Press Release of Incannex Healthcare Inc., dated October 22, 2025 (Form 8-K)

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.