Neuphoria Therapeutics

What Neuphoria Therapeutics does

Neuphoria Therapeutics is a US-domiciled, NASDAQ-listed (ticker: NPH) clinical-stage biotechnology company developing small-molecule therapeutics for neuropsychiatric and central nervous system disorders. The company's core asset is BNC210, a proprietary negative allosteric modulator of the α7 nicotinic acetylcholine receptor designed to address glutamatergic hyperactivity in brain regions linked to anxiety and stress, with Phase 2b ATTUNE data showing significant PTSD symptom reduction (effect size 0.40) and Phase 3 development ongoing. The pipeline also includes next-generation α7 nAChR NAMs, Kv3.1/3.2 potassium channel agonists for cognitive deficits, and partnered programs with Merck (BNC375 and MK-1167 positive allosteric modulators for Alzheimer's disease, generating potential milestones up to $450M) and Carina Biotech (BNC101/LGR5 for oncology CAR-T, potential milestones up to AUS$118M plus royalties). The company was previously known as Bionomics Limited, now a wholly-owned subsidiary, and maintains dual operating presence in Burlington, Massachusetts and Adelaide, Australia.

The business model is pre-revenue and entirely dependent on clinical milestone achievement and partnership economics. Neuphoria has no commercialized products, no disclosed pricing, and generates no product revenue, with $14.2M cash on hand as of June 2025 supplemented by approximately $42M raised across October and November 2025 to extend operational runway. The go-to-market pathway assumes future traditional pharmaceutical distribution channels following regulatory approval, contingent on successful late-stage clinical readouts and partnership or M&A outcomes. Following the October 2025 AFFIRM-1 Phase 3 failure in social anxiety disorder, which triggered a 67% stock decline, the company initiated a formal strategic review process, adopted a stockholder rights plan to defend against activist pressure from Lynx1 Capital Management, and in June 2026 entered advanced discussions for an all-share reverse merger with London-listed Scancell Holdings plc.

Name

Neuphoria Therapeutics

Legal name

Neuphoria Therapeutics, Inc.

Website

https://neuphoriatx.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Neuphoria Therapeutics is a clinical-stage biotechnology company developing BNC210, a proprietary α7 nAChR negative allosteric modulator, and related small-molecule candidates for PTSD, anxiety, and cognitive disorders, with partnered programs for Alzheimer's and oncology.

Ownership category

akta.pro rank

Product category

Neuropsychiatric Therapeutics

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

akta.pro secondary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

Keywords

• Neuropsychiatric drug development
• CNS therapeutics
• Small molecule pharmaceuticals
• Clinical stage biotechnology
• NAChR modulators

Headquarters

HQ city

Burlington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations

Marketing channels4 records

Core offering

Neuphoria Therapeutics is a clinical-stage biopharmaceutical company developing small molecule therapeutics for neuropsychiatric disorders. Its lead asset, BNC210, is a proprietary α7 nicotinic acetylcholine receptor (nAChR) negative allosteric modulator (NAM) in Phase 3 development for post-traumatic stress disorder (PTSD), supported by a Phase 2b ATTUNE trial showing significant symptom reduction. The pipeline also includes partnered α7 nAChR positive allosteric modulators with Merck for cognitive dysfunction in Alzheimer's disease, next-generation α7 NAMs, Kv3.1/3.2 potassium channel agonists for cognitive deficits, and an out-licensed LGR5 monoclonal antibody oncology program.

Product overview

Neuphoria Therapeutics is a clinical-stage biotechnology company developing a focused pipeline of small molecule therapeutics for neuropsychiatric disorders. The core product is BNC210, a novel α7 nAChR negative allosteric modulator in Phase 3 development for PTSD with completed Phase 2b ATTUNE trial showing significant symptom reduction. The company also advances partnered programs with Merck (BNC375 and MK-1167 for cognitive dysfunction), preclinical next-generation α7 NAMs, and Kv3.1/3.2 potassium channel agonists for cognitive deficits. A legacy oncology asset (BNC101) targeting LGR5 has been out-licensed to Carina Biotech.

Differentiator

Problem solved

Functional benefit

Products and services

• BNC210 BNC210 is a proprietary small molecule negative allosteric modulator (NAM) of the α7 nicotinic acetylcholine receptor in Phase 3 clinical development for PTSD. It targets glutamatergic hyperactivity in brain regions linked to stress, anxiety, and mood disorders, designed to offer rapid and lasting relief without sedation, addiction risks, or cognitive side effects.
• BNC375 BNC375 is an α7 nAChR positive allosteric modulator (PAM) developed in partnership with Merck for treating cognitive dysfunction in Alzheimer's disease and other CNS disorders. The original lead molecule demonstrated robust, dose-dependent efficacy across multiple cognitive animal models.
• MK-1167 MK-1167 is Merck's novel clinical candidate and α7 nAChR PAM for cognitive dysfunction in Alzheimer's disease and other CNS disorders, showing improved drug-like and pharmacological properties compared to BNC375 in preclinical studies.
• BNC101 BNC101 is a humanized monoclonal antibody targeting LGR5, a receptor overexpressed in solid tumors. Originally Neuphoria's oncology program targeting cancer stem cells, it was exclusively licensed to Carina Biotech in November 2020 for CAR-T therapy development.
• Next Generation α7 NAMs Next-generation orally bioavailable small molecule series of negative allosteric modulators targeting the α7 nicotinic acetylcholine receptor, being developed for the treatment of additional neuropsychiatric disorders of high unmet clinical need.
• Kv3.1/3.2 Potassium Channel Agonists

Quantifiable outcome

• Phase 2b ATTUNE trial showed significant PTSD symptom reduction with effect size of 0.40
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Carina BiosciencesminorOEM/ Whitelabel/ Licensing Partner · 1 November 2020BNC101 (humanized monoclonal antibody targeting LGR5 for solid tumors) exclusively licensed to Carina Biotech in November 2020 for CAR-T therapy development. Carina's LGR5-targeted CAR-T therapy CNA3103 is in Phase 1/2a trials for metastatic colorectal cancer, with patient dosing beginning December 2023. Potential milestone payments up to AUS$118 million plus royalties.
• MerckcoreStrategic or Co-development Partner · 1 January 2014Exclusive Research Collaboration and License Agreement with Merck (established in 2014) to develop α7 Receptor Positive Allosteric Modulators (PAMs) for treating cognitive dysfunction in Alzheimer's disease and other CNS disorders. Original lead molecule BNC375 demonstrated robust, dose-dependent efficacy across multiple cognitive animal models. Merck's novel clinical candidate MK-1167 has shown improved drug-like properties. Potential milestone payments of up to $450 million plus royalties.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• BioXcel Therapeutics: Clinical-stage biopharmaceutical company utilizing AI to develop transformative medicines in neuroscience and immuno-oncology. Comparable as a small-cap CNS-focused developer with clinical-stage assets in neuropsychiatric indications including agitation in dementia.
• Acadia Pharmaceuticals: CNS-focused biopharmaceutical company commercializing therapies for neuropsychiatric disorders including Parkinson's disease psychosis and Rett syndrome. Directly comparable given Neuphoria's CEO Spyros Papapetropoulos previously served as Chief Development Officer at Acadia.
• Cerevel Therapeutics: Clinical-stage biopharmaceutical company developing therapies for neuroscience diseases including schizophrenia, epilepsy, and Parkinson's disease. Comparable as a CNS-focused developer with pipeline depth in neuropsychiatric indications. Acquired by AbbVie for $8.7B in 2024.
• Vanda Pharmaceuticals: Commercial-stage biopharmaceutical company focused on developing and commercializing innovative therapies for CNS disorders. Comparable as a small/mid-cap CNS-focused company with marketed products and pipeline development.
• Tonix Pharmaceuticals: Clinical-stage biopharmaceutical company developing treatments for CNS disorders including PTSD, depression, and fibromyalgia. Highly comparable given overlapping focus on PTSD and anxiety disorders with novel mechanism therapeutics.
• Sage Therapeutics: Clinical-stage CNS biopharmaceutical company developing novel therapies for depression, anxiety, and other neuropsychiatric disorders. Directly comparable as a small-cap CNS developer with novel mechanism drugs in similar indications (e.g., Zurzuvae for PPD). Recently acquired by Biogen for $7.3B.
• Vigil Neuroscience: Clinical-stage biotechnology company developing treatments for rare neurodegenerative diseases. Comparable given Neuphoria's CEO Spyros Papapetropoulos was previously CMO at Vigil Neuroscience, with similar small-cap neuroscience development profile.
• Axsome Therapeutics: Commercial-stage CNS biopharmaceutical company developing treatments for depression, anxiety, and migraine. Directly comparable as a CNS-focused developer with novel mechanism products like Auvelity (dextromethorphan/bupropion) addressing unmet needs in neuropsychiatric disorders.
• Karuna Therapeutics: CNS biopharmaceutical company developing xanomeline-trospium (Cobenfy) for schizophrenia and other neuropsychiatric indications. Comparable as a CNS clinical-stage developer with novel mechanisms targeting psychiatric disorders. Acquired by Eli Lilly for $14B in 2024.

Broad incumbents

• Sage Therapeutics / Biogen CNS franchise: Biogen's CNS franchise following its acquisition of Sage Therapeutics brings broad neuropsychiatric drug development and commercialization capabilities that dwarf Neuphoria's current scale—representing both a competitive threat and a potential acquirer/partner benchmark.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neuphoria Therapeutics