IXHL Form 4: Director reports 1.69M-share RS grant at $0

Rhea-AI Filing Summary

Incannex Healthcare (IXHL) director George Anastassov reported an acquisition of 1,686,956 shares of common stock on 11/14/2025, at a reported price of $0, reflecting a restricted stock grant under the 2023 Equity Incentive Plan. Following the transaction, he beneficially owns 2,456,677 shares, held directly.

The grant includes four equal tranches of 421,739 shares scheduled to vest on Dec 10, 2025, Jun 30, 2026 (two tranches), and Jun 30, 2027.

Insights

Insider transactions analyst

Routine Form 4 reporting a multi‑tranche RS grant.

The filing records a grant of 1,686,956 restricted shares at $0 on 11/14/2025, consistent with equity awards to directors. Post‑transaction beneficial ownership is 2,456,677 shares, reported as direct.

Vesting is split into four tranches of 421,739 shares each on Dec 10, 2025, Jun 30, 2026 (two tranches), and Jun 30, 2027. The practical impact depends on service/vesting conditions disclosed, with no cash flow implied in the grant.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Anastassov George

(Last) (First) (Middle)

C/O INCANNEX HEALTHCARE INC.

RIALTO SOUTH TWR LVL 23, 525 COLLINS ST

(Street)

MELBOURNE C3 VIC 3008

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Incannex Healthcare Inc. [ IXHL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.0001 par value per share	11/14/2025		A		1,686,956(1)	A	$0	2,456,677	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes the following shares of restricted stock (the "Shares") granted on November 14, 2025, under the Issuer's 2023 Equity Incentive Plan, (i) 421,739 Shares that vest in full on December 10, 2025, (ii) 421,739 Shares that vest in full on June 30, 2026, (iii) 421,739 Shares that vest in full on June 30, 2026 and (iv) 421,739 Shares that vest in full on June 30, 2027.

	/s/ George Anastassov	11/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did IXHL report in this Form 4?

A director reported acquiring 1,686,956 shares of common stock at $0 on 11/14/2025 as a restricted stock grant.

How many IXHL shares does the reporting person own after the transaction?

The filing shows 2,456,677 shares beneficially owned, held directly.

What are the vesting dates for the IXHL restricted shares?

Four tranches of 421,739 shares each vest on Dec 10, 2025, Jun 30, 2026 (two tranches), and Jun 30, 2027.

Who is the reporting person in the IXHL Form 4?

Director George Anastassov.

What class of security was reported in the IXHL Form 4?

Common Stock, $0.0001 par value per share.

Was the transaction a market purchase or sale?

It reflects a restricted stock grant reported at $0 per share, not an open-market trade.