Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Valentine Troy 2. Issuer Name and Ticker or Trading Symbol Incannex Healthcare Inc. [IXHL] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O INCANNEX HEALTHCARE INC., RIALTO SOUTH TWR LVL 23, 525 COLLINS ST 3. Date of Earliest Transaction (Month/Day/Year) 11/14/2025 (Street) MELBOURNE, C3 VIC 3008 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, $0.0001 par value per share 11/14/2025 A 11,302,608(1) A $ 0 12,001,858 D Common Stock 10,000 I By Mr. Valentine as the beneficiary of the GFCR Investments Trust Common Stock 30,000 I By Valplan Pty Ltd, a company of which Mr. Valentine is a director Common Stock 10,000 I By Tranaj Nominees Pty Ltd, a company of which Mr. Valentine is a director Common Stock 242,862 I By Alignment Capital Pty Ltd, a company of which Mr. Valentine is a director and major shareholder Common Stock 44,400 I By Cityside Pty Ltd, a company wholly-owned by Mr. Valentine

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Valentine Troy C/O INCANNEX HEALTHCARE INC. RIALTO SOUTH TWR LVL 23, 525 COLLINS ST MELBOURNE, C3 VIC 3008	X

Signatures

/s/ Troy Valentine		11/14/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes the following shares of restricted stock (the "Shares") granted on November 14, 2025, under the Issuer's 2023 Equity Incentive Plan, (i) 2,825,652 Shares that vest in full on December 10, 2025, (ii) 2,825,652 Shares that vest in full on June 30, 2026, (iii) 2,825,652 Shares that vest in full on June 30, 2026 and (iv) 2,825,652 Shares that vest in full on June 30, 2027.

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