[Form 4] Incannex Healthcare Inc. Insider Trading Activity

Rhea-AI Filing Summary

Incannex Healthcare (IXHL) reported an insider equity grant. The company’s CFO, Treasurer and Secretary received 869,565 shares of common stock at $0 on 11/14/2025, reported as an acquisition. Following the grant, beneficial ownership stands at 921,358 shares, held directly. The award is restricted stock under the 2023 Equity Incentive Plan, vesting in three equal tranches of 289,855 shares on 12/10/2025, 06/30/2026, and 06/30/2027.

Insights

Corporate governance analyst

Routine equity grant to CFO with staged vesting.

IXHL disclosed a Form 4 showing the CFO acquired 869,565 restricted shares at $0 on 11/14/2025 under the 2023 Equity Incentive Plan. Beneficial ownership after the grant is 921,358 shares, held directly.

The restricted stock vests in three tranches of 289,855 shares on 12/10/2025, 06/30/2026, and 06/30/2027. Such grants are a common component of executive compensation and align tenure with vesting schedules.

This is administrative in nature and does not, by itself, change the company’s outlook. Any impact depends on future vesting and retention; the filing does not specify additional terms beyond the dates and amounts.

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
Estimated average burden
hours per response:			0.5

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^*

Swan Joseph

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO, Treasurer and Secretary

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		869,565(1)	A	$0	921,358	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) 289,855 Shares that vest on December 10, 2025, (ii) 289,855 Shares that vest on June 30, 2026; and (iii) 289,855 Shares that vest on June 30, 2027.

	/s/ Joseph Swan	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?

An officer acquired 869,565 shares of common stock at $0 on 11/14/2025 as a restricted stock grant.

Who is the reporting person and role at IXHL?

The reporting person is the company’s CFO, Treasurer and Secretary.

How many IXHL shares does the officer own after the transaction?

Beneficial ownership is 921,358 shares, held directly.

What is the vesting schedule for the restricted shares?

Three tranches of 289,855 shares vest on 12/10/2025, 06/30/2026, and 06/30/2027.

Under which plan were the shares granted?

The shares were granted under the 2023 Equity Incentive Plan.

What is the class of security involved?

Common Stock, $0.0001 par value per share.