Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

Nothing to be concerned about, we know pretty much already everything contained within the update, as you would expect of a 4C.

Looking forward to each program

> IHL-675A - Anti-Inflammatory Drug
As a result of positive preliminary observations, Incannex has commenced the arrangement of Phase 2 clinical studies, initially in patients with rheumatoid arthritis. Phase 2 studies to assess IHL-675A in patients with inflammatory bowel disease and lung inflammation are also being planned.

> IHL-216A - Concussion - TBI
FDA provided valuable, multidisciplinary feedback on the proposed clinical development of IHL-216A and acknowledged that treatment of TBI is a significant unmet medical need that requires innovative treatment solutions. The FDA also confirmed that the FDA505(b)2 application was the
appropriate regulatory pathway for IHL-216A, whereby some of the information required for marketing approval may derive from studies already completed on the drug components of IHL-216A and in the public domain

> IHL-42X - Sleep Apnoea
During the quarter, the Company continued with the arrangement of operational imperatives necessary to open an IND with FDA and expects to release a standalone update on the IHL-42X program within the December quarter.

> APIRX pipelines
The Incannex scientific advisory team has been arranging for the manufacture of the high-priority drug candidates in preparation for further research and development activities.

> PSI-GAD
Participant therapy continues and approximately 30 participants are anticipated to complete their therapies in the current December quarter. The preliminary analysis of patient data is anticipated to be released in Q1in 2023.

> Monash VR Program
Incannex advanced negotiations with Monash University over a new psychedelic treatment paradigm for severe forms of one or more anxiety disorders. Negotiations involve a research agreement for the development of a new therapy that involves virtual reality (‘VR’) exposure response therapy (‘ERP’) combined with psychedelics
It is anticipated that the initial clinical trial will assess efficacy, safety, tolerability, and optimal dose of the treatment method.

Corporate
Enough cash for the next 2 years ( 8 x quarters )

Our short-term outlook is for this current Quarter - November & December will be an update on the IHL-42X program - Looking forward to that.

Good luck to all holders