Submits Recalculated Initial Offer of $4.75 Based on Board's Value Destructive Actions Nominated Two Independent Candidates to Restore Oversight and Protect Shareholders Urges Shareholders to Vote FOR Lynx1's Independent Nominees on the BLUE Card

基于董事会的价值破坏行为，重新提交初始报价 4.75 美元 提名两名独立候选人以恢复监督并保护股东 敦促股东在蓝色卡片上投票支持 Lynx1 的独立提名人

, /PRNewswire/ -- Lynx1 Master Fund LP (together with its affiliates, "Lynx1"), the beneficial owner of 875,328 shares of common stock, par value $0.00001 per share ("Common Stock"), of Neuphoria Therapeutics Inc., a Delaware corporation ("Neuphoria" or the "Company"), today sent an open letter to the shareholders of Neuphoria.

, /PRNewswire/ -- Lynx1 Master Fund LP（连同其附属公司，"Lynx1"），是 Neuphoria Therapeutics Inc.（一家特拉华州公司，"Neuphoria"或"公司"）875,328 股普通股（面值 0.00001 美元每股，"普通股"）的实益拥有者，今天向 Neuphoria 的股东发送了一封公开信。

In its letter, Lynx1, an investor in Neuphoria since January 2023, details why it is calling for change at Neuphoria. Lynx1 notes that the Company's board of directors (the "Board") has demonstrated a pattern of mismanagement that has led to clinical failures and an opaque review of strategic alternatives.

在信中，Lynx1 自 2023 年 1 月以来一直是 Neuphoria 的投资者，详细说明了其为何呼吁 Neuphoria 进行变革。Lynx1 指出，公司董事会（"董事会"）表现出管理不善的模式，导致临床失败和对战略选择的模糊审查。

As part of its engagement, Lynx1 submitted an initial offer to acquire the Company or a select asset, which it subsequently withdrew due to the Board's intervening actions. Lynx1 today resubmitted its offer to acquire all of the outstanding shares of the Company, for $4.75 per share in cash. This updated proposal preserves the economics of Lynx1's initial offer, as adjusted for share issuances since October 27, 2025, the Company's more recent cash balance figure (as projected by us, based on the Company's public filings subsequent to our initial offer) and the Company's continued spending in defense of its proxy contest with us. The revised price represents a 16% premium to Neuphoria's closing stock price on November 7, 2025 (the last full trading day prior to the submission and public disclosure of our initial offer). While this reflects a meaningful premium, it is reduced from the original 27% premium due to the entrenchment actions taken by the Board following our initial offer.

作为其参与的一部分，Lynx1 提交了收购公司或特定资产的初始报价，但由于董事会的干预行为而随后撤回。Lynx1 今天重新提交了收购公司所有流通股的报价，现金每股 4.75 美元。此更新提案保留了 Lynx1 初始报价的经济条件，经过调整以考虑自2025年10月27日以来的股份发行、公司最近的现金余额（根据我们基于公司在初始报价后公开文件的预测）以及公司在与我们进行代理争夺战中的持续支出。修订后的价格相较于2025年11月7日（我们初始报价提交和公开披露前的最后一个完整交易日）Neuphoria 的收盘股价有 16% 的溢价。虽然这反映了一个有意义的溢价，但由于董事会在我们初始报价后采取的巩固行动，溢价从原来的 27% 减少。

Lynx1 said it plans to continue attempting to engage with Neuphoria and hopes that there are directors currently on the Board who are willing to look past entrenched interests and focus instead on what is best for Neuphoria and its shareholders.

Lynx1 表示，计划继续尝试与 Neuphoria 进行接触，并希望董事会中有愿意超越既得利益、专注于 Neuphoria 及其股东最佳利益的董事。

The full text of the letter follows:

信的全文如下：

***

December 2, 2025

2025年12月2日

Dear Fellow Neuphoria Shareholders,

亲爱的 Neuphoria 股东，

Lynx1 Master Fund LP (together with its affiliates, "Lynx1" or "we") is currently the largest shareholder of Neuphoria Therapeutics Inc. ("Neuphoria" or the "Company"), owning approximately 16.3% of the Company's outstanding shares (based on the Company's shares outstanding as of November 14, 2025). We have been significant investors in Neuphoria (and its predecessor) because we believe that its assets have real potential to help patients and create long-term value. We are writing this open letter to all Neuphoria shareholders because Neuphoria is at a critical inflection point. The problem is not the Company's assets—the problem is a failure of judgment, execution and oversight by the Company's board of directors (the "Board").

Lynx1 Master Fund LP（连同其附属公司，"Lynx1"或"我们"）目前是 Neuphoria Therapeutics Inc.（"Neuphoria"或"公司"）的最大股东，拥有公司约 16.3% 的流通股（基于2025年11月14日的公司流通股）。我们一直是 Neuphoria（及其前身）的重要投资者，因为我们相信其资产具有真正帮助患者和创造长期价值的潜力。我们写这封公开信给所有 Neuphoria 股东，因为 Neuphoria 正处于一个关键的转折点。问题不在于公司的资产——问题在于公司董事会（"董事会"）的判断、执行和监督的失败。

Over the last several months, the Board's decisions have destroyed shareholder value and confidence, dramatically diluted existing owners and raised serious questions about independence and process. For these reasons, we have nominated two highly qualified director candidates independent from both the Company and Lynx1—Dr. Stephen Doberstein, Ph.D. and Kimberly Smith—for election to the Board at the Company's 2025 annual meeting of shareholders (the "2025 Annual Meeting"). We believe having truly independent directors on the Board is the only way to restore accountability, stabilize Neuphoria's capital structure and maximize value amid the Company's ongoing strategic review.

在过去几个月中，董事会的决策摧毁了股东价值和信心，严重稀释了现有股东的权益，并对独立性和程序提出了严重质疑。基于这些原因，我们提名了两名与公司和 Lynx1 完全独立的高素质董事候选人——Stephen Doberstein 博士和 Kimberly Smith——在公司 2025 年年度股东大会（"2025 年度大会"）上选举进入董事会。我们认为，董事会中拥有真正独立的董事是恢复问责制、稳定 Neuphoria 资本结构并在公司持续的战略审查中最大化价值的唯一途径。

How We Got Here

我们是如何走到这一步的

The Company has promising assets, but a lack of urgency and planning has badly damaged its credibility and shareholder confidence.

公司拥有有前景的资产，但缺乏紧迫感和规划严重损害了其信誉和股东信心。

Over the past three years, the Company has delivered a staggering -95.7% total shareholder return, while relevant indices, such as the Russell Microcap and Russell 3000, posted gains of +49.9% and +83.1%, respectively. We reference these indices for transparency, but the comparative indices or peer set is irrelevant – there is no reasonable set of peers or index that would perform similarly to the destruction of 95.7% of the value of the Company.

在过去三年中，公司交付了惊人的-95.7% 的总股东回报，而相关指数，如 Russell Microcap 和 Russell 3000，分别上涨了 +49.9% 和 +83.1%。我们提及这些指数是为了透明，但比较指数或同行组并不相关——没有合理的同行或指数能够与公司 95.7% 价值的毁灭 相提并论。

In July 2024, Neuphoria's predecessor, Bionomics Limited, announced the initiation of its AFFIRM-1 Phase 3 clinical trial of BNC210 for the acute treatment of social anxiety disorder ("SAD"). The Company's PREVAIL Phase 2 clinical trial of BNC210 for the acute treatment of SAD had missed its primary endpoint in December 2022. However, the Company chose to proceed with a trial design—measuring self-reported anxiety levels during a public speaking task at a low dose—that would have little chance of success in the subsequent AFFIRM-1 Phase 3 trial. As a result of these decisions, despite our belief in the assets and the science of the Company, we reduced our ownership in Neuphoria due to a lack of confidence in the viability of these trials.

2024 年 7 月，Neuphoria 的前身 Bionomics Limited 宣布启动其 BNC210 用于社交焦虑症（"SAD"）的 AFFIRM-1 三期临床试验。公司的 BNC210 用于 SAD 的 PREVAIL 二期临床试验在 2022 年 12 月未能达到其主要终点。然而，公司选择继续进行一种试验设计——在低剂量下测量公众演讲任务中的自我报告焦虑水平——这在随后的 AFFIRM-1 三期试验中几乎没有成功的机会。由于这些决策，尽管我们对公司的资产和科学持有信心，但由于对这些试验的可行性缺乏信心，我们减少了在 Neuphoria 的持股。

Unsurprisingly, on October 20, 2025, the Company announced that the AFFIRM-1 Phase 3 trial failed to meet its primary endpoint and did not achieve statistical significance on its secondary endpoints. At the same time, the Company announced it would discontinue the SAD program and commence a strategic review of its portfolio and business operations. Despite the outcome of the trial, our confidence in the assets remains strong.

不出所料，2025年10月20日，公司宣布 AFFIRM-1 三期试验未能达到其主要终点，并且在其次要终点上未达到统计显著性。同时，公司宣布将停止 SAD 项目，并开始对其投资组合和业务运营进行战略审查。尽管试验结果不佳，我们对资产的信心依然强烈。

The initial reaction by the Company, to initiate a strategic review, seemed sensible. However, the Company's subsequent actions did not align with the announcement. Despite multiple good-faith outreach efforts by Lynx1 to engage with the Board beginning as early as January 2025, the Board has consistently refused to engage with us. Initially, management inaccurately asserted that it could not sell to Lynx1 or any other party a royalty asset that Lynx1 had expressed an interest in purchasing. Later, the Company delivered an off-market non-disclosure agreement to Lynx1 as a condition to allowing Lynx1 to participate in the Company's potential M&A process, but this agreement would have forced Lynx1 to withdraw its proxy contest and sit on the sidelines for two years.

公司的初步反应，启动战略审查，似乎是明智的。然而，公司的后续行动与公告并不一致。尽管 Lynx1 自 2025 年 1 月起多次真诚地尝试与董事会接触，但董事会始终拒绝与我们沟通。最初，管理层错误地声称无法向 Lynx1 或任何其他方出售 Lynx1 表示有意购买的特许权资产。后来，公司向 Lynx1 提供了一份场外保密协议，作为允许 Lynx1 参与公司潜在并购过程的条件，但该协议迫使 Lynx1 撤回其代理权争夺，并在两年内保持旁观。

In addition, on November 11, 2025, the Company migrated the purpose of the strategic review and now seeks "to advance the Company's promising pipeline programs and… to maximize stockholder value." The Company's failed design of the AFFIRM-1 Phase 3 trial does not inspire confidence in the Board's and management's ability to realistically assess the likelihood of success of additional clinical trials (whether BNC210 in the treatment of post-traumatic stress disorder or in trials for which BNC210 may otherwise be suited) or to execute thereon even if successful.

此外，在2025年11月11日，公司改变了战略审查的目的，现在寻求 “推进公司的有前景的管线项目，并……最大化股东价值。” 公司未能设计 AFFIRM-1 第三阶段试验并未能激发对董事会和管理层在现实评估额外临床试验成功可能性（无论是 BNC210 在创伤后应激障碍治疗中的应用，还是 BNC210 可能适用的其他试验）或即使成功也能执行的信心。

During this same period, the Company has built a war chest of cash through the issuance of new shares, causing substantial dilution for its existing shareholders. Neuphoria claims that it raised the capital "due to the anticipated data readout" in order to "ensure that the Company is well positioned for all possible outcomes associated with the data readout." We agree with and would have supported such an approach, but this is not what the Company actually did. The assertion that the Company issued these shares in anticipation of the trial is a fallacy. In fact, in the three weeks after October 20, 2025, the date the Company announced the failure of the AFFIRM-1 Phase 3 trial, the Company issued more than 3 million shares at a price we believe was below the Company's cash value per share. This represented a 128% increase in shares outstanding. These issuances were conducted through the Company's at-the-market offering program (the "ATM"); H.C. Wainwright, the Company's financial advisor in its strategic alternatives process, also serves as the Company's sales agent under the ATM and earns a 3% commission on the gross proceeds generated thereunder.

在此期间，公司通过发行新股积累了现金储备，导致现有股东的重大稀释。Neuphoria 声称其筹集资金 “是由于预期的数据发布”，以 “确保公司在与数据发布相关的所有可能结果中处于良好位置。” 我们同意并支持这种做法，但这并不是公司实际所做的。公司声称在试验前发行这些股票是一个谬论。事实上，在2025年10月20日公司宣布 AFFIRM-1 第三阶段试验失败后的三周内，公司发行了超过 300 万股，价格我们认为低于公司的每股现金价值。这代表了流通股增加了 128%。这些发行是通过公司的市场发行计划（“ATM”）进行的；H.C. Wainwright，作为公司战略选择过程中的财务顾问，也作为 ATM 下的销售代理，并从中获得 3% 的佣金。

Our $5.20 Initial Proposal and our $4.75 Revised Proposal

我们的 5.20 美元初步提案和 4.75 美元修订提案

Our conviction in the Company hasn't changed; what has changed is the Board's unfortunate and questionable decision to flood the market with new shares at distressed prices while claiming to run a strategic review.

我们对公司的信心没有改变；改变的是董事会不幸且值得怀疑的决定，在声称进行战略审查的同时，以低迷价格向市场大量发行新股。

On November 10, 2025, we delivered a non-binding indication of interest to acquire all of Neuphoria's outstanding shares at $5.20 per share in cash, representing a 27% premium to the prior trading day's closing price and based on an assumption of approximately 3.3 million shares outstanding. The proposal had no financing condition and was backed by committed capital. We also expressly stated that we were open to alternative paths to maximize value for shareholders, including a sale of a select asset. The Board's reaction was to:

在2025年11月10日，我们提交了一份非约束性的收购意向，拟以每股 5.20 美元现金收购 Neuphoria 所有流通股份，较前一个交易日的收盘价溢价 27%，并基于大约 330 万股流通股的假设。该提案没有融资条件，并得到了承诺资本的支持。我们还明确表示，我们愿意探索其他路径以最大化股东价值，包括出售特定资产。董事会的反应是：

Issue a brief press release stating it would "evaluate and consider" the indication of interest;
Ignore our attempts at direct engagement, including requests for opportunities to communicate with the Chair of the Board;
Fail to articulate any process or timeline for evaluation of the indication of interest;
Ignore requests from Lynx1 for an NDA permitting open discussion between the parties; and
Send a proposed NDA to Lynx1 11 days after we submitted our initial indication of interest, which included unreasonable, off-market provisions aimed at requiring Lynx1 to withdraw its proxy contest and sit on the sidelines for two years.

发布简短的新闻稿，表示将 “评估和考虑” 该收购意向；
忽视我们直接接触的尝试，包括与董事会主席沟通的请求；
未能阐明评估收购意向的任何流程或时间表；
忽视 Lynx1 关于允许双方进行开放讨论的保密协议的请求；并且
在我们提交初步收购意向后 11 天向 Lynx1 发送了一份拟议的保密协议，其中包含不合理的场外条款，旨在要求 Lynx1 撤回其代理权争夺，并在两年内保持旁观。

In addition, on November 14, 2025, just days after our proposal, the Company disclosed that its shares outstanding had increased to 5.4 million shares and filed an amendment to its registration statement indicating the intent to raise up to an additional $20 million through its ATM. This rapid and presumably ongoing transformation of Neuphoria's capital structure made it impossible for any responsible bidder to provide a specific price for the transaction. As a result, we were forced to withdraw our initial offer on November 18, 2025 in direct response to the Company's disclosure. At the time of our initial bid, we believe there were 3.3 million shares outstanding. Based on the Company's disclosure, there were more than 2 million additional shares outstanding, plus potentially another 4-5 million that could be issued at prices that were either undisclosed or would be determined in the future. We indicated in our withdrawal that we were willing to stand behind the economics of our initial offer, but that the massive and potentially ongoing dilution at undisclosed prices made it impossible to determine a specific offer price that would capture the economics of that dilution.

此外，在2025年11月14日，就在我们提案后的几天，公司披露其流通股已增加至 540 万股，并提交了注册声明的修正案，表明计划通过 ATM 再筹集最多 2000 万美元。这种快速且可能持续的 Neuphoria 资本结构转变使任何负责任的竞标者都无法为交易提供具体价格。因此，我们被迫在2025年11月18日撤回我们的初步报价，以直接回应公司的披露。在我们初步出价时，我们认为流通股为 330 万股。根据公司的披露，流通股增加了超过 200 万股，还有可能再增加 400-500 万股，价格要么未披露，要么将在未来确定。我们在撤回时表示，我们愿意支持我们初步报价的经济条件，但大规模且可能持续的稀释在未披露价格下使得确定一个具体的报价价格以捕捉该稀释的经济条件变得不可能。

On November 25, 2025, the Company disclosed that it has ceased issuing shares under the ATM. As a result, we submitted a revised offer letter on December 2, 2025 with a recalculated offer price of $4.75 per share. This recalculated offer preserves the economics of our prior bid, adjusting our prior offer for the impact of dilutive issuances that occurred since our prior offer and the Company's continued spending in defense of this unnecessary proxy contest. Based on the information publicly available to us, Lynx1 has proposed to acquire all of the outstanding shares of the Company's capital stock for a price of $4.75 per share in an all-cash transaction, representing a price per share premium of 16% over the closing price of the Common Stock on November 7, 2025, the last trading day prior to the submission and public disclosure of our initial offer. The premium is lower than the 27% premium of our prior offer as a direct result of the Company's value destructive share issuances and proxy contest defense.

2025年11月25日，公司披露已停止通过自动柜员机（ATM）发行股票。因此，我们于2025年12月2日提交了一份修订后的要约函，重新计算的要约价格为每股 4.75 美元。这个重新计算的要约保留了我们之前出价的经济性，调整了我们之前的要约，以考虑自我们之前的要约以来发生的稀释性发行的影响，以及公司在防御这一不必要的代理争夺战中持续的支出。根据我们公开获得的信息，Lynx1 提议以每股 4.75 美元的现金交易收购公司所有已发行的普通股，较2025年11月7日（即我们首次提交和公开披露初始要约的前一个交易日）的普通股收盘价溢价 16%。这一溢价低于我们之前要约的 27%，直接原因是公司的价值破坏性股票发行和代理争夺战的防御。

Series of Actions That Disenfranchise Shareholders

剥夺股东权利的一系列行动

While the Board states that it "welcomes constructive engagement," its actions reflect an entrenched leadership more focused on preserving its and management's positions than on acting in the best interests of Neuphoria's shareholders.

尽管董事会表示 “欢迎建设性互动”，但其行动反映出一个更专注于维护自身及管理层职位的根深蒂固的领导层，而非以 Neuphoria 股东的最佳利益为重。

During the past several months (and in particular over the past few weeks), the Board and management have taken a series of actions that have entrenched them and disenfranchised shareholders. For example, they have:

在过去几个月（尤其是过去几周）中，董事会和管理层采取了一系列使其巩固地位并剥夺股东权利的行动。例如，他们：

failed to hold an annual meeting for nearly two years, in violation of securities laws and Nasdaq listing requirements;
set a record date for the Company's 2025 Annual Meeting immediately prior to the announcement of the failure of the AFFIRM-1 Phase 3 trial, which precedes the Company's announcement of the meeting date and further predates the Company's dilutive share issuances, thereby disenfranchising over 55% of its current shareholders;
set a meeting date for the 2025 Annual Meeting that provided shareholders only 10 days to nominate directors for election at that meeting;
adopted a poison pill intended to restrict shareholders from acquiring shares on the open market or collaborating with other shareholders, while simultaneously increasing its shares outstanding by 128% through issuances under its ATM;
announced the initiation of a review of strategic alternatives while retaining H.C. Wainwright, the sales agent earning a 3% commission on gross sales proceeds under its ATM, as the financial advisor in connection with such review; and
presented to us, in response to our submission of a non-binding indication of interest, a proposed NDA with unreasonable provisions that would have the effect of requiring us to withdraw our proxy contest and sit on the sidelines for two years.

近两年来未能召开年度会议，违反了证券法和纳斯达克上市要求；
在 AFFIRM-1 三期试验失败公告之前立即设定了公司 2025 年度会议的记录日期，这一日期早于公司公告会议日期，并且早于公司的稀释性股票发行，从而剥夺了超过 55% 的现有股东的权利；
为 2025 年度会议设定的会议日期仅给予股东 10 天的时间提名董事参加选举；
采用了毒丸计划，旨在限制股东在公开市场上收购股份或与其他股东合作，同时通过其 ATM 的发行将流通股增加了 128%；
宣布启动战略替代方案的审查，同时保留 H.C. Wainwright 作为财务顾问，该销售代理在其 ATM 下的总销售收入中赚取 3% 的佣金；
针对我们提交的非约束性兴趣表示，向我们提出了一份包含不合理条款的拟议保密协议，该协议将要求我们撤回代理争夺战并在两年内保持旁观。

In light of its inability to act independently in the best interests of all shareholders, the Board needs strong fiduciaries who will hold management accountable, prevent further entrenchment tactics and oversee a review of strategic alternatives to maximize value for all shareholders.

鉴于其无法独立行事以维护所有股东的最佳利益，董事会需要强有力的受托人来追究管理层的责任，防止进一步的巩固策略，并监督战略替代方案的审查，以最大化所有股东的价值。

Our Independent Nominees

我们的独立提名人

Our nominees, Dr. Stephen Doberstein and Ms. Kimberly Smith (the "Independent Nominees"), are independent of Neuphoria and independent of Lynx1, with no prior relationship other than their willingness to serve as fiduciaries for all shareholders.

我们的提名人，斯蒂芬·多伯斯坦博士和金伯莉·史密斯女士（“独立提名人”），与 Neuphoria 和 Lynx1 独立，没有其他关系，除了他们愿意作为所有股东的受托人。

We are not seeking representation on the Board. Rather, Dr. Doberstein and Ms. Smith are completely independent from us and also free of the conflicts and self-interest that have plagued the current Board. Moreover, if both of them are elected, they will hold two of five Board seats—a minority. And notably, they will bring the skills and independence Neuphoria needs at this moment. Dr. Doberstein brings deep medical and biotech R&D expertise (including as a director of Invea Therapeutics, which is studying transformational precision medicines) and direct experience in delivering high-premium biotechnology transactions that is conspicuously absent from the current Board and is essential to evaluating Neuphoria's remaining pipeline and partnership opportunities. Ms. Smith adds critical capital markets, M&A and governance expertise, which is exactly what Neuphoria needs as it navigates a high-stakes review of strategic alternatives and reassesses its pipeline. Our Independent Nominees bring the specialized, domain-specific expertise needed to restore discipline, enhance governance and evaluate clinical and commercial pathways for the Company, and they would replace two incumbent directors with investment banking backgrounds (experience that is overrepresented on a five-person Board) and little to no experience in life sciences or biotechnology other than through investing. Moreover, one of these incumbents, David Wilson, has an advisory relationship with the Company through which he collects (on top of his standard compensation for his Board service to the Company) a monthly fee as well as up to 5% in commissions on fundraising proceeds earned by the Company.

我们并不寻求在董事会中占有席位。相反，多伯斯坦博士和史密斯女士与我们完全独立，并且没有当前董事会所困扰的利益冲突和自利行为。此外，如果他们两人当选，他们将占据五人董事会中的两个席位——这只是少数席位。值得注意的是，他们将带来 Neuphoria 此刻所需的技能和独立性。多伯斯坦博士在医学和生物技术研发方面拥有深厚的专业知识（包括作为 Invea Therapeutics 的董事，该公司正在研究变革性的精准医学），并在交付高溢价生物技术交易方面拥有直接经验，而这些在当前董事会中显然缺失，并且对于评估 Neuphoria 剩余的管道和合作机会至关重要。史密斯女士则增加了关键的资本市场、并购和治理专业知识，这正是 Neuphoria 在进行高风险的战略替代方案审查和重新评估其管道时所需的。我们的独立提名人带来了恢复纪律、增强治理和评估公司临床及商业路径所需的专业领域特定知识，他们将取代两位具有投资银行背景的现任董事（在五人董事会中经验过于集中），而在生命科学或生物技术方面几乎没有经验，除了通过投资。此外，其中一位现任董事大卫·威尔逊与公司有顾问关系，通过该关系他除了获得董事会服务的标准薪酬外，还收取每月费用以及公司筹款收入的最高 5% 的佣金。

Plan for the Reconstituted Board

重组董事会的计划

Our objectives are entirely compatible with any outcome the full Board ultimately chooses, so long as that outcome is reached through an independent, transparent and value maximizing process.

我们的目标与全体董事会最终选择的任何结果完全兼容，只要该结果是通过独立、透明和最大化价值的过程达成的。

If elected, the Independent Nominees will work constructively with their fellow directors and independently from Lynx1 to pursue three core objectives:

如果当选，独立提名人将与其他董事合作，并独立于 Lynx1 追求三个核心目标：

Conduct a credible strategic review

进行可信的战略审查

The Independent Nominees would provide their experience to facilitate a successful strategic review. The reconstituted Board would be equipped to oversee a disciplined, transparent strategic review process focused on maximizing value for all shareholders.

独立提名人将提供他们的经验，以促进成功的战略审查。重组后的董事会将能够监督一个以最大化所有股东价值为目标的有纪律、透明的战略审查过程。

Stop reckless dilution

停止无谓的稀释

Neuphoria has temporarily ceased its dilutive issuances during the pendency of this proxy contest, but it has nevertheless indicated its intent to raise up to another $20 million under its ATM program. We believe the Independent Nominees would insist on a clearly justified rationale for further issuances in order to enhance shareholder value.

Neuphoria 在此次代理权争夺期间暂时停止了稀释性发行，但仍表示有意通过其自动提款机（ATM）计划再筹集最多 2000 万美元。我们认为独立提名人会坚持要求对进一步发行提供明确的合理依据，以增强股东价值。

Effectively oversee the Company

有效监督公司

If Neuphoria remains a public company following the completion of the review of strategic alternatives, the Independent Nominees would leverage their expertise to ensure prudent oversight of the Board and the leadership team and ensure that both clinical and capital allocation decisions were prudently made for the benefit of all shareholders.

如果 Neuphoria 在战略选择审查完成后仍然是一家上市公司，独立提名人将利用他们的专业知识确保对董事会和领导团队的审慎监督，并确保临床和资本配置决策都能为所有股东的利益而谨慎作出。

* * *

Neuphoria's scientific potential is worth fighting for. With the right leadership and governance, we believe the Company can still deliver meaningful value for patients and for all of its stakeholders. We strongly encourage Neuphoria shareholders to vote FOR both Independent Nominees—Dr. Stephen Doberstein, Ph.D. and Kimberly Smith—on the BLUE universal proxy card, and to WITHHOLD on the Company's nominees.

Neuphoria 的科学潜力值得为之奋斗。我们相信，在正确的领导和治理下，公司仍然可以为患者和所有利益相关者提供有意义的价值。我们强烈鼓励 Neuphoria 的股东在蓝色通用代理卡上投票支持两位独立提名人——Stephen Doberstein 博士和 Kimberly Smith，并对公司的提名人投弃权票。

Sincerely,

诚挚的，

/s/ Weston Nichols

Weston Nichols

Managing Partner

管理合伙人

[email protected]

Our Independent Nominees

我们的独立提名人

Stephen Doberstein, Ph.D.

Former Chief Scientific Officer and Chief R&D Officer at Nektar Therapeutics, with prior senior roles at XOMA, Five Prime Therapeutics and Xencor
More than two decades of experience designing and running clinical programs, including in complex therapeutic areas
Prior public-company board experience (including at Dicerna Pharmaceuticals) and current advisory roles to multiple biotech companies

曾任 Nektar Therapeutics 首席科学官和首席研发官，之前在 XOMA、Five Prime Therapeutics 和 Xencor 担任高级职务
拥有超过二十年的临床项目设计和管理经验，包括复杂治疗领域
具有公共公司董事会经验（包括 Dicerna Pharmaceuticals）以及目前对多家生物科技公司的顾问角色

Kimberly Smith

Founder and CIO of Ausangate Capital, a biotech-focused hedge fund, and former healthcare investor at Putnam Investments and Surveyor Capital
20 years of experience assessing biotech companies, financing needs and strategic pivots, with a strong focus on capital allocation discipline
Chair of the Wyoming Bioscience Alliance and member of the external advisory committee of the Sylvester Comprehensive Cancer Center

Ausangate Capital 的创始人兼首席投资官，这是一家专注于生物科技的对冲基金，曾在 Putnam Investments 和 Surveyor Capital 担任医疗保健投资者
拥有 20 年的生物科技公司评估、融资需求和战略转型经验，注重资本配置纪律
怀俄明生物科学联盟主席，西尔维斯特综合癌症中心外部顾问委员会成员

Cautionary Statement Regarding Forward-Looking Statements

关于前瞻性声明的警示性声明

This release contains forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and words such as "anticipate," "believe," "expect," "potential," "opportunity," "estimate," "plan," "may," "will," "projects," "targets," "forecasts," "seeks," "could" and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on current expectations, speak only as of the date of the release and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Lynx1. Although Lynx1 believes that the assumptions underlying the projected results or forward-looking statements are reasonable as of the date of the release, any of the assumptions could be inaccurate and therefore, there can be no assurance that the projected results or forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included herein, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such projected results and forward-looking statements will be achieved. Lynx1 will not undertake and specifically declines any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events, except as required by applicable law.

本发布包含前瞻性声明。所有不明显是历史性质的声明或必然依赖于未来事件的声明均为前瞻性声明，诸如 “预期”、“相信”、“期望”、“潜在”、“机会”、“估计”、“计划”、“可能”、“将”、“项目”、“目标”、“预测”、“寻求”、“可能” 等类似词语通常用于识别前瞻性声明。此处包含的预测结果和声明并非历史事实，基于当前预期，仅在发布之日有效，并涉及风险、不确定性及其他因素，可能导致实际结果、表现或成就与任何未来结果、表现或成就存在重大差异。与前述相关的假设涉及对未来经济、竞争和市场条件以及未来商业决策的判断，这些判断都难以或不可能准确预测，且许多因素超出 Lynx1 的控制范围。尽管 Lynx1 相信，作为发布之日的预测结果或前瞻性声明的基础假设是合理的，但任何假设都可能不准确，因此不能保证此处包含的预测结果或前瞻性声明将被证明是准确的。鉴于此处包含的预测结果和前瞻性声明固有的重大不确定性，包含此类信息不应被视为对未来结果的陈述，或对此类预测结果和前瞻性声明所表达或暗示的目标和战略举措将实现的保证。Lynx1 不会承担并明确拒绝任何义务，披露可能对任何预测结果或前瞻性声明进行的修订结果，以反映此类预测结果或声明日期之后的事件或情况，或反映预期或未预期事件的发生，除非法律要求。

Certain Information Concerning the Participants

关于参与者的某些信息

On November 24, 2025, Lynx1 Master Fund LP, a Cayman Islands exempted limited partnership ("Lynx1" and together with the other participants named herein collectively, the "Lynx1 Participants") filed a definitive proxy statement and accompanying BLUE universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of Lynx1's slate of highly qualified, independent director nominees at the 2025 annual meeting of shareholders of Neuphoria Therapeutics Inc., a Delaware corporation (the "Company"). Also on November 24, 2025, the Lynx1 Participants began dissemination of their definitive proxy statement and accompanying BLUE universal proxy card to shareholders of record of the Company as of October 15, 2025. The participants in the proxy solicitation are expected to be Lynx1 Master Fund LP, Lynx1 Capital Management LP (the "Investment Manager"), Mr. Weston Nichols (managing partner of the Investment Manager), Ms. Nathali Partyka Zamora, Dr. Stephen Doberstein and Ms. Kimberly Smith. As of the date hereof, Lynx1, the Investment Manager and Mr. Weston Nichols beneficially own 875,328 shares of common stock, par value $0.00001 per share (the "Common Stock") of the Company. Neither Dr. Stephen Doberstein nor Ms. Kimberly Smith beneficially owns any shares of Common Stock.

2025年11月24日，Lynx1 Master Fund LP，一家开曼群岛豁免有限合伙企业（“Lynx1”，与此处提到的其他参与者统称为 “Lynx1 参与者”）向证券交易委员会（“SEC”）提交了一份最终代理声明及随附的蓝色通用代理卡，以用于征集对 Lynx1 在 2025 年 Neuphoria Therapeutics Inc.（一家特拉华州公司）年度股东大会上提名的高素质独立董事候选人的投票。同时在2025年11月24日，Lynx1 参与者开始向截至2025年10月15日的公司股东分发其最终代理声明及随附的蓝色通用代理卡。代理征集的参与者预计包括 Lynx1 Master Fund LP、Lynx1 Capital Management LP（“投资经理”）、Weston Nichols 先生（投资经理的管理合伙人）、Nathali Partyka Zamora 女士、Stephen Doberstein 博士和 Kimberly Smith 女士。截至目前，Lynx1、投资经理和 Weston Nichols 先生共同持有 875,328 股面值为每股 0.00001 美元的普通股（“普通股”）。Stephen Doberstein 博士和 Kimberly Smith 女士均不持有任何普通股。

IMPORTANT INFORMATION AND WHERE TO FIND IT

重要信息及获取信息的途径

THE LYNX1 PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO OKAPI PARTNERS LLC, THE PARTICIPANTS' PROXY SOLICITOR.

LYNX1 参与者强烈建议公司所有股东在代理声明及其他代理材料（包括代理卡）可用时阅读，因为这些材料将包含重要信息。这些代理材料将在美国证券交易委员会的网站上免费提供，网址为 http://www.sec.gov。此外，本次代理征集的参与者将在请求时提供代理声明的副本，且不收取费用。请求副本应发送至 OKAPI PARTNERS LLC，参与者的代理征集人。

Media Contact:

媒体联系人：

Weston Nichols

Lynx1 Capital Management LP

Email: [email protected]

电子邮件：[email protected]

Investor Contact: Okapi Partners LLC

投资者联系人： Okapi Partners LLC

Direct: (212) 297-0720

电话： (212) 297-0720

Toll Free: (877) 629-6357

免费电话： (877) 629-6357

Email: [email protected]

电子邮件：[email protected]

SOURCE Lynx1 Capital Management LP

来源：Lynx1 Capital Management LP

Lynx1 向 Neuphoria Therapeutics 的股东发送了一封公开信