Full Press Release Details
Incannex Granted 180-Day Extension by Nasdaq
to Regain Compliance with Minimum Bid Price Requirement
MELBOURNE, Australia and NEW YORK, USA - October 22 - Incannex
Healthcare Inc. (Nasdaq: IXHL), a clinical-stage pharmaceutical company developing innovative combination therapies for high-impact
medical conditions, today announced that it has received an additional 180-calendar-day extension from the Nasdaq Stock Market ("Nasdaq")
to regain compliance with the minimum bid price requirement, as outlined in Nasdaq Listing Rule 5550(a)(2).
Incannex now has until April 20, 2026, to meet the requirement
for its shares of common stock to maintain a closing bid price of at least US$1.00 per share for a minimum of ten consecutive business
days (which may be extended to twenty consecutive business days in the discretion of Nasdaq staff). Nasdaq granted the extension after
determining that Incannex continues to meet all other continued listing criteria for the Nasdaq Capital Market, including the market value
of publicly held shares, and has provided written notice of its intention to cure the deficiency within the extension period, if necessary,
through a reverse stock split.
"We appreciate Nasdaq's decision to grant this extension,
which provides Incannex with continued flexibility as we advance our operational and strategic objectives," said Joel Latham,
President and Chief Executive Officer of Incannex. "This year, we successfully delivered two separate Phase 2 clinical data packages,
further validating the strength of our development platform and positioning the Company exceptionally well for its next stage of growth.
With an extremely strong cash position and a robust pipeline of combination therapies, we believe Incannex is well-placed to continue
executing on its strategy and driving long-term value for shareholders."
Incannex remains committed to full compliance with all Nasdaq listing
requirements and will continue to monitor its share price closely. Incannex plans to take all necessary actions within the prescribed
period to regain compliance.
About Incannex Healthcare Inc.
Incannex is leading the way in developing combination
medicines that target the underlying biological pathways associated with chronic conditions, including obstructive sleep apnea, rheumatoid
arthritis and generalized anxiety disorder. The company is advancing three clinical-stage product candidates based on evidence-based innovation,
and supported by streamlined operations. Incannex's lead clinical program, IHL-42X, is an oral fixed-dose combination of dronabinol and
acetazolamide designed to target underlying mechanisms and act synergistically in the treatment of obstructive sleep apnea. In a Phase
2 development program, IHL-675A is an oral fixed-dose combination of cannabidiol and hydroxychloroquine sulfate designed to act synergistically
to alleviate inflammatory conditions, such as rheumatoid arthritis. Approved for Phase 2 clinical development, PSX-001 is an oral synthetic
psilocybin treatment for the treatment of generalized anxiety disorder. Incannex's programs target disorders that have limited, inadequate,
or no approved pharmaceutical treatment options. For additional information on Incannex, please visit our website at www.incannex.com.
Forward Looking Statements
This press release contains "forward-looking
statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements other than historical facts and relate to future events, future circumstances and Incannex's
future performance. These statements are based on management's current assumptions, expectations, and beliefs. Examples of forward-looking
statements in this press release include statements about, among other things: Incannex's future intentions regarding its efforts to maintain
and/or regain compliance with applicable Nasdaq listing standards; business strategy, future operations; Incannex's ability to execute
on its objectives, prospects o plans; evaluations and judgments regarding Incannex's research and development efforts and potential future
commercialization, including any implications that the results of earlier clinical trials or interim or topline results will be representative
or consistent with later clinical trials or their respective interim or final results; the potential benefits and safety of Incannex's
drug candidates and the market opportunity for these candidates; and potential shareholder value. These forward-looking statements are
subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release
to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements.
These risks and uncertainties include, among others: that Incannex may fail to comply with Nasdaq listing standards within the applicable
extended grace period or following the applicable extended grace period; that Incannex may fail to comply with Nasdaq listing standards
other than the bid price rule; the closing price of the common stock may fall below $0.10 for ten consecutive trading days and be subject
to Nasdaq's low bid price rules and subject to delisting or denial of compliance periods; the continued availability of financing;
Incannex's ability to raise capital to fund continuing operations and to maintain or potentially further improve its capital structure;
Incannex's ability to maintain the listing of its shares of common stock on the Nasdaq Stock Market; the impact of any infringement
actions or other litigation brought against Incannex; the success of Incannex's development efforts, including Incannex's ability to progress
its drug candidates through clinical trials on the timelines expected and to obtain necessary regulatory approvals for commercialization
of its product candidates; the effects of competition from other providers and products as currently existing or that may be developed
in the future; that the market for its drug candidates may not grow at the rates anticipated or at all or that estimates for these markets
may ultimately be incorrect; that Incannex may be unable to successfully execute upon any commercial discussions; Incannex's ability to
comply with the various evolving and complex laws and regulations applicable to its business and its industry; and Incannex's ability
to protect its proprietary technology and intellectual property; and other factors relating to Incannex's industry, its operations and
results of operations. The forward-looking statements made in this press release speak only as of the date of this press release, and
Incannex assumes no obligation to update publicly any such forward-looking statements to reflect actual results or changes in expectations,
except as otherwise required by law. Incannex's reports filed with the U.S. Securities and Exchange Commission (SEC) including its annual
report on Form 10-K for the fiscal year ended June 30, 2025, filed with the SEC on September 29, 2025, and the other reports it files
from time to time, including subsequently filed annual, quarterly and current reports, are made available on Incannex's website upon their
filing with the SEC. These reports contain more information about Incannex, its business and the risks affecting its business, as well
as its results of operations for the periods covered by the financial results included in this press release. For additional information
on Incannex, please visit our website at www.incannex.com.
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