia Incannex Pty Ltd Victoria, Australia Psychennex Pty Ltd Victoria, Australia APIRx Pharmaceutical USA, LLC Delaware APIRx Pharmaceuticals Holding BV IJsselstein, Netherlands Clarion Clinics Group Pty Ltd Victoria, Australia Clarion Model Clinic Pty Ltd Victoria, Australia Psychennex Licensing and Franchising Pty Ltd Victoria, Australia Incannex Management Consultancies LLC Dubai, United Arab Emirates Description of Business The Company is a clinical-stage biopharmaceutical development company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet needs. The Company’s lead drug candidates include IHL-42X for the treatment of obstructive sleep apnea (“OSA”) and PSX-001, the Company’s psilocybin treatment in combination with psychological therapy in development to treat patients with generalized anxiety disorder (“GAD”). The Company also has a drug candidate, IHL-675A, for the treatment of rheumatoid arthritis. Each of these programs target conditions that currently have limited, inadequate, or no approved pharmaceutical treatment options.The Company terminated its Australian Phase 2 clinical trial of IHL-675A due to enrollment challenges and reallocated resources to its lead programs for IHL-42X and PSX-001. The Company continues to evaluate strategies for IHL-675A when and as resources permit. Reverse Stock Split As discussed below under the heading “ Note 2—Significant Accounting Policies—Reverse Stock Split ,” on February 26, 2026, the Company effected a 1-for-30 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding shares of common stock, par value $0.0001 per share (the “Common Stock”). As a result of the Reverse Stock Split, all figures in this Annual Report on Form 10-K relating to shares of Common Stock (such as share amounts, per share amounts, and conversion rates and prices), including but not limited to, the consolidated financial statements and footnotes included herein, have been adjusted to reflect the Reverse Stock Split for all periods presented, except as otherwise noted or required by context.