[Form 4] Incannex Healthcare Inc. Insider Trading Activity

Rhea-AI Filing Summary

Incannex Healthcare (IXHL) director Troy Valentine reported acquiring 11,302,608 shares of common stock at $0 on November 14, 2025, as a restricted stock grant under the company’s 2023 Equity Incentive Plan. Following the grant, he beneficially owned 12,001,858 shares directly.

The restricted shares vest in four tranches of 2,825,652 each on December 10, 2025; June 30, 2026; June 30, 2026; and June 30, 2027. He also reported indirect holdings, including 242,862 shares via Alignment Capital Pty Ltd.

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^*

Valentine Troy

(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		11,302,608(1)	A	$0	12,001,858	D
Common Stock								10,000	I	By Mr. Valentine as the beneficiary of the GFCR Investments Trust
Common Stock								30,000	I	By Valplan Pty Ltd, a company of which Mr. Valentine is a director
Common Stock								10,000	I	By Tranaj Nominees Pty Ltd, a company of which Mr. Valentine is a director
Common Stock								242,862	I	By Alignment Capital Pty Ltd, a company of which Mr. Valentine is a director and major shareholder
Common Stock								44,400	I	By Cityside Pty Ltd, a company wholly-owned by Mr. Valentine

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) 2,825,652 Shares that vest in full on December 10, 2025, (ii) 2,825,652 Shares that vest in full on June 30, 2026, (iii) 2,825,652 Shares that vest in full on June 30, 2026 and (iv) 2,825,652 Shares that vest in full on June 30, 2027.

	/s/ Troy Valentine	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 disclose in this Form 4?

Director Troy Valentine reported acquiring 11,302,608 shares of Incannex Healthcare common stock at $0 on November 14, 2025 as a restricted stock grant.

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

He beneficially owned 12,001,858 shares directly after the reported transaction.

What is the vesting schedule for the restricted shares in IXHL?

The grant vests in four tranches of 2,825,652 each on Dec 10, 2025; Jun 30, 2026; Jun 30, 2026; and Jun 30, 2027.

What was the price per share for the IXHL restricted stock grant?

The reported price was $0 per share for the restricted stock grant.

Were any indirect IXHL holdings reported?

Yes. Indirect holdings include 242,862 via Alignment Capital Pty Ltd, among other entities.

What plan governed the IXHL equity grant?

The shares were granted under the company’s 2023 Equity Incentive Plan.