0001213900-24-082937 | 10-K | XBRL Viewer

Prepaid Expenses and Other Current Assets

12 Months Ended

Jun. 30, 2024

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid expenses and other current assets

Note 3 – Prepaid expenses and other current assets

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
Prepayments¹		329		686
GST recoverable		178		191
Total other assets		507		877

Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services.

Redomiciliation and Business

12 Months Ended

Jun. 30, 2024

Redomiciliation and Business [Abstract]

Redomiciliation and Business

Note 1 – Redomiciliation and Business

Incannex Healthcare Inc. (“Incannex”) is a corporation formed under the laws of the State of Delaware in July 2023. In November 2023, Incannex. acquired all the outstanding ordinary shares of Incannex Healthcare Limited, an Australian corporation (“Incannex Australia”), pursuant to a scheme of arrangement under Australian law. As a result of the redomiciliation, Incannex Australia became a wholly-owned subsidiary of Incannex, which is the new ultimate parent company.

Until the redomiciliation, Incannex Australia’s ordinary shares were listed on the Australian Securities Exchange (“ASX”) and American Depositary Shares (“ADSs”), each representing 25 ordinary shares of Incannex Australia, traded on the Nasdaq Global Market. Following completion of the redomiciliation, Incannex Australia’s ordinary shares were delisted from the ASX and Incannex assumed Incannex Australia’s listing on the Nasdaq Global Market.

Pursuant to the redomiciliation, holders of Incannex Australia’s ordinary shares received one share of common stock in Incannex for every 100 ordinary shares held in Incannex Australia and holders of ADSs in Incannex Australia received one share of common stock of Incannex for every 4 ADSs held in Incannex Australia.

The issued and outstanding shares of our common stock as shown in this report have been adjusted in the consolidated financial statements to reflect the 100:1 exchange ratio as if it had occurred on July 1, 2022.

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 United States 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

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, which are currently in Phase 2/3 and Phase 2 clinical developments, include IHL-42X for the treatment of obstructive sleep apnea (“OSA”); PSX-001, the Company’s psilocybin treatment in combination with psychological therapy in development to treat patients with generalized anxiety disorder (“GAD”); and IHL-675A for rheumatoid arthritis. Each of these programs target conditions that currently have limited, inadequate, or no approved pharmaceutical treatment options.

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Jun. 30, 2024

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
Prepayments¹		329		686
GST recoverable		178		191
Total other assets		507		877

Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services.

Commitments and Contingencies	12 Months Ended
Jun. 30, 2024
Commitments and Contingencies [Abstarct]
Commitments and contingencies	Note 8 – Commitments and contingencies The Company records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses material contingencies when it believes a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Although the Company cannot predict with assurance the outcome of any litigation or tax matters, it does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on the Company’s operating results, financial position or cash flows.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2024

Commitments and Contingencies [Abstarct]

Commitments and contingencies

Note 8 – Commitments and contingencies

The Company records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses material contingencies when it believes a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Although the Company cannot predict with assurance the outcome of any litigation or tax matters, it does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on the Company’s operating results, financial position or cash flows.

Income Tax

12 Months Ended

Jun. 30, 2024

Income Tax [Abstarct]

Income Tax

Note 13 - Income Tax

The prima facie income tax benefit on pre-tax accounting loss from operations reconciles to the income tax benefit in the financial statements as follows:

	June 30, 2024 $			June 30, 2023 $
	(in thousands)
Accounting loss before tax		(18,415	)		(48,811	)
Income tax benefit at the applicable tax rate of 30%		(5,525	)		(14,643
Non-deductible expenses		6,545			36,406
Non-assessable income		(3,431	)		(206	)
Deferred tax assets not recognized		927			700
Income tax benefit		(30	)		-
Unrecognized Deferred Tax Asset
Deferred tax asset not recognized in the financial statements:
Unused tax losses		6,887			5,314
Net unrecognized tax benefit at 25%		7,813			6,014

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carry forwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carry forward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. As of June 30, 2024 and 2023, the Company established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

- Definition

The entire disclosure for income tax.

+ References

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (18,459)	$ (48,811)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	103	88
Stock-based compensation expense	8,928	2,149
Unrealized losses/(gains) on foreign currency remeasurement	28
Change in operating assets and liabilities:
Prepaid expenses and other current assets	369	(626)
R&D tax incentive receivable	(9,837)
Trade and other payables	3,023	1,104
Acquisition of in-process research and development		35,347
Net cash used in operating activities	(15,845)	(10,749)
Cash flows from investing activities:
Purchase of property, plant and equipment	(277)	(316)
Net cash used in investing activities	(277)	(316)
Cash flows from financing activities:
Proceeds from issuance of shares of common stock, net of issuance costs		8,175
Net cash provided by financing activities		8,175
Effect of exchange rate changes on cash and cash equivalents	(140)	(824)
Net (decrease)/increase in cash and cash equivalents	(16,122)	(2,890)
Cash and cash equivalents at beginning of period	22,120	25,834
Cash and cash equivalents at end of period	$ 5,858	$ 22,120

Additional Paid-in Capital

12 Months Ended

Jun. 30, 2024

Additional Paid-in Capital [Abstract]

Additional paid-in capital

Note 10 – Additional paid-in capital

Additional paid-in capital:

	June 30, 2024 $		June 30, 2023 $
	(in thousands, expect per share data)
Opening balance		116,290		69,074
Options issued to advisors¹		-		476
Issues of new options – placement		-		71
Equity instruments issued to management and directors²		8,928		2,149
Share placements³		-		8,830
Share issued to advisors⁵		-		2,050
Asset acquisition shares issued⁴		-		34,170
Issuance costs⁶		-		(529	)
Ending balance		125,218		116,290

In August 2022, Incannex Australia issued 9,000,000 options to Ryba LLC pursuant to the mandate executed between the parties in November 2021. As the transaction between the Company and APIRx was deemed complete in August 2022, the options were issued then.

Relates to the amortization of shares and options issued as stock-based payments during the current and prior periods.

In December 2022, Incannex Australia raised $8.83 million from a placement of 634,146 ordinary shares to institutional and professional investors in a private placement.

⁴

In August 2022, Incannex Australia completed the acquisition on APIRx Pharmaceuticals via the issuance of 2,181,695 ordinary shares of Incannex Australia to the owners of APIRx in an all–scrip transaction.

⁵

In August 2022, Incannex Australia issued 130,902 ordinary shares to Ryba LLC as lead M&A Advisors on the APIRx acquisition.

⁶

In December 2022, Incannex Australia paid a commission of $530,000 to Bell Potter, as placement agent, for its services leading the private placement completed that month.

The equity-based premium reserve is used to record the value of equity issued to raise capital, and for stock-based payments.

Stock-Based Payments (Details) - Schedule of Stock Options - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
Schedule of Stock Options [Line Items]
Number of Shares, Outstanding, balance	633,508	235,008
Weighted Average Exercise Price, Outstanding balance (in Dollars per share)	$ 24.37	$ 26.76
Weighted Average Remaining Contractual Term, Outstanding balance	1 year 4 months 17 days	1 year 11 months 4 days
Aggregate Intrinsic Value (in thousands), Outstanding balance (in Dollars)	$ 149
Number of Shares, Unvested as of June 30, 2024		19,335
Weighted Average Exercise Price, Unvested as of June 30, 2024 (in Dollars per share)		$ 23.18
Weighted Average Remaining Contractual Term, Unvested as of June 30, 2024		3 years 8 months 23 days
Aggregate Intrinsic Value (in thousands), Unvested as of June 30, 2024 (in Dollars)
Number of Shares, Granted
Weighted Average Exercise Price, Granted (in Dollars per share)
Weighted Average Remaining Contractual Term, Granted
Aggregate Intrinsic Value (in thousands), Granted (in Dollars)
Number of Shares, Exercised
Weighted Average Exercise Price, Exercised (in Dollars per share)
Weighted Average Remaining Contractual Term, Exercised
Aggregate Intrinsic Value (in thousands), Exercised (in Dollars)
Number of Shares, Cancelled or forfeited		398,500
Weighted Average Exercise Price, Cancelled or forfeited (in Dollars per share)		$ 22.96
Weighted Average Remaining Contractual Term, Cancelled or forfeited
Aggregate Intrinsic Value (in thousands), Cancelled or forfeited (in Dollars)

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue from customers	$ 12
Operating expenses:
Research and development	(12,879)	(6,309)
Acquisition of in-process research and development		(35,347)
General and administrative	(17,174)	(8,012)
Total operating expenses	(30,053)	(49,668)
Loss from operations	(30,041)	(49,668)
Other income, net:
R&D tax incentive	11,434	683
Foreign exchange expense	(28)	(67)
Interest income	206	241
Total other income, net	11,612	857
Loss before income tax expense	(18,429)	(48,811)
Income tax expense	(30)
Net loss	(18,459)	(48,811)
Other comprehensive loss:
Currency translation adjustment, net of tax	(77)	(2,292)
Total comprehensive loss	$ (18,536)	$ (51,103)
Net loss per share: Basic (in Dollars per share)	$ (1.15)	$ (3.32)
Weighted average number of shares outstanding, basic (in Shares)	16,164,338	15,384,704

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment, Net - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Schedule of Property, Plant and Equipment, Net [Abstract]
Furniture, fittings and equipment	$ 598	$ 157
Assets under construction		160
Total property, plant and equipment, gross	598	317
Accumulated depreciation and amortization	(126)	(23)
Total property, plant and equipment, net	$ 472	$ 294

R&D Tax Incentive Receivable (Tables)

12 Months Ended

Jun. 30, 2024

R&D Tax Incentive Receivable [Abstract]

Schedule of R&D Tax Incentive Receivable

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
R&D tax incentive receivable		9,837		-

R&D Tax Incentive Receivable (Details) - Schedule of R&D Tax Incentive Receivable - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Schedule of R&D Tax Incentive Receivable [Abstract]
R&D tax incentive receivable	$ 9,837

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2 – Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

On November 28, 2023, the Company implemented the transaction to redomicile from Australia to United States and became the parent of Incannex Australia and the wholly-owned subsidiaries listed in Note 1 – “Redomiciliation and Business.” The historical financial statements of Incannex Australia became the historical financial statements of the combined company upon consummation of the redomiciliation. As a result, the financial statements included in this report reflect (i) the historical operating results of Incannex Australia and subsidiaries prior to the redomiciliation; (ii) the combined results of the Company, Incannex Australia, and subsidiaries following the completion of the redomiciliation; and (iii) the Company’s equity structure for all periods presented, including adjusting the issued and outstanding shares of common stock to reflect the 100:1 exchange ratio as if it had occurred on July 1, 2021.

The Company’s consolidated financial statements included in this report have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC.

Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental entities.

Going concern basis

The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.

The Company has incurred total comprehensive losses of $18.5 million and $48.8 million for the fiscal years ended June 30, 2024 and 2023, respectively, and experienced net cash outflows from operating activities of $15. 8 million and $10.7 million for the fiscal years ended June 30, 2024 and 2023, respectively.

As of June 30, 2024 and 2023, the Company had cash and cash equivalents of $5.9 million and $22.1 million, respectively, and current assets exceeded its current liabilities by $10.6 million and $21.2 million, respectively.

The Company believes there is substantial doubt about our ability to obtain additional capital when and as needed to continue as a going concern as of the date of this annual report on Form 10-K for the fiscal year ended June 30, 2024 (the “Annual Report”). The Company has not yet established an ongoing source of revenue sufficient to cover the Company’s operating and capital expenditure requirements 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 plans 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. Pursuant to the requirements of ASC 205-40, Presentation of Financial Statements - Going Concern, and as a result of the financial condition and other factors described herein, there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months from the date of the financial statements.

Based on the Company’s unrestricted cash and cash equivalents as of June 30, 2024, the Company anticipates that it will be able to fund its planned operating expenses and capital expenditure requirements into December 2024. The Company believes that its current cash and cash equivalents and anticipated cash flows from the financing activities contemplated by the September 2024 Purchase Agreement (as defined below) and the ELOC Agreement (as defined below) will be sufficient to meet the Company’s anticipated working capital requirements and capital expenditures in the ordinary course of business until August 2025. However, there can be no assurance that the Company will continue to comply with the terms of these agreements or that these issuances will occur. The Company has based these estimates on assumptions that may prove to be wrong, and the Company could use its capital resources sooner than it currently expects.

The Company’s independent auditor also included in its audit report, which is part of this Annual Report, a going concern opinion raising substantial doubt about the Company’s ability to continue as a going concern. This substantial doubt as to the Company’s ability to continue as a going concern may adversely impact its ability to obtain any additional financing the Company may need to continue its business operations and may materially and adversely affect its ability to enter into contractual relations with third parties. Uncertainty about the Company’s ability to continue as a going concern could materially and adversely affect its liquidity, financial condition and business prospects.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Details of all controlled entities are set out in Note 1 – “Redomiciliation and Business.” All intercompany balances and transactions have been eliminated on consolidation.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes.

The most significant estimates and assumptions in the Company’s consolidated financial statements include the valuation of equity-based instruments issued for other than cash, accrued research and development (“R&D”) expense, R&D tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry. The Company believes that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, drug candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; the Company’s ability to attract and retain employees.

There can be no assurance that the Company’s R&D will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. As of June 30, 2024 and 2023, all deposit in banks outside of the United States.

Cash and Cash Equivalents

Cash and cash equivalents, which includes cash and deposits held at call with financial institutions with original maturities of three months or less that are readily convertible to known amounts of cash, are carried at cost, which approximates fair value.

Property, Plant and Equipment, Net

Recognition and Measurement

All property, plant and equipment is recognised at historical cost less depreciation.

Depreciation

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows:

	●	Machinery 10-15 years

	●	Vehicles 3-5 years

	●	Furniture, fittings and equipment 3-8 years

Furniture, fittings and equipment include assets in the form of office fit outs. These assets and other leasehold improvements are recognised at their fair value and depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property, plant and equipment, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.

During the fiscal years ended June 30, 2024 and 2023, the Company did not record any impairment charges on its long-lived assets.

Leases

The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the consolidated balance sheets as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include any options to purchase the underlying asset that the Company is reasonably certain to exercise.

Lease expense for minimum lease payments on operating leases is recognized on a straight-line basis over the lease term. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Operating lease expenses are categorized within R&D and general and administrative expenses in the consolidated statements of operations and comprehensive loss. Operating lease cash flows are categorized under net cash used in operating activities in the consolidated statements of cash flows.

As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments.

Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of the period and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Segment information

The Company operates and manages its business as one reportable and operating segment, which is the R&D of the use of psychedelic medicine and therapies. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s long-lived assets are primarily in Australia.

Revenue Recognition

The Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services by applying the following steps:

●

Identify the contract with a client;

●

Identify the performance obligations in the contract;

●

Determine the transaction price;

●

Allocate the transaction price to the performance obligations; and

●

Recognize revenue when, or as, the Company satisfies a performance obligation.

Revenue may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has accepted the asset.

The Company’s arrangements with clients can include multiple performance obligations. When contracts involve various performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting under ASC 606—Revenue from Contracts with Customers (“ASC 606”), Revenue from Contracts with Customers.

The Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical sales, and contract prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration our go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative standalone selling prices.

The Company disaggregates revenue from contracts with customers based on the categories that most closely depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The Company receives payment from its clients after invoicing within the normal 28-day commercial terms. If a client is specifically identified as a credit risk, recognition of revenue is stopped except to the extent of fees that have already been collected.

R&D Costs

R&D costs are expensed as incurred. Research and development consist of salaries, benefits and other personnel related costs including equity-based compensation expense, laboratory supplies, preclinical studies, clinical trials and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain R&D activities on the Company’s behalf and allocated facility and other related costs.

Nonrefundable advance payments for goods or services that will be used or rendered for future R&D activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.

The Company records accrued liabilities for estimated costs of R&D activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of R&D activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in trade and other payables on the consolidated balance sheets and within R&D expenses on the consolidated statements of operations and comprehensive loss.

The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance at the end of each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred.

Acquisitions

The Company evaluate acquisitions under the accounting framework in ASC 805, Business Combinations, to determine whether the transaction is a business combination or an asset acquisition. In determining whether an acquisition should be accounted for as a business combination or an asset acquisition, the Company first performs a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the acquired set is not deemed to be a business and is instead accounted for as an asset acquisition. If this is not the case, the Company further evaluates whether the acquired set includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the acquired set is a business.

The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes pre-acquisition direct costs recorded in accrued professional and consulting fees. Goodwill is not recognized in asset acquisitions.

During the fiscal year ended June 30, 2023, the Company acquired APIRx Pharmaceutical USA, LLC (“APIRx”). The Company concluded that the acquisition of APIRx did not meet the definition of business under ASC 805, Business Combinations, as the acquired set did not have outputs present and a substantive process was not acquired. Therefore, the Company accounted for the transaction as an asset acquisition rather than a business combination.

In accordance with ASC 730-10-25-2(c), intangible assets used in research and developmental activities acquired in an asset acquisition should be expensed at the acquisition date if there is no alternative future use in other R&D projects or otherwise (i.e., if they have no economic value). Additionally, in an asset acquisition, direct transaction costs are accumulated as a component of the consideration transferred and expensed with the acquired in-process research and development (“IPR&D”) that has no alternative use.

The Company determined that drug candidates pertaining to APIRx had no alternative future use at the time of acquisition and charged $35.3 million, including transaction costs of $2.43 million, to the acquisition of IPR&D expense as of the date of acquisition.

Stock-based compensation

The Company accounts for stock-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model. The Company uses either the trinomial pricing or Black-Scholes option-pricing model to estimate the fair value of options granted. Stock-based compensation awards are expensed using the graded vesting method over the requisite service period, which is generally the vesting period, for each separately vesting tranche. The Company has elected a policy of estimating forfeitures at grant date. Option valuation models, including the trinomial pricing and Black-Scholes option-pricing model, require the input of several assumptions. These inputs are subjective and generally require significant analysis and judgment to develop. Refer to Note 12 – “Stock-based payments” for a discussion of the relevant assumptions.

Benefit from R&D Tax Incentive

Benefit from R&D tax credit consists of the R&D tax credit received in Australia, which is recorded within other income (expense), net. The Company recognizes grants once both of the following conditions are met: (1) the Company is able to comply with the relevant conditions of the grant and (2) the grant is received.

Interest income

Interest income is recognized as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Foreign Currency Translation

The Company maintains its consolidated financial statements in its functional currency, which is Australian Dollar. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included in other income (expense), net in the consolidated statements of operations and comprehensive loss.

For financial reporting purposes, the consolidated financial statements of the Company have been presented in the U.S. dollar, the reporting currency. The financial statements of entities are translated from their functional currency into the reporting currency as follows: assets and liabilities are translated at the exchange rates at the balance sheet dates, expenses and other income (expense), net are translated at the average exchange rates for the periods presented and stockholders’ equity is translated based on historical exchange rates. Translation adjustments are not included in determining net loss but are included as a foreign exchange adjustment to other comprehensive income, a component of stockholders’ equity.

The following table presents data regarding the dollar exchange rate of relevant currencies:

	June 30, 2024		June 30, 2023
Exchange rate on balance sheet dates
USD: AUD Exchange Rate		0.6624		0.6630
Average exchange rate for the period
USD: AUD Exchange Rate		0.6556		0.6764

Income tax

The Company is governed by Australia and U.S income tax laws. The Company follows ASC 740, Accounting for Income Taxes, when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized.

For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of operations.

Net loss per share attributable to holders of common stock

The Company has reported losses since inception and has computed basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per share after giving consideration to all potentially dilutive share issuances, including unvested restricted shares and outstanding options. Because the Company has reported net losses since inception, these potential issuances of common stock have been anti-dilutive and basic and diluted loss per share were the same for all periods presented.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the fiscal years ended June 30, 2024 and 2023, the only component of accumulated other comprehensive loss is foreign currency translation adjustment.

Leases (Details) - Schedule of Weighted-Average Remaining Lease Term and Discount Rates	Jun. 30, 2024	Jun. 30, 2023
Schedule of Weighted-Average Remaining Lease Term and Discount Rates [Abstract]
Lease term (years)	2 years 3 months 25 days	1 year 9 months 14 days
Discount rate	9.18%	9.18%

Stockholder's Equity/Issued Capital (Details) - Schedule of Consolidated Financial Statements - Common Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Consolidated Financial Statements [Line Items]
Balance	$ 2	$ 1
Balance (in Shares)	15,873,113	12,926,349
Issues of new shares – placements
Issues of new shares – placements (in Shares)		634,146
Issues of new shares – acquisition		$ 1
Issues of new shares – acquisition (in Shares)		2,181,695
Issues of new shares – employees and directors
Issues of new shares – employees and directors (in Shares)	1,769,719
Exercise of options
Exercise of options (in Shares)		21
Shares in lieu of advisor fees
Shares in lieu of advisor fees (in Shares)		130,902
Share issue costs
Balance	$ 2	$ 2
Balance (in Shares)	17,642,832	15,873,113

General and Administration Expenses

12 Months Ended

Jun. 30, 2024

General and Administration Expenses [Abstract]

General and Administration expenses

Note 11 - General and Administration expenses

	June 30, 2024 $			June 30, 2023 $
	(in thousands)
Salaries, and other employee benefits		(2,809	)		(2,352	)
Stock-based payments expense		(8,928	)		(2,149	)
Depreciation expense		(103	)		(88	)
Compliance, legal and regulatory		(3,108	)		(1,774	)
Occupancy expenses		(348	)		(84	)
Advertising and investor relations		(1,055	)		(1,249	)
Other administration expenses		(823	)		(316	)
Total general and administration expenses		(17,174	)		(8,012	)

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rate of Relevant Currencies	Jun. 30, 2024	Jun. 30, 2023
Exchange rate [Member]
Schedule of Exchange Rate of Relevant Currencies [Line Items]
Exchange rate	0.6624	0.663
Average exchange rate [Member]
Schedule of Exchange Rate of Relevant Currencies [Line Items]
Exchange rate	0.6556	0.6764

Trade and Other Payables, Accrued Expenses and Other Current Liabilities (Details) - Schedule of Trade and Other Payables, Accrued Expenses and Other Current Liabilities - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current liabilities
Trade payables	$ 527	$ 1,748
Contract liabilities	85
Total trade and other payables	612	1,748
Accrued expenses	4,512	426
Employee leave entitlements	333	263
Total accrued expenses and other current liabilities	4,845	689
Total trade and other payables, accrued expenses and other current liabilities	$ 5,457	$ 2,437

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2024
Auditor [Table]
Auditor Name	GRANT THORNTON AUDIT PTY LTD
Auditor Firm ID	2233
Auditor Location	Perth, Australia

Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($)
$ in Thousands

Jun. 30, 2024

Jun. 30, 2023

Schedule of Prepaid Expenses and Other Current Assets [Abstract]

Prepayments

^[1]

$ 329

$ 686

GST recoverable

178

191

Total other assets

$ 507

$ 877

[1]	Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services.

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	15,873,113	15,873,113
Common stock, shares outstanding	15,873,113	15,873,113
Preferred stock, par value per share (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding

Subsequent Events

12 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 16 – Subsequent Events

Equity line of credit agreement with Arena Business Solutions Global SPC II, Ltd

On September 6, 2024, the Company entered into an equity line of credit agreement (“ELOC Agreement”) with Arena Business Solutions Global SPC II, Ltd (“Arena Business”). Under the ELOC Agreement, the Company has the right to sell, and Arena Business has the obligation to buy, up to $50 million of the Company’s shares of common stock. The purchase price of the common stock is obtained by multiplying by 96% the daily volume weighted average price (“VWAP”) on the Nasdaq Global Market for the trading day specified in the sale notice (the same trading day or one trading day following such notice) delivered to Arena Business. The ELOC Agreement is effective for 36 months from its execution.

As consideration for Arena Business’s execution and delivery of the ELOC Agreement, the Company will (i) issue to Arena Business, (i) as a commitment fee, that number of shares of common stock equal to 250,000 divided by the simple average of the daily VWAP of the common stock during the five trading days immediately preceding the effectiveness of a “shelf” registration statement on Form S-3 on which the estimated number of such common stock are registered, and (ii) a warrant (“ELOC Warrant”) exercisable for 585,000 shares of common stock, with a five year expiration and an exercise price equal to 115% of the closing price of the common stock on the warrant issuance date.

However, the Company may not sell common stock to Arena Business under the ELOC Agreement if (i) a shelf Registration Statement on Form S-3 that registers the common stock issuable under the ELOC Agreement has not been declared effective by the Securities and Exchange Commission (“SEC”); (ii) the number of common stock issuable to Arena Business pursuant to a sale notice causes the aggregate number of common stock beneficially owned by Arena Business and its affiliates as a result of previous issuances and sales of common stock to Arena Business under the ELOC Agreement would exceed 9.99% of the then outstanding shares of common stock; (iii) after giving effect to such sale (a) the aggregate number of common stock issued under the ELOC Agreement, (b) the aggregate number of common stock issued upon exercise of the ELOC Warrant, (c) the aggregate number of common stock issued upon conversion of a secured convertible debenture issued to Arena Investors, LP (as discussed below) and upon exercise of the warrant issued in connection with such convertible debenture, would exceed 19.99% of the outstanding shares of common stock as of the date of the ELOC Agreement, unless the Company obtains the requisite stockholder approval for issuances in excess of such limit; or (iv) such sale of common stock would exceed, during any 12-month period, one-third of the Company’s public float under the SEC’s “baby shelf” rule for SEC-registered transactions by an issuer with a public float under $75 million when using a “shelf” registration statement on Form S-3.

Securities Purchase Agreement for issuance of convertible debentures to Arena Investors, LP

On September 6, 2024, the Company entered into a Securities Purchase Agreement (the “September 2024 Purchase Agreement”) with Arena Investors, LP (“Arena Investors”). Under the September 2024 Purchase Agreement, the Company will issue secured convertible debentures (the “September 2024 Debentures”) in an aggregate principal amount of up to $10 million at an aggregate purchase price of up to $9 million, divided into three separate tranches that are each subject to closing conditions, with a 10% original issue discount. The conversion price of each September 2024 Debenture would be equal to 115% of the closing price of the Company’s common stock on the trading day preceding the date of the issuance of the September 2024 Note, subject to adjustments related to the trading price of the Company’s common stock on the Nasdaq Global Market.

The Company and its subsidiaries, Incannex Healthcare Pty Ltd, Incannex Pty Ltd and Psychennex Pty Ltd, will grant senior security interests in all their tangible and intangible assets, except for certain R&D Australian tax incentives, which are subject to a subordinated security interest. The subsidiaries will also guarantee the September 2024 Debentures.

As consideration for Arena Investors’ execution and delivery of the September 2024 Purchase Agreement, the Company will issue a warrant (“September 2024 Debenture Warrant”), with a five year expiration, each exercisable for number of common stock equal to 25% of the total principal amount of the related September 2024 Debenture purchased by Arena Investors on the applicable closing date divided by 115% of the closing price of the common stock on the trading day immediately preceding such closing date. The Company is not obligated to issue a September 2024 Debenture Warrant if there is no drawdown under the September 2024 Debenture. The exercise price of the September 2024 Debenture Warrant will be 115% of the closing price of the common stock on its issuance date.

The Company must register the shares of common stock issuable upon conversion of the September 2024 Debenture and exercise of the September 2024 Debenture Warrant. However, the issuance of the shares of common stock underlying the September 2024 Debenture and the September 2024 Debenture Warrant are subject to stockholder approval to the extent such issuance would exceed 19.99% of the Company’s outstanding shares of common stock

General and Administration Expenses (Tables)

12 Months Ended

Jun. 30, 2024

General and Administration Expenses [Abstract]

Schedule of General and Administration Expenses

	June 30, 2024 $			June 30, 2023 $
	(in thousands)
Salaries, and other employee benefits		(2,809	)		(2,352	)
Stock-based payments expense		(8,928	)		(2,149	)
Depreciation expense		(103	)		(88	)
Compliance, legal and regulatory		(3,108	)		(1,774	)
Occupancy expenses		(348	)		(84	)
Advertising and investor relations		(1,055	)		(1,249	)
Other administration expenses		(823	)		(316	)
Total general and administration expenses		(17,174	)		(8,012	)

Leases

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 7 – Leases

For the fiscal year ended June 30, 2023, the Company entered into three new lease agreements for its corporate head office in Sydney, office in Melbourne and Clarion Clinic site in Melbourne. The leases have four, five and three-year terms, respectively. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional three to five years. These optional periods have not been considered in the determination of the right-of-use assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options.

The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating leases:

	June 30, 2024			June 30, 2023
Lease term (years)		2.32			1.79

Discount rate		9.18	%		9.18	%

The following table summarizes the lease costs pertaining to the Company’s operating leases:

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
Operating lease cost		172		66

Cash paid for amounts included in the measurement of operating lease liabilities during the fiscal years ended June 30, 2024 and 2023 was $172,000 and $66,000, respectively, and was included within net cash used in operating activities in the cash flows.

The following table summarizes the future minimum lease payments due under operating leases as of June 30, 2024, (in thousands):

Operating leases	Amount $ (in thousands)
June 30, 2025		103
June 30, 2026		166
June 30, 2027		181
June 30, 2028		38

Total minimum lease payments		488

Less amount representing interest		116

Total operating lease liabilities		372

As of June 30, 2024, the Company’s operating lease had a weighted-average remaining lease term of 2.32 years and a discount rate of 9.18%.

Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share Attributable to Shareholders (Parentheticals) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Basic and Diluted Net Loss Per Share Attributable to Shareholders [Abstract]
Diluted loss per share (dollars per share)	$ 114.67	$ 332.17

Stock-Based Payments (Tables)

12 Months Ended

Jun. 30, 2024

Stock-Based Payments [Abstract]

Schedule of Share-Based Compensation Expense

	June 30, 2024 $			June 30, 2023 $
	(in thousands)
Research and development		-			-
General and administrative		(8,928	)		(2,149	)
Total stock-based compensation expense		(8,928	)		(2,149	)

Schedule of Restricted Stock

A summary of the changes in the Company’s restricted stock activity for the fiscal year ended June 30, 2024, are as follows:

	Numbers of Shares		Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of June 30, 2023		-		-
Granted		2,421,658		4.02
Vested		1,769,719		4.07
Forfeited		-		-
Unvested and Outstanding as of June 30, 2024		651,939		3.91

Schedule of Stock Options

A summary of the changes in the Company’s stock options activity for the fiscal year ended June 30, 2024, are as follows:

	Number of Shares		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Outstanding as of June 30, 2023		633,508		24.37		1.38		149
Granted		-		-		-		-
Exercised		-		-		-		-
Cancelled or forfeited		398,500		22.96		-		-
Outstanding as of June 30, 2024		235,008		26.76		1.93		-
Unvested as of June 30, 2024		19,335		23.18		3.73		-

Schedule of Weighted-Average Assumptions used Black-Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted to employees and directors during the fiscal years ended June 30, 2024 and 2023, respectively, were as follow:

	June 30, 2024		June 30, 2023
Expected option life (years)		-		1.5
Expected volatility		-		90	%
Risk-free interest rate		-		3.18	%
Expected dividend yield		-		-
Fair value of underlying shares of common stock		-		1.17

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,459)	$ (48,811)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Details) - Schedule of Future Minimum Lease Payments $ in Thousands	Jun. 30, 2024 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
June 30, 2025	$ 103
June 30, 2026	166
June 30, 2027	181
June 30, 2028	38
Total minimum lease payments	488
Less amount representing interest	116
Total operating lease liabilities	$ 372

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease liabilities	$ 172,000	$ 66,000
Weighted-average remaining lease term	2 years 3 months 25 days	1 year 9 months 14 days
Weighted-average remaining discount rate	9.18%	9.18%

Additional Paid-in Capital (Tables)

12 Months Ended

Jun. 30, 2024

Additional Paid-in Capital [Abstract]

Schedule of Additional Paid-in Capital

Additional paid-in capital:

	June 30, 2024 $		June 30, 2023 $
	(in thousands, expect per share data)
Opening balance		116,290		69,074
Options issued to advisors¹		-		476
Issues of new options – placement		-		71
Equity instruments issued to management and directors²		8,928		2,149
Share placements³		-		8,830
Share issued to advisors⁵		-		2,050
Asset acquisition shares issued⁴		-		34,170
Issuance costs⁶		-		(529	)
Ending balance		125,218		116,290

Relates to the amortization of shares and options issued as stock-based payments during the current and prior periods.

In December 2022, Incannex Australia raised $8.83 million from a placement of 634,146 ordinary shares to institutional and professional investors in a private placement.

⁴

⁵

In August 2022, Incannex Australia issued 130,902 ordinary shares to Ryba LLC as lead M&A Advisors on the APIRx acquisition.

⁶

In December 2022, Incannex Australia paid a commission of $530,000 to Bell Potter, as placement agent, for its services leading the private placement completed that month.

Stockholder's Equity/Issued Capital

12 Months Ended

Jun. 30, 2024

Stockholder’s Equity/Issued Capital [Abstract]

Stockholder’s equity/Issued capital

Note 9 – Stockholder’s equity/Issued capital

Common stock

The Company has one class of common stock. In connection with the redomiciliation, the Company’s amended and restated certificate of incorporation became effective, which provides for the issuance of 100 million authorized shares of common stock with a par value of $0.0001 per share, with one vote per share. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the Company’s board of directors.

On November 28, 2023, the Company effected the redomiciliation. All references in these consolidated financial statements to the Company’s outstanding common stock, including per share information, have been retrospectively adjusted to reflect this Re-domiciliation.

	For the fiscal year ended, June 30, 2023
	$		No. of shares
	(in thousands, except per share data)
Opening balance		1		12,926,349
Issues of new shares – placements		-		634,146
Issues of new shares – acquisition		1		2,181,695
Issues of new shares – employees and directors		-		-
Exercise of options		-		21
Shares in lieu of advisor fees		-		130,902
Share issue costs		-		-
Closing balance		2		15,873,113

	For the fiscal year ended June 30, 2024
	$		No. of shares
Opening balance		2		15,873,113
Issues of new shares – placements		-		-
Issues of new shares – acquisition		-		-
Issues of new shares – employees and directors		-		1,769,719
Exercise of options		-		-
Shares in lieu of advisor fees		-		-
Share issue costs		-		-
Closing balance		2		17,642,832

- Definition

The entire disclosure for equity.

+ References

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+ Details

Loss Per Share (Tables)

12 Months Ended

Jun. 30, 2024

Loss Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Shareholders

Basic and diluted net loss per share attributable to stockholders was calculated as follows:

	June 30, 2024 $		June 30, 2023 $
Basic and diluted loss per share (dollars per share)		114.67		332.17
The loss and weighted average number of shares of common stock used in the calculation of basic loss per share is as follows:		1.15		3.32
Total comprehensive loss for the year (in thousands)		18,536		51,103
- Weighted average number of shares of common stock (number)		16,164,338		15,384,704

Stockholder's Equity/Issued Capital (Details) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stockholder’s Equity/Issued Capital [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Vote per share	one

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Net loss after tax	$ (18,459)	$ (48,811)
Net cash outflows from operating activities	(15,845)	(10,749)
Cash and cash equivalents	5,858	22,120
Working capital	10,600	$ 21,200
Acquisition charged costs	35,300
Transaction cost	$ 2,430
Minimum [Member] \| Machinery [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	10 years
Minimum [Member] \| Vehicles [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Minimum [Member] \| Furniture, fittings and equipment [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Maximum [Member] \| Machinery [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	15 years
Maximum [Member] \| Vehicles [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	5 years
Maximum [Member] \| Furniture, fittings and equipment [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	8 years

Trade and Other Payables, Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Jun. 30, 2024

Trade and Other Payables, Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Trade and Other Payables, Accrued Expenses and Other Current Liabilities

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
Current liabilities
Trade payables		527		1,748
Contract liabilities		85		-
Total trade and other payables		612		1,748

Accrued expenses		4,512		426
Employee leave entitlements		333		263
Total accrued expenses and other current liabilities		4,845		689
Total trade and other payables, accrued expenses and other current liabilities		5,457		2,437

General and Administration Expenses (Details) - Schedule of General and Administration Expenses - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of General and Administration Expenses [Abstract]
Salaries, and other employee benefits	$ (2,809)	$ (2,352)
Stock-based payments expense	(8,928)	(2,149)
Depreciation expense	(103)	(88)
Compliance, legal and regulatory	(3,108)	(1,774)
Occupancy expenses	(348)	(84)
Advertising and investor relations	(1,055)	(1,249)
Other administration expenses	(823)	(316)
Total general and administration expenses	$ (17,174)	$ (8,012)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 5,858	$ 22,120
Prepaid expenses and other assets	507	877
R&D tax incentive receivable	9,837
Total current assets	16,202	22,997
Property, plant and equipment, net	472	294
Operating lease right-of-use assets	373	492
Total assets	17,047	23,783
Current liabilities:
Trade and other payables	612	1,748
Accrued expenses and other current liabilities	4,845	689
Operating lease liabilities, current	163	113
Total current liabilities	5,620	2,550
Operating lease liabilities, non-current	210	408
Total liabilities	5,830	2,958
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value – 100,000,000 shares authorized; 15,873,113 and 15,873,113 shares issued and outstanding at June 30, 2024 and 2023, respectively	2	2
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized; no shares issued or outstanding at June 30, 2024 and 2023, respectively
Additional paid-in capital	125,218	116,290
Accumulated deficit	(110,671)	(92,212)
Foreign currency translation reserve	(3,332)	(3,255)
Total stockholders’ equity	11,217	20,825
Total liabilities and stockholders’ equity	$ 17,047	$ 23,783

Loss Per Share

12 Months Ended

Jun. 30, 2024

Loss Per Share [Abstract]

Loss per share

Note 14 – Loss per share

All stock and earnings per share amounts presented below reflect the impact of the redomiciliation as if it had taken effect on July 1, 2022.

Basic and diluted net loss per share attributable to stockholders was calculated as follows:

	June 30, 2024 $		June 30, 2023 $
Basic and diluted loss per share (dollars per share)		114.67		332.17
The loss and weighted average number of shares of common stock used in the calculation of basic loss per share is as follows:		1.15		3.32
Total comprehensive loss for the year (in thousands)		18,536		51,103
- Weighted average number of shares of common stock (number)		16,164,338		15,384,704

The company notes that the diluted loss per share is the same as basic loss per share.

Redomiciliation and Business (Details)	Jun. 30, 2024 shares
Incannex Australia [Member]
Re-domiciliation and Business [Line Items]
Number of ordinary shares traded	25
Number of share received	100
Incannex Healthcare Limited [Member]
Re-domiciliation and Business [Line Items]
Number of share received	1
Common Stock [Member] \| Incannex Australia [Member]
Re-domiciliation and Business [Line Items]
Number of share received	1
American Depositary Shares [Member] \| Incannex Australia [Member]
Re-domiciliation and Business [Line Items]
Number of share received	4

Stock-Based Payments (Details) - Schedule of Weighted-Average Assumptions used Black-Scholes Option Pricing Model - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Weighted-Average Assumptions used Black-Scholes Option Pricing Model [Abstract]
Expected option life (years)		1 year 6 months
Expected volatility		90.00%
Risk-free interest rate		3.18%
Expected dividend yield
Fair value of underlying shares of common stock (in Dollars per share)		$ 1.17

Related Party Transactions (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Related Party [Member]
Related Party Transactions [Line Items]
Payable to any related parties

- Definition

Amount of liabilities classified as other.

+ References + Details

Additional Paid-in Capital (Details) - Schedule of Additional Paid-in Capital - Incannex Australia [Member] - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Additional Paid-in Capital [Line Items]

Opening balance

$ 116,290

$ 69,074

Options issued to advisors

^[1]

476

Issues of new options – placement

Equity instruments issued to management and directors

^[2]

8,928

2,149

Share placements

^[3]

8,830

Share issued to advisors

^[4]

2,050

Asset acquisition shares issued

^[5]

34,170

Issuance costs

^[6]

(529)

Ending balance

$ 125,218

$ 116,290

[1]	In August 2022, Incannex Australia issued 9,000,000 options to Ryba LLC pursuant to the mandate executed between the parties in November 2021. As the transaction between the Company and APIRx was deemed complete in August 2022, the options were issued then.
[2]	Relates to the amortization of shares and options issued as stock-based payments during the current and prior periods.
[3]	In December 2022, Incannex Australia raised $8.83 million from a placement of 634,146 ordinary shares to institutional and professional investors in a private placement.
[4]	In August 2022, Incannex Australia issued 130,902 ordinary shares to Ryba LLC as lead M&A Advisors on the APIRx acquisition.
[5]	In August 2022, Incannex Australia completed the acquisition on APIRx Pharmaceuticals via the issuance of 2,181,695 ordinary shares of Incannex Australia to the owners of APIRx in an all–scrip transaction.
[6]	In December 2022, Incannex Australia paid a commission of $530,000 to Bell Potter, as placement agent, for its services leading the private placement completed that month.

Redomiciliation and Business (Details) - Schedule of Consolidated Financial Statements	12 Months Ended
	Jun. 30, 2024
Incannex Healthcare Pty Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	Victoria, Australia
Incannex Pty Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	Victoria, Australia
Psychennex Pty Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	Victoria, Australia
APIRx Pharmaceutical USA, LLC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	Delaware
APIRx Pharmaceuticals Holding BV [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	IJsselstein, Netherlands
Clarion Clinics Group Pty Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	Victoria, Australia
Clarion Model Clinic Pty Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	Victoria, Australia
Psychennex Licensing and Franchising Pty Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Jurisdiction	Victoria, Australia

Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net loss per share, diluted	$ (1.15)	$ (3.32)
Weighted average number of shares outstanding, diluted	16,164,338	15,384,704

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

Consolidated Statements of Shareholders’ Equity (Deficit) - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Foreign currency translation reserve	Total
Balance at Jun. 30, 2022	$ 1	$ 69,074	$ (43,401)	$ (963)	$ 24,711
Balance (in Shares) at Jun. 30, 2022	12,926,349
Options exercised		1			1
Options exercised (in Shares)	21
Options issued to advisors		476			476
Option placements		71			71
Stock-based compensation		2,148			2,148
Share placements		8,830			8,830
Share placements (in Shares)	634,146
Share issued to advisors		2,050			2,050
Share issued to advisors (in Shares)	130,902
Asset acquisition shares issued	$ 1	34,170			34,171
Asset acquisition shares issued (in Shares)	2,181,695
Issuance costs		(530)			(530)
Net loss			(48,811)		(48,811)
Currency translation adjustment, net of tax				(2,292)	(2,292)
Balance at Jun. 30, 2023	$ 2	116,290	(92,212)	(3,255)	$ 20,825
Balance (in Shares) at Jun. 30, 2023	15,873,113				15,873,113
Options exercised
Options exercised (in Shares)
Stock-based compensation		8,928			$ 8,928
Shares issued to directors and employees
Shares issued to directors and employees (in Shares)	1,769,719
Share placements
Share placements (in Shares)
Asset acquisition shares issued
Asset acquisition shares issued (in Shares)
Issuance costs
Net loss			(18,459)		(18,459)
Currency translation adjustment, net of tax				(77)	(77)
Balance at Jun. 30, 2024	$ 2	$ 125,218	$ (110,671)	$ (3,332)	$ 11,217
Balance (in Shares) at Jun. 30, 2024	17,642,832				15,873,113

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Schedule of Exchange Rate of Relevant Currencies

The following table presents data regarding the dollar exchange rate of relevant currencies:

	June 30, 2024		June 30, 2023
Exchange rate on balance sheet dates
USD: AUD Exchange Rate		0.6624		0.6630
Average exchange rate for the period
USD: AUD Exchange Rate		0.6556		0.6764

Redomiciliation and Business (Tables)

12 Months Ended

Jun. 30, 2024

Redomiciliation and Business [Abstract]

Schedule of Consolidated Financial Statements

The consolidated financial statements of the Company are presented in United States 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

Trade and Other Payables, Accrued Expenses and Other Current Liabilities

12 Months Ended

Jun. 30, 2024

Trade and Other Payables, Accrued Expenses and Other Current Liabilities [Abstract]

Trade and other payables, accrued expenses and other current liabilities

Note 6 – Trade and other payables, accrued expenses and other current liabilities

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
Current liabilities
Trade payables		527		1,748
Contract liabilities		85		-
Total trade and other payables		612		1,748

Accrued expenses		4,512		426
Employee leave entitlements		333		263
Total accrued expenses and other current liabilities		4,845		689
Total trade and other payables, accrued expenses and other current liabilities		5,457		2,437

Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying amounts are a reasonable approximation of fair value.

Income Tax (Details) - Schedule of Pre-Tax Accounting Loss from Operations (Parentheticals)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Pre-Tax Accounting Loss from Operations [Abstract]
Income tax rate	30.00%	30.00%
Tax benefit percentage	25.00%	25.00%

Leases (Details) - Schedule of Lease Costs - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Lease Costs [Abstract]
Operating lease cost	$ 172	$ 66

R&D Tax Incentive Receivable

12 Months Ended

Jun. 30, 2024

R&D Tax Incentive Receivable [Abstract]

R&D tax incentive receivable

Note 4 – R&D tax incentive receivable

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
R&D tax incentive receivable		9,837		-

In the fiscal year ended June 30, 2024, due to multiple years of tax incentives being granted and successful lodgement of overseas findings on the Company’s lead assets, the Company changed its estimates for the R&D tax incentive receivable, primarily based on historical experience of claims. This change in estimate resulted in an increase in R&D tax incentive receivable by approximately $9.8 million in the fiscal year ended June 30, 2024. This change also resulted in an increase to other income of approximately $10.8 million.

Stock-Based Payments

12 Months Ended

Jun. 30, 2024

Stock-Based Payments [Abstract]

Stock-based payments

Note 12 – Stock-based payments

	June 30, 2024 $			June 30, 2023 $
	(in thousands)
Research and development		-			-
General and administrative		(8,928	)		(2,149	)
Total stock-based compensation expense		(8,928	)		(2,149	)

Restricted stocks

A summary of the changes in the Company’s restricted stock activity for the fiscal year ended June 30, 2024, are as follows:

	Numbers of Shares		Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of June 30, 2023		-		-
Granted		2,421,658		4.02
Vested		1,769,719		4.07
Forfeited		-		-
Unvested and Outstanding as of June 30, 2024		651,939		3.91

Stock Options

A summary of the changes in the Company’s stock options activity for the fiscal year ended June 30, 2024, are as follows:

	Number of Shares		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Outstanding as of June 30, 2023		633,508		24.37		1.38		149
Granted		-		-		-		-
Exercised		-		-		-		-
Cancelled or forfeited		398,500		22.96		-		-
Outstanding as of June 30, 2024		235,008		26.76		1.93		-
Unvested as of June 30, 2024		19,335		23.18		3.73		-

The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company’s shares of common stock for those share options that had exercise prices lower than the fair value of the Company’s shares of common stock.

As of June 30, 2024, there was $114,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 0.72 years.

Stock Options Valuation

	June 30, 2024		June 30, 2023
Expected option life (years)		-		1.5
Expected volatility		-		90	%
Risk-free interest rate		-		3.18	%
Expected dividend yield		-		-
Fair value of underlying shares of common stock		-		1.17

Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share Attributable to Shareholders - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Basic and Diluted Net Loss Per Share Attributable to Shareholders [Abstract]
Basic loss per share (dollars per share)	$ 114.67	$ 332.17
The loss and weighted average number of shares of common stock used in the calculation of basic loss per share is as follows:	$ 1.15	$ 3.32
Total comprehensive loss for the year (in thousands) (in Dollars)	$ 18,536	$ 51,103
Weighted average number of shares of common stock (number) (in Shares)	16,164,338	15,384,704

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

Additional Paid-in Capital (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 31, 2022	Aug. 31, 2022	Jun. 30, 2023
Additional Paid-in Capital [Line Items]
Proceeds from private placement (in Dollars)			$ 8,830
Issuance costs (in Dollars)			$ 530
Ryba LLC [Member]
Additional Paid-in Capital [Line Items]
Stock issued		9,000,000
Share issued to advisors		130,902
APIRx Pharmaceuticals [Member]
Additional Paid-in Capital [Line Items]
Acquisition shares issued		2,181,695
Bell Potter [Member]
Additional Paid-in Capital [Line Items]
Issuance costs (in Dollars)	$ 530,000
Private Placement [Member]
Additional Paid-in Capital [Line Items]
Stock issued	634,146
Proceeds from private placement (in Dollars)	$ 8,830

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Schedule of Property, Plant and Equipment, Net

	June 30, 2024, $			June 30, 2023 $
	(in thousands)
Furniture, fittings and equipment		598			157
Assets under construction		-			160
Total property, plant and equipment, gross		598			317
Accumulated depreciation and amortization		(126	)		(23	)
Total property, plant and equipment, net	$	472		$	294

Leases (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Weighted-Average Remaining Lease Term and Discount Rates

The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating leases:

	June 30, 2024			June 30, 2023
Lease term (years)		2.32			1.79

Discount rate		9.18	%		9.18	%

Schedule of Lease Costs

The following table summarizes the lease costs pertaining to the Company’s operating leases

	June 30, 2024 $		June 30, 2023 $
	(in thousands)
Operating lease cost		172		66

Schedule of Future Minimum Lease Payments

The following table summarizes the future minimum lease payments due under operating leases as of June 30, 2024, (in thousands):

Operating leases	Amount $ (in thousands)
June 30, 2025		103
June 30, 2026		166
June 30, 2027		181
June 30, 2028		38

Total minimum lease payments		488

Less amount representing interest		116

Total operating lease liabilities		372

R&D Tax Incentive Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
R&D Tax Incentive Receivable [Abstract]
Increase in R&D tax incentive receivable	$ 9,837
Increase in other income	$ 10,800

Stock-Based Payments (Details) $ in Thousands	12 Months Ended
Stock-Based Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Stock-Based Payments [Abstract]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 114,000
Weighted-average period	8 months 19 days

Subsequent Events (Details) - USD ($) $ in Thousands			12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 06, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 29, 2023
Subsequent Events [Line Items]
Shares of common stock (in Dollars)				$ 8,830
Public float (in Dollars)					$ 64,000
Aggregate purchase price (in Dollars)		$ 9,000
ELOC Agreement [Member]
Subsequent Events [Line Items]
Outstanding shares of common stock percentage			9.99%
Arena Investors, LP [Member]
Subsequent Events [Line Items]
Exercise price percentage			19.99%
Baby Shelf [Member]
Subsequent Events [Line Items]
Public float (in Dollars)			$ 75,000
Forecast [Member]
Subsequent Events [Line Items]
Purchase price of the common stock percentage		96.00%
Exercise price percentage		115.00%
Secured convertible debentures (in Dollars)		$ 10,000
Issue discount percentage		10.00%
Conversion price percentage		115.00%
Principal amount percentage	25.00%
Closing price of the common stock percentage	115.00%
Warrant percentage	115.00%
Issuance percentage	19.99%
Forecast [Member] \| Arena Business Solutions Global SPC II, Ltd [Member]
Subsequent Events [Line Items]
Shares of common stock (in Dollars)		$ 50,000
Forecast [Member] \| ELOC Agreement [Member]
Subsequent Events [Line Items]
Shares of common stock (in Shares)		250,000
Forecast [Member] \| ELOC Warrant [Member]
Subsequent Events [Line Items]
Shares of common stock (in Shares)		585,000

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment, Net [Abstract]
Depreciation expense	$ 103,000	$ 23,000

Property, Plant and Equipment, Net

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, net

Note 5 – Property, Plant and Equipment, net

	June 30, 2024, $			June 30, 2023 $
	(in thousands)
Furniture, fittings and equipment		598			157
Assets under construction		-			160
Total property, plant and equipment, gross		598			317
Accumulated depreciation and amortization		(126	)		(23	)
Total property, plant and equipment, net	$	472		$	294

Depreciation expense is recorded within general and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss and amounted to $103,000 and $23,000 for the fiscal years ended June 30, 2024 and 2023, respectively.

Income Tax (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax [Abstarct]

Schedule of Pre-Tax Accounting Loss from Operations

The prima facie income tax benefit on pre-tax accounting loss from operations reconciles to the income tax benefit in the financial statements as follows:

	June 30, 2024 $			June 30, 2023 $
	(in thousands)
Accounting loss before tax		(18,415	)		(48,811	)
Income tax benefit at the applicable tax rate of 30%		(5,525	)		(14,643
Non-deductible expenses		6,545			36,406
Non-assessable income		(3,431	)		(206	)
Deferred tax assets not recognized		927			700
Income tax benefit		(30	)		-
Unrecognized Deferred Tax Asset
Deferred tax asset not recognized in the financial statements:
Unused tax losses		6,887			5,314
Net unrecognized tax benefit at 25%		7,813			6,014

Stockholder's Equity/Issued Capital (Tables)

12 Months Ended

Jun. 30, 2024

Stockholder’s Equity/Issued Capital [Abstract]

Schedule of Consolidated Financial Statements

All references in these consolidated financial statements to the Company’s outstanding common stock, including per share information, have been retrospectively adjusted to reflect this Re-domiciliation.

	For the fiscal year ended, June 30, 2023
	$		No. of shares
	(in thousands, except per share data)
Opening balance		1		12,926,349
Issues of new shares – placements		-		634,146
Issues of new shares – acquisition		1		2,181,695
Issues of new shares – employees and directors		-		-
Exercise of options		-		21
Shares in lieu of advisor fees		-		130,902
Share issue costs		-		-
Closing balance		2		15,873,113

	For the fiscal year ended June 30, 2024
	$		No. of shares
Opening balance		2		15,873,113
Issues of new shares – placements		-		-
Issues of new shares – acquisition		-		-
Issues of new shares – employees and directors		-		1,769,719
Exercise of options		-		-
Shares in lieu of advisor fees		-		-
Share issue costs		-		-
Closing balance		2		17,642,832

Income Tax (Details) - Schedule of Pre-Tax Accounting Loss from Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Pre-Tax Accounting Loss from Operations [Abstract]
Accounting loss before tax	$ (18,415)	$ (48,811)
Income tax benefit at the applicable tax rate of 30%	(5,525)	14,643
Non-deductible expenses	6,545	36,406
Non-assessable income	(3,431)	(206)
Deferred tax assets not recognized	927	700
Income tax benefit	(30)
Unused tax losses	6,887	5,314
Net unrecognized tax benefit at 25%	$ 7,813	$ 6,014

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

12 Months Ended

Jun. 30, 2024

Related Party Transactions

Note 15 –Related Party Transactions

Transactions between related parties are on commercial terms and conditions, no more favourable than those available to other parties unless otherwise stated.

There were no amounts payable to any related parties as of June 30, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Accounting Policies, by Policy (Policies)

12 Months Ended

Jun. 30, 2024

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Going concern basis

Going concern basis

Principles of Consolidation

Use of Estimates

Risks and Uncertainties

Concentration of Credit Risk

Cash and Cash Equivalents

Property, Plant and Equipment, Net

Recognition and Measurement

All property, plant and equipment is recognised at historical cost less depreciation.

Depreciation

	●	Machinery 10-15 years

	●	Vehicles 3-5 years

	●	Furniture, fittings and equipment 3-8 years

Impairment of Long-Lived Assets

During the fiscal years ended June 30, 2024 and 2023, the Company did not record any impairment charges on its long-lived assets.

Leases

Trade and other payables

Segment information

Revenue Recognition

●

Identify the contract with a client;

●

Identify the performance obligations in the contract;

●

Determine the transaction price;

●

Allocate the transaction price to the performance obligations; and

●

Recognize revenue when, or as, the Company satisfies a performance obligation.

R&D Costs

Acquisitions

Stock-based compensation

Benefit from R&D Tax Incentive

Interest income

Foreign Currency Translation

The following table presents data regarding the dollar exchange rate of relevant currencies:

	June 30, 2024		June 30, 2023
Exchange rate on balance sheet dates
USD: AUD Exchange Rate		0.6624		0.6630
Average exchange rate for the period
USD: AUD Exchange Rate		0.6556		0.6764

Income tax

Net loss per share attributable to holders of common stock

Comprehensive Loss

Stock-Based Payments (Details) - Schedule of Restricted Stock - Restricted Stock [Member]	12 Months Ended
	Jun. 30, 2024 $ / shares shares
Schedule of Restricted Stock [Line Items]
Numbers of Shares, Unvested and Outstanding Beginning \| shares
Weighted Average Grant Date Fair Value, Unvested and Outstanding Beginning \| $ / shares
Numbers of Shares, Granted \| shares	2,421,658
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 4.02
Numbers of Shares, Vested \| shares	1,769,719
Weighted Average Grant Date Fair Value,Vested \| $ / shares	$ 4.07
Numbers of Shares, Forfeited \| shares
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Numbers of Shares, Unvested and Outstanding Ending \| shares	651,939
Weighted Average Grant Date Fair Value, Unvested and Outstanding Ending \| $ / shares	$ 3.91

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Jun. 30, 2024	Aug. 30, 2024	Dec. 29, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	Incannex Healthcare Inc.
Entity Central Index Key	0001873875
Entity File Number	001-41106
Entity Tax Identification Number	93-2403210
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Public Float			$ 64.0
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	Suite 105
Entity Address, Address Line Two	8 Century Circuit Norwest
Entity Address, City or Town	NSW
Entity Address, Country	AU
Entity Address, Postal Zip Code	2153
Entity Phone Fax Numbers [Line Items]
City Area Code	+61
Local Phone Number	409 840 786
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	IXHL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		17,642,832

Stock-Based Payments (Details) - Schedule of Share-Based Compensation Expense - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Share-Based Compensation Expense [Line Items]
Total stock-based compensation expense	$ (8,928)	$ (2,149)
Research and development [Member]
Schedule of Share-Based Compensation Expense [Line Items]
Total stock-based compensation expense
General and administrative [Member]
Schedule of Share-Based Compensation Expense [Line Items]
Total stock-based compensation expense	$ (8,928)	$ (2,149)