Neuphoria Phase 3 trial of BNC210 for social anxiety disorder fails primary endpoint; SAD program discontinued

Neuphoria Therapeutics Inc.

AFFIRM-1 Phase 3 trial did not meet primary endpoint of change in SUDS scores during speech challenge; secondary endpoints also not significant.
Company discontinues further development of SAD program; plans full strategic review of operations and portfolio by year-end.
Cash and equivalents $14.2M as of June 30, 2025; expected to fund operations through Q2 fiscal 2027.
Ongoing Merck partnership: MK-1167 in Phase 2 for Alzheimer's; Neuphoria eligible for up to $450M in milestone payments plus royalties.
Given prior chronic dosing data, Neuphoria will evaluate next steps for BNC210 in PTSD.

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