# EDGAR Filing Document

**Accession Number:** 0001191070
**File Stem:** 0000905148-25-003859
**Filing Date:** 2025-11
**Character Count:** 21838
**Document Hash:** 914e58f9293bceda64b7f27be981f2d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-003859.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0000905148-25-003859

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Neuphoria Therapeutics Inc.
- **CENTRAL INDEX KEY:** 0001191070
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93208
- **FILM NUMBER:** 251465691

**BUSINESS ADDRESS:**
- **STREET 1:** 100 SUMMIT DR
- **CITY:** BURLINGTON
- **STATE:** MA
- **ZIP:** 01803
- **BUSINESS PHONE:** 781-439-5551

**MAIL ADDRESS:**
- **STREET 1:** 100 SUMMIT DR
- **CITY:** BURLINGTON
- **STATE:** MA
- **ZIP:** 01803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIONOMICS LIMITED/FI
- **DATE OF NAME CHANGE:** 20020920
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lynx1 Capital Management LP
- **CENTRAL INDEX KEY:** 0001910456

**ORGANIZATION NAME:**
- **EIN:** 851134656
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 5493003YH8Q5SHT17216

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** D81 CALLE C
- **STREET 2:** SUITE 301 PMB 1202
- **CITY:** DORADO
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00646
- **BUSINESS PHONE:** 703-963-7214

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** D81 CALLE C
- **STREET 2:** SUITE 301 PMB 1202
- **CITY:** DORADO
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00646

## Exhibit 99.2

#### Exhibit 99.2

Lynx1 Capital Management LP

D81 Calle C

Suite 301, PMB 1202

Dorado, Puerto Rico 00646-2051

(929) 888-7476

November 10, 2025

The Board of Directors of Neuphoria Therapeutics Inc.

100 Summit Drive

Burlington, Massachusetts 01803

Attention: Alan Fisher, Chairman

Gentlemen:

We are pleased to submit this non-binding indication of interest related to the potential acquisition (the "Acquisition") of Neuphoria Therapeutics Inc. ("you" or the "Company") by one or more managed investment funds and vehicles affiliated with Lynx1 Capital Management LP (collectively, "Lynx1", "we"). Based on the information publicly available to us at this time, Lynx1 (through its affiliated investment funds and vehicles) proposes to acquire all of the outstanding shares of capital stock of the Company for a price of **<u>$5.20 per share</u>** in an all-cash transaction. This proposal represents price per share premium of 27% over the closing price of the Company's common stock on Nasdaq on November 7, 2025, the last full trading day prior the submission of this letter.

Our proposal above is based on (among other things) the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has unrestricted cash at the closing of the Acquisition, net of our estimate of projected wind-down costs, of approximately $19 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has 3,298,042 shares outstanding at the closing of the Acquisition, all of which are shares of common stock.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no participation in the Acquisition by holders of stock options, warrants or any other non-common-stock securities of the Company, except that our proposal takes into account (a) 40,500 outstanding options to purchase shares of Company common stock with a weighted average exercise price per share of $5.11 (which figures we have based on the Company's Form 10-K filed on September 29, 2025) and (b) that these options would be cashed out at spread value (if positive) in the Acquisition.

Because our proposal includes an assumption about the amount of net unrestricted cash at the Acquisition closing, any delays to our consummating the Acquisition that result in a reduction in the amount of net unrestricted cash could in turn result in a reduction in our Acquisition price.

We are also willing to explore with you a transaction in which we acquire a select asset of the Company rather than the entire Company, if you believe that such a transaction is preferrable to the Company's stockholders. This would be subject to our due diligence into the agreement with the collaboration partner and licensee to ensure that the Company's interest in the asset would not be terminated in connection with the transaction.

Lynx1 is a multi-stage investment firm dedicated to investing in biotechnology, life sciences, and medical technology companies. Lynx1 applies deep scientific expertise and understanding of therapeutic mechanisms to invest in novel therapies and innovative technologies. Given our deep knowledge of, and expertise in, neuroscience, we already have a strong appreciation of the business, market, and regulatory environment in which the Company operates. We have spent significant time and resources on this proposal based on publicly available information, as evidenced by our existing investment in the Company's common stock, and we and our advisors are prepared to work constructively with you to negotiate and execute definitive agreements as promptly as practicable. We are confident that we can complete our diligence review and related documentation on an expedited basis. As with any discussions of this nature, we believe time and confidentiality are of the essence, and we are ready to engage immediately in the next stage of discussions with the Company and its Board of Directors. To this end, note that, because we have sufficient capital available to fund the Acquisition, our ability to secure financing will not delay our process and will not be a condition for us to close the Acquisition.

We request that you keep any discussions related to this letter strictly confidential (except as required by law and for the sharing of information with your advisors and employees who have a need to know such information for purposes of your consideration of the Acquisition). Disclosure by the Company or any of its directors, employees or advisors of the content of any discussions or negotiations related to this letter, or any other leaks, prior to execution of definitive acquisition agreements may result in our withdrawing our interest in the Acquisition. This letter and the proposals herein are not intended to constitute an offer capable of acceptance and do not create a binding obligation (to negotiate in good faith or otherwise) on Lynx1, the Company or any of their respective representatives. Those obligations would arise only upon our entering into a definitive purchase and related agreements relating to the Acquisition.

We believe that this proposal represents a highly beneficial outcome for the Company and its stockholders and are excited by the potential benefits that the Acquisition would yield for all stakeholders. We appreciate your consideration of this proposal and look forward to hearing from you as soon as possible but no later than 12:00 p.m. (noon), New York time, on November 13, 2025.

Please do not hesitate to contact me with any questions or requests for additional information. We and our advisors remain ready to engage with you.

Yours very truly,

<u>/s/ Weston Nichols</u> 

Weston Nichols, Ph.D.

Chief Investment Officer, Lynx1 Capital Management LP

weston@lynx1bio.com <br>

------

<sup>1</sup> This share figure represents the sum of (a) 3,287,681 non-affiliate shares of common stock outstanding as of October 27, 2025 (as publicly reported by the Company on that same date), *plus* (b) 10,361 "affiliate" shares of common stock outstanding, which latter share figure is in turn based on the share ownership of the Company's directors and executive officers as of September 29, 2025 (as reported in its proxy statement filed on October 30, 2025).

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Neuphoria Therapeutics Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.00001 per share**

*(Title of Class of Securities)*

**64136E102**

*(CUSIP Number)*

**Lynx1 Capital Management LP**<br>D81 Calle C, STE 301, PMB 1202<br>Dorado PR 00646-2051<br>929-888-7476

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/09/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **64136E102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lynx1 Capital Management LP** | Name of reporting person<br>**Lynx1 Capital Management LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**875328.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**875328.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**875328.00** | Aggregate amount beneficially owned by each reporting person<br>**875328.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**26.5%** | Percent of class represented by amount in Row (11)<br>**26.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The percentage of Common Stock reported as beneficially owned by the Reporting Person is based on 3,298,042 shares of Common Stock outstanding, which, in turn, is based on the sum of (i) 3,287,681 non-affiliate shares of Common Stock outstanding as of October 27, 2025, as reported in the Company's prospectus on Form 424B5, filed with the SEC on October 27, 2025, plus (ii) 10,361 "affiliate" shares of Common Stock outstanding, which latter figure is based on the share ownership of the Company's directors and executive officers as of September 29, 2025, as reported in the Company's definitive proxy statement on Schedule 14A, filed with the SEC on October 30, 2025.

| **CUSIP No.** | **64136E102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Weston Nichols** | Name of reporting person<br>**Weston Nichols** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**875328.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**875328.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**875328.00** | Aggregate amount beneficially owned by each reporting person<br>**875328.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**26.5%** | Percent of class represented by amount in Row (11)<br>**26.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The percentage of Common Stock reported as beneficially owned by the Reporting Person is based on 3,298,042 shares of Common Stock outstanding, which, in turn, is based on the sum of (i) 3,287,681 non-affiliate shares of Common Stock outstanding as of October 27, 2025, as reported in the Company's prospectus on Form 424B5, filed with the SEC on October 27, 2025, plus (ii) 10,361 "affiliate" shares of Common Stock outstanding, which latter figure is based on the share ownership of the Company's directors and executive officers as of September 29, 2025, as reported in the Company's definitive proxy statement on Schedule 14A, filed with the SEC on October 30, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.00001 per share

**(b) Name of Issuer:**
Neuphoria Therapeutics Inc.

**(c) Address of Issuer's Principal Executive Offices:**
100 SUMMIT DR, BURLINGTON, MA, 01803

Pursuant to Rule 13d-2(a) under the Securities Exchange Act of 1934, as amended, this Amendment No. 1 to the Schedule 13D ("Amendment No. 1") amends certain items of the Schedule 13D filed with the Securities and Exchange Commission on October 23, 2025 (the "Original Schedule 13D" and, together with this Amendment No. 1, the "Schedule 13D"), relating to the Common Stock, par value $0.00001 per share (the "Common Stock"), of Neuphoria Therapeutics Inc. (the "Issuer" or the "Company").  All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.  Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

On November 9, 2025, the Reporting Persons delivered a nomination notice to the Secretary of the Company at its principal business address in accordance with the bylaws of the Company, adopted as of August 2, 2024, notifying the Company of its nomination of two independent candidates -- Kimberly Smith and Stephen Doberstein -- for election as Class I directors to the Company's board of directors (the "Board") at the Company's upcoming annual meeting of stockholders, to be held on December 9, 2025 (the "Nomination Notice").

On November 10, 2025, the Reporting Persons delivered a letter to the Board which contained a non-binding proposal (the "Proposal") to acquire, through one or more managed investment funds and vehicles affiliated with the Investment Manager, all of the outstanding shares of capital stock of the Company for a price of $5.20 per share in cash (the "Proposed Transaction"), which represents a premium of approximately 27% over the $4.10 closing stock price of the Company's Common Stock on the Nasdaq on November 7, 2025, the last full trading day prior to the submission of the Proposal. The Proposal is based on certain assumptions about, among other things, the amount of cash on the Company's balance sheet at the closing of the Proposed Transaction. Any delays to consummating the Proposed Transaction that result in a reduction in the amount of cash at closing could result in a reduction in our offer price.

The Reporting Persons intend to engage in discussions with the Company regarding the terms of the Proposed Transaction.  The Reporting Persons may change the terms of the Proposed Transaction, determine to accelerate or terminate discussions with the Company with respect to the Proposed Transaction, withdraw the Proposed Transaction, take any action to facilitate or increase the likelihood of consummation of the Proposed Transaction, or change their intentions with respect to any such matters, in each case at any time and without prior notice.

The Reporting Persons and their affiliates may, directly or indirectly, take such additional steps as they deem appropriate to further the Proposed Transaction or otherwise to support their investment in the Company, including, without limitation: (i) engaging in discussions with other stockholders, potential sources of financing, advisors, and other relevant parties and (ii) entering into confidentiality arrangements, financing commitments, and other agreements, arrangements and understandings in connection with the Proposed Transaction.

While the Reporting Persons believe that the offer price in the Proposal represents a fair value for the shares of the Company's Common Stock, the ultimate terms of a transaction, including price, will be determined through negotiations between the Reporting Persons and the Board and, accordingly, the terms set forth in the Proposal are subject to change.

Neither the Reporting Persons nor the Company is obligated to complete the Proposed Transaction, and there can be no assurance as to the outcome of any discussions related to the Proposed Transaction or that any agreement will be reached between the Company and the Reporting Persons or that the terms of any transaction will not differ from the terms contemplated by the Proposal.

The Proposal as described in this Amendment No. 1 is not meant to be, nor should be construed as, an offer to buy or the solicitation of an offer to sell any of the Company's securities.

The foregoing description of the Proposal does not purport to be complete and is qualified in its entirety by reference to the Proposal, a copy of which is filed as an exhibit hereto and is incorporated herein by reference.

The Proposed Transaction may result in one or more of the actions specified in clauses (a)-(j) of Item 4 of Schedule 13D, including the acquisition or disposition of additional securities of the Company, a merger or other extraordinary corporate transaction involving the Company, a change to the present composition of the Board, a change to the present capitalization or dividend policy of the Company, the delisting of the Company's securities from the Nasdaq, and a class of equity securities of the Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934.  The Reporting Persons may further consider pursuing other plans, proposals or other courses of action with the Company's management, the Board, other Company stockholders, advisors or other persons which could relate to, or result in, several of the matters referred to in clauses (a)-(j) of Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:

See rows (11) and (13) of the cover pages to this Amendment No. 1 for the aggregate number of shares of Common Stock and percentage of shares of Common Stock beneficially owned by the Reporting Persons. The aggregate percentage of shares of Common Stock reported to be beneficially owned by the Reporting Persons is based on 3,298,042 shares of Common Stock outstanding, which, in turn, is based on the sum of (i) 3,287,681 non-affiliate shares of Common Stock outstanding as of October 27, 2025, as reported in the Company's prospectus on Form 424B5, filed with the SEC on October 27, 2025, plus (ii) 10,361 "affiliate" shares of Common Stock outstanding, which latter figure is based on the share ownership of the Company's directors and executive officers as of September 29, 2025, as reported in the Company's definitive proxy statement on Schedule 14A, filed with the SEC on October 30, 2025.

**(b)**
—

**(c)**
—

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented as follows:

The response to Item 4 of this Amendment No. 1 is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Lynx1 Capital Management LP

**Signature:** /s/ Weston Nichols

**Name/Title:** By: Lynx1 Capital Management GP LLC, General Partner, By: Weston Nichols, Sole Member

**Date:** 11/10/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Weston Nichols

**Signature:** /s/ Weston Nichols

**Name/Title:** Weston Nichols, individually

**Date:** 11/10/2025