On December 2, 2025, Lynx1 Master Fund LP announced that on November 24, 2025, Lynx1 and its affiliates filed a definitive additional materials proxy statement with the SEC regarding Neuphoria Therapeutics Inc. In this filing, Lynx1 addressed various myths and facts surrounding the company’s strategic review process and its recent capital-raising activities. Lynx1 criticized Neuphoria’s Board for its decision to raise capital through an at-the-market (ATM) program, which resulted in the sale of over 3 million additional shares 128% more than the pre-readout amount at prices believed to be below the company’s cash per share. Lynx1 reiterated its initial offer of $5.20 per share, representing a 27% premium to the stock price, and expressed concerns that the withdrawal of this proposal indicated a lack of genuine interest from the Board in pursuing a sale.
Lynx1 Master argued that the Board’s actions, including raising excessive cash at a discount, did not reflect a serious commitment to a strategic review process. Lynx1 proposed indepfinishent director nominees, asserting that they possess the necessary expertise to evaluate potential paths for the company, including a reverse merger or acquiring another biotech company, in contrast to the incumbent directors, who Lynx1 believes have failed to adequately assess the company’s strategic alternatives.
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