Regulation FD Presentation (Form 8-K)

Incannex Receives A$6.0 Million R&D Tax Incentive Refund for FY25, Further Strengthening Balance
Sheet and Financial Flexibility

In addition to the A$6.0 million refund received, the Company expects a further approximately A$5.1
million in R&D Tax Incentive proceeds later this year, bringing total expected non-dilutive funding under
the program to more than A$11.1 million received in 2026.

NEW YORK and MELBOURNE, Australia, 10 June - Incannex Healthcare Inc. (Nasdaq: IXHL) ("Incannex" or the "Company"), a clinical-stage biopharmaceutical company advancing innovative combination therapies and psychedelic-assisted treatments, is pleased to announce that it has received A$6,039,162.43 under the Australian Government's Research and Development Tax Incentive Program.

The Company also expects to receive an additional approximately A$5.1 million in future R&D Tax Incentive proceeds to be received in 2026. Combined, these proceeds represent more than A$11.1 million in non-dilutive capital that further strengthens the Company's balance sheet and enhances financial flexibility as Incannex advances its clinical development programs and executes on shareholder-focused capital allocation initiatives.

Highlights:

The Australian Government's Research and Development Tax Incentive Program is designed to encourage innovation and scientific advancement by providing eligible companies with a cash refund for qualifying research and development activities conducted in Australia.

Importantly, the proceeds are non-dilutive in nature, allowing Incannex to recover a significant portion of eligible research and development expenditure without issuing additional shares or taking on debt.

Joel Latham, President and Chief Executive Officer of Incannex Healthcare, commented:

"The receipt of more than A$6 million in non-dilutive capital is another important milestone for Incannex and further strengthens what we believe is one of the strongest balance sheets among clinical-stage biotechnology companies of our size.

"Importantly, these proceeds are being received without issuing a single additional share. At a time when many biotechnology companies are reliant on dilutive financings to fund development activities, Incannex continues to strengthen its balance sheet through disciplined capital management and strategic utilization of government innovation incentives.

"Combined with our existing cash position and debt-free balance sheet, these proceeds provide additional flexibility as we continue advancing our key clinical programs, including the recently commenced DReAMzz study for IHL-42X, while also supporting shareholder-focused capital allocation initiatives such as our active share repurchase program.

"We believe the market continues to significantly undervalue the strength of our balance sheet, the progress across our clinical programs and the multiple value creation opportunities ahead of us. The receipt of this additional non-dilutive capital further reinforces our ability to execute on our strategy while maintaining a strong financial foundation."

About Incannex Healthcare Inc.

Incannex is leading the way in developing combination medicines that target the underlying biological pathways associated with chronic conditions, including obstructive sleep apnea, rheumatoid arthritis and generalized anxiety disorder. The Company is advancing three clinical-stage product candidates based on evidence-based innovation and supported by streamlined operations. Incannex's lead clinical program, IHL-42X, is an oral fixed-dose combination of dronabinol and acetazolamide designed to target underlying mechanisms and act synergistically in the treatment of obstructive sleep apnea. In a Phase 2 development program, IHL-675A is an oral fixed-dose combination of cannabidiol and hydroxychloroquine sulfate designed to act synergistically to alleviate inflammatory conditions, such as rheumatoid arthritis. Approved for Phase 2 clinical development, PSX-001 is an oral synthetic psilocybin treatment for the treatment of generalized anxiety disorder. Incannex's programs target disorders that have limited, inadequate, or no approved pharmaceutical treatment options. For additional information on Incannex, please visit our website at www.incannex.com.