Neuphoria Therapeutics Inc. · NASDAQ:NEUP
Neuphoria Therapeutics — Proxy Contest (November 2025)
18 slides from Neuphoria Therapeutics's proxy contest presentation, Nov 26, 2025
Slide 1: Restoring Value at Neuphoria Therapeutics
Lynx1 Master Fund RESTORING VALUE AT NEUPHORIA THERAPEUTICS November 2025 VOTE USING THE BLUE PROXY CARD This presentation is not in any way affiliated with, or approved, produced, endorsed or sponsored or licensed from, Neuphoria Therapeutics Inc. or any other companies referred to herein
Slide 2: Disclaimers
Lynx1 Master Fund Disclaimers General Considerations The materials contained herein (the “Materials”) represent the opinions of Lynx1 Master Fund LP (“Lynx1”) and the other participants named in its proxy solicitation and are based on publicly available information with respect to Neuphoria Therapeu
Slide 3: About Lynx1: A Long-Term, Value-Driven Investor
Lynx1 Master Fund Lynx1 is an investment firm focused on U.S. public and About Lynx1: private biotech companies, pursuing a long-only equity strategy and partnering with its portfolio A Long-Term, companies over the long term to advance technological breakthroughs in human health Value-Driven Invest
Slide 4: Executive Summary: Neuphoria is at a crossroads
Lynx1 Master Fund Executive Summary Neuphoria is at a crossroads On October 20, 2025, Neuphoria announced the failure of its AFFIRM-1 Phase 3 clinical trial for the acute treatment of social anxiety disorder (“SAD”) to meet its primary endpoints and achieve statistical difference in its secondary en
Slide 5: About Neuphoria Therapeutics
Lynx1 Master Fund About Neuphoria Therapeutics Company Overview Neuphoria is a clinical-stage biotech company developing impactful treatments for neuropsychiatric disorders. Its lead drug candidate, BNC210, is a first-of-its-kind drug designed to restore neurotransmitter balance in key brain areas.
Slide 6: Lack of Urgency and Planning
Lynx1 Master Fund Lack of Urgency and Planning How did we get here? With little urgency, and even less planning... Improper trial design Oct. 1, 2024: Bionomics Jan. to Oct. 2025: Lynx1 engages the Oct. 20, 2025: After market close, Neuphoria substantially announces its scheme of Company numerous ti
Slide 7: Neuphoria's Leadership is Unprepared, Untransparent and Unaccountable
Lynx1 Master Fund Neuphoria’s Leadership is Unprepared, Untransparent and Unaccountable Underprepared Lack of Aimless Leadership Transparency Dilution Despite previously stating that it had We believe that current leadership was In the wake of the failure of the sufficient cash to fund operations no
Slide 8: Why Are We Seeking Board Representation?
Lynx1 Master Fund Why Are We Seeking Board Representation? The failure of the AFFIRM-1 Phase 3 clinical trial to meet its primary endpoint exposed critical gaps in leadership’s ability to The Board is execute the Company’s clinical and strategic vision Not Well The Company is now exploring strategic
Slide 9: Recent Actions Amplify Need for Change
Lynx1 Master Fund Recent Actions Amplify Need for Change The Board’s recent actions demonstrate a pattern of mismanagement, not isolated mistakes Nov. 10: Lynx1 submits non-binding IOI offering $5.20 per share (cash), a 27% premium over the closing Pre-trial results period price on the last full tra
Slide 10: Our Initial Acquisition Offer and Withdrawal
Lynx1 Master Fund Our Initial Acquisition Offer and Withdrawal We continue to stand behind the economics of our November 10 initial offer October 15, 2025 Lynx1's Initial Offer 2.3 million shares outstanding $13.6 million cash* On November 10, 2025, Lynx1 submitted a non- binding indication of inter
Slide 11: Incentives to Raise Capital Are Not Aligned with Shareholders
Lynx1 Master Fund Incentives to Raise Capital Are Not Aligned with Shareholders Poorly disclosed commission arrangement creates conflicts for director David Wilson and is concerning in light of massive dilution Mr. Wilson stands to receive up to a 5% commission on fundraising proceeds through his ro
Slide 12: Strategic Review Myths and Facts
Lynx1 Master Fund Strategic Review Myths and Facts Neuphoria Myths Stated in Facts Nov. 24 Press Release “[D]ue to the anticipated data readout, We applaud the Board for articulating this approach—it is sensible in theory, but it is not what the Company the Company elected to raise capital actually
Slide 13: (Cont'd) Strategic Review Myths and Facts
Lynx1 Master Fund (Cont’d) Strategic Review Myths and Facts Neuphoria Myths Stated in Facts November 24 Press Release “Changes to a board during a strategic The compressed timing of Lynx1's solicitation was forced by the Board, which failed to hold an annual meeting of the Company for over 12 months
Slide 14: Our Nominees: Stephen Doberstein, Ph.D.
Lynx1 Master Fund Our Nominees: Stephen Doberstein, Ph.D. Current Role: Biotech Consultant at Kahiliholo Consulting LLC Strengths: Biotech R&D leadership; clinical development expertise; extensive biotech board experience; direct experience in delivering high- premium transactions 30+ years of senio
Slide 15: Our Nominees: Kimberly Smith
Lynx1 Master Fund Our Nominees: Kimberly Smith Current Role: Founder and Chief Investment Officer at Ausangate Capital Strengths: Biotech investment expertise; capital allocation discipline; strategic transactions veteran 20 years of experience in healthcare research and investment roles, primarily
Slide 16: Our Nominees' Skills Outmatch Neuphoria's
Lynx1 Master Fund Our Nominees’ Skills Outmatch Neuphoria’s Our proposed independent nominees fill the expertise gaps the Board is missing to oversee a robust strategic process Essential Skills for Effective Leadership at Neuphoria Neuphoria faces scientific, financial and strategic challenges Capit
Slide 17: Action Plan for the Reconstituted Board
Lynx1 Master Fund Action Plan for the Reconstituted Board Conduct Credible Strategic Review Lynx1’s director nominees would provide their experience to facilitate a successful strategic review and—with the addition of highly qualified, independent directors —the reconstituted Board would be equipped
Slide 18: Vote the BLUE Card FOR Lynx1's Proposed Independent Nominees
Lynx1 Master Fund Vote the BLUE Card FOR Lynx1's Proposed Independent Nominees SUBMIT YOUR BLUE UNIVERSAL PROXY CARD TODAY ▶ Vote FOR Stephen Doberstein, Ph.D. and Kimberly Smith ▶ Vote WITHHOLD on the Company’s nominees ONLY THE LATEST-DATED CARD COUNTS There is NO need to use the Company’s white p
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