Regulation FD Presentation (Form 8-K)

Incannex Receives Additional A$5.1 Million R&D Tax Incentive Refund, Completing More Than A$11.2 Million
in Non-Dilutive Capital Received in 2026

Completion of more than A$11.2 million in non-dilutive capital received under the Australian
Government's R&D Tax Incentive Program further strengthens Company's balance sheet and financial flexibility

NEW YORK and MELBOURNE, Australia, Tuesday, 11 August, 2026 - Incannex Healthcare Inc. (Nasdaq: IXHL) ("Incannex" or the "Company"), a clinical-stage biopharmaceutical company advancing innovative combination therapies and psychedelic-assisted treatments, today announced it has received the final A$5,102,788.30 refund under the Australian Government's Research and Development Tax Incentive Program following approval of the Company's overseas findings and amendment of its FY25 income tax return.

Together with the previously announced A$6,039,162.43 refund, Incannex has now received more than A$11.2 million in non-dilutive capital during 2026. The receipt further enhances Incannex's already strong cash position and debt-free balance sheet, providing additional financial flexibility to advance its clinical pipeline while continuing to pursue shareholder-focused capital allocation initiatives.

Highlights

The Australian Government's Research and Development Tax Incentive Program is designed to encourage innovation by providing eligible companies with cash refunds for qualifying research and development activities.

Following approval of the Company's overseas findings, Incannex amended its FY25 income tax return, resulting in the additional refund announced today. This outcome reflects the Company's successful execution of its strategy to maximize eligible R&D incentives while continuing to invest in the advancement of its clinical pipeline.

Importantly, these proceeds are entirely non-dilutive, enabling Incannex to recover a substantial portion of eligible research and development expenditure without issuing additional equity or taking on debt. At a time when many biotechnology companies continue to rely on dilutive capital raises to fund operations, the Company believes this outcome further differentiates the strength of its financial position and disciplined approach to capital management.

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

"The receipt of this final refund completes more than A$11.2 million in non-dilutive capital received under the Australian Government's Research and Development Tax Incentive Program and represents another significant achievement for Incannex and our shareholders.

"Combined with our existing cash position and debt-free balance sheet, this additional capital further enhances our financial flexibility as we continue advancing our late-stage clinical pipeline, including IHL-42X and PSX-001, while maintaining a strong focus on shareholder returns.

"We believe the market continues to significantly undervalue the strength of our balance sheet relative to our enterprise value. The completion of more than A$11.2 million in non-dilutive funding further reinforces our ability to execute on our strategy, fund the continued advancement of our clinical programs and pursue shareholder-focused capital allocation initiatives from a position of financial strength."

About Incannex Healthcare Inc.

Incannex Healthcare Inc. is a clinical-stage biopharmaceutical company developing innovative combination therapies and next-generation medicines for conditions with significant unmet medical need. The Company's lead programs include IHL-42X for obstructive sleep apnea, IHL-675A for rheumatoid arthritis and PSX-001 for generalized anxiety disorder. Incannex is committed to advancing therapies that address multiple biological pathways with the goal of improving patient outcomes and creating long-term shareholder value. For more information, please visit www.incannex.com.