0001213900-24-098421 | 10-Q | XBRL Viewer

Stockholder's Equity/Issued Capital	3 Months Ended
Sep. 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 re-domiciliation, the Company’s amended and restated certificate of incorporation became effective, which provides for authorized the issuance of 100,000,000 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 Re-domiciliation. All references in these unaudited condensed consolidated financial statements to the Company’s outstanding common stock, including per share information, have been retrospectively adjusted to reflect this Re-domiciliation.

Stockholder's Equity/Issued Capital

3 Months Ended

Sep. 30, 2024

Stockholder’s Equity/Issued Capital [Abstract]

Note 9 – Stockholder’s equity/Issued capital

Common Stock

The Company has one class of common stock. In connection with the re-domiciliation, the Company’s amended and restated certificate of incorporation became effective, which provides for authorized the issuance of 100,000,000 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 Re-domiciliation. All references in these unaudited condensed consolidated financial statements to the Company’s outstanding common stock, including per share information, have been retrospectively adjusted to reflect this Re-domiciliation.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Re-domiciliation and Business (Tables)

3 Months Ended

Sep. 30, 2024

Re-domiciliation and Business [Abstract]

Schedule of Condensed Consolidated Financial Statements

The unaudited condensed consolidated financial statements of the Company are presented in United States dollars and consist of Incannex Healthcare Inc. and the following wholly-owned subsidiaries:

Subsidiary		Jurisdiction
Incannex Healthcare Limited		Victoria, Australia
Incannex Pty Ltd		Victoria, Australia
Psychennex Pty Ltd		Victoria, Australia
APIRx Pharmaceutical USA, LLC		Delaware, United States of America
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

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (5,420)	$ (726)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	64	12
Share-based compensation expense	459	201
Repayment of lease liabilities	52	(25)
Unrealized loss on foreign currency remeasurement	5	2
Change in operating assets and liabilities:
Prepaid expenses and other current assets	177	(601)
R&D tax incentive	(839)	(3,975)
Trade and other payables	1,067	(250)
Accrued expenses and other current liabilities	2,242	(387)
Net cash used in operating activities	(2,193)	(5,749)
Cash flows from investing activities:
Purchase of property, plant and equipment		(221)
Net cash used in investing activities		(221)
Cash flows from financing activities:
Repayment of lease liabilities	(52)
Net cash provided by financing activities	(52)
Effect of exchange rate changes on cash and cash equivalents	14	128
Net decrease in cash and cash equivalents	(2,231)	(5,842)
Cash and cash equivalents at beginning of period	5,858	22,120
Cash and cash equivalents at end of period	$ 3,627	$ 16,278

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,420)	$ (726)

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-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
-Topic 250
-SubTopic 10
-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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

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

Sep. 30, 2024

Jun. 30, 2024

Prepaid Expenses and Other Current Assets [Abstract]

Prepayments

^[1]

$ 300

$ 329

GST recoverable

189

178

Total prepaid expenses and other current assets

$ 489

$ 507

[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.

Loss Per Share

3 Months Ended

Sep. 30, 2024

Loss Per Share [Abstract]

Loss per share

Note 12 – Loss per share

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

Basic and diluted net loss per share attributable to stockholders was calculated as follows (in thousands, except share and per share amounts):

	For the three months ended September 30,
	2024 $			2023 $
Basic and diluted loss per share – (dollars per share)		(0.29	)		(0.08	)
The loss and weighted average number of common stock used in the calculation of basic loss per share is as follows:
Total comprehensive loss for the year (in thousands)		(5,081	)		(1,236	)
- Weighted average number of common stock (number)		17,642,832			15,873,113

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

Leases (Details) - Schedule of Lease Costs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Schedule of Lease Costs [Abstract]
Operating lease cost	$ 54	$ 172

Commitments and Contingencies

3 Months Ended

Sep. 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 the Company 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.

Stock-Based Payments (Tables)

3 Months Ended

Sep. 30, 2024

Stock-Based Payments [Abstract]

Schedule of Stock-Based Payments

	For the three months ended September 30,
	2024 $		2023 $
	(in thousands)
Research and development		-		-
General and administrative		459		201
Total stock-based compensation expense		459		201

Schedule of Restricted Stock

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

	Numbers of Shares			Weighted Average Grant Date Fair Value $
	(in thousands, expect per share data)
Unvested and Outstanding as of June 30, 2024		651,939			3.91
Granted		27,795			1.84
Vested		(9,265	)		(1.84	)
Forfeited		-			-
Unvested and Outstanding as of September 30, 2024		670,469			3.86

Schedule of Stock Options

A summary of the changes in the Company’s stock options activity for the period ended September 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, 2024		235,008		26.76		1.93		-
Granted		-		-		-		-
Exercised		-		-		-		-
Cancelled or forfeited		-		-		-		-
Outstanding as of September 30, 2024		235,008		28.00		1.93		-
Unvested as of September 30, 2024		14,001		24.26		4.01		-

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Sep. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Schedule of Property, Plant and Equipment, Net

	September 30, 2024 $			June 30, 2024 $
	(in thousands)
Furniture, fittings and equipment		625			597
Assets under construction		-			-
Total property, plant and equipment, gross		625			597
Accumulated depreciation and amortization		(197	)		(125	)
Total property, plant and equipment, net	$	428		$	472

Prepaid Expenses and Other Current Assets

3 Months Ended

Sep. 30, 2024

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid expenses and other current assets

Note 3 – Prepaid expenses and other current assets

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
Prepayments¹		300		329
GST recoverable		189		178
Total prepaid expenses and other current assets		489		507

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.

Stock-Based Payments (Details) $ in Thousands	3 Months Ended
Stock-Based Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Stock-Based Payments [Abstract]
Unrecognized compensation cost	$ 85,091
Weighted-average period	9 months

R&D Tax Incentive Receivable (Details) - Schedule of R&D Tax Incentive Receivable - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Schedule of R&D Tax Incentive Receivable [Abstract]
R&D tax incentive receivable	$ 11,093	$ 9,837

Leases (Details) - Schedule of Future Minimum Lease Payments $ in Thousands	Sep. 30, 2024 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
June 30, 2025	$ 163
June 30, 2026	211
June 30, 2027	51
June 30, 2028	34
Total minimum lease payments	458
Less amount representing interest	47
Total operating lease liabilities	$ 411

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

3 Months Ended

Sep. 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

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
Current liabilities
Trade payables		1,496		527
Contract liabilities		59		85
Total trade and other payables		1,555		612

Accrued expenses		7,100		4,512
Employee leave entitlements		387		333
Total accrued expenses and other current liabilities		7,487		4,845
Total Trade and other payables, accrued expenses and other current liabilities		9,042		5,457

Trade and Other Payables, Accrued Expenses and Other Current Liabilities

3 Months Ended

Sep. 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

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
Current liabilities
Trade payables		1,496		527
Contract liabilities		59		85
Total trade and other payables		1,555		612

Accrued expenses		7,100		4,512
Employee leave entitlements		387		333
Total accrued expenses and other current liabilities		7,487		4,845
Total Trade and other payables, accrued expenses and other current liabilities		9,042		5,457

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.

Loss Per Share (Tables)

3 Months Ended

Sep. 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 (in thousands, except share and per share amounts):

	For the three months ended September 30,
	2024 $			2023 $
Basic and diluted loss per share – (dollars per share)		(0.29	)		(0.08	)
The loss and weighted average number of common stock used in the calculation of basic loss per share is as follows:
Total comprehensive loss for the year (in thousands)		(5,081	)		(1,236	)
- Weighted average number of common stock (number)		17,642,832			15,873,113

Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share Attributable to Shareholders - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Schedule of Basic and Diluted Net Loss Per Share Attributable to Shareholders [Abstract]
Basic loss per share (dollars per share)	$ (0.29)	$ (0.08)
Diluted loss per share	$ (0.29)	$ (0.08)
Total comprehensive loss for the year	$ (5,081)	$ (1,236)
Weighted average number of common stock (number)	17,642,832	15,873,113

- 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

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
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	17,642,832	17,642,832
Common stock, shares outstanding	17,642,832	17,642,832
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

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue from customers	$ 74
Operating expenses:
Research and development	(2,896)	(2,608)
General and administrative	(3,432)	(2,284)
Total operating expenses	(6,328)	(4,892)
Loss from operations	(6,254)	(4,892)
Other income, net:
R&D tax incentive	811	4,097
Foreign exchange gains/(losses)	(5)	(2)
Interest income	28	71
Total other income, net	834	4,166
Loss before income tax expense	(5,420)	(726)
Income tax expense
Net loss	(5,420)	(726)
Other comprehensive income/(loss):
Currency translation adjustment, net of tax	339	(510)
Total comprehensive loss	$ (5,081)	$ (1,236)
Net loss per share: Basic and diluted (in Dollars per share)	$ (0.29)	$ (0.08)
Net loss per share, diluted (in Dollars per share)	$ (0.29)	$ (0.08)
Weighted average number of shares outstanding, basic and diluted (in Shares)	17,642,832	15,873,113
Weighted average number of shares outstanding, diluted (in Shares)	17,642,832	15,873,113

Stock-Based Payments (Details) - Schedule of Stock Options - USD ($)		3 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Schedule of Stock Options [Line Items]
Number of Shares, Outstanding, balance	235,008	235,008
Weighted Average Exercise Price, Outstanding balance	$ 26.76	$ 28
Weighted Average Remaining Contractual Term, Outstanding balance	1 year 11 months 4 days	1 year 11 months 4 days
Aggregate Intrinsic Value (in thousands), Outstanding balance
Number of Shares, Granted
Weighted Average Exercise Price, Granted
Aggregate Intrinsic Value (in thousands), Granted
Number of Shares, Exercised
Weighted Average Exercise Price, Exercised
Aggregate Intrinsic Value (in thousands), Exercised
Number of Shares, Cancelled or forfeited
Weighted Average Exercise Price, Cancelled or forfeited
Weighted Average Remaining Contractual Term, Cancelled or forfeited
Aggregate Intrinsic Value (in thousands), Cancelled or forfeited
Number of Shares, Unvested as of September 30, 2024		14,001
Weighted Average Exercise Price, Unvested as of September 30, 2024		$ 24.26
Weighted Average Remaining Contractual Term, Unvested as of September 30, 2024		4 years 3 days
Aggregate Intrinsic Value (in thousands), Unvested as of September 30, 2024

Re-domiciliation and Business (Details)	Sep. 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

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment, Net - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Property, Plant and Equipment, Net [Abstract]
Furniture, fittings and equipment	$ 625	$ 597
Assets under construction
Total property, plant and equipment, gross	625	597
Accumulated depreciation and amortization	(197)	(125)
Total property, plant and equipment, net	$ 428	$ 472

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended
	Nov. 06, 2024	Oct. 31, 2024	Oct. 17, 2024	Oct. 10, 2024	Sep. 06, 2024	Sep. 30, 2024	Oct. 09, 2024	Jun. 30, 2024
Subsequent Events [Line Items]
Loan facility interest, percentage				14.50%
Percentage of research and development expenses				48.50%
Shares of common stock						17,642,832		17,642,832
Number of trading days					5 years
Exercise price per share (in Dollars per share)			$ 1.89
Outstanding shares of common stock percentage			10.00%
Original issue discount percentage			10.00%
Number of warrant issued			453,749
Net proceeds received (in Dollars)						$ 2,877,588
First Tranche Debenture [Member]
Subsequent Events [Line Items]
Interest rate			5.00%
ELOC Agreement [Member]
Subsequent Events [Line Items]
Shares of common stock (in Dollars)					$ 50,000
Arena Investors, LP [Member]
Subsequent Events [Line Items]
Principal amount (in Dollars)			$ 3,333,333
Subsequent Event [Member]
Subsequent Events [Line Items]
Number of shares committed	250,000
Aggregate purchase price (in Dollars)			$ 3,000
Subsequent Event [Member] \| ELOC Warrant [Member]
Subsequent Events [Line Items]
Number of warrants	585,000
Subsequent Event [Member] \| Warrant [Member]
Subsequent Events [Line Items]
Shares of common stock	453,749
Common Stock [Member]
Subsequent Events [Line Items]
Shares of common stock					250,000
Common Stock [Member] \| Subsequent Event [Member] \| Warrant [Member]
Subsequent Events [Line Items]
Shares of common stock	10,101,009
Forecast [Member]
Subsequent Events [Line Items]
Term loan facility (in Dollars)							$ 4,700
Initial drawdown amount (in Dollars)				$ 4,600
Number of warrants exercisable		585,000
Exercise price per share (in Dollars per share)		$ 1.66
Forecast [Member] \| ELOC Agreement [Member]
Subsequent Events [Line Items]
Shares of common stock	50,000,000
Forecast [Member] \| Subsequent Event [Member]
Subsequent Events [Line Items]
Shares of common stock	61,389,758
Forecast [Member] \| Common Stock [Member] \| ELOC Agreement [Member]
Subsequent Events [Line Items]
Shares of common stock	61,389,758

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 12, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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 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 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

Subsequent Events

3 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 14 – Subsequent Events

Facility Agreement

On October 9, 2024, the Company entered into a Facility Agreement (the “Facility Agreement”) with FC Credit Pty Ltd (“FC Credit”), pursuant to which FC Credit will provide a term loan facility for up to $4.7 million (the “Loan Facility”). On October 10, 2024, the Company received approximately $4.6 million as the initial drawdown amount, after deducting certain fees payable by the Company under the Facility Agreement. The Loan Facility has a term of 12 months from the date of the initial drawdown (the “Final Repayment Date”). Interest under the Loan Facility will accrue at the rate of 14.5% per annum and is payable on the last date of each calendar month and on the Final Repayment Date.

This facility provides the Company with immediate access to funds based on research and development expenses incurred during the 2023 and 2024 financial years, aligning with the end of the Australian financial year. The Research and Development Tax Incentive (“RDTI”) program is a key program under the Australian government's innovation framework, designed to encourage companies to undertake research and development activities that benefit Australia. It offers a tax rebate, currently at 48.5%, for eligible research and development expenses, allowing companies to recoup almost half of their research and development spending.

Equity Line of Credit Agreement

On September 6, 2024, the Company entered into an equity line of credit Purchase Agreement (the “ELOC Purchase Agreement”) with Arena Business Solutions Global SPC II, Ltd (“Arena Global”). Under the ELOC Purchase Agreement, Arena Global has committed to purchase up to $50 million of common stock (the “ELOC Shares”), at the Company’s direction from time to time, subject to the satisfaction of the conditions in the ELOC Purchase Agreement. In connection with the ELOC Purchase Agreement the Company agreed, among other things to issue to Arena Global, as a commitment fee (the “Commitment Shares”), that number of shares of common stock equal to 250,000 divided by the simple average of the daily volume weighted average price of 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 shares of the Company’s common stock are registered.

As additional consideration for Arena Global’s execution and delivery of the ELOC Purchase Agreement, the Company issued on October 31, 2024, a five-year warrant exercisable for 585,000 shares of common stock (the “ELOC Warrant Shares”) with an exercise price equal to $1.66 per share.

Pursuant to the ELOC Purchase Agreement, the Company agreed to (i) register the resale of the ELOC Shares, Commitment Shares and ELOC Warrant Shares within 30 calendar days following the ELOC Purchase Agreement and (ii) file one or more additional registration statements for the resale by Arena Global of other Registrable Securities (as defined in the ELOC Purchase Agreement) if necessary. On November 6, 2024, the Company filed a registration statement on Form S-3 (333-283025) (the “Resale Registration Statement”) of up to 61,389,758 shares of common stock, including up to 50,000,000 shares of common stock for issuances to be made under the ELOC Purchase Agreement, up to 250,000 Commitment Shares, and up to 585,000 ELOC Warrant Shares.

First Tranche Debenture

On October 17, 2024, the Company completed the closing of the first tranche for the issuance of a 10% original issue discount secured convertible debenture (the “First Tranche Debenture”) in the principal amount of $3,333,333 at an aggregate purchase price of $3 million, with 10% original issue discount and payment-in-kind interest rate at 5%, to Arena Special Opportunities (Offshore) Master II LP (“Arena Opportunities”) pursuant to the Securities Purchase Agreement, dated September 6, 2024 (the “September 2024 Purchase Agreement”), by and between the Company and Arena Investors, LP (“Arena Investors”). The First Tranche Debenture matures on April 14, 2026. In addition, the Company issued a warrant to Arena Investors exercisable for up to 453,749 shares of common stock (the “First Tranche Warrant”). The exercise price of the First Tranche Warrant is $1.89 per share.

The net proceeds received from the issuance of the First Tranche Debenture, after deduction of expenses reimbursable to the Arena Investors, amounted to $2,877,588.

Pursuant to the September 2024 Purchase Agreement, the Company and Arena Opportunities entered into a registration rights agreement (the “Registration Rights Agreement”), pursuant to which the Company agreed to file with the SEC a registration statement on Form S-3 after the closing of each tranche of the debenture to register for resale the shares of common stock issued upon conversion of the applicable debenture and the shares issuable upon exercise of any warrants issued in the applicable closing, within 20 calendar days after the closing date of the first tranche (the “Filing Deadline”) and to have such registration statement declared effective within 60 days after the Filing Deadline (or in the event of full review by the SEC, within 90 calendar days after the Filing Deadline). On November 6, 2024, the Company filed with the SEC the Resale Registration Statement, registering for resale up to 61,389,758 shares of common stock, including up to 10,101,009 shares of common stock issuable upon conversion of the First Tranche Debenture and up to 453,749 shares of common stock issuable upon the exercise of the First Tranche Warrant.

In addition, pursuant to the September 2024 Purchase Agreement, the Company; Incannex Healthcare Pty Ltd, Incannex Pty Ltd and Psychennex Pty Ltd (the “Subsidiaries”); and Arena Opportunities entered into a security agreement effective as of October 14, 2024 (the “Security Agreement”), pursuant to which the Company (i) pledged the equity interests in the Subsidiaries and (ii) granted to Arena Opportunities a security interest in, among other items, all of the Company’s owned assets, whether currently owned or later acquired, and all proceeds therefrom (the “Assets”), as set forth in the Security Agreement. In addition, the Company’s subsidiary, Incannex Healthcare Pty Ltd (IHPL) entered into a patent security agreement (the “Patent Security Agreement”) and a trademark security agreement (the “Trademark Security Agreement”), each effective as of October 14, 2024, pursuant to which IHPL granted to the investors a security interest in its patents, patent applications, and all proceeds therefrom and a security interest in its trademarks, trademark applications, and all proceeds therefrom, respectively. In addition, pursuant to the Security Agreement, the Subsidiaries granted to Arena Opportunities a security interest in its Assets and, pursuant to a Subsidiary Guarantee effective as of October 14, 2024 (the “Subsidiary Guarantee”), jointly and severally agreed to guarantee and act as surety for the Company’s obligation to repay the September 2024 Debentures and other obligations under the other transaction documents.

Stock-Based Payments

3 Months Ended

Sep. 30, 2024

Stock-Based Payments [Abstract]

Stock-based payments

Note 10 – Stock-based payments

	For the three months ended September 30,
	2024 $		2023 $
	(in thousands)
Research and development		-		-
General and administrative		459		201
Total stock-based compensation expense		459		201

Restricted stock units

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

	Numbers of Shares			Weighted Average Grant Date Fair Value $
	(in thousands, expect per share data)
Unvested and Outstanding as of June 30, 2024		651,939			3.91
Granted		27,795			1.84
Vested		(9,265	)		(1.84	)
Forfeited		-			-
Unvested and Outstanding as of September 30, 2024		670,469			3.86

Stock options

A summary of the changes in the Company’s stock options activity for the period ended September 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, 2024		235,008		26.76		1.93		-
Granted		-		-		-		-
Exercised		-		-		-		-
Cancelled or forfeited		-		-		-		-
Outstanding as of September 30, 2024		235,008		28.00		1.93		-
Unvested as of September 30, 2024		14,001		24.26		4.01		-

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 September 30, 2024, there was $85,091 of unrecognized compensation cost related to unvested share options, which is expected to be recognized over a weighted-average period of 0.75 years.

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	*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. The historical financial statements of Incannex Australia became the historical financial statements of the combined company upon consummation of the Re-domiciliation. As a result, the financial statements included in this report reflect (i) the historical operating results of Incannex Australia and subsidiaries prior to the Re-domiciliation; (ii) the combined results of the Company, Incannex Australia, and subsidiaries following the completion of the Re-domiciliation; 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, 2022. The Company’s unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and pursuant to the rules and regulations of the SEC. Prior to the Re-domiciliation, Incannex Australia reported its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). Following the Re-domiciliation, the Company transitioned to US GAAP and applied US GAAP retrospectively for all prior periods presented. 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.
Unaudited Interim Financial Information	*Unaudited Interim Financial Information* In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, and its results of operations for the three months ended September 30, 2024, and 2023, and cash flows for the three months ended September 30, 2024, and 2023. The Company has condensed or omitted certain information and note disclosures normally included in financial statements prepared in accordance with GAAP pursuant to the applicable required disclosures and regulations of the SEC. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024.
Going Concern Basis	*Going Concern Basis* The Company believes there is substantial doubt about its ability to obtain additional capital when and as needed to continue as a going concern as previously disclosed in the 2024 Annual Report. The Company has not yet established an ongoing source of revenue sufficient to cover its operating and capital expenditure requirements and to cover any potential payments that may become due and payable pursuant to any debentures 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 plan 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 this Quarterly Report. Based on the Company’s unrestricted cash and cash equivalents as of September 30, 2024, the Company anticipates that it will be able to fund its planned operating expenses and capital expenditure requirements into March 2025. 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 Purchase 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 March 2026. 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 the 2024 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	*Principles of Consolidation* The accompanying unaudited condensed 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. All intercompany balances and transactions have been eliminated on consolidation.
Use of Estimates	*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 unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements include the valuation of equity-based instruments issued for other than cash accrued research and development expense, and the research and development 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	*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, product 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 research and development 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.
Significant Accounting Policies	*Significant Accounting Policies* There have been no changes to the Company’s significant accounting policies disclosed in Note 2 to the consolidated financial statements described in the Company’s 2024 Annual Report that have had a material impact on the Company’s unaudited condensed consolidated financial statements and related notes.

Re-domiciliation and Business

3 Months Ended

Sep. 30, 2024

Re-domiciliation and Business [Abstract]

Re-domiciliation and Business

Note 1 – Re-domiciliation and Business

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

Until the Re-domiciliation, 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 Nasdaq. Following completion of the Re-domiciliation, Incannex Australia’s ordinary shares were delisted from the ASX and Incannex Healthcare Inc. assumed Incannex Australia’s listing on Nasdaq.

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

The issued and outstanding shares of the Company’s 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 Healthcare Inc. 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 unaudited condensed consolidated financial statements of the Company are presented in United States dollars and consist of Incannex Healthcare Inc. and the following wholly-owned subsidiaries:

Subsidiary		Jurisdiction
Incannex Healthcare Limited		Victoria, Australia
Incannex Pty Ltd		Victoria, Australia
Psychennex Pty Ltd		Victoria, Australia
APIRx Pharmaceutical USA, LLC		Delaware, United States of America
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

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

- Definition

Amount of liabilities classified as other.

+ References + Details

Stock-Based Payments (Details) - Schedule of Stock-Based Payments - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Schedule of Share-Based Compensation Expense [Line Items]
Total stock-based compensation expense	$ 459	$ 201
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	$ 459	$ 201

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment, Net [Abstract]
Depreciation expense	$ 66,184	$ 12,046

Re-domiciliation and Business (Details) - Schedule of Condensed Consolidated Financial Statements	3 Months Ended
	Sep. 30, 2024
Incannex Healthcare Limited [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, United States of America
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

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 3,627	$ 5,858
Prepaid expenses and other assets	489	507
Research and Development (“R&D”) tax incentive receivable	11,093	9,837
Total current assets	15,209	16,202
Property, plant and equipment, net	428	472
Operating lease right-of-use assets	411	373
Total assets	16,048	17,047
Current liabilities:
Trade and other payables	1,555	612
Accrued expenses and other current liabilities	7,487	4,845
Operating lease liabilities, current	190	163
Total current liabilities	9,232	5,620
Operating lease liabilities, non-current	221	210
Total liabilities	9,453	5,830
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common Stock, $0.0001 par value per share – 100,000,000 shares authorized; 17,642,832 and 17,642,832 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively	2	2
Preferred Stock, $0.0001 par value per share, 10,000,000 shares authorized; no shares issued or outstanding at September 30, 2024 and June 30, 2024, respectively
Additional paid-in capital	125,677	125,218
Accumulated deficit	(116,091)	(110,671)
Foreign currency translation reserve	(2,993)	(3,332)
Total stockholders’ equity	6,595	11,217
Total liabilities and stockholders’ equity	$ 16,048	$ 17,047

Stockholder's Equity/Issued Capital (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Vote per share	one

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

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	Sep. 30, 2024	Jun. 30, 2024
Current liabilities
Trade payables	$ 1,496	$ 527
Contract liabilities	59	85
Total trade and other payables	1,555	612
Accrued expenses	7,100	4,512
Employee leave entitlements	387	333
Total accrued expenses and other current liabilities	7,487	4,845
Total Trade and other payables, accrued expenses and other current liabilities	$ 9,042	$ 5,457

Stock-Based Payments (Details) - Schedule of Restricted Stock - Restricted Stock [Member]	3 Months Ended
	Sep. 29, 2024 $ / shares shares
Schedule of Restricted Stock [Line Items]
Numbers of Shares, Unvested and Outstanding Beginning \| shares	651,939
Weighted Average Grant Date Fair Value, Unvested and Outstanding Beginning \| $ / shares	$ 3.91
Numbers of Shares, Granted \| shares	27,795
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 1.84
Numbers of Shares, Vested \| shares	(9,265)
Weighted Average Grant Date Fair Value,Vested \| $ / shares	$ (1.84)
Numbers of Shares, Forfeited \| shares
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Numbers of Shares, Unvested and Outstanding Ending \| shares	670,469
Weighted Average Grant Date Fair Value, Unvested and Outstanding Ending \| $ / shares	$ 3.86

Leases

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Note 7 – Leases

During fiscal year 2023, the Company entered into three new lease agreements for its corporate head office in Sydney, Melbourne office and Clarion Clinic site. 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:

	September 30, 2024			June 30, 2024
Lease term (years)		2.07			2.32

Discount rate		9.18	%		9.18	%

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

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
Operating lease cost		54		172

Cash paid for amounts included in the measurement of operating lease liabilities during the three months ended September 30, 2024 and fiscal year June 30, 2024 was $54,000 and $172,000, 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 September 30, 2024, (in thousands):

Operating leases	Amount $ (in thousands)
June 30, 2025		163
June 30, 2026		211
June 30, 2027		51
June 30, 2028		34

Total minimum lease payments		458

Less amount representing interest		47

Total operating lease liabilities		411

As of September 30, 2024, the Company’s operating lease has a weighted-average remaining lease term of 2.07 years and a discount rate of 9.18%.

R&D Tax Incentive Receivable (Tables)

3 Months Ended

Sep. 30, 2024

R&D Tax Incentive Receivable [Abstract]

Schedule of R&D Tax Incentive Receivable

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
R&D tax incentive receivable		11,093		9,837

Leases (Details) - USD ($)	3 Months Ended	12 Months Ended
Leases (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Leases [Abstract]
Operating lease liabilities	$ 54,000	$ 172,000
Weighted-average remaining lease term	2 years 25 days	2 years 3 months 25 days
Weighted-average remaining discount rate	9.18%	9.18%

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

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Sep. 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. The historical financial statements of Incannex Australia became the historical financial statements of the combined company upon consummation of the Re-domiciliation. As a result, the financial statements included in this report reflect (i) the historical operating results of Incannex Australia and subsidiaries prior to the Re-domiciliation; (ii) the combined results of the Company, Incannex Australia, and subsidiaries following the completion of the Re-domiciliation; 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, 2022.

The Company’s unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and pursuant to the rules and regulations of the SEC. Prior to the Re-domiciliation, Incannex Australia reported its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). Following the Re-domiciliation, the Company transitioned to US GAAP and applied US GAAP retrospectively for all prior periods presented.

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.

Unaudited Interim Financial Information

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, and its results of operations for the three months ended September 30, 2024, and 2023, and cash flows for the three months ended September 30, 2024, and 2023. The Company has condensed or omitted certain information and note disclosures normally included in financial statements prepared in accordance with GAAP pursuant to the applicable required disclosures and regulations of the SEC. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024.

Going Concern Basis

The Company believes there is substantial doubt about its ability to obtain additional capital when and as needed to continue as a going concern as previously disclosed in the 2024 Annual Report. The Company has not yet established an ongoing source of revenue sufficient to cover its operating and capital expenditure requirements and to cover any potential payments that may become due and payable pursuant to any debentures 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 plan 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 this Quarterly Report.

Based on the Company’s unrestricted cash and cash equivalents as of September 30, 2024, the Company anticipates that it will be able to fund its planned operating expenses and capital expenditure requirements into March 2025. 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 Purchase 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 March 2026. 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 the 2024 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 unaudited condensed 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. 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 unaudited condensed consolidated financial statements and accompanying notes.

The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements include the valuation of equity-based instruments issued for other than cash accrued research and development expense, and the research and development 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, product 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 research and development 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.

Significant Accounting Policies

There have been no changes to the Company’s significant accounting policies disclosed in Note 2 to the consolidated financial statements described in the Company’s 2024 Annual Report that have had a material impact on the Company’s unaudited condensed consolidated financial statements and related notes.

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Sep. 30, 2024

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
Prepayments¹		300		329
GST recoverable		189		178
Total prepaid expenses and other current assets		489		507

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.

Related Party Transactions

3 Months Ended

Sep. 30, 2024

Related Party Transactions

Note 13 – Related Party Transactions

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

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

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Leases (Tables)

3 Months Ended

Sep. 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:

	September 30, 2024			June 30, 2024
Lease term (years)		2.07			2.32

Discount rate		9.18	%		9.18	%

Schedule of Lease Costs

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

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
Operating lease cost		54		172

Schedule of Future Minimum Lease Payments

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

Operating leases	Amount $ (in thousands)
June 30, 2025		163
June 30, 2026		211
June 30, 2027		51
June 30, 2028		34

Total minimum lease payments		458

Less amount representing interest		47

Total operating lease liabilities		411

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated deficit	Foreign currency translation reserve	Total
Balance at Jun. 30, 2023	$ 2	$ 116,290	$ (92,212)	$ (3,255)	$ 20,825
Balance (in Shares) at Jun. 30, 2023	15,873,113
Stock-based compensation		201			201
Net loss			(726)		(726)
Currency translation adjustment, net of tax				(510)	(510)
Balance at Sep. 30, 2023	$ 2	116,491	(92,938)	(3,765)	19,790
Balance (in Shares) at Sep. 30, 2023	15,873,113
Balance at Jun. 30, 2024	$ 2	125,218	(110,671)	(3,332)	11,217
Balance (in Shares) at Jun. 30, 2024	17,642,832
Stock-based compensation		459			459
Net loss			(5,420)		(5,420)
Currency translation adjustment, net of tax				339	339
Balance at Sep. 30, 2024	$ 2	$ 125,677	$ (116,091)	$ (2,993)	$ 6,595
Balance (in Shares) at Sep. 30, 2024	17,642,832

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

R&D Tax Incentive Receivable

3 Months Ended

Sep. 30, 2024

R&D Tax Incentive Receivable [Abstract]

R&D tax incentive receivable

Note 4 – R&D tax incentive receivable

	September 30, 2024 $		June 30, 2024 $
	(in thousands)
R&D tax incentive receivable		11,093		9,837

Due to multiple years of tax incentives being granted and successful lodgment 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.

Income Tax

3 Months Ended

Sep. 30, 2024

Income Tax [Abstarct]

Income Tax

Note 11 – Income Tax

For the three months ended September 30, 2024, and September 30, 2023, respectively, the Company did not recognize a provision or benefit for income taxes as it incurred net losses. In addition, the net deferred tax assets generated from net operating losses were fully offset by a valuation allowance as the Company believes it is not more likely than not that the benefit will be realized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment, Net

3 Months Ended

Sep. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, net

Note 5 – Property, Plant and Equipment, net

	September 30, 2024 $			June 30, 2024 $
	(in thousands)
Furniture, fittings and equipment		625			597
Assets under construction		-			-
Total property, plant and equipment, gross		625			597
Accumulated depreciation and amortization		(197	)		(125	)
Total property, plant and equipment, net	$	428		$	472

Depreciation expense is recorded within general and administrative in the unaudited condensed consolidated statements of operations and comprehensive loss and amounted to $66,184 and $12,046 for the three months ended September 30, 2024 and 2023, respectively.